<SEC-DOCUMENT>0001193125-22-217547.txt : 20220811
<SEC-HEADER>0001193125-22-217547.hdr.sgml : 20220811
<ACCEPTANCE-DATETIME>20220810182132
ACCESSION NUMBER:		0001193125-22-217547
CONFORMED SUBMISSION TYPE:	N-2ASR
PUBLIC DOCUMENT COUNT:		33
FILED AS OF DATE:		20220811
DATE AS OF CHANGE:		20220810
EFFECTIVENESS DATE:		20220811

FILER:

	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:		N-2ASR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21076
		FILM NUMBER:		221153080

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-2ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-266754
		FILM NUMBER:		221153079

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

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
<IS-FILER-A-NEW-REGISTRANT>N
<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>Y
<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>Y
<IS-FUND-24F2-ELIGIBLE>N
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2ASR
<SEQUENCE>1
<FILENAME>d288652dn2asr.htm
<DESCRIPTION>N-2ASR
<TEXT>
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<body><div style='display: none'><ix:header><ix:hidden><ix:nonNumeric name="dei:EntityCentralIndexKey" contextRef="P08_10_2022To08_10_2022">0001170299</ix:nonNumeric><ix:nonNumeric name="dei:AmendmentFlag" contextRef="P08_10_2022To08_10_2022">false</ix:nonNumeric><ix:nonNumeric name="dei:InvestmentCompanyActFileNumber" id="hidden53875315" contextRef="P08_10_2022To08_10_2022">333-000000</ix:nonNumeric><ix:nonNumeric name="dei:DocumentType" contextRef="P08_10_2022To08_10_2022">N-2ASR</ix:nonNumeric><ix:footnote id="FN_174755" 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_174757" 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_174756" 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_174758" 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 0.685% of the Fund&#8217;s average daily net assets (including daily net assets attributable to any Preferred Shares). 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. </ix:footnote ><ix:footnote id="FN_174759" xml:lang="en-US">Restated to reflect the Fund&#8217;s outstanding ARPS and RVMTP averaged over the year ended December 31, 2021, which represented 22.02% and 5.07%, respectively, of the Fund&#8217;s total average managed assets (including the liquidation preference of outstanding Preferred Shares and assets attributable to TOBs), at an annual estimated dividend cost to the Fund of 1.93% for ARPS and 1.83% for RVMTP as of June 30, 2022, and assumes the Fund will continue to pay dividends on the ARPS at the &#8220;maximum applicable rate&#8221; called for under the Fund&#8217;s Bylaws due to the ongoing failure of auctions for the ARPS. The actual dividend rate paid on the Preferred Shares will vary over time in accordance with variations in market interest rates. See &#8220;Use of Leverage&#8221; and &#8220;Description of Capital Structure.&#8221; </ix:footnote ><ix:footnote id="FN_174760" xml:lang="en-US">Restated to reflect the Fund&#8217;s use of leverage in the form of TOBs averaged over the year ended December 31, 2021, which represented 14.89% of the Fund&#8217;s total average managed assets (including assets attributable to Preferred Shares and TOBs), at an estimated annual interest rate cost to the Fund of 0.84% as of June 30, 2022. 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 Preferred Shares, TOBs and/or other forms of borrowing 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_174761" xml:lang="en-US">&#8220;Other Expenses&#8221; are estimated for the Fund&#8217;s current fiscal year ending December 31, 2022. </ix:footnote ><ix:footnote id="FN_174762" 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 the management fees paid to PIMCO. Excluding such expenses, Total Annual Expenses are 1.03%. </ix:footnote ><ix:footnote id="FN_174768" 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_174765" xml:lang="en-US">&#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 or RVMTP, bears to the aggregate of the involuntary liquidation preference of ARPS or RVMTP, expressed as a dollar amount per ARPS or RVMTP.</ix:footnote ><ix:footnote id="FN_174766" xml:lang="en-US">&#8220;Involuntary Liquidating Preference&#8221; means the amount to which a holder of ARPS or RVMTP would be entitled upon the involuntary liquidation of the Fund in preference to the Common Shareholders, expressed as a dollar amount per Preferred Share.</ix:footnote ><ix:footnote id="FN_174763" xml:lang="en-US">The ARPS have no readily ascertainable market value. Auctions for the ARPS have failed since February 2008, there is currently no active trading market for the ARPS and the Fund is not able to reliably estimate what their value would be in a 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.</ix:footnote ><ix:footnote id="FN_174764" xml:lang="en-US">The RVMTP have no readily ascertainable market value. The liquidation value of the RVMTP represents its liquidation preference, which approximates fair value of the shares less any unamortized debt issuance costs.</ix:footnote ><ix:footnote id="FN_174767" 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="cik0001170299-20220810.xsd" /><link:linkbaseRef xlink:type="simple" xlink:href="cik0001170299-20220810_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" /><link:linkbaseRef xlink:type="simple" xlink:href="cik0001170299-20220810_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" 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<td style="vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</div></td>
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<td style="vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;"><div style="white-space:nowrap;display:inline;">Pre-Effective</div> Amendment No.</div></td>
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<td style="vertical-align:bottom;text-align:center;"><div style="font-weight:bold;display:inline;">Post-Effective Amendment No.</div></td>
<td style="vertical-align:bottom">&#160;</td>
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<td style="vertical-align:bottom;text-align:center;"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">OF 1940</div></td>
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<td style="vertical-align:bottom">&#160;</td>
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<td style="vertical-align:bottom">&#160;</td>
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margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><ix:nonNumeric name="cef:BusinessDevelopmentCompanyFlag" contextRef="P08_10_2022To08_10_2022" format="ixt:fixed-false">&#9744; </ix:nonNumeric> Business Development Company <div style="white-space:nowrap;display:inline;">(closed-end</div> company that intends or has elected to be regulated as a business development company under the Investment Company Act). </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><ix:nonNumeric name="cef:IntervalFundFlag" contextRef="P08_10_2022To08_10_2022" format="ixt:fixed-false">&#9744; </ix:nonNumeric> Interval Fund (Registered <div style="white-space:nowrap;display:inline;">Closed-End</div> Fund or a Business Development Company that makes periodic repurchase offers under Rule <div style="white-space:nowrap;display:inline;">23c-3</div> under the Investment Company Act). </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><ix:nonNumeric name="cef:PrimaryShelfQualifiedFlag" contextRef="P08_10_2022To08_10_2022" format="ixt:fixed-true">&#9746; </ix:nonNumeric> A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><ix:nonNumeric name="dei:EntityWellKnownSeasonedIssuer" contextRef="P08_10_2022To08_10_2022" format="ixt-sec:yesnoballotbox">&#9746;</ix:nonNumeric> Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act). </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="P08_10_2022To08_10_2022" format="ixt:fixed-false">&#9744; </ix:nonNumeric> Emerging Growth Company (as defined by Rule <div style="white-space:nowrap;display:inline;">12b-2</div> under the Securities Exchange Act of 1934 (&#8220;Exchange Act&#8221;). </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744; If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;7(a)(2)(B) of Securities Act. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><ix:nonNumeric name="cef:NewCefOrBdcRegistrantFlag" contextRef="P08_10_2022To08_10_2022" format="ixt:fixed-false">&#9744;</ix:nonNumeric> New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing). </div></div> <div style="background-color:white;display: inline;"><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt;margin-bottom:0pt">
<img alt="LOGO" src="g288652g13e39.jpg"/> </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:44pt; font-family:Times New Roman">Base Prospectus </div><div style="margin-top:20pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL">August 10, 2022 </div><div style="margin-top:24pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><div style="color:#335367;display:inline;">PIMCO Municipal Income Fund II </div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="BORDER-BOTTOM:1.00pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Common&#160;Shares</div></div></td></tr>
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<td style="padding-bottom:4pt ;vertical-align:top;white-space:nowrap">PIMCO Municipal Income Fund II</td>
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<td style="padding-bottom:4pt ;vertical-align:bottom;text-align:center;"><div style="color:#333333;display:inline;">PML</div></td></tr> </table><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow;font-weight:bold">Neither the U.S. Securities and Exchange Commission nor the U.S. Commodity Futures Trading Commission has approved or disapproved of these securities or determined that this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund&#8217;s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund&#8217;s website, pimco.com/literature, and you will be notified by mail each time a report is posted and provided with a website link to access the report. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by visiting pimco.com/edelivery or by contacting your financial intermediary, such as a broker-dealer or bank. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">You may elect to receive all future reports in paper free of charge. If you own these shares through a financial intermediary, such as a broker-dealer or bank, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 844.337.4626. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Fund or to all funds held in your account if you invest through a financial intermediary, such as a broker-dealer or bank. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">The Fund.</div></div> PIMCO Municipal Income Fund II (the &#8220;Fund&#8221;) is a diversified, <div style="white-space:nowrap;display:inline;">closed-end</div> management investment company that commenced operations on June&#160;28, 2002, following the initial public offering of its common shares. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">The Fund&#8217;s common shares of beneficial interest, par value $0.00001 per share (the &#8220;Common Shares&#8221;) are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol PML. The last reported sale price of the Common Shares, as reported by the NYSE on June&#160;30, 2022 was $10.74 per Common Share. The net asset value (&#8220;NAV&#8221;) of the Common Shares at the close of business on June&#160;30, 2022 was $9.52 per Common Share. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Investment Objective.</div></div> The Fund seeks to provide current income exempt from federal income tax. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Investment Strategy.</div></div> Under normal circumstances, the Fund expects to invest at least 90% of its net assets in municipal bonds which pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by PIMCO to be reliable), is exempt from regular federal income taxes (i.e., excluded from gross income for federal income tax purposes but not necessarily exempt from the federal alternative minimum tax). Subject to its other investment policies, the Fund may invest up to 20% of its total assets in investments the interest from which is subject to the federal alternative minimum tax. </div></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Investment in the Fund&#8217;s Common Shares involves substantial risks arising from, among other strategies, the Fund&#8217;s ability to invest in debt instruments that are, at the time of purchase, rated below investment grade (below Baa3 by Moody&#8217;s Investors Service, Inc. or below <div style="white-space:nowrap;display:inline;">BBB-</div> by either S&amp;P Global Ratings or Fitch, Inc.) or unrated but determined by PIMCO to be of comparable quality, the Fund&#8217;s exposure to foreign (including emerging markets) securities and currencies and to mortgage-related and other asset-backed securities, and the Fund&#8217;s use of leverage. Debt securities of below investment grade quality are regarded as having predominantly speculative 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 bonds.&#8221; The Fund&#8217;s exposure to municipal securities means it is particularly subject to the risk that a municipal issuer will be unable to make timely payments of interest and principal, which risk will generally be higher during general economic downturns and may be adversely impacted by litigation, legislation or political events, or by the bankruptcy of the issuer. Before 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; Certain of these risks are summarized in &#8220;Prospectus Summary&#8212;Principal Risks of the Fund.&#8221; The Fund cannot assure you that it will achieve its investment objectives, and you could lose all of your investment in the Fund.</div> </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Portfolio Contents.</div></div> Under normal circumstances, the Fund expects to invest at least 90% of its net assets in municipal bonds which pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by PIMCO to be reliable), is exempt from regular federal income taxes (i.e., excluded from gross income for federal income tax purposes but not necessarily exempt from the federal alternative minimum tax). Subject to its other investment policies, the Fund may invest up to 20% of its total assets in investments the interest from which is subject to the federal alternative minimum tax. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">The municipal bonds in which the Fund invests are generally issued by a U.S. state or territory, a city in a U.S. state or territory, or a political subdivision, agency, authority, or instrumentality of such state, territory or city. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">Also included within the general category of municipal bonds in which the Fund may invest are participations in lease obligations. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">The Fund invests at least 80% of its net assets in municipal bonds that are, at the time of purchase, rated &#8220;investment grade&#8221; by at least one of Moody&#8217;s Investors Service, Inc (&#8220;Moody&#8217;s&#8221;), S&amp;P Global Ratings (&#8220;S&amp;P&#8221;) or Fitch, Inc. (&#8220;Fitch&#8221;), or unrated but determined by PIMCO to be of comparable quality. &#8220;Investment grade&#8221; means a rating, in the case of Moody&#8217;s, of Baa3 or higher, or in the case of S&amp;P and Fitch, of <div style="white-space:nowrap;display:inline;">BBB-</div> or higher. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">The Fund may invest up to 20% of its net assets in municipal bonds that are, at the time of investment, rated Ba or B or lower by Moody&#8217;s, BB or B or lower by S&amp;P or Fitch or that are unrated but judged to be of comparable quality by PIMCO. In the event that ratings services assign different ratings to the same security, PIMCO will use the highest rating as the credit rating for that security. Bonds of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal and are commonly referred to as &#8220;junk bonds.&#8221; Bonds in the lowest investment grade category may also be considered to possess some speculative characteristics. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">The Fund may invest in &#8220;structured&#8221; notes, which are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset or market, such as selected securities or an index of securities, or the differential performance of two assets or markets, such as indices reflecting taxable and <div style="white-space:nowrap;display:inline;">tax-exempt</div> bonds. The Fund may do so for the purpose of reducing the interest rate sensitivity of the Fund&#8217;s portfolio (and thereby decreasing the Fund&#8217;s exposure to interest rate risk). </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">The Fund may purchase municipal bonds that are additionally secured by insurance, bank credit agreements, or escrow accounts. The credit quality of companies which provide such credit enhancements will affect the value and overall credit risk posed by investments in such securities. Although the insurance feature reduces certain financial risks, the premiums for insurance and the higher market price paid for insured obligations may reduce the Fund&#8217;s income and returns. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">The Fund may buy and sell municipal bonds on a when-issued, delayed delivery or forward commitment basis, making payment or taking delivery at a later date. The Fund may invest in floating rate debt instruments (&#8220;floaters&#8221;), including inverse floaters, and engage in credit spread trades. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">The Fund may invest in trust certificates issued in tender option bond (&#8220;TOB&#8221;) programs. In these programs, a trust typically issues two classes of certificates and seeks to use the proceeds to purchase municipal securities having longer maturities and bearing interest at a higher fixed interest rate than prevailing short-term <div style="white-space:nowrap;display:inline;">tax-exempt</div> rates. Service providers of such trusts may have recourse against the Fund in certain cases. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">The Fund may also invest up to 10% of its total assets in securities of other open- or <div style="white-space:nowrap;display:inline;">closed-end</div> investment companies that invest primarily in municipal bonds of the types in which the Fund may invest directly. The Fund may invest in other investment companies either during periods when it has large amounts of uninvested cash, during periods when there is a shortage of attractive, high-yielding municipal bonds available in the market, or when PIMCO believes share prices of other investment companies offer attractive values. The Fund may invest in investment companies that are advised by PIMCO or its affiliates to the extent permitted by applicable law and/or pursuant to exemptive relief from the Securities and Exchange Commission. As a shareholder of an investment company, the Fund will bear its ratable share of 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 assets so invested. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">The Fund generally intends to invest primarily in municipal bonds with longer-term maturities (for example, <div style="white-space:nowrap;display:inline;">15-30</div> years), but may invest in bonds of any maturity and otherwise seek a shorter average weighted maturity of its portfolio. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">The Fund may purchase and sell (write) a variety of derivatives, such as put options and call options on securities, short sales, swap agreements, and securities indexes, and enter into interest rate and index futures contracts and purchase and sell options on such futures contracts for hedging purposes </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="vertical-align:top;text-align:center;"><div style="font-family:Arial Narrow;display:inline;"><div style="font-weight:bold;display:inline;">ii</div></div></td></tr></table></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;"> or as part of its overall investment strategy. The Fund also may enter into swap agreements with respect to interest rates and indexes of securities. If other types of financial instruments, including other types of options, futures contracts, or futures options are traded in the future, the Fund may also use those instruments. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">The Fund may invest up to 20% of its net assets in securities which are illiquid at the time of investment (i.e., any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">In connection with rating the Fund&#8217;s outstanding auction rate preferred shares of beneficial interest (&#8220;ARPS&#8221;) and remarketable variable rate munifund term preferred shares of beneficial interest (&#8220;RVMTP Shares&#8221; and, together with the ARPS and any other preferred shares the Fund may have outstanding, the &#8220;Preferred Shares&#8221;), Moody&#8217;s and Fitch impose asset coverage tests and other restrictions that may limit the Fund&#8217;s ability to engage in certain of the transactions described above. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Leverage.</div></div> The Fund currently utilizes leverage principally through its outstanding Preferred Shares and floating rate notes issued in TOB transactions. 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 contracts, options on futures contracts, forward contracts, or any interest rate, securities-related or other hedging instrument, including swap agreements and other derivative instruments. The Fund may also determine to issue other types of Preferred Shares or determine to decrease the leverage it currently maintains by redeeming its outstanding Preferred Shares or unwinding TOBs and may or may not determine to replace such leverage through other sources. If the Fund issues additional Preferred Shares in the future, all costs and expenses relating to the issuance and ongoing maintenance of the Preferred Shares will be borne by the holders of Common Shares (&#8220;Common Shareholders&#8221;), and these costs and expenses may be significant. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">The amount of leverage that the Fund uses may change, but total leverage is not normally expected to exceed 50% of the Fund&#8217;s total assets. To the extent the Fund covers its commitments under TOBs or other derivatives instruments by the segregation of liquid assets, or by entering into offsetting transactions or owning positions covering its obligations, they will not be considered &#8220;senior securities&#8221; under the Investment Company Act of 1940 (&#8220;1940 Act&#8221;) and will not be subject to the 50% policy described in the foregoing sentence. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">In connection with the adoption of Rule <div style="white-space:nowrap;display:inline;">18f-4</div> under the 1940 Act, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule <div style="white-space:nowrap;display:inline;">18f-4</div> as of the compliance date, August&#160;19, 2022. See &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#8217;s use of leverage, derivatives and certain related instruments. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;">Depending upon market conditions and other factors, the Fund may or may not determine to add leverage following an offering to maintain or increase the total amount of leverage (as a percentage of the Fund&#8217;s total assets) that the Fund currently maintains, taking into account the additional assets raised through the issuance of Common Shares in such offering. The Fund utilizes certain kinds of leverage, including, without limitation, Preferred Shares and TOBs, opportunistically and may choose to increase or decrease, or eliminate entirely, its use of such leverage over time and from time to time based on PIMCO&#8217;s assessment of the yield curve environment, interest rate trends, market conditions and other factors. If the Fund determines to add leverage following an offering, it is not possible to predict with accuracy the precise amount of leverage that would be added, in part because it is not possible to predict the number of Common Shares that ultimately will be sold in an offering or series of offerings. To the extent that the Fund does not add additional leverage following an offering, the Fund&#8217;s total amount of leverage as a percentage of its total assets will decrease, which could result in a reduction of investment income available for distribution to Common Shareholders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Additional Information.</div></div> This prospectus is part of a registration statement that the Fund has filed with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;), as a &#8220;well-known seasoned issuer&#8221; as defined in Rule 405 under the Securities Act of 1933 (&#8220;Securities Act&#8221;), using the &#8220;shelf&#8221; registration 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 determined at the time of the offering. This prospectus provides you with a general description of the Common Shares that the Fund may offer. Each time the Fund uses this prospectus to offer Common Shares, the Fund will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus. You should read this prospectus and the applicable prospectus supplement, which contain important information about the Fund, carefully before you invest in the Common Shares. Common Shares may be offered directly to one or more purchasers, through agents designated from time to time by the Fund, or to or through underwriters or dealers. The prospectus supplement relating to an offering will identify any agents, underwriters or dealers involved in the sale of Common Shares, and will set forth any applicable purchase price, fee, commission or discount arrangement between the Fund and its agents or underwriters, or among the Fund&#8217;s underwriters, or the basis upon which such amount may be calculated. See &#8220;Plan of Distribution.&#8221; The Fund may not sell any Common Shares through agents, underwriters or dealers without delivery or deemed delivery of a prospectus supplement describing the method and terms of the particular offering of the Common Shares. You should retain this prospectus and any prospectus supplement for future reference. A Statement of Additional Information, dated August&#160;10, 2022, containing additional information about the Fund has been filed with the SEC and is incorporated by reference in its entirety into this prospectus. You may request a free copy of the Statement of Additional Information, request the Fund&#8217;s most recent annual and semiannual reports, request information about the Fund and make shareholder inquiries by calling toll-free <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">(844)-337-4626</div></div> or by writing to the Fund at c/o Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019. The Fund&#8217;s Statement of Additional Information and most recent annual and semiannual reports are available, free of charge, on the Fund&#8217;s website (https://www.pimco.com/prospectuses). You can obtain the same information, free of charge, from the SEC&#8217;s website (http://www.sec.gov). </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border:0;margin-left:auto">
<tr>
<td style="width:100%"></td></tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<td style="vertical-align:top;text-align:center;"><div style="font-family:Arial Narrow;display:inline;"><div style="font-weight:bold;display:inline;">iii</div></div></td></tr></table></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;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 institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">The Fund has not authorized anyone to provide you with information other than that contained or incorporated by reference in this prospectus or any applicable prospectus supplement, and any free writing prospectus that the Fund distributes. The Fund does not take any responsibility for, and 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 securities in any jurisdiction where the offer is not permitted. You should not assume that the information contained in this prospectus or any 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 condition, results of operations and prospects may have changed since that date. </div></div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border:0;margin-left:auto">
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<td style="width:100%"></td></tr>
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<td style="vertical-align:top;text-align:center;"><div style="font-family:Arial Narrow;display:inline;"><div style="font-weight:bold;display:inline;">iv</div></div></td></tr></table></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt;width:100%;border:0">
<tr>
<td></td>
<td style="vertical-align:bottom;width:1%"></td>
<td style="width:97%"></td>
<td style="vertical-align:bottom;width:1%"></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<td style="padding-bottom:34pt ;vertical-align:bottom"> <div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Table&#160;of&#160;Contents</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-weight:bold;display:inline;">&#160;&#160;&#160;&#160;</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;width:60%;border:0;margin-left:auto">
<tr>
<td style="width:94%"></td>
<td style="vertical-align:bottom;width:1%"></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:1%"></td></tr>
<tr style="font-size:1pt;background-color:#eceff1">
<td style="BORDER-TOP:1.00pt solid #335367;height:3.75pt">&#160;</td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff; BORDER-TOP:1.00pt solid #335367;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt;background-color:#eceff1">
<td style="padding-bottom:4pt ;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_1">Prospectus Summary</a></div></div></div></td>
<td style=" BORDER-LEFT:1.00pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Arial Narrow; font-size:8pt">
<td style="padding-bottom:4pt ;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_2">Summary of Fund Expenses</a></div></div></div></td>
<td style=" BORDER-LEFT:1.00pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">18</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt;background-color:#eceff1">
<td style="height:3.75pt"></td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Arial Narrow; font-size:8pt;background-color:#eceff1">
<td style="padding-bottom:4pt ;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_3">Financial Highlights</a></div></div></div></td>
<td style=" BORDER-LEFT:1.00pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">19</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Arial Narrow; font-size:8pt">
<td style="padding-bottom:4pt ;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_4">Use of Proceeds</a></div></div></div></td>
<td style=" BORDER-LEFT:1.00pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">24</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt;background-color:#eceff1">
<td style="height:3.75pt"></td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Arial Narrow; font-size:8pt;background-color:#eceff1">
<td style="padding-bottom:4pt ;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_5">The Fund</a></div></div></div></td>
<td style=" BORDER-LEFT:1.00pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">24</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Arial Narrow; font-size:8pt">
<td style="padding-bottom:4pt ;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_6">Investment Objective and Policies</a></div></div></div></td>
<td style=" BORDER-LEFT:1.00pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">24</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt;background-color:#eceff1">
<td style="height:3.75pt"></td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Arial Narrow; font-size:8pt;background-color:#eceff1">
<td style="padding-bottom:4pt ;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_7">Use of Leverage</a></div></div></div></td>
<td style=" BORDER-LEFT:1.00pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">32</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Arial Narrow; font-size:8pt">
<td style="padding-bottom:4pt ;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_8">Principal Risks of the Fund</a></div></div></div></td>
<td style=" BORDER-LEFT:1.00pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">34</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt;background-color:#eceff1">
<td style="height:3.75pt"></td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Arial Narrow; font-size:8pt;background-color:#eceff1">
<td style="padding-bottom:4pt ;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_9">How the Fund Manages Risk</a></div></div></div></td>
<td style=" BORDER-LEFT:1.00pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">51</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Arial Narrow; font-size:8pt">
<td style="padding-bottom:4pt ;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_10">Management of the Fund</a></div></div></div></td>
<td style=" BORDER-LEFT:1.00pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">52</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt;background-color:#eceff1">
<td style="height:3.75pt"></td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Arial Narrow; font-size:8pt;background-color:#eceff1">
<td style="padding-bottom:4pt ;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_11">Net Asset Value</a></div></div></div></td>
<td style=" BORDER-LEFT:1.00pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">54</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Arial Narrow; font-size:8pt">
<td style="padding-bottom:4pt ;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_12">Distributions</a></div></div></div></td>
<td style=" BORDER-LEFT:1.00pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">55</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt;background-color:#eceff1">
<td style="height:3.75pt"></td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Arial Narrow; font-size:8pt;background-color:#eceff1">
<td style="padding-bottom:4pt ;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_13">Dividend Reinvestment Plan</a></div></div></div></td>
<td style=" BORDER-LEFT:1.00pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">56</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Arial Narrow; font-size:8pt">
<td style="padding-bottom:4pt ;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_14">Description of Capital Structure</a></div></div></div></td>
<td style=" BORDER-LEFT:1.00pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">56</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt;background-color:#eceff1">
<td style="height:3.75pt"></td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Arial Narrow; font-size:8pt;background-color:#eceff1">
<td style="padding-bottom:4pt ;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_15">Plan of Distribution</a></div></div></div></td>
<td style=" BORDER-LEFT:1.00pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">63</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Arial Narrow; font-size:8pt">
<td style="padding-bottom:4pt ;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_16">Market and Net Asset Value Information</a></div></div></div></td>
<td style=" BORDER-LEFT:1.00pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">64</td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt;background-color:#eceff1">
<td style="height:3.75pt"></td>
<td colspan="4" style="BORDER-LEFT:1.00pt solid #ffffff;height:3.75pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Arial Narrow; font-size:8pt;background-color:#eceff1">
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<td style="padding-bottom:6pt ;BORDER-BOTTOM:1.00pt solid #335367;vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><a href="#pro288652_24">Appendix A - Description of Securities Ratings </a></div></div></div></td>
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<td style="padding-bottom:6pt ;BORDER-BOTTOM:1.00pt solid #335367;white-space:nowrap;vertical-align:bottom;text-align:right;"><div style="white-space:nowrap;display:inline;">A-1</div></td>
<td style="padding-bottom:6pt ;BORDER-BOTTOM:1.00pt solid #335367;white-space:nowrap;vertical-align:bottom">&#160;</td></tr> </table></div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">You should rely only on the information contained or incorporated by reference in this prospectus and any related prospectus supplement. The Fund has not authorized any other person to provide you with inconsistent information. If anyone provides you with inconsistent information, you should not assume that the Fund has authorized or verified it. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this prospectus or any prospectus supplement is accurate as of any date other than the dates on their respective front covers. The Fund&#8217;s business, financial condition, results of operations and prospects may have changed since the date of this prospectus or the date of any prospectus supplement. </div></div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<img alt="LOGO" src="g288652g00a08.jpg"/> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
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<td style="padding-bottom:25pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#335367"><div style="color:#FFFFFF;display:inline;">&#160;&#160;&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div id="pro288652_1" style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Prospectus Summary </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">This is only a summary. This summary may not contain all of the information that you should consider before investing in the Fund&#8217;s common shares of beneficial interest, par value $0.00001 per share (the &#8220;Common Shares&#8221;). You should review the more detailed information contained in this prospectus and in any related prospectus supplement and in the Statement of Additional Information, especially the information set forth under the heading &#8220;Principal Risks of the Fund.&#8221; </div></div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">The Fund </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">PIMCO Municipal Income Fund II (the &#8220;Fund&#8221;) is a diversified, <div style="white-space:nowrap;display:inline;">closed-end</div> management investment company. The Fund commenced operations on June&#160;28, 2002, following the initial public offering of its Common Shares. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Common Shares are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;PML.&#8221; As of June&#160;30, 2022 the net assets of the Fund attributable to Common Shares were $604,910,910 and the Fund had outstanding 63,519,359 Common Shares, 11,931 auction rate preferred shares of beneficial interest (&#8220;ARPS&#8221;) and 687 remarketable variable rate munifund term preferred shares of beneficial interest (&#8220;RVMTP Shares&#8221; and, together with the ARPS and any other preferred shares the Fund may have outstanding, the &#8220;Preferred Shares&#8221;). The last reported sale price of the Common Shares, as reported by the NYSE on June&#160;30, 2022 was $10.74 per Common Share. The net asset value (&#8220;NAV&#8221;) of the Common Shares at the close of business on June&#160;30, 2022 was $9.52 per Common Share. See &#8220;Description of Capital Structure.&#8221; </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">The Offering </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may offer, from time to time, in one or more offerings, Common Shares on terms to be determined at the time of the offering. The Common Shares may be offered at prices and on terms to be set forth in one or more prospectus supplements. You should read this prospectus and the applicable prospectus supplement carefully before you invest in the Common Shares. Common Shares may be offered directly to one or more purchasers, through agents designated from time to time by the Fund, or to or through underwriters or dealers. The prospectus supplement relating to an offering will identify any agents, underwriters or dealers involved in the sale of Common Shares, and will set forth any applicable purchase price, fee, commission or discount arrangement between the Fund and its agents or underwriters, or among the Fund&#8217;s underwriters, or the basis upon which such amount may be calculated. See &#8220;Plan of Distribution.&#8221; The Fund may not sell any Common Shares through agents, underwriters or dealers without delivery or deemed delivery of a prospectus supplement describing the method and terms of the particular offering of the Common Shares. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Use of Proceeds </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The net proceeds of an offering will be invested in accordance with the Fund&#8217;s investment objective and policies as set forth below. It is currently anticipated that the Fund will be able to invest substantially all of the net </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> proceeds of an offering in accordance with its investment objective and policies within approximately 30 days of receipt by the Fund, depending on the amount and timing of proceeds available to the Fund as well as the availability of investments consistent with the Fund&#8217;s investment objective and policies, and except to the extent proceeds are held in cash to pay dividends or expenses, or for temporary defensive purposes. See &#8220;Use of Proceeds.&#8221; </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Investment Objective and Policies </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund seeks to provide current income exempt from federal income tax. In pursuing the Fund&#8217;s investment objective, the Fund&#8217;s investment manager, Pacific Investment Management Company LLC (&#8220;PIMCO or the &#8220;Investment Manager&#8221;), also seeks to preserve and enhance the value of the Fund&#8217;s holdings relative to the municipal bond market generally, using proprietary analytical models that test and evaluate the sensitivity of those holdings to changes in interest rates and yield relationships. The Fund cannot assure you that it will achieve its investment objective, and you could lose all of your investment in the Fund. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Investment Strategies </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Under normal circumstances, the Fund expects to invest at least 90% of its net assets in municipal bonds which pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by the PIMCO to be reliable), is exempt from regular federal income taxes (i.e., excluded from gross income for federal income tax purposes but not necessarily exempt from the federal alternative minimum tax). Subject to its other investment policies, the Fund may invest up to 20% of its total assets in investments the interest from which is subject to the federal alternative minimum tax. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund invests at least 80% of its net assets in municipal bonds that at the time of investment are investment grade quality. Investment grade quality bonds are bonds rated within the four highest grades (Baa by Moody&#8217;s or BBB or better by S&amp;P or Fitch), or bonds that are unrated but determined to be of comparable quality by PIMCO. The Fund may invest up to 20% of its net assets in municipal bonds that are, at the time of investment, rated Ba/BB or B or lower by Moody&#8217;s, S&amp;P or Fitch or that are unrated but judged to be of comparable quality by PIMCO. Bonds of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal, and are commonly referred to as &#8220;junk bonds.&#8221; Bonds in the lowest investment grade category may also be considered to possess some speculative characteristics. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund&#8217;s investment in municipal bonds may be based on PIMCO&#8217;s belief that they have attractive yield and/or total return potential. The Fund attempts to produce returns relative to the municipal bond market generally by prudent selection of municipal bonds. 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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;Closed-End Funds</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> undervalued. For example, municipal bonds of particular types (e.g., hospital bonds, industrial revenue bonds or bonds issued by a particular municipal issuer) could be undervalued if there is a temporary excess of supply in that market sector, or because of a general decline in the market price of municipal bonds of the market sector for reasons that do not apply to the particular municipal bonds that are considered undervalued. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Contents </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The municipal bonds in which the Fund invests are generally issued by a U.S. state or territory, a city in a U.S. state or territory, or a political subdivision, agency, authority, or instrumentality of such state, territory or city. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Also included within the general category of municipal bonds in which the Fund may invest are participations in lease obligations. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may invest in &#8220;structured&#8221; notes, which are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset or market, such as selected securities or an index of securities, or the differential performance of two assets or markets, such as indices reflecting taxable and <div style="white-space:nowrap;display:inline;">tax-exempt</div> bonds. The Fund may do so for the purpose of reducing the interest rate sensitivity of the Fund&#8217;s portfolio (and thereby decreasing the Fund&#8217;s exposure to interest rate risk). The rate of interest on an income-producing security may be fixed, floating or variable. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may purchase municipal bonds that are additionally secured by insurance, bank credit agreements, or escrow accounts. The credit quality of companies which provide such credit enhancements will affect the value and overall credit risk posed by investments in such securities. Although the insurance feature reduces certain financial risks, the premiums for insurance and the higher market price paid for insured obligations may reduce the Fund&#8217;s income. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may buy and sell municipal bonds on a when-issued, delayed delivery or forward commitment basis, making payment or taking delivery at a later date. The Fund may invest in floating rate debt instruments (&#8220;floaters&#8221;), including inverse floaters, and engage in credit spread trades. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may invest in trust certificates issued in tender option bond (&#8220;TOB&#8221;) programs. In these programs, a trust typically issues two classes of certificates, floating rate certificates (&#8220;TOB Floaters&#8221;) and residual interest certificates (&#8220;TOB Residuals&#8221;), and seeks to use the proceeds to purchase municipal securities having longer maturities and bearing interest at a higher fixed interest rate than prevailing short-term <div style="white-space:nowrap;display:inline;">tax-exempt</div> rates. Service providers of such trusts may have recourse against the Fund in certain cases, such as if the Fund holds recourse TOB Residuals. The Fund may invest in both <div style="white-space:nowrap;display:inline;">non-recourse</div> and recourse TOB Residuals to leverage its portfolio. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may also invest up to 10% of its total assets in securities of other open- or <div style="white-space:nowrap;display:inline;">closed-end</div> investment companies that invest primarily in municipal bonds of the types in which the Fund may invest directly. The </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> Fund may invest in other investment companies either during periods when it has large amounts of uninvested cash, during periods when there is a shortage of attractive, high-yielding municipal bonds available in the market, or when PIMCO believes share prices of other investment companies offer attractive values. The Fund may invest in investment companies that are advised by PIMCO or its affiliates to the extent permitted by applicable law and/or pursuant to exemptive relief from the Securities and Exchange Commission. As a shareholder of an investment company, the Fund will bear its ratable share of 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 assets so invested. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may purchase and sell (write) a variety of derivatives, such as put options and call options on securities, short sales, swap agreements, and securities indexes, and enter into interest rate and index futures contracts and purchase and sell options on such futures contracts for hedging purposes or as part of its overall investment strategy. The Fund also may enter into swap agreements with respect to interest rates and indexes of securities. If other types of financial instruments, including other types of options, futures contracts, or futures options are traded in the future, the Fund may also use those instruments. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may invest up to 20% of its net assets in securities which are illiquid at the time of investment (i.e., any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund has outstanding auction rate preferred shares of beneficial interest (&#8220;ARPS&#8221;) and remarketable variable rate munifund term preferred shares of beneficial interest (&#8220;RVMTP Shares&#8221; and, together with the ARPS and any other preferred shares the Fund may have outstanding, the &#8220;Preferred Shares&#8221;). In connection with rating the Fund&#8217;s Preferred Shares, Moody&#8217;s and Fitch, as applicable, impose specific asset coverage tests and other limitations and restrictions that may limit the Fund&#8217;s ability to engage in certain of the transactions described above. In addition, failure to comply with these limitations and restrictions could, among other things, preclude the Fund from declaring or paying dividend or distributions. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Temporary Defensive Investments</div>.</div></div> Upon PIMCO&#8217;s recommendation, temporarily or for defensive purposes and in order to keep the Fund&#8217;s cash fully invested, the Fund may invest up to 100% of its net assets in high quality, short-term investments, including U.S. government, mortgage-backed and corporate debt securities that may be either <div style="white-space:nowrap;display:inline;">tax-exempt</div> or taxable. To the extent the Fund invests in taxable short-term investments, the Fund will not at such times be in a position to achieve its investment objective. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Leverage </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund currently utilizes leverage principally through its outstanding Preferred Shares and floating rate notes issued in TOB transactions. 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></div><div style="clear:both; height:0pt; font-size:0pt">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Base&#160;Prospectus&#160;&#160;</div></div></td>
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<td style="vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">2</div></div></td></tr></table></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> contracts, options on futures contracts, forward contracts, or any interest rate, securities-related or other hedging instrument, including swap agreements and other derivative instruments. The Fund may also determine to issue other types of Preferred Shares or determine to decrease the leverage it currently maintains by redeeming or tendering its outstanding Preferred Shares or unwinding TOBs and may or may not determine to replace such leverage through other sources. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The amount of leverage that the Fund uses may change, but total leverage is not normally expected to exceed 50% of the Fund&#8217;s total assets. To the extent the Fund covers its commitments under TOBs or other derivatives instruments by the segregation of liquid assets, or by entering into offsetting transactions or owning positions covering its obligations, they will not be considered &#8220;senior securities&#8221; under the Investment Company Act of 1940 (&#8220;1940 Act&#8221;) and will not be subject to the 50% policy described in the foregoing sentence. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In connection with the adoption of Rule <div style="white-space:nowrap;display:inline;">18f-4</div> under the 1940 Act, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule <div style="white-space:nowrap;display:inline;">18f-4</div> as of the compliance date, August&#160;19, 2022. See &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#8217;s use of leverage, derivatives and certain related instruments. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 and forward contracts (including foreign currency exchange contracts), total return swaps and other derivative transactions, loans of portfolio securities, short sales, when-issued, delayed delivery and forward commitment transactions and selling credit default swaps. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Depending upon market conditions and other factors, the Fund may or may not determine to add leverage following an offering to maintain or increase the total amount of leverage (as a percentage of the Fund&#8217;s total assets) that the Fund currently maintains, taking into account the additional assets raised through the issuance of Common Shares in such offering. The Fund utilizes certain kinds of leverage, including, without limitation, Preferred Shares and TOBs, opportunistically and may choose to increase or decrease, or eliminate entirely, its use of such leverage over time and from time to time based on PIMCO&#8217;s assessment of the yield curve environment, interest rate trends, market conditions and other factors. The Fund may also determine to decrease the leverage it currently maintains by redeeming its outstanding Preferred Shares or unwinding TOBs and may or may not determine to replace such leverage through other sources. If the Fund determines to add leverage following an offering, it is not possible to predict with accuracy the precise amount of leverage that would be added, in part because it is not possible to predict the number of Common Shares that ultimately will be sold in an offering or series of offerings. To the extent that the Fund does not add additional leverage following an offering, the Fund&#8217;s total amount of leverage as a </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> percentage of its total assets will decrease, which could result in a reduction of investment income available for distribution to Common Shareholders. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund also may borrow money for temporary administrative purposes, to add leverage to the portfolio or for the settlement of securities transactions which otherwise might require untimely dispositions of portfolio securities held by the Fund. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Please see &#8220;Use of Leverage&#8221; and &#8220;Principal Risks of the Fund&#8212;Leverage Risk&#8221; in the body of this prospectus for additional information regarding leverage and related risks. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Investment Manager </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Pacific Investment Management Company LLC (&#8220;PIMCO&#8221; or the &#8220;Investment Manager&#8221;) serves as the investment manager of the Fund. Subject to the supervision of the Board of Trustees of the Fund (the &#8220;Board&#8221;), PIMCO is responsible for managing the investment activities of the Fund and the Fund&#8217;s business affairs and other administrative matters. David Hammer is primarily responsible for the <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">day-to-day</div></div> management of the Fund. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Investment Manager receives an annual fee from the Fund, payable monthly, in an amount equal to 0.685% of the Fund&#8217;s average daily net asset value including daily net assets attributable to any Preferred Shares. Average daily net assets means an average of all the determinations of the Fund&#8217;s net assets (including net assets attributable to Preferred Shares) during a given month at the close of business on each business day during such month. PIMCO is located at 650 Newport Center Drive, Newport Beach, CA, 92660. Organized in 1971, PIMCO provides investment management and advisory services to private accounts of institutional and individual clients and to registered investment companies. PIMCO is a majority-owned indirect subsidiary of Allianz SE, a publicly traded European insurance and financial services company. As of March&#160;31, 2022, PIMCO had approximately $2.05 trillion of assets under management. As of March&#160;31, 2022, PIMCO had $1.94 trillion of third-party assets under management. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Dividends and Distributions </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund makes regular monthly cash distributions to Common Shareholders at a rate based upon the past and projected net income of the Fund. Subject to applicable law, the Fund may fund a portion of its distributions with gains from the sale of portfolio securities and other sources. Distributions can only be made from net investment income after paying any accrued dividends to holders of the Preferred Shares. The Fund&#8217;s dividend policy, as well as the dividend rate that the Fund pays on its Common Shares, may vary as portfolio and market conditions change, and will depend on a number of factors. There can be no assurance that a 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> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund generally distributes each year all of its net investment income and net short-term capital gains. In addition, at least annually, the Fund generally distributes net realized long-term capital gains not previously </div></div></div><div style="clear:both; height:0pt; font-size:0pt">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;Closed-End Funds</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table></div> <div style="background-color:white;display: inline;"><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> distributed, if any. The Fund may distribute less than the entire amount of net investment income earned in a particular period. The undistributed net investment income would be available to supplement future distributions. As a result, the 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 the Fund during the period. 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 investments. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 respect to the estimated source (as between net income, gains or other capital source) of the distribution made. If the Fund estimates that a portion of one of its dividend distributions may be comprised of amounts from sources other than net income, in accordance with its policies and good accounting practices, the Fund will notify shareholders of record of the estimated composition of such distribution through a notice required by Section&#160;19 of the 1940 Act (a &#8220;Section&#160;19 Notice&#8221;). For these purposes, the Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is estimated that a particular distribution does not include capital gains or <div style="white-space:nowrap;display:inline;">paid-in</div> surplus or other capital sources, a Section&#160;19 Notice generally 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 financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. Accordingly, among other consequences, it is possible that the Fund may not issue a Section&#160;19 Notice in situations where the Fund&#8217;s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 such taxable 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 net investment income and net realized capital gains (as reduced by any capital loss carry-forwards) for the relevant year. For example, the Fund may 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 offsetting short-term capital gains out of which the Fund has already made distributions. In such a situation, the amount by which the Fund&#8217;s total distributions exceed net investment income and net realized capital gains would generally be treated as a <div style="white-space:nowrap;display:inline;">tax-free</div> return of capital up to 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 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 your investment, rather than net income or capital gains generated from your investment during a particular period. Although return of capital distributions are not taxable, such distributions would reduce the </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> basis of a shareholder&#8217;s Common Shares and therefore may increase a shareholder&#8217;s capital gains, or decrease a shareholder&#8217;s capital loss, upon a sale of Common Shares, thereby potentially increasing a shareholder&#8217;s tax liability. The Fund will prepare and make available to shareholders detailed tax information with respect to the Fund&#8217;s distributions annually. See &#8220;Tax Matters.&#8221; </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 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 eligible for favorable income tax rates. The Fund, as well as several other PIMCO-managed closed end funds, has received exemptive relief from the SEC permitting it to make a greater number of capital gains distributions to holders of the ARPS than would otherwise be permitted by Section&#160;19(b) of the 1940 Act and Rule <div style="white-space:nowrap;display:inline;">19b-1</div> under the 1940 Act. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Unless a Common Shareholder elects to receive distributions in cash, all distributions of Common Shareholders whose shares are registered with the plan agent will be automatically reinvested in additional Common Shares of the Fund under the Fund&#8217;s Dividend Reinvestment Plan. For more information on the Fund&#8217;s dividends and distributions, see &#8220;Distributions&#8221; and &#8220;Dividend Reinvestment Plan.&#8221; </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Custodian and Transfer Agent </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">State Street Bank and Trust Company serves as custodian of the Fund&#8217;s assets and also provides certain fund accounting and <div style="white-space:nowrap;display:inline;">sub-administrative</div> services to the Investment Manager on behalf of the Fund. American Stock Transfer&#160;&amp; Trust Company, LLC serves as the Fund&#8217;s transfer agent and dividend disbursement agent. See &#8220;Custodian and Transfer Agent.&#8221; </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Listing </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund&#8217;s outstanding Common Shares are listed on the NYSE under the trading or &#8220;ticker&#8221; symbol &#8220;PML,&#8221; as will be the Common Shares offered in this prospectus, subject to notice of issuance. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Market Price of Shares </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Shares of <div style="white-space:nowrap;display:inline;">closed-end</div> investment companies frequently trade at prices lower than NAV. Shares of <div style="white-space:nowrap;display:inline;">closed-end</div> investment companies have during some periods traded at prices higher than NAV and during other periods traded at prices lower than NAV. The Fund cannot assure you that Common Shares will trade at a price equal to or higher than NAV in the future. Proceeds from the sale of Common Shares of an offering will be reduced by any sales load and/or commissions and the amount of offering expenses paid or reimbursed by the Fund. The Fund (and not PIMCO) bears all offering expenses. See &#8220;Use of Proceeds.&#8221; In addition to NAV, market price may be affected by factors relating to the Fund such as dividend levels and stability (which will in turn be affected by Fund expenses, including the costs of any leverage used by the Fund, levels of interest payments by the Fund&#8217;s portfolio holdings, levels of appreciation/depreciation of the Fund&#8217;s portfolio holdings, regulation affecting the </div></div></div><div style="clear:both; height:0pt; font-size:0pt">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Base&#160;Prospectus&#160;&#160;</div></div></td>
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<td style="vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">4</div></div></td></tr></table></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> timing and character of Fund distributions and other factors), portfolio credit quality, liquidity, call protection, market supply and demand and similar factors relating to the Fund&#8217;s portfolio holdings. See &#8220;Use of Leverage,&#8221; &#8220;Principal Risks of the Fund,&#8221; &#8220;Description of Capital Structure&#8221; and &#8220;Repurchase of Common Shares; Conversion to <div style="white-space:nowrap;display:inline;">Open-End</div> Fund&#8221; in this prospectus, and see &#8220;Repurchase of Common Shares; Conversion to <div style="white-space:nowrap;display:inline;">Open-End</div> Fund&#8221; in the Statement of Additional Information. The Common Shares are designed for long-term investors and should not be treated as trading vehicles. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Principal Risks of the Fund </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The following is a summary of the principal risks associated with an investment in Common Shares of the Fund. Investors should also refer to &#8220;Principal Risks of the Fund&#8221; in this prospectus and &#8220;Investment Objectives and Policies&#8221; in the Statement of Additional Information for a more detailed explanation of these and other risks associated with investing in the Fund. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Market Discount Risk. </div>The price of the Fund&#8217;s Common Shares will fluctuate with market conditions and other factors. If you sell your Common Shares, the price received may be more or less than your original investment. The Common Shares are designed for long-term investors and should not be treated as trading vehicles. Shares of <div style="white-space:nowrap;display:inline;">closed-end</div> management investment companies frequently trade at a discount from their NAV. The Common Shares may trade at a price that is less than the offering price for Common Shares issued pursuant to an offering. This risk may be greater for investors who sell their Common Shares relatively shortly after completion of an offering. The sale of Common 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 Shares, may have an adverse effect on the market price of the Common Shares. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Market Risk.</div> The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities. Credit ratings downgrades may also negatively affect securities held by the Fund. Even when markets perform well, there is no assurance that the investments held by the Fund will increase in value along with the broader market. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters can all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. The current contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as presidential elections in the United States or abroad or the U.S. government&#8217;s inability at times to agree on a long-term budget and deficit reduction plan, has in the past resulted, and may in the future result, in a government shutdown or otherwise adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund&#8217;s investments and operations. Additional and/ or prolonged U.S. federal government shutdowns may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund&#8217;s investments. Any market disruptions could also prevent the Fund from executing advantageous investment decisions in a timely manner. Funds that have focused their investments in a region enduring geopolitical market disruption will face higher risks of loss. Thus, investors should closely monitor current market conditions to determine whether the Fund meets their individual financial needs and tolerance for risk. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Recently, there have been signs of inflationary price movements. As such, fixed income securities markets may experience heightened levels of interest rate, volatility and liquidity risk. Any interest rate increases in the future could cause the value of any fund, such as the Fund, that invests in fixed income securities to decrease. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Municipal Bond Risk</div>. The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns, by litigation, legislation or political events, or by the bankruptcy of the issuer. Laws, referenda, ordinances or regulations enacted in the future by Congress or state legislatures or the applicable governmental entity could extend the time for payment of principal and/or interest, or impose other constraints on enforcement of such obligations, or on the ability of municipal issuers to levy taxes. Issuers of municipal securities also might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, the Fund could experience delays in collecting principal and interest and the Fund may not, in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in the payment of interest or repayment of principal, or both, the Fund may take possession </div></div></div><div style="clear:both; height:0pt; font-size:0pt">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;Closed-End Funds</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> of and manage the assets securing the issuer&#8217;s obligations on such securities, which may increase the Fund&#8217;s operating expenses. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may invest in revenue bonds, which are typically issued to fund a wide variety of capital projects including electric, gas, water and sewer systems; highways, bridges and tunnels; port and airport facilities; colleges and universities; and hospitals. Because the principal security for a revenue bond is generally the net revenues derived from a particular facility or group of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source, there is no guarantee that the particular project will generate enough revenue to pay its obligations, in which case the Fund&#8217;s performance may be adversely affected. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may invest in taxable municipal bonds, such as Build America Bonds. Build America Bonds are tax credit bonds created by the American Recovery and Reinvestment Act of 2009, which authorized state and local governments to issue Build America Bonds as taxable bonds in 2009 and 2010, without volume limitations, to finance any capital expenditures for which such issuers could otherwise issue traditional <div style="white-space:nowrap;display:inline;">tax-exempt</div> bonds. The Fund&#8217;s investments in Build America Bonds or similar taxable municipal bonds will result in taxable income and the Fund may elect to pass through to holders of the Fund&#8217;s common shares (&#8220;Common Shares&#8221;) the corresponding tax credits. The tax credits can generally be used to offset federal income taxes and the alternative minimum tax, but such credits are generally not refundable. Taxable municipal bonds involve similar risks as <div style="white-space:nowrap;display:inline;">tax-exempt</div> municipal bonds, including credit and market risk. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Municipal securities are also subject to interest rate, credit, and liquidity risk, which are discussed generally elsewhere in this section, and elaborated upon below with respect to municipal bonds. </div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="width:10.5pt;vertical-align:top;text-align:left;"><div style="color:#333333;display:inline;"><div style="font-family:Times New Roman; font-size:7pt;color:#335367;display:inline;">&#8718;</div></div></td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Interest Rate Risk</div></div>. The value of municipal securities, similar to other fixed income securities, will likely drop as interest rates rise in the general market. Conversely, when rates decline, bond prices generally rise. </div></div></td></tr></table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="width:10.5pt;vertical-align:top;text-align:left;"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;"></div><div style="font-family:Times New Roman; font-size:7pt;color:#335367;display:inline;">&#8718;</div><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;"></div></div><div style="font-style:italic;display:inline;"></div></div></td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Credit Risk</div></div>. The risk that a borrower may be unable to make interest or principal payments when they are due. A fund that invests in municipal securities relies on the ability of the issuer to service its debt. This subjects the Fund to credit risk in that the municipal issuer may be fiscally unstable or exposed to large liabilities that could impair its ability to honor its obligations. Municipal issuers with significant debt service requirements, in the <div style="white-space:nowrap;display:inline;">near-to</div> <div style="white-space:nowrap;display:inline;">mid-term;</div> unrated issuers and those with less capital and liquidity to absorb additional expenses may be most at risk. To the extent the Fund invests in lower quality or high yield municipal securities, it may be more sensitive to the adverse credit events in the municipal market. The treatment of municipalities in bankruptcy is more uncertain, and potentially more adverse to debt holders, than for corporate issues. </div></div></td></tr></table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Liquidity Risk</div></div><div style="font-style:italic;display:inline;">.</div> The risk that investors may have difficulty finding a buyer when they seek to sell, and therefore, may be forced to sell at a discount to the market value. Liquidity may sometimes be impaired in the municipal market and because the Fund </div></div></td></tr></table></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
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<td style="vertical-align:top;text-align:left;"><div style="color:#333333;display:inline;"> primarily invests in municipal securities, it may find it difficult to purchase or sell such securities at opportune times. Liquidity can be impaired due to interest rate concerns, credit events, or general supply and demand imbalances. Depending on the particular issuer and current economic conditions, municipal securities could be deemed more volatile investments. </div></td></tr></table> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In addition to general municipal market risks, different municipal sectors may face different risks. For instance, general obligation bonds are secured by the full faith, credit, and taxing power of the municipality issuing the obligation. As such, timely payment depends on the municipality&#8217;s ability to raise tax revenue and maintain a fiscally sound budget. The timely payments may also be influenced by any unfunded pension liabilities or other post-employee benefit plan (OPEB) liabilities. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Revenue bonds are secured by special tax revenues or other revenue sources. If the specified revenues do not materialize, then the bonds may not be repaid. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Private activity bonds are yet another type of municipal security. Municipalities use private activity bonds to finance the development of industrial facilities for use by private enterprise. Principal and interest payments are to be made by the private enterprise benefitting from the development, which means that the holder of the bond is exposed to the risk that the private issuer may default on the bond. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Moral obligation bonds are usually issued by special purpose public entities. If the public entity defaults, repayment becomes a &#8220;moral obligation&#8221; instead of a legal one. The lack of a legally enforceable right to payment in the event of default poses a special risk for a holder of the bond because it has little or no ability to seek recourse in the event of default. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In addition, a significant restructuring of federal income tax rates or even serious discussion on the topic in Congress could cause municipal bond prices to fall. The demand for municipal securities is strongly influenced by the value of <div style="white-space:nowrap;display:inline;">tax-exempt</div> income to investors. Lower income tax rates could reduce the advantage of owning municipal securities. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Municipal notes are similar to general municipal debt obligations, but they generally possess shorter terms. Municipal notes can be used to provide interim financing and may not be repaid if anticipated revenues are not realized. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Municipal Project-Specific Risk</div>. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in general obligation bonds, particularly if there is a large concentration from issuers in a single state. This is because the value of municipal securities can be significantly affected by the political, economic, legal, and legislative realities of the particular issuer&#8217;s locality or municipal sector events. Similarly, changes to state or federal regulation tied to a specific sector, such as the hospital sector, could have an impact on the revenue stream for a given subset of the market. </div></div></div><div style="clear:both; height:0pt; font-size:0pt">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Base&#160;Prospectus&#160;&#160;</div></div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">U.S. Government Securities Risk.</div> Certain U.S. government securities, such as U.S. Treasury bills, notes, bonds, and mortgage-related securities guaranteed by the Government National Mortgage Association (&#8220;GNMA&#8221;), are supported by the full faith and credit of the United States; others, such as those of the Federal Home Loan Banks (&#8220;FHLBs&#8221;) or the Federal Home Loan Mortgage Corporation (&#8220;FHLMC&#8221;), are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the Federal National Mortgage Association (&#8220;FNMA&#8221;), are supported by the discretionary authority of the U.S. government to purchase the agency&#8217;s obligations; and still others are supported only by the credit of the agency, instrumentality or corporation. Although legislation has been enacted to support certain government sponsored entities, including the FHLBs, FHLMC and FNMA, there is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact the government sponsored entities and the values of their related securities or obligations. In addition, certain governmental entities, including FNMA and FHLMC, have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability or investment character of securities issued by these entities. Yields available from U.S. government debt securities are generally lower than the yields available from other debt securities. The values of U.S. government securities change as interest rates fluctuate. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">California State-Specific Risk</div>. The Fund may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal. Certain issuers of California municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain California issuers to pay principal or interest on their obligations. Provisions of the California Constitution and State statutes which limit the taxing and spending authority of California governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California&#8217;s economy is broad, it does have major concentrations in advanced technology, aerospace and defense-related manufacturing, trade, entertainment, real estate and financial services, and may be sensitive to economic problems affecting those industries. Future California political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of California issuers. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">New York State-Specific Risk</div>. The Fund may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal. Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations. Provisions of the New York Constitution and State statutes which limit the taxing and spending authority of New York governmental entities may impair the ability of New York issuers to pay principal and/or interest </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> on their obligations. While New York&#8217;s economy is broad, it does have major concentrations in certain industries, such as financial services, and may be sensitive to economic problems affecting those industries. Future New York political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of New York issuers. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Puerto Rico-Specific Risk</div>. The Fund may be affected significantly by economic, regulatory, restructuring or political developments affecting the ability of Puerto Rico issuers to pay interest or repay principal. Certain issuers of Puerto Rico municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain Puerto Rico issuers to pay principal or interest on their obligations. Provisions of the Puerto Rico Constitution and Commonwealth laws, including a federally-appointed oversight board to oversee the Commonwealth&#8217;s financial operations, which limit the taxing and spending authority of Puerto Rico governmental entities may impair the ability of Puerto Rico issuers to pay principal and/or interest on their obligations. While Puerto Rico&#8217;s economy is broad, it does have major concentrations in certain industries, such as manufacturing and service, and may be sensitive to economic problems affecting those industries. Future Puerto Rico political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation, debt restructuring, and voter initiatives could have an adverse effect on the debt obligations of Puerto Rico issuers. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Asset Allocation Risk.</div> The Fund&#8217;s investment performance depends upon how its assets are allocated and reallocated. A principal risk of investing in the Fund is that PIMCO may make less than optimal or poor asset allocation decisions. PIMCO employs an active approach to allocation among multiple fixed- income sectors, but there is no guarantee that such allocation techniques will produce the desired results. It is possible that PIMCO will focus on an investment that performs poorly or underperforms other investments under various market conditions. You could lose money on your investment in the Fund as a result of these allocation decisions. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Management Risk.</div> The Fund is subject to management risk because it is an actively managed investment portfolio. PIMCO and each individual portfolio manager will apply investment techniques and risk analysis in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. Certain securities or other instruments in which the Fund seeks to invest may not be available in the quantities desired. In addition, regulatory restrictions, actual or potential conflicts of interest or other considerations may cause PIMCO to restrict or prohibit participation in certain investments. In such circumstances, PIMCO or the individual portfolio managers may determine to purchase other securities or instruments as substitutes. Such substitute securities or instruments may not perform as intended, which could result in losses to the Fund. The Fund is also subject to the risk that deficiencies in the internal systems or controls of PIMCO or another service provider will cause losses for the Fund or hinder Fund operations. For example, trading delays or errors (both human and systemic) could prevent the Fund from purchasing a security expected to appreciate in </div></div></div><div style="clear:both; height:0pt; font-size:0pt">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;Closed-End Funds</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> value. To the extent the Fund employs strategies targeting perceived pricing inefficiencies, arbitrage strategies or similar strategies, it is subject to the risk that the pricing or valuation of the securities and instruments involved in such strategies may change unexpectedly, which may result in reduced returns or losses to the Fund. Additionally, actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each individual portfolio manager in connection with managing the Fund and may also adversely affect the ability of the Fund to achieve its investment objectives. There also can be no assurance that all of the personnel of PIMCO will continue to be associated with PIMCO for any length of time. The loss of the services of one or more key employees of PIMCO could have an adverse impact on the Fund&#8217;s ability to realize its investment objectives. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In addition, the Fund may rely on various third-party sources to calculate its NAV. As a result, the Fund is subject to certain operational risks associated with reliance on service providers and service providers&#8217; data sources. In particular, errors or systems failures and other technological issues may adversely impact the Fund&#8217;s calculations of its NAV, and such NAV calculation issues may result in inaccurately calculated NAVs, delays in NAV calculation and/or the inability to calculate NAV over extended periods. The Fund may be unable to recover any losses associated with such failures. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Issuer Risk.</div> The value of a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. A change in the financial condition of a single issuer may affect securities markets as a whole. These risks can apply to the Common Shares issued by the Fund and to the issuers of securities and other instruments in which the Fund invests. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Interest Rate Risk.</div> Interest rate risk is the risk that fixed income securities and other instruments in the Fund&#8217;s portfolio will decline in value because of a change in interest rates. Interest rate changes can be sudden and unpredictable, and the Fund may lose money as a result of movements in interest rates. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions). Recently, there have been signs of inflationary price movements. As such, fixed income securities markets may experience heightened levels of interest rate, volatility and liquidity risk. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Rising interest rates may result in periods of volatility and a decline in value of the Fund&#8217;s fixed income investments. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Credit Risk.</div> The Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities is unable or unwilling, or is perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor its obligations. The downgrade of the credit of a security held by the Fund may decrease its </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> value. Measures such as average credit quality may not accurately reflect the true credit risk of the Fund. This is especially the case if the Fund consists of securities with widely varying credit ratings. This risk is greater to the extent the Fund uses leverage or derivatives. Municipal bonds are subject to the risk that litigation, legislation or other political events, local business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer&#8217;s ability to make payments of principal and/or interest. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Mortgage-Related and Other Asset-Backed Instruments Risk.</div> Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related assets, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Fund may exhibit additional volatility since individual mortgage holders are less likely to exercise prepayment options, thereby putting additional downward pressure on the value of these securities and potentially causing the Fund to lose money. The Fund&#8217;s investments in other asset-backed instruments are subject to risks similar to those associated with mortgage-related assets, as well as additional risks associated with the nature of the assets and the servicing of those assets. Payment of principal and interest on asset-backed instruments may be largely dependent upon the cash flows generated by the assets backing the instruments, and asset-backed instruments may not have the benefit of any security interest in the related assets. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may also invest in the residual or equity tranches of mortgage-related and other asset-backed instruments, which may be referred to as subordinate mortgage-backed or asset-backed instruments and interest-only mortgage-backed or asset-backed instruments. The Fund expects that investments in subordinate mortgage-backed and other asset-backed instruments will be subject to risks arising from delinquencies and foreclosures, thereby exposing its investment portfolio to potential losses. Subordinate securities of mortgage-backed and other asset-backed instruments are also subject to greater credit risk than those mortgage-backed or other asset-backed instruments that are more highly rated. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The mortgage markets in the United States and in various foreign countries have experienced extreme difficulties in the past that adversely affected the performance and market value of certain mortgage-related investments. Delinquencies and losses on residential and commercial mortgage loans (especially subprime and second-lien mortgage loans) may increase, and a decline in or flattening of housing and other real property values may exacerbate such delinquencies and losses. In addition, reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could continue or worsen. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Mortgage-Related Derivative Instruments Risk.</div> Mortgage-related derivative instruments involve risks associated with mortgage-related and other asset-backed instruments, privately-issued mortgage-related securities, the mortgage market, the real estate industry, derivatives and credit default swaps. See &#8220;Mortgage-Related and Other Asset-Backed </div></div></div><div style="clear:both; height:0pt; font-size:0pt">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Base&#160;Prospectus&#160;&#160;</div></div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> Instruments Risk,&#8221; &#8220;Privately-Issued Mortgage-Related Securities Risk,&#8221; &#8220;Derivatives Risk,&#8221; and &#8220;Credit Default Swaps Risk.&#8221; </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">High Yield Securities Risk</div>. To the extent that the Fund invests in high yield securities and unrated securities of similar credit quality (commonly known as &#8220;high yield securities&#8221; or &#8220;junk bonds&#8221;), the Fund will be subject to greater levels of credit risk, call risk and liquidity risk than funds that do not invest in such securities, which could have a negative effect on the NAV and market price of the Fund&#8217;s Common Shares or Common Share dividends. These securities are considered predominantly speculative with respect to an issuer&#8217;s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely affect the market for these securities and reduce the Fund&#8217;s ability to sell these securities at an advantageous time or price. The Fund may purchase distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In general, lower rated debt securities carry a greater degree of risk that the issuer will lose its ability to make interest and principal payments, which could have a negative effect on the NAV and market price of the Fund&#8217;s Common Shares or Common Share dividends. Securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal, and are commonly referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; High yield securities involve a greater risk of default and their prices are generally more volatile and sensitive to actual or perceived negative developments. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">An economic downturn could severely affect the ability of issuers (particularly those that are highly leveraged) to service or repay their debt obligations. The Fund may purchase stressed or distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. Lower-rated securities are generally less liquid than higher-rated securities, which may have an adverse effect on the Fund&#8217;s ability to dispose of a particular security. To the extent the Fund focuses on below investment grade debt obligations, PIMCO&#8217;s capabilities in analyzing credit quality and associated risks will be particularly important, and there can be no assurance that PIMCO will be successful in this regard. Due to the risks involved in investing in high yield securities, an investment in the Fund should be considered speculative. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund&#8217;s credit quality policies apply only at the time a security is purchased, and the Fund is not required to dispose of a security in the event that a rating agency or PIMCO downgrades its assessment of the credit characteristics of a particular issue. Analysis of creditworthiness may be more complex for issuers of high yield securities than for issuers of higher quality debt securities. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Call Risk. </div>Call risk refers to the possibility that an issuer may exercise its right to redeem a fixed income security earlier than expected. Issuers may call outstanding securities prior to their maturity for a number of reasons. If an issuer calls a security in which the Fund has invested, the Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features. </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Reinvestment Risk</div>. Income from the Fund&#8217;s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called debt obligations at market interest rates that are below the portfolio&#8217;s current earnings rate. For instance, during periods of declining interest rates, an issuer of debt obligations may exercise an option to redeem securities prior to maturity, forcing the Fund to invest in lower-yielding securities. The Fund also may choose to sell higher yielding portfolio securities and to purchase lower yielding securities to achieve greater portfolio diversification, because the portfolio managers believe the current holdings are overvalued or for other investment-related reasons. A decline in income received by the Fund from its investments is likely to have a negative effect on dividend levels and the market price, NAV and/or overall return of the Common Shares. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Securities Lending Risk</div>. For the purpose of achieving income, the Fund may lend its portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. Please see &#8220;Investment Objectives and Policies&#8212;Loans of Portfolio Securities&#8221; in the Statement of Additional Information for more details. When the Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. The Fund may pay lending fees to a party arranging the loan. Cash collateral received by the Fund in securities lending transactions may be invested in short-term liquid fixed income instruments or in money market or short-term mutual funds, or similar investment vehicles, including affiliated money market or short-term mutual funds. The Fund bears the risk of such investments. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Valuation Risk.</div> Certain securities in which the Fund invests may be less liquid and more difficult to value than other types of securities. When market quotations or pricing service prices are not readily available or are deemed to be unreliable, the Fund values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Leverage Risk.</div> The Fund&#8217;s use of leverage (as described under &#8220;Use of Leverage&#8221; in the body of this prospectus) creates the opportunity for increased Common Share net income, but also creates special risks for Common Shareholders. To the extent used, there is no assurance that the Fund&#8217;s leveraging strategies will be successful. Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. The Fund&#8217;s assets attributable to any outstanding Preferred Shares (such as the ARPS and RVMTP Shares) or the net proceeds that the Fund </div></div></div><div style="clear:both; height:0pt; font-size:0pt">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;Closed-End Funds</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> obtains from its use of TOBs, derivatives or other forms of leverage, if any, will be invested in accordance with the Fund&#8217;s investment objective and policies as described in this prospectus. Dividends payable with respect to Preferred Shares outstanding and interest expense payable by the Fund with respect to any TOBs, derivatives and other forms of leverage will generally be based on shorter-term interest rates that would be periodically reset. If shorter-term interest rates rise relative to the rate of return on the Fund&#8217;s portfolio, the interest and other costs to the Fund of leverage (including interest expenses on TOBs and the dividend rate on any outstanding Preferred Shares, including the Preferred Shareholder <div style="white-space:nowrap;display:inline;">Gross-Up</div> (as defined below)) could exceed the rate of return on the debt obligations and other investments held by the Fund, thereby reducing return to Common Shareholders. In addition, fees and expenses of any form of leverage used by the Fund will be borne entirely by the Common Shareholders (and not by preferred shareholders) and will reduce the investment return of the Common Shares. Therefore, there can be no assurance that the Fund&#8217;s use of leverage will result in a higher yield on the Common Shares, and it may result in losses. In addition, Preferred Shares issued by the Fund pay cumulative dividends, which may tend to increase leverage risk. Leverage creates several major types of risks for Common Shareholders, including: </div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="width:10.5pt;vertical-align:top;text-align:left;"><div style="color:#333333;display:inline;"><div style="font-family:Times New Roman; font-size:7pt;color:#335367;display:inline;">&#8718;</div></div></td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">the likelihood of greater volatility of NAV and market price of Common Shares, and of the investment return to Common Shareholders, than a comparable portfolio without leverage; </div></div></td></tr></table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">the possibility either that Common Share dividends will fall if the interest and other costs of leverage rise, or that dividends paid on Common Shares will fluctuate because such costs vary over time; and </div></div></td></tr></table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="width:10.5pt;vertical-align:top;text-align:left;"><div style="color:#333333;display:inline;"><div style="font-family:Times New Roman; font-size:7pt;color:#335367;display:inline;">&#8718;</div></div></td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">the effects of leverage in a declining market or a rising interest rate environment, as leverage is likely to cause a greater decline in the NAV of the Common Shares than if the Fund were not leveraged and may result in a greater decline in the market value of the Common Shares. </div></div></td></tr></table> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In addition, the counterparties to the Fund&#8217;s leveraging transactions and preferred shareholders of the Fund will have priority of payment over the Fund&#8217;s Common Shareholders. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund is required to satisfy certain asset coverage requirements in connection with its use of Preferred Shares, including those imposed by regulatory and rating agency requirements. Accordingly, any decline in the net asset value of the Fund&#8217;s investments could result in the risk that the Fund will fail to meet its asset coverage requirements for Preferred Shares or the risk of the Preferred Shares being downgraded by a rating agency. In an extreme case, the Fund&#8217;s current investment income might not be sufficient to meet the dividend requirements on Preferred Shares outstanding. In order to address these types of events, the Fund might need to dispose of investments in order to fund a redemption of some or all of the Preferred Shares. Dispositions at times of adverse economic conditions may result in a loss to the Fund. At other times, these dispositions may result in gain at the Fund level and thus in additional taxable distributions to Common Shareholders. See &#8220;Tax Matters&#8221; for </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> more information. Any Preferred Shares, TOBs, loans of portfolio securities, short sales and when-issued, delayed delivery and forward commitment transactions, credit default swaps, reverse repurchases, or other derivatives by the Fund or counterparties to the Fund&#8217;s other leveraging transactions, if any, would have, seniority over the Fund&#8217;s Common Shares. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In connection with the adoption of Rule <div style="white-space:nowrap;display:inline;">18f-4</div> under the 1940 Act, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule <div style="white-space:nowrap;display:inline;">18f-4</div> as of the compliance date, August&#160;19, 2022. See &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#8217;s use of leverage, derivatives and certain related instruments. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">When the Fund issues Preferred Shares, the Fund pays (and the Common Shareholders bear) all costs and expenses relating to the issuance and ongoing maintenance of Preferred Shares. In addition, holders of Preferred Shares issued by the Fund would have complete priority over Common Shareholders in the distribution of the Fund&#8217;s assets. Furthermore, preferred shareholders, voting separately as a single class, have the right to elect two members of the Board at all times and to elect a majority of the trustees in the event two full years&#8217; dividends on the Preferred Shares are unpaid, and also have separate class voting rights on certain matters. Accordingly, preferred shareholders may have interests that differ from those of Common Shareholders, and may at times have disproportionate influence over the Fund&#8217;s affairs. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Because the fees received by the Investment Manager are based on the average daily net asset value of the Fund (including daily net assets attributable to any Preferred Shares), the Investment Manager has a financial incentive for the Fund to utilize Preferred Shares, which may create a conflict of interest between the Investment Manager, on the one hand, and the Common Shareholders, on the other hand. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Segregation and Coverage Risk.</div> Certain portfolio management techniques, such as, among other things, entering into TOBS, reverse repurchase agreement transactions, swap agreements, futures contracts or other derivative transactions, purchasing securities on a when-issued or delayed delivery basis or engaging in short sales currently may be considered senior securities unless steps are taken to segregate the Fund&#8217;s assets or otherwise cover its obligations. To avoid having these instruments considered senior securities, the Fund may segregate liquid assets with a value equal (on a daily <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">mark-to-market</div></div> basis) to its obligations under these types of leveraged transactions, enter into offsetting transactions or otherwise cover such transactions. At times, all or a substantial portion of the Fund&#8217;s liquid assets may be segregated for purposes of various portfolio transactions. The Fund may be unable to use such segregated assets for certain other purposes, which could result in the Fund earning a lower return on its portfolio than it might otherwise earn if it did not have to segregate those assets in respect of, or </div></div></div><div style="clear:both; height:0pt; font-size:0pt">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> otherwise cover, such portfolio positions. To the extent the Fund&#8217;s assets are segregated or committed as cover, it could limit the Fund&#8217;s investment flexibility. Segregating assets and covering positions will not limit or offset losses on related positions. In connection with the adoption of Rule <div style="white-space:nowrap;display:inline;">18f-4</div> under the 1940 Act, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs and reverse repurchase agreement transactions, will be superseded by the requirements of Rule <div style="white-space:nowrap;display:inline;">18f-4</div> as of the compliance date, August&#160;19, 2022. See &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#8217;s use of leverage, derivatives and certain related instruments. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Derivatives Risk.</div> The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks, such as liquidity risk, interest rate risk, market risk, credit risk, leveraging risk, counterparty risk, tax risk, and management risk, as well as risks arising from changes in applicable requirements. See also &#8220;Principal Risks of the Fund&#8212;Segregation and Coverage Risk.&#8221; They also involve the risk of mispricing, the risk of unfavorable or ambiguous documentation and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund&#8217;s use of derivatives may increase or accelerate the amount of taxes payable by Common Shareholders. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The regulation of the derivatives markets has increased over the past several years, and additional future regulation of the derivatives markets may make derivatives more costly, may limit the availability or reduce the liquidity of derivatives or may otherwise adversely affect the value or performance of derivatives. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Credit Default Swaps Risk. </div>Credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller (if any), coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. When the Fund acts as a seller of a credit default swap, it is exposed to many of the same risks of leverage described herein since if an event of default occurs, the seller must pay the buyer the full notional value of the reference obligation. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Although the Fund may seek to realize gains by selling credit default swaps that increase in value, to realize gains on selling credit default swaps, an active secondary market for such instruments must exist or the Fund must otherwise be able to close out these transactions at </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> advantageous times. In addition to the risk of losses described above, if no such secondary market exists or the Fund is otherwise unable to close out these transactions at advantageous times, selling credit default swaps may not be profitable for the Fund. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The market for credit default swaps has become more volatile as the creditworthiness of certain counterparties has been questioned and/or downgraded. The Fund will be subject to credit risk with respect to the counterparties to the credit default swap contract (whether a clearing corporation or another third party). If a counterparty&#8217;s credit becomes significantly impaired, multiple requests for collateral posting in a short period of time could increase the risk that the Fund may not receive adequate collateral. The Fund may exit its obligations under a credit default swap only by terminating the contract and paying applicable breakage fees, or by entering into an offsetting credit default swap position, which may cause the Fund to incur more losses. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Counterparty Risk.</div> The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund or held by special purpose or structured vehicles in which the Fund invests. In the event that the Fund enters into a derivative transaction with a counterparty that subsequently becomes insolvent or becomes the subject of a bankruptcy case, the derivative transaction may be terminated in accordance with its terms and the Fund&#8217;s ability to realize its rights under the derivative instrument and its ability to distribute the proceeds could be adversely affected. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) in a dissolution, assignment for the benefit of creditors, liquidation, <div style="white-space:nowrap;display:inline;">winding-up,</div> bankruptcy or other analogous proceeding. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative transaction would typically be terminated at its fair market value. If the Fund is owed this fair market value in the termination of the derivative transaction and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty and will not have any claim with respect to any underlying security or asset. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. While the Fund may seek to manage its counterparty risk by transacting with a number of counterparties, concerns about the solvency of, or a default by, one large market participant could lead to significant impairment of liquidity and other adverse consequences for other counterparties. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial narrow"><div style="font-style:italic;display:inline;">Additional Risks Associated with the Fund&#8217;s Preferred Shares </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Although the Fund&#8217;s ARPS ordinarily would pay dividends at rates set at periodic auctions, the weekly auctions for the ARPS (and auctions for similar preferred shares issued by <div style="white-space:nowrap;display:inline;">closed-end</div> funds in the U.S.) have failed since 2008. The dividend rates on the ARPS since that time have been paid, and the Fund expects that it will continue to be paid for the foreseeable future, at the &#8220;maximum applicable rate.&#8221; </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The maximum applicable rate for the ARPS and the RVMTP Share Dividend Rate (as defined below) is based in part on a multiple of or a </div></div></div><div style="clear:both; height:0pt; font-size:0pt">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;Closed-End Funds</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> spread plus a reference rate. An increase in market interest rates generally, therefore, could increase substantially the dividend rate required to be paid by the Fund to the holders of Preferred Shares, which would increase the costs associated with the Fund&#8217;s leverage and reduce the Fund&#8217;s net income available for distribution to holders of Common Shares. In addition, the multiple or spread used to calculate the maximum applicable rate for the ARPS and the RVMTP Share Dividend Rate is based in part on the credit rating assigned to the ARPS or RVMTP Shares by the applicable rating agency(ies), with the multiple or spread generally increasing as the rating declines. Accordingly, future ratings downgrades may result in increases to the maximum applicable rate for the ARPS or to the RVMTP Share Dividend Rate. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Therefore, it is possible that a substantial rise in market interest rates and/or further ratings downgrades of the Preferred Shares could, by reducing income available for distribution to the holders of Common Shares and otherwise detracting from the Fund&#8217;s investment performance, make the Fund&#8217;s continued use of Preferred Shares for leverage purposes less attractive than such use is currently considered to be. In such case, the Fund may elect to redeem some or all of the Preferred Shares outstanding, which may require it to dispose of investments at inopportune times and to incur losses on such dispositions. Such dispositions may adversely affect the Fund&#8217;s investment performance generally, and the resultant loss of leverage may materially and adversely affect the Fund&#8217;s investment returns. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund is also subject to certain asset coverage tests associated with the rating agencies that rate the Preferred Shares. Failure by the Fund to maintain the asset coverages (or to cure such failure in a timely manner) may require the Fund to redeem Preferred Shares and could preclude the Fund from declaring or paying any dividends or distributions to holders of Common Shares. Failure to satisfy ratings agency asset coverage tests or other guidelines could also result in the applicable ratings agency downgrading its then-current ratings on the Preferred Shares, as described above. Moreover, the rating agency guidelines impose restrictions or limitations on the Fund&#8217;s use of certain financial instruments or investment techniques that the Fund might otherwise utilize in order to achieve its investment objective, which may adversely affect the Fund&#8217;s investment performance. Rating agency guidelines may be modified by the rating agencies in the future and such modifications may make such guidelines substantially more restrictive or otherwise result in downgrades, which could further negatively affect the Fund&#8217;s investment performance. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The ratings agencies that have assigned ratings to the Fund&#8217;s Preferred Shares may change their rating methodologies, perhaps substantially. Such a change could adversely affect the ratings assigned to the Fund&#8217;s Preferred Shares, the dividend rates paid thereon, and the expenses borne by holders of Common Shares. For instance, Fitch Ratings published ratings criteria relating to <div style="white-space:nowrap;display:inline;">closed-end</div> funds on December&#160;4, 2020, which effectively result in a rating cap of &#8220;AA&#8221; for debt and preferred stock issued by all <div style="white-space:nowrap;display:inline;">closed-end</div> funds and a rating cap of &#8220;A&#8221; for debt and preferred shares issued by <div style="white-space:nowrap;display:inline;">(i)&#160;closed-end</div> funds exposed to emerging market debt, below-investment-grade and unrated debt, structured </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> securities and equity, and <div style="white-space:nowrap;display:inline;">(ii)&#160;closed-end</div> funds with material exposure to &#8220;BBB&#8221; category rated assets. On December&#160;6, 2021, Fitch affirmed &#8220;AA&#8221; long-term ratings of the Fund&#8217;s RVMTP Shares. Fitch does not currently rate the Fund&#8217;s ARPS. In addition, future ratings downgrades by Moody&#8217;s or Fitch, as applicable, may result in an increase to the Fund&#8217;s Preferred Shares dividend rates. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Private Placements and Restricted Securities Risk.</div> A private placement involves the sale of securities that have not been registered under the Securities Act or relevant provisions of applicable <div style="white-space:nowrap;display:inline;">non-U.S.</div> law to certain institutional and qualified individual purchasers, such as the Fund. In addition to the general risks to which all securities are subject, securities received in a private placement generally are subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most favorable time or price. Private placements may also raise valuation risks. Restricted securities are often purchased at a discount from the market price of unrestricted securities of the same issuer reflecting the fact that such securities may not be readily marketable without some time delay. Such securities are often more difficult to value and the sale of such securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities trading on national securities exchanges or in the <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">over-the-counter</div></div> markets. Until the Fund can sell such securities into the public markets, its holdings may be less liquid and any sales will need to be made pursuant to an exemption under the Securities Act. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Confidential Information Access Risk.</div> In managing the Fund (and other PIMCO clients), PIMCO may from time to time have the opportunity to receive material, <div style="white-space:nowrap;display:inline;">non-public</div> information (&#8220;Confidential Information&#8221;) about the issuers of certain investments, including, without limitation, senior floating rate loans, other loans and related investments being considered for acquisition by the Fund or held in the Fund&#8217;s portfolio. For example, an issuer of privately placed loans considered by the Fund may offer to provide PIMCO with financial information and related documentation regarding the issuer that is not publicly available. Pursuant to applicable policies and procedures, PIMCO may (but is not required to) seek to avoid receipt of Confidential Information from the issuer so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of the Fund and other clients to which such Confidential Information relates. In such circumstances, the Fund (and other PIMCO clients) may be disadvantaged in comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells an investment. Further, PIMCO&#8217;s and the Fund&#8217;s abilities to assess the desirability of proposed consents, waivers or amendments with respect to certain investments may be compromised if they are not privy to available Confidential Information. PIMCO may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If PIMCO intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell investments to which such Confidential Information relates. </div></div></div></div> <div> <div style="background-color:white;display: inline;"> <div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div> <div>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Inflation/Deflation Risk. </div></div>Inflation risk is the risk that the value of assets or income from the Fund&#8217;s investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of the Fund&#8217;s portfolio could decline. Inflation has recently increased and it cannot be predicted whether it may decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#8217;s portfolio and Common Shares. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Regulatory Changes Risk.</div></div> Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and /or preclude the Fund&#8217;s ability to achieve its investment objectives. Government regulation may change frequently and may have significant adverse consequences. The Fund and the Investment Manager have historically been eligible for exemptions from certain regulations. However, there is no assurance that the Fund and the Investment Manager will continue to be eligible for such exemptions. Actions by government entities may also impact certain instruments in which the Fund invests. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Moreover, government regulation may have unpredictable and unintended effects. Legislative or regulatory actions to address perceived liquidity or other issues in fixed income markets generally, or in particular markets such as the municipal securities market, may alter or impair the Fund&#8217;s ability to pursue its investment objectives or utilize certain investment strategies and techniques. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Current rules related to credit risk retention requirements for ABS may increase the cost to originators, securitizers and, in certain cases, asset managers of SPEs in which the Fund may invest. The impact of the risk retention rules on the securitization markets is uncertain. These requirements may increase the costs to originators, securitizers, and, in certain cases, collateral managers of securitization vehicles in which the Fund may invest, which costs could be passed along to the Fund as an investor in such vehicles. In addition, the costs imposed by the risk retention rules on originators, securitizers and/or collateral managers may result in a reduction of the number of new offerings of ABS and thus in fewer investment opportunities for the Fund. A reduction in the number of new securitizations could also reduce liquidity in the markets for certain types of financial assets, which in turn could negatively affect the returns on the Fund&#8217;s investment. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Regulatory Risk&#8212;London Interbank Offered Rate (</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">&#8220;</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">LIBOR</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">&#8221;</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">).</div></div> The Fund&#8217;s investments (including, but not limited to, repurchase agreements, collateralized loan obligations and mortgage-backed securities), payment obligations and financing terms may rely in some fashion on the London Interbank Offered Rate (&#8220;LIBOR&#8221;). LIBOR is an average interest rate, determined by the ICE Benchmark Administration that banks charge one another for the use of short-term money. On July&#160;27, 2017, the Chief Executive of the FCA announced that after 2021 it would cease its active encouragement of banks to provide the quotations needed to sustain </div></div> </div> <div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">LIBOR due to the absence of an active market for interbank unsecured lending and other reasons. On March&#160;5, 2021, the FCA publicly announced that all U.S.&#160;Dollar LIBOR settings will either cease to be provided by any administrator or will no longer be representative (i)&#160;immediately after December&#160;31, 2021 for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">one-week</div> and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">two-month</div> U.S.&#160;Dollar LIBOR settings and (ii)&#160;immediately after June&#160;30, 2023 for the remaining U.S.&#160;Dollar LIBOR settings. As of January&#160;1, 2022, as a result of supervisory guidance from U.S. regulators, some U.S. regulated entities have ceased entering into new LIBOR contracts with limited exceptions. While publication of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">one-,</div> three- and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">six-</div> month Sterling and Japanese yen LIBOR settings will continue at least through calendar year 2022 on the basis of a changed methodology (known as &#8220;synthetic LIBOR&#8221;), these rates have been designated by the FCA as unrepresentative of the underlying market they seek to measure and are solely available for use in legacy transactions. Certain bank-sponsored committees in other jurisdictions, including Europe, the United Kingdom, Japan and Switzerland, have selected alternative reference rates denominated in other currencies. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain, and they may vary depending on factors that include, but are not limited to: (i)&#160;existing fallback or termination provisions in individual contracts and (ii)&#160;whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. For example, certain of the Fund&#8217;s investments may involve individual contracts that have no existing fallback provision or language that contemplates the discontinuation of LIBOR, and those investments could experience increased volatility or illiquidity as a result of the transition process. In addition, interest rate provisions included in such contracts, or in contracts or other arrangements entered into by the Fund, may need to be renegotiated. On March&#160;15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System and based on the Secured Overnight Financing Rate for certain contracts that reference LIBOR and contain no, or insufficient, fallback provisions. It is expected that implementing regulations in respect of the law will follow. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by the Fund, a change in the cost of borrowing or the dividend rate for any Preferred Shares that may be issued by the Fund, or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund. </div></div> </div> <div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">Base&#160;Prospectus</div></td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Regulatory Risk&#8212;Commodity Pool Operator.</div></div> The CFTC has adopted regulations that subject registered investment companies and their investment advisers to regulation by the CFTC if the registered investment company invests more than a prescribed level of its liquidation value in futures, options on futures or commodities, swaps, or other financial instruments regulated under the Commodity Exchange Act (&#8220;CEA&#8221;) and the rules thereunder (&#8220;commodity interests&#8221;), or if the Fund markets itself as providing investment exposure to such instruments. The Investment Manager is registered with the CFTC as a CPO. However, with respect to the Fund, the Investment Manager has claimed an exclusion from registration as a CPO pursuant to CFTC Rule 4.5. For the Investment Manager to remain eligible for this exclusion, the Fund must comply with certain limitations, including limits on its ability to use any commodity interests and limits on the manner in which the Fund holds out its use of such commodity interests. These limitations may restrict the Fund&#8217;s ability to pursue its investment objectives and strategies, increase the costs of implementing its strategies, result in higher expenses for the Fund, and/or adversely affect the Fund&#8217;s total return. To the extent the Fund becomes ineligible for this exclusion from CFTC regulation, the Fund may consider steps in order to continue to qualify for exemption from CFTC regulation, or may determine to operate subject to CFTC regulation. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Liquidity Risk.</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"> </div></div>Liquidity risk exists when particular investments are difficult to purchase or sell. Illiquid investments are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may become harder to value, especially in changing markets. The Fund&#8217;s investments in illiquid investments may reduce the returns of the Fund because it may be unable to sell the illiquid investments at an advantageous time or price or possibly require the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. To the extent that the Fund invests in securities of companies with smaller market capitalizations, foreign <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(non-U.S.)</div> securities, Rule 144A securities, illiquid sectors of fixed income securities, derivatives or securities with substantial market and/or credit risk, the Fund will tend to have greater exposure to liquidity risk. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Further fixed income securities with longer durations until maturity face heightened levels of liquidity risk as compared to fixed income securities with shorter durations until maturity. The risks associated with illiquid instruments may be particularly acute in situations in which the Fund&#8217;s operations require cash (such as in connection with tender offers) and could result in the Fund borrowing to meet its short-term needs or incurring losses on the sale of illiquid instruments. It may also be the case that other market participants may be attempting to liquidate fixed income holdings at the same time as the Fund, causing increased supply in the market and contributing to liquidity risk and downward pricing pressure. </div></div> </div> <div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">To the extent the Fund invests in Alt Lending ABS, the Alt Lending ABS in which the Fund invests are typically not listed on any securities exchange and not registered under the Securities Act. In addition, the Fund anticipates that these instruments may only be sold to a limited number of investors and may have a limited or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-existent</div> secondary market. Accordingly, the Fund currently expects that certain of its investments in Alt Lending ABS will face heightened levels of liquidity risk. Although currently, there is generally no active reliable, secondary market for certain Alt Lending ABS, a secondary market for these alternative lending-related instruments may develop. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Tax Risk.</div></div> The Fund has elected to be treated as a &#8220;regulated investment company&#8221; (a &#8220;RIC&#8221;) under the Code and intends each year to qualify and be eligible to be treated as such, so that it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or long-term capital gains, that are distributed to shareholders. In order to qualify and be eligible for such treatment, the Fund must meet certain asset diversification tests, derive at least 90% of its gross income for such year from certain types of qualifying income, and distribute to its shareholders at least 90% of its &#8220;investment company taxable income&#8221; as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses). </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund&#8217;s investment strategy will potentially be limited by its intention to continue qualifying for treatment as a RIC, and can limit the Fund&#8217;s ability to continue qualifying as such. The tax treatment of certain of the Fund&#8217;s investments under one or more of the qualification or distribution tests applicable to RICs is uncertain. An adverse determination or future guidance by the Internal Revenue Service (&#8220;IRS&#8221;) or a change in law might affect the Fund&#8217;s ability to qualify or be eligible for treatment as a RIC. Income and gains from certain of the Fund&#8217;s activities may not constitute qualifying income to a RIC for purposes of the 90% gross income test. If the Fund were to treat income or gain from a particular investment or activity as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other nonqualifying income, caused the Fund&#8217;s nonqualifying income to exceed 10% of its 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 the Fund level. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">If, in any year, the Fund were to fail to qualify for treatment as a RIC under the Code, and was ineligible to or did not otherwise cure such failure, the Fund would be subject to tax on its taxable income at corporate rates and, when such income is distributed, shareholders would be subject to further tax on such distributions to the extent of the Fund&#8217;s current or accumulated earnings and profits. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Portfolio Turnover Risk.</div></div> The Investment Manager manages the Fund without regard generally to restrictions on portfolio turnover. The use of futures contracts and other derivative instruments with relatively short maturities may tend to exaggerate the portfolio turnover rate for the Fund. Trading in fixed income securities does not generally involve the </div></div> </div> <div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div> <div>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">payment of brokerage commissions but does involve indirect transaction costs. The use of futures contracts and other derivative instruments may involve the payment of commissions to futures commission merchants or other intermediaries. Higher portfolio turnover involves correspondingly greater expenses to the Fund, including brokerage commissions or dealer <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mark-ups</div> and other transaction costs on the sale of securities and reinvestments in other securities. The higher the rate of portfolio turnover of the Fund, the higher these transaction costs borne by the Fund generally will be. Such sales may result in realization of taxable capital gains (including short-term capital gains, which are generally taxed to shareholders at ordinary income tax rates when distributed net of short-term capital losses and net long-term capital losses), and may adversely impact the Fund&#8217;s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">after-tax</div> returns. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Operational Risk</div></div>. An investment in the Fund, like any fund, involves operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Other Investment Companies Risk. </div></div>When investing in an investment company, the Fund generally will bear its ratable share of that investment company&#8217;s expenses and remain subject to payment of the Fund&#8217;s management fees and other expenses with respect to assets so invested. Common Shareholders could therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. In addition, the securities of other investment companies may also be leveraged and will therefore be subject to the same leverage risks. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Cybersecurity Risk.</div></div> As the use of technology has become more prevalent in the course of business, the Fund is potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events from outside threat actors or internal resources that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction, lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security breaches may involve unauthorized access to the Fund&#8217;s digital information systems (e.g., through &#8220;hacking&#8221; or malicious software coding), and may come from multiple sources, including outside attacks such as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">denial-of-service</div></div> attacks (i.e., efforts to make network services unavailable to intended users) or cyber extortion, including exfiltration of data held for ransom and/or &#8220;ransomware&#8221; attacks that renders systems inoperable until ransom is paid, or insider actions. In addition, cyber security breaches involving the Fund&#8217;s third party service providers (including but not limited to advisers, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisers,</div> administrators, transfer agents, custodians, vendors, suppliers, distributors and other third parties), trading counterparties or issuers in which the Fund invests </div></div> </div> <div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">can also subject the Fund to many of the same risks associated with direct cyber security breaches or extortion of company data. Moreover, cyber security breaches involving trading counterparties or issuers in which the Fund invests could adversely impact such counterparties or issuers and cause the Fund&#8217;s investment to lose value. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund&#8217;s ability to calculate its NAV, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Like with operational risk in general, the Fund has established business continuity plans and risk management systems designed to reduce the risks associated with cyber security. However, there are inherent limitations in these plans and systems, including that certain risks may not have been identified, in large part because different or unknown threats may emerge in the future. As such, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers in which the Fund may invest, trading counterparties or third party service providers to the Fund. Such entities have experienced cyber attacks and other attempts to gain unauthorized access to systems from time to time, and there is no guarantee that efforts to prevent or mitigate the effects of such attacks or other attempts to gain unauthorized access will be successful. There is also a risk that cyber security breaches may not be detected. The Fund and its shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Potential Conflicts of Interest Risk&#8212;Allocation of Investment Opportunities</div></div>. The Investment Manager and its affiliates are involved worldwide with a broad spectrum of financial services and asset management activities and may engage in the ordinary course of business in activities in which their interests or the interests of their clients may conflict with those of the Fund. The Investment Manager may provide investment management services to other funds and discretionary managed accounts that follow an investment program similar to that of the Fund. Subject to the requirements of the 1940 Act, the Investment Manager intends to engage in such activities and may receive compensation from third parties for its services. The results of the Fund&#8217;s investment activities may differ from those of other accounts managed by the Investment Manager or its affiliates, and it is possible that the Fund could sustain losses during periods in which one or more other accounts managed by the Investment Manager or its affiliates, including proprietary accounts, achieve profits on their trading. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Repurchase Agreements Risk</div></div>. The Fund may enter into repurchase agreements, in which the Fund purchases a security from a bank or </div></div> </div> <div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">Base&#160;Prospectus</div></td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">broker-dealer, which agrees to repurchase the security at the Fund&#8217;s cost plus interest within a specified time. If the party agreeing to repurchase should default, the Fund will seek to sell the securities which it holds. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price. Repurchase agreements may be or become illiquid. These events could also trigger adverse tax consequences for the Fund. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Structured Investments Risk</div></div>. Holders of structured products, including structured notes, credit-linked notes and other types of structured products, bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) are generally influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. Structured products generally entail risks associated with derivative instruments. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Market Disruptions Risk.</div></div> The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets, interest rates, secondary trading, ratings, credit risk, inflation, deflation, other factors relating to the Fund&#8217;s investments or the Investment Manager&#8217;s operations and the value of an investment in the Fund, its distributions and its returns. These events can also impair the technology and other operational systems upon which the Fund&#8217;s service providers, including PIMCO as the Fund&#8217;s investment adviser, rely, and could otherwise disrupt the Fund&#8217;s service providers&#8217; ability to fulfill their obligations to the Fund. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19)</div> has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund&#8217;s investments and operations. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The U.S. Federal Reserve made emergency interest-rate cuts, moving short-term rates to near zero, issued forward guidance that rates would remain low until the economy weathers the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> crisis, and resumed quantitative easing. Additionally, Congress approved stimulus to offset the severity and duration of the adverse economic effects of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> and related disruptions in economic and business activity. Dozens of central banks across Europe, Asia, and elsewhere have announced and/or adopted similar economic relief packages. The end of any such programs could cause market downturns, disruptions and volatility, particularly if markets view the ending as premature. </div></div> </div> <div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Certain Affiliations.</div></div> Certain broker-dealers may be considered to be affiliated persons of the Fund and/or the Investment Manager due to their possible affiliations with Allianz SE, the ultimate parent of the Investment Manager. Absent an exemption from the SEC or other regulatory relief, the Fund is generally precluded from effecting certain principal transactions with affiliated brokers, and its ability to purchase securities being underwritten by an affiliated broker or a syndicate including an affiliated broker, or to utilize affiliated brokers for agency transactions, is subject to restrictions. This could limit the Fund&#8217;s ability to engage in securities transactions and take advantage of market opportunities.<div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"> </div></div> </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Anti-Takeover Provisions.</div></div> The Fund&#8217;s Amended and Restated Declaration of Trust (the &#8220;Declaration&#8221;) includes provisions that could limit the ability of other entities or persons to acquire control of the Fund or to convert the Fund to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">open-end</div> status. See &#8220;Anti-Takeover and Other Provisions in the Declaration of Trust and Bylaws.&#8221; These provisions in the Declaration could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares or at NAV. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Distribution Rate Risk.</div></div> Although the Fund may seek to maintain level distributions, the Fund&#8217;s distribution rates may be affected by numerous factors, including but not limited to changes in realized and projected market returns, fluctuations in market interest rates, Fund performance, and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in the Fund&#8217;s distribution rate or that the rate will be sustainable in the future. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">For instance, during periods of low or declining interest rates, the Fund&#8217;s distributable income and dividend levels may decline for many reasons. For example, the Fund may have to deploy uninvested assets (whether from purchases of Fund shares, proceeds from matured, traded or called debt obligations or other sources) in new, lower yielding instruments. Additionally, payments from certain instruments that may be held by the Fund (such as variable and floating rate securities) may be negatively impacted by declining interest rates, which may also lead to a decline in the Fund&#8217;s distributable income and dividend levels. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">AMT Bonds Risk</div></div>. Investments by the Fund in AMT Bonds may expose the Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. For shareholders subject to the federal alternative minimum tax, a portion of the Fund&#8217;s distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Focused Investment Risk</div></div>. Substantial exposure to municipal bonds of particular issuers, geographies and/or jurisdictions will result in susceptibility to political, economic, regulatory and other factors affecting </div></div> </div> <div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div> <div>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">issuers of such bonds, their ability to meet their obligations and the economic condition of the facility or specific revenue source from whose revenues payments of obligations may be made. The ability of state, county, or local governments or other issuers to meet their obligations will depend primarily on the availability of tax and other revenues to those entities. The amounts of tax and other revenues available to issuers may be affected from time to time by economic, political and demographic conditions that specifically impact such issuers. In addition, there are constitutional and statutory restrictions that limit the power of certain issuers to raise revenues or increase taxes. The availability of federal, state and local aid to issuers may also affect their ability to meet their obligations. The creditworthiness of obligations issued by local issuers within a given state may be unrelated to the creditworthiness of obligations issued by the state and there is no obligation on the part of the state to make payment on such local obligations in the event of default. Any reduction in the actual or perceived ability of an issuer to meet its obligations (including a reduction in the rating of its outstanding securities) would likely affect adversely the market value and marketability of its obligations and could adversely affect the values of other bonds as well. Moreover, in such circumstances, the value of the Fund&#8217;s shares may fluctuate more widely than the value of shares of a more diversified fund. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Many factors, including national economic, social and environmental policies and conditions, which are not within the control of issuers, could affect or could have an adverse impact on the financial condition of the issuers. The Fund is unable to predict whether or to what extent such factors or other factors may affect issuers, the market value or marketability of such bonds or the ability of the respective issuers of the bonds acquired by the Fund to pay interest on or principal of such bonds. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">CSDR Related Risk</div></div>. The European Union has adopted a settlement discipline regime under Regulation (EU) No 909/2014 and the Settlement Discipline RTS as they may be modified from time to time (&#8220;CSDR&#8221;), which will have phased compliance dates. It aims to reduce the number of settlement fails that occur in EEA central securities depositories (&#8220;CSDs&#8221;) and address settlement fails where they occur. The key elements of the regime are: (i)&#160;mandatory <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">buy-ins&#8212;if</div> a settlement fail continues for a specified period of time after the intended settlement date, a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">buy-in</div> process must be initiated to effect the settlement; (ii)&#160;cash penalties&#8212;EEA CSDs are required to impose cash penalties on participants that cause settlement fails and distribute these to receiving participants; and (iii)&#160;allocations and confirmations&#8212;EEA investment firms are required to take measures to prevent settlement fails, including putting in place arrangements with their professional clients to communicate securities allocations and transaction confirmations. These requirements apply to transactions in transferable securities (e.g., shares and bonds), money market instruments, units in funds and emission allowances that are to be settled via an EEA CSD and, in the case of cash penalties and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">buy-in</div> requirements only, are admitted to trading or traded on an EEA trading venue or cleared by an EEA central counterparty. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The implementation of the CSDR settlement discipline regime for funds that enter into <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in-scope</div> transactions may result in increased operational </div></div> </div> <div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">and compliance costs being borne directly or indirectly by the Fund. CSDR may also affect liquidity and increase trading costs associated with relevant securities. If <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in-scope</div> transactions are subject to additional expenses and penalties as a consequence of the CSDR settlement discipline regime, such expenses and penalties may be charged to the relevant Fund depending upon their characterization under the Fund&#8217;s Investment Management Agreement. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Insurance Risk</div></div>. The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide such credit enhancements will affect the value of those securities. Certain significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-prime</div> mortgages and other lower credit quality investments that have experienced recent defaults or otherwise suffered extreme credit deterioration. As a result, such losses reduced the insurers&#8217; capital and called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future. If the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the rating of the underlying municipal security will be more relevant and the value of the municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security would decline and may not add any value. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the net asset value of the common shares represented by such insured obligation. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Investing in the municipal bond market involves the risks of investing in debt securities generally and certain other risks. The amount of public information available about the municipal bonds in which the Fund may invest is generally less than that for corporate equities or bonds, and the investment performance of the Fund&#8217;s investment in municipal bonds may therefore be more dependent on the analytical abilities of PIMCO than its investments in taxable bonds. 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<td style="vertical-align:bottom"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div>&#160;&#160;|&#160;&#160;Closed-End Funds</div></td>
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<img alt="LOGO" src="g288652g00a08.jpg"/> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
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<td style="padding-bottom:25pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#335367"><div style="color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div id="pro288652_2" style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Summary of Fund Expenses </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><ix:nonNumeric name="cef:PurposeOfFeeTableNoteTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true">The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in Common Shares of the Fund would bear, directly or indirectly, as a result of an offering. The table reflects the use of leverage attributable to the Fund&#8217;s outstanding Preferred Shares and TOBs in an amount equal to 41.98% of the Fund&#8217;s total managed assets (including assets attributable to such leverage), which reflects approximately the percentage of the Fund&#8217;s total average managed assets attributable to such leverage averaged over the year ended December&#160;31, 2021, and shows Fund expenses as a percentage of net assets attributable to Common Shares. The percentage above and information below do not reflect the Fund&#8217;s use of other forms of economic leverage, such as credit default swaps or other derivative instruments. The table and example below are based on the Fund&#8217;s capital structure as of December&#160;31, 2021. The extent of the Fund&#8217;s assets attributable to leverage following an offering, and the Fund&#8217;s associated expenses, are likely to vary (perhaps significantly) from these assumptions.</ix:nonNumeric> </div></div> <ix:nonNumeric name="cef:ShareholderTransactionExpensesTableTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true"><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &quot;Arial Narrow&quot;; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Sales Load (<ix:nonNumeric name="cef:BasisOfTransactionFeesNoteTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true">as a percentage of offering price</ix:nonNumeric>)<div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px">(1)</div></div></div> </td>
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<td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">]%&#160;</div></td> </tr>
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<td style="vertical-align:bottom;text-align:right;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">[<ix:nonFraction name="cef:OtherTransactionExpense1Percent" contextRef="P08_10_2022To08_10_2022" unitRef="Unit_pure" xsi:nil="true" id="Fact_53875357"></ix:nonFraction>-</div></td>
<td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">]%&#160;</div></td> </tr>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &quot;Arial Narrow&quot;; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Dividend Reinvestment Plan Fees<div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px">(3)</div></div></div> </td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="vertical-align:bottom;text-align:right;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><ix:nonFraction name="cef:DividendExpenseOnPreferredSharesPercent" contextRef="P08_10_2022To08_10_2022" unitRef="Unit_pure" decimals="4" scale="-2" format="ixt:num-dot-decimal" id="Fact_53875360">0.94</ix:nonFraction></div></td>
<td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td colspan="4" style="BORDER-LEFT:0.75pt solid #ffffff;height:3pt">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7.5pt">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &quot;Arial Narrow&quot;; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Interest Payments on Borrowed Funds<div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px">(3)</div></div></div> </td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="vertical-align:bottom;text-align:right;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><ix:nonFraction name="cef:DividendAndInterestExpensesOnShortSalesPercent" contextRef="P08_10_2022To08_10_2022" unitRef="Unit_pure" decimals="4" scale="-2" format="ixt:num-dot-decimal" id="Fact_53875361">0.22</ix:nonFraction></div></td>
<td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td> </tr>
<tr style="font-size:1pt;background-color:#f4f6f7">
<td style="height:3pt"></td>
<td colspan="4" style="BORDER-LEFT:0.75pt solid #ffffff;height:3pt">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7.5pt;background-color:#f4f6f7">
<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &quot;Arial Narrow&quot;; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Other Expenses<div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px">(4)</div></div></div> </td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="vertical-align:bottom;text-align:right;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><ix:nonFraction name="cef:OtherAnnualExpense1Percent" contextRef="P08_10_2022To08_10_2022" unitRef="Unit_pure" decimals="4" scale="-2" format="ixt:num-dot-decimal" id="Fact_53875362">0.03</ix:nonFraction></div></td>
<td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td colspan="4" style="BORDER-LEFT:0.75pt solid #ffffff;height:3pt">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7.5pt">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &quot;Arial Narrow&quot;; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Total Annual Expenses<div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px">(5)</div></div></div> </td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><ix:nonFraction name="cef:TotalAnnualExpensesPercent" contextRef="P08_10_2022To08_10_2022" unitRef="Unit_pure" decimals="4" scale="-2" format="ixt:num-dot-decimal" id="Fact_53875363">2.19</ix:nonFraction></div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td> </tr> </table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:12pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(1)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Arial Narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><ix:nonNumeric name="cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true" continuedAt="TextSelection_53875372">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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">all-in</div> fee structure (the &#8220;unified management fee&#8221;). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 0.685% of the Fund&#8217;s average daily net assets (including daily net assets attributable to any Preferred Shares). 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</ix:nonNumeric> </div></div> </td> </tr> </table> </ix:nonNumeric></div> <div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelection_53875372"><ix:continuation id="TextSelection_53875358" continuedAt="TextSelectionAppend_53875358_1">
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<tr style="page-break-inside:avoid">
<td style="width:11.25pt">&#160;</td>
<td style="vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#8220;Management of the Fund&#8211;Investment Management Agreement&#8221; for an explanation of the unified management fee. </div></td> </tr> </table> </ix:continuation></ix:continuation> <div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&#160;</div> <ix:continuation id="TextSelectionAppend_53875358_1">
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:12pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(2)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Arial Narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Restated to reflect the Fund&#8217;s outstanding ARPS and RVMTP averaged over the year ended December&#160;31, 2021, which represented 22.02% and 5.07%, respectively, of the Fund&#8217;s total average managed assets (including the liquidation preference of outstanding Preferred Shares and assets attributable to TOBs), at an annual estimated dividend cost to the Fund of <div style="display:inline;">1</div>.9<div style="display:inline;">3</div>% for ARPS and 1.83% for RVMTP as of June&#160;30, 2022, and assumes the Fund will continue to pay dividends on the ARPS at the &#8220;maximum applicable rate&#8221; called for under the Fund&#8217;s Bylaws due to the ongoing failure of auctions for the ARPS. The actual dividend rate paid on the Preferred Shares will vary over time in accordance with variations in market interest rates. See &#8220;Use of Leverage&#8221; and &#8220;Description of Capital Structure.&#8221; </div></div> </td> </tr> </table> <div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:12pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(3)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Arial Narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Restated to reflect the Fund&#8217;s use of leverage in the form of TOBs averaged over the year ended December&#160;31, 2021, which represented 14.89% of the Fund&#8217;s total average managed assets (including assets attributable to Preferred Shares and TOBs), at an estimated annual interest rate cost to the Fund of 0.84% as of June 30, 2022. 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 Preferred Shares, TOBs and/or other forms of borrowing 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. </div></div> </td> </tr> </table> <div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:12pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(4)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Arial Narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><ix:nonNumeric name="cef:OtherExpensesNoteTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true">&#8220;Other Expenses&#8221; are estimated for the Fund&#8217;s current fiscal year ending December&#160;31, 2022.</ix:nonNumeric> </div></div> </td> </tr> </table> <div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:12pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(5)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Arial Narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#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 the management fees paid to PIMCO. Excluding such expenses, Total Annual Expenses are 1.03%. </div></div> </td> </tr> </table> </ix:continuation> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Example </div></div></div></div> <ix:nonNumeric name="cef:ExpenseExampleTableTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true"><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares of the Fund, assuming (1)&#160;that the Fund&#8217;s net assets do not increase or decrease, (2)&#160;that the Fund incurs total annual expenses of 2.19% of net assets attributable to Common Shares in years 1 through 10 (assuming outstanding Preferred Shares and TOBs representing 41.98% of the Fund&#8217;s total managed assets) and (3)&#160;a 5% annual return<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(1)</div>: </div></div> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<tr style="font-size: 0px;">
<td style="width:48%"></td>
<td style="vertical-align:bottom;width:10%"></td>
<td></td>
<td style="vertical-align:bottom;width:10%"></td>
<td></td>
<td style="vertical-align:bottom;width:10%"></td>
<td></td>
<td style="vertical-align:bottom;width:10%"></td>
<td></td> </tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<td style="vertical-align: bottom; padding-bottom: 0.375pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid rgb(51, 83, 103); line-height: normal;">&#160;</div> </td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1&#160;Year</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">3&#160;Years</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">5&#160;Years</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">10&#160;Years</div></div></div></td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:middle;background-color:#f4f6f7"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &quot;arial narrow&quot;; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Total&#160;Expenses&#160;Incurred</div></div> </td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#f4f6f7">&#160;&#160;</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:middle;background-color:#f4f6f7;text-align:center;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">$<ix:nonFraction name="cef:ExpenseExampleYear01" contextRef="P08_10_2022To08_10_2022" unitRef="Unit_USD" decimals="0" scale="0" format="ixt:num-dot-decimal" id="Fact_53875365">22</ix:nonFraction></div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#f4f6f7">&#160;&#160;</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:middle;background-color:#f4f6f7;text-align:center;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">$<ix:nonFraction name="cef:ExpenseExampleYears1to3" contextRef="P08_10_2022To08_10_2022" unitRef="Unit_USD" decimals="0" scale="0" format="ixt:num-dot-decimal" id="Fact_53875366">69</ix:nonFraction></div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#f4f6f7">&#160;&#160;</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:middle;background-color:#f4f6f7;text-align:center;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">$<ix:nonFraction name="cef:ExpenseExampleYears1to5" contextRef="P08_10_2022To08_10_2022" unitRef="Unit_USD" decimals="0" scale="0" format="ixt:num-dot-decimal" id="Fact_53875367">117</ix:nonFraction></div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#f4f6f7">&#160;&#160;</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:middle;background-color:#f4f6f7;text-align:center;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">$<ix:nonFraction name="cef:ExpenseExampleYears1to10" contextRef="P08_10_2022To08_10_2022" unitRef="Unit_USD" decimals="0" scale="0" format="ixt:num-dot-decimal" id="Fact_53875368">252</ix:nonFraction></div></td> </tr> </table> <div style="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:12pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(1)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Arial Narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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 expenses. Actual expenses may be higher or lower than those shown.</div></div> 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. </div></div> </td> </tr> </table> </ix:nonNumeric></div> <div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div> <div>
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<tr style="font-size: 0px;">
<td style="width:89%"></td>
<td style="vertical-align:bottom;width:1%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom"></td>
<td></td>
<td style="vertical-align:bottom;width:1%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:1%"></td>
<td></td> </tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<td style="vertical-align:top;white-space:nowrap"><div style="font-family: &quot;arial narrow&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;</div></td>
<td style="vertical-align:bottom">&#160;</td>
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<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap;text-align:center;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">|</div></td>
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<td style="vertical-align:bottom">&#160;</td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom">&#160;&#160;&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <ix:nonNumeric name="cef:SeniorSecuritiesNoteTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true" continuedAt="TextSelection_53875438"><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div id="pro288652_3" style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Financial Highlights </div></div></div></div></ix:nonNumeric> <div style="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The information in the table below for the fiscal years ended December&#160;31, 2021, 2020, 2019, 2018 and 2017 is derived from the Fund&#8217;s financial statements for the fiscal year ended December&#160;31, 2021, audited by PricewaterhouseCoopers LLP (&#8220;PwC&#8221;), whose report on such financial statements is contained in the Fund&#8217;s December&#160;31, 2021 Annual Report and is incorporated by reference into the Statement of Additional Information. The information in the table below for the fiscal years ended December&#160;31, 2016, May&#160;31, 2015, 2014, 2013 and 2012 and for the fiscal period ended December&#160;31, 2015<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">1</div> is derived from the Fund&#8217;s financial statements for the fiscal year ended December&#160;31, 2016. </div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td style="vertical-align:bottom">&#160;</td>
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<td colspan="2" style="vertical-align:bottom">&#160;</td>
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<td colspan="2" style="vertical-align:bottom">&#160;</td>
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<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
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<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Selected&#160;Per&#160;Share&#160;Data<br/>for&#160;the&#160;Year&#160;Ended&#094;:</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Net&#160;Asset<br/>Value<br/>Beginning<br/>of<br/>Year<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(a)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Net<br/>Investment<br/>Income<br/>(Loss)<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(b)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Net<br/>Realized/<br/>Unrealized<br/>Gain<br/>(Loss)</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">From&#160;Net<br/>Investment<br/>Income</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">From&#160;Net<br/>Realized<br/>Capital<br/>Gains</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Net<br/>Increase<br/>(Decrease)<br/>in<br/>Net Assets<br/>Applicable<br/>to<br/>Common<br/>Shareholders<br/>Resulting<br/>from<br/>Operations</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">From&#160;Net<br/>Investment<br/>Income</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">From&#160;Net<br/>Realized<br/>Capital<br/>Gains</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Tax&#160;Basis<br/>Return&#160;of<br/>Capital</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Increase<br/>Resulting<br/>from<br/>Tender&#160;of<br/>ARPS<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(c)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td> </tr>
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<td style="vertical-align:top"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">PIMCO Municipal Income Fund II</div></div></div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">12.42</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.66</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.71</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
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<td style="vertical-align:top;background-color:#eceff1"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2019</div> </td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.77</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.12</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.66</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.78</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.78</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2018</div> </td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">12.13</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.81</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.57</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.13</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.11</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.78</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.78</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.16</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
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<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">11.81</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">0.81</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">0.37</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.08</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">1.10</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.78</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.78</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td> </tr> </table> </div> </div> <div> <div style="background-color:white;display: inline;"> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">1</div>&#160;</div></td>
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<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#094;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); 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> </td> </tr> </table>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(a)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); 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> </td> </tr> </table>
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<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(b)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Per share amounts based on average number of common shares outstanding during the year or period. </div></div> </td> </tr> </table>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(c)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Auction Rate Preferred Shareholders (&#8220;ARPS&#8221;). </div></div> </td> </tr> </table>
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<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(d)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The tax characterization of distributions is determined in accordance with Federal income tax regulations. </div></div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(e)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); 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 each year or period 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. Total investment return does not reflect brokerage commissions in connection with the purchase or sale of Fund shares. </div></div> </td> </tr> </table>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(f)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); 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 investment income do not reflect the effects of dividend payments to preferred shareholders. </div></div> </td> </tr> </table>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(g)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Ratio includes interest expense which primarily relates to participation in borrowing and financing transactions, interest paid to RVMTP shareholders and the amortization of debt issuance costs of RVMTP Shares. </div></div> </td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">19</div></div></div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td> </tr> </table> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/>
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<td style="padding-bottom:34pt ;vertical-align:bottom;white-space:nowrap"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom">&#160;&#160;&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">Base&#160;Prospectus</div></td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="font-size:89pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom;width:3%"></td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td colspan="6" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Common Share</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="27" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Ratios/Supplemental Data</div></div></div></td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="18" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Ratios to Average Net Assets Applicable to Common Shareholders</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td> </tr>
<tr style="font-size:1pt">
<td colspan="3" style="height:1.5pt"></td>
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<td colspan="4" style="height:1.5pt"></td>
<td colspan="4" style="height:1.5pt"></td>
<td colspan="4" style="height:1.5pt"></td>
<td colspan="4" style="height:1.5pt"></td>
<td colspan="4" style="height:1.5pt"></td>
<td colspan="4" style="height:1.5pt"></td>
<td colspan="4" style="height:1.5pt"></td> </tr>
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<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Net<br/>Asset<br/>Value<br/>End&#160;of<br/>Year<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(a)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market<br/>Price<br/>End of<br/>Year</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total<br/>Investment<br/>Return<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(e)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><br/>&#160;&#160;&#160;&#160;<br/>&#160;&#160;&#160;&#160;<br/>&#160;&#160;&#160;&#160;<br/>&#160;&#160;&#160;&#160;<br/>&#160;&#160;&#160;&#160;<br/>Net Assets<br/>Applicable&#160;to<br/>Common<br/>Shareholders<br/>End of Year<br/>(000s)</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Expenses<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(f)(g)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Expenses<br/>Excluding<br/>Waivers<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(f)(g)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Expenses<br/>Excluding<br/>Interest<br/>Expense<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(f)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Expenses<br/>Excluding<br/>Interest<br/>Expense&#160;and<br/>Waivers<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(f)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Net<br/>Investment<br/>Income&#160;(Loss)<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(f)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio<br/>Turnover<br/>Rate</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
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<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"></td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.30</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.30</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">%&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">%&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.08</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">%&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">%&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">%&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
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<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">12.42</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">14.30</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">782,327</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.59</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.59</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.11</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.11</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">5.70</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">20</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="BORDER-LEFT:0.75pt solid #ffffff; padding-left:8pt;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">12.50</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">15.87</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25.88</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">782,682</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">2.06</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">2.06</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.06</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.06</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">6.25</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">12</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="BORDER-LEFT:0.75pt solid #ffffff; padding-left:8pt;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">11.62</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">13.31</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">7.57</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">723,713</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.93</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.93</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.13</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.13</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">6.94</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">23</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367; padding-left:8pt;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">12.13</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">13.18</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">14.85</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">751,337</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">1.30</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">1.30</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">1.10</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">1.10</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">6.74</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">12</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div> <div>
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<tr style="font-size: 0px;">
<td style="width:89%"></td>
<td style="vertical-align:bottom;width:1%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom"></td>
<td></td>
<td style="vertical-align:bottom;width:1%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:1%"></td>
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<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<td style="vertical-align:top;white-space:nowrap"><div style="font-family: &quot;arial narrow&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:top"><div style="font-family: &quot;arial narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family: &quot;arial narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div></td>
<td style="white-space:nowrap;vertical-align:top"><div style="font-family: &quot;arial narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap;text-align:center;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">|</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:top"><div style="font-family: &quot;arial narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></td>
<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family: &quot;arial narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Base&#160;Prospectus&#160;&#160;</div></div></div></td>
<td style="white-space:nowrap;vertical-align:top"><div style="font-family: &quot;arial narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:right;"><div style="font-family: &quot;arial narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">20</div></div></div></td> </tr> </table> </div> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/>
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<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom">&#160;&#160;&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>
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<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="6" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Investment Operations</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="6" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Less Distributions&#160;to<br/>Preferred&#160;Shareholders<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(c)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="14" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Less Distributions&#160;to&#160;Common&#160;Shareholders<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(d)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td colspan="2" style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Selected&#160;Per&#160;Share&#160;Data<br/>for&#160;the&#160;Year&#160;Ended&#094;:</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Net&#160;Asset<br/>Value<br/>Beginning<br/>of<br/>Year<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(a)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Net<br/>Investment<br/>Income<br/>(Loss)<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(b)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Net<br/>Realized/<br/>Unrealized<br/>Gain<br/>(Loss)</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">From&#160;Net<br/>Investment<br/>Income</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">From&#160;Net<br/>Realized<br/>Capital<br/>Gains</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Net<br/>Increase<br/>(Decrease)<br/>in<br/>Net Assets<br/>Applicable<br/>to<br/>Common<br/>Shareholders<br/>Resulting<br/>from<br/>Operations</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">From&#160;Net<br/>Investment<br/>Income</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">From&#160;Net<br/>Realized<br/>Capital<br/>Gains</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Tax&#160;Basis<br/>Return&#160;of<br/>Capital</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2016</div> </td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">12.39</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.79</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.55</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.04</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.20</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.78</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.78</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">06/01/2015&#160;-&#160;12/31/2015</div><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(g)</div></div> </td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">12.11</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.47</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.28</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.01</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.74</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.46</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.46</td>
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<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.01</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.78</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.78</td>
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<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.81</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.25</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.01</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.55</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.78</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.78</td>
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<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">05/31/2013</div> </td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">11.91</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.82</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.23</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.01</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.04</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.78</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.78</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;background-color:#eceff1"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">05/31/2012</div> </td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">10.12</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">0.88</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">1.70</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.01</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">2.57</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.78</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">0.00</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">(0.78</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">)&#160;</td> </tr> </table> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">*</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Annualized </div></div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#094;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Reflects an amount rounding to less than one cent. </div></div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(a)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Per share amounts based on average number of common shares outstanding during the year. </div></div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(b)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The tax characterization of distributions is determined in accordance with federal income tax regulations. </div></div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(c)</div>&#160;</div></td>
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<tr style="page-break-inside:avoid">
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<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(e)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Interest expense primarily relates to participation in borrowing and financing transactions. See Note 5 in the Notes to Financial Statements for more information. </div></div> </td> </tr> </table>
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<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(f)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Fiscal year end changed from April 30<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">th</div>&#160;to December 31<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">st</div>. </div></div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%">
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<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Fiscal year end changed from May 31<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">st</div>&#160;to December 31<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">st</div>. </div></div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(h)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Fiscal year end changed from September 30<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">th</div>&#160;to December 31<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">st</div>. </div></div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(i)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Total distributions for the period ended December&#160;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 ended December&#160;31, 2015. </div></div> </td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td></td>
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<td></td> </tr>
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<td style="vertical-align:bottom"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">21</div></div></div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td> </tr> </table> <div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div> <hr style="color:#999999;height:3px;width:100%"/>
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<tr style="font-size: 0px;">
<td></td>
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<td></td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td style="padding-bottom:34pt ;vertical-align:bottom;white-space:nowrap"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom">&#160;&#160;&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">Base&#160;Prospectus</div></td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:8pt;width:100%;border:0;margin:0 auto">
<tr style="font-size: 0px;">
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<td style="vertical-align:bottom;width:2%"></td>
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<td style="vertical-align:bottom;width:2%"></td>
<td style="vertical-align:bottom;width:2%"></td>
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<td style="vertical-align:bottom;width:2%"></td>
<td style="vertical-align:bottom;width:2%"></td>
<td></td>
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<td style="vertical-align:bottom;width:2%"></td>
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<td style="vertical-align:bottom;width:2%"></td>
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<td style="vertical-align:bottom;width:2%"></td>
<td style="vertical-align:bottom;width:2%"></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:2%"></td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td colspan="6" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Common Share</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="31" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><br/>Ratios/Supplemental Data</div></div></div></td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="18" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Ratios to Average Net Assets Applicable to Common Shareholders</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td> </tr>
<tr style="font-size:1pt">
<td colspan="3" style="height:1.5pt"></td>
<td colspan="4" style="height:1.5pt"></td>
<td colspan="4" style="height:1.5pt"></td>
<td colspan="4" style="height:1.5pt"></td>
<td colspan="4" style="height:1.5pt"></td>
<td colspan="4" style="height:1.5pt"></td>
<td colspan="4" style="height:1.5pt"></td>
<td colspan="4" style="height:1.5pt"></td>
<td colspan="4" style="height:1.5pt"></td>
<td colspan="4" style="height:1.5pt"></td>
<td colspan="4" style="height:1.5pt"></td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Net<br/>Asset<br/>Value<br/>End&#160;of<br/>Year<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(a)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market<br/>Price<br/>End of<br/>Year</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total<br/>Investment<br/>Return<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(e)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;<br/>&#160;&#160;&#160;&#160;<br/>&#160;&#160;&#160;&#160;<br/>&#160;&#160;&#160;&#160;<br/>&#160;&#160;&#160;&#160;<br/>&#160;&#160;&#160;&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><br/>Net Assets<br/>Applicable&#160;to<br/>Common<br/>Shareholders<br/>End of Year<br/>(000s)</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Expenses<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(f)(g)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Expenses<br/>Excluding<br/>Waivers<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(f)(g)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Expenses<br/>Excluding<br/>Interest<br/>Expense<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(f)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Expenses<br/>Excluding<br/>Interest<br/>Expense&#160;and<br/>Waivers<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(f)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Net<br/>Investment<br/>Income&#160;(Loss)<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(f)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Preferred<br/>Shares<br/>Asset<br/>Coverage<br/>Per&#160;Share</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio<br/>Turnover<br/>Rate</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="BORDER-LEFT:0.75pt solid #ffffff; padding-left:8pt;vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">11.81</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">12.22</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">3.90</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">%&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">727,513</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.16</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">%&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.16</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">%&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.08</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">%&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.08</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">%&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">6.27</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">%&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">74,548</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">12</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">%&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="BORDER-LEFT:0.75pt solid #ffffff; padding-left:8pt;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">12.39</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">12.51</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">6.56</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">760,212</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.11</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">*&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.11</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">*&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.10</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">*&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.10</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">*&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">6.57</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">*&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">76,782</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">10</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="BORDER-LEFT:0.75pt solid #ffffff; padding-left:8pt;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">12.11</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">12.19</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">6.15</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">742,133</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.16</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.16</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.11</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.11</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">6.65</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">75,553</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">10</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="BORDER-LEFT:0.75pt solid #ffffff; padding-left:8pt;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">11.94</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">12.25</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">7.76</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">730,088</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.21</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.21</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.16</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.16</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">7.22</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">74,733</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">16</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="BORDER-LEFT:0.75pt solid #ffffff; padding-left:8pt;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">12.17</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">12.19</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">3.41</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">741,368</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.16</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.17</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.11</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">1.12</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">6.74</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">75,501</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">16</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367; padding-left:8pt;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">11.91</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">12.54</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">28.70</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">722,161</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">1.19</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">1.26</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">1.11</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">1.18</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">8.04</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">74,192</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">26</td>
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<td style="vertical-align:top;white-space:nowrap;text-align:center;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">|</div></td>
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<td style="vertical-align:top;text-align:right;"><div style="font-family: &quot;arial narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">22</div></div></div></td></tr></table></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/>
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<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="width:97%">&#160;</td>
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<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom">&#160;&#160;&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="display:inline;"><ix:continuation id="TextSelection_53875438"><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><ix:nonNumeric name="cef:SeniorSecuritiesTableTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true">
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<td style="vertical-align:bottom;width:1%">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="14" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RVMTP<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(5)</div></div></div></div></td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Asset<br/>Coverage<br/>per<br/>Preferred<br/>Share<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(1)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td></tr>
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<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2021</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P01_01_2021To12_31_2021_ArpsMembercefSecurityAxis" unitRef="Unit_USD" decimals="INF" scale="0" format="ixt:num-dot-decimal">298,275,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P01_01_2021To12_31_2021_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875390">78,363</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="P01_01_2021To12_31_2021_RvmtpMembercefSecurityAxis" unitRef="Unit_USD_per_Share" xsi:nil="true" id="Fact_53875433"></ix:nonFraction>N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
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<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2020</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P01_01_2020To12_31_2020_ArpsMembercefSecurityAxis" unitRef="Unit_USD" decimals="INF" scale="0" format="ixt:num-dot-decimal">298,275,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P01_01_2020To12_31_2020_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875392">78,293</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="P01_01_2020To12_31_2020_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875408">25,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="P01_01_2020To12_31_2020_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" xsi:nil="true" id="Fact_53875423"></ix:nonFraction>N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="P01_01_2020To12_31_2020_RvmtpMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875409">100,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="P01_01_2020To12_31_2020_RvmtpMembercefSecurityAxis" unitRef="Unit_USD_per_Share" xsi:nil="true" id="Fact_53875434"></ix:nonFraction>N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2019</div></td>
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<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P01_01_2019To12_31_2019_ArpsMembercefSecurityAxis" unitRef="Unit_USD" decimals="INF" scale="0" format="ixt:num-dot-decimal">298,275,000</ix:nonFraction></td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P01_01_2019To12_31_2019_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875394">78,308</ix:nonFraction></td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="P01_01_2019To12_31_2019_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875410">25,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="P01_01_2019To12_31_2019_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" xsi:nil="true" id="Fact_53875424"></ix:nonFraction>N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P01_01_2019To12_31_2019_RvmtpMembercefSecurityAxis" unitRef="Unit_USD" decimals="INF" scale="0" format="ixt:num-dot-decimal">68,700,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P01_01_2019To12_31_2019_RvmtpMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875395">313,230</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="P01_01_2019To12_31_2019_RvmtpMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875411">100,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="P01_01_2019To12_31_2019_RvmtpMembercefSecurityAxis" unitRef="Unit_USD_per_Share" xsi:nil="true" id="Fact_53875435"></ix:nonFraction>N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2018</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P01_01_2018To12_31_2018_ArpsMembercefSecurityAxis" unitRef="Unit_USD" decimals="INF" scale="0" format="ixt:num-dot-decimal">298,275,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P01_01_2018To12_31_2018_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875396">74,285</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="P01_01_2018To12_31_2018_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875412">25,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="P01_01_2018To12_31_2018_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" xsi:nil="true" id="Fact_53875425"></ix:nonFraction>N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P01_01_2018To12_31_2018_RvmtpMembercefSecurityAxis" unitRef="Unit_USD" decimals="INF" scale="0" format="ixt:num-dot-decimal">68,700,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P01_01_2018To12_31_2018_RvmtpMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875397">297,110</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="P01_01_2018To12_31_2018_RvmtpMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875413">100,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="P01_01_2018To12_31_2018_RvmtpMembercefSecurityAxis" unitRef="Unit_USD_per_Share" xsi:nil="true" id="Fact_53875436"></ix:nonFraction>N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2017</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P01_01_2017To12_31_2017_ArpsMembercefSecurityAxis" unitRef="Unit_USD" decimals="INF" scale="0" format="ixt:num-dot-decimal">367,000,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P01_01_2017To12_31_2017_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875398">76,136</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="P01_01_2017To12_31_2017_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875414">25,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="P01_01_2017To12_31_2017_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" xsi:nil="true" id="Fact_53875426"></ix:nonFraction>N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P01_01_2017To12_31_2017_RvmtpMembercefSecurityAxis" unitRef="Unit_USD" xsi:nil="true"></ix:nonFraction>N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P01_01_2017To12_31_2017_RvmtpMembercefSecurityAxis" unitRef="Unit_USD_per_Share" xsi:nil="true" id="Fact_53875405"></ix:nonFraction>N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="P01_01_2017To12_31_2017_RvmtpMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875415">100,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="P01_01_2017To12_31_2017_RvmtpMembercefSecurityAxis" unitRef="Unit_USD_per_Share" xsi:nil="true" id="Fact_53875437"></ix:nonFraction>N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2016</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P01_01_2016To12_31_2016_ArpsMembercefSecurityAxis" unitRef="Unit_USD" decimals="INF" scale="0" format="ixt:num-dot-decimal">367,000,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P01_01_2016To12_31_2016_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875399">74,548</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="P01_01_2016To12_31_2016_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875416">25,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="P01_01_2016To12_31_2016_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" xsi:nil="true" id="Fact_53875427"></ix:nonFraction>N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="P06_01_2013To05_31_2014_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875402">74,733</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="P06_01_2012To05_31_2013_ArpsMembercefSecurityAxis" unitRef="Unit_USD" decimals="INF" scale="0" format="ixt:num-dot-decimal">367,000,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="P06_01_2012To05_31_2013_ArpsMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875420">25,000</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">1</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); 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 or RVMTP, bears to the aggregate of the involuntary liquidation preference of ARPS or RVMTP, expressed as a dollar amount per ARPS or RVMTP. </div></div></td></tr></table>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">2</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#8220;Involuntary Liquidating Preference&#8221; means the amount to which a holder of ARPS or RVMTP would be entitled upon the involuntary liquidation of the Fund in preference to the Common Shareholders, expressed as a dollar amount per Preferred Share. </div></div></td></tr></table>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">3</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><ix:nonNumeric name="cef:SeniorSecuritiesAveragingMethodNoteTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true">The ARPS have no readily ascertainable market value. Auctions for the ARPS have failed since February 2008, there is currently no active trading market for the ARPS and the Fund is not able to reliably estimate what their value would be in a 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.</ix:nonNumeric> </div></div></td></tr></table>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">4</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The RVMTP have no readily ascertainable market value. The liquidation value of the RVMTP represents its liquidation preference, which approximates fair value of the shares less any unamortized debt issuance costs. </div></div></td></tr></table>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">5</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Prior to July&#160;14, 2021, RVMTP Shares were VMTP Shares. </div></div></td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:nonNumeric></ix:continuation></div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;white-space:nowrap"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div id="pro288652_4" style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Proceeds </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The net proceeds of an offering will be invested in accordance with the Fund&#8217;s investment objective and policies as set forth below. It is currently anticipated that the Fund will be able to invest substantially all of the net proceeds of an offering in accordance with its investment objective and policies within approximately 30 days of receipt by the Fund, depending on the amount and timing of proceeds available to the Fund as well as the availability of investments consistent with the Fund&#8217;s investment objective and policies, and except to the extent proceeds are held in cash to pay dividends or expenses, or for temporary defensive purposes. Pending such investment, it is anticipated that the proceeds of an offering will be invested in high grade, short-term securities, credit-linked trust certificates, and/or high yield securities index futures contracts or similar derivative instruments designed to give the Fund exposure to the securities and markets in which it intends to invest while the Investment Manager selects specific investments. </div></div><div id="pro288652_5" style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">The Fund </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund is a diversified, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">closed-end</div> management investment company. The Fund was organized as a Massachusetts business trust on March&#160;29, 2002, pursuant to an Agreement and Declaration of Trust governed by the laws of the Commonwealth of Massachusetts. The Fund commenced operations on June&#160;28, 2002, following the initial public offering of its Common Shares. </div></div><div style="display:inline;"><ix:nonNumeric name="cef:InvestmentObjectivesAndPracticesTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true" continuedAt="TextSelection_53875441"><div id="pro288652_6" style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Investment Objective and Policies </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund seeks to provide current income exempt from federal income tax. In pursuing the Fund&#8217;s investment objective, the Fund&#8217;s investment manager, Pacific Investment Management Company LLC (&#8220;PIMCO or the &#8220;Investment Manager&#8221;), also seeks to preserve and enhance the value of the Fund&#8217;s holdings relative to the municipal bond market generally, using proprietary analytical models that test and evaluate the sensitivity of those holdings to changes in interest rates and yield relationships. The Fund cannot assure you that it will achieve its investment objective, and you could lose all of your investment in the Fund. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Investment Strategies </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Under normal circumstances, the Fund expects to invest at least 90% of its net assets in municipal bonds which pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by PIMCO to be reliable), is exempt from regular federal income taxes (i.e., excluded from gross income for federal income tax purposes but not necessarily exempt from the federal alternative minimum tax). Subject to its other investment policies, the Fund may invest up to 20% of its total assets in investments the interest from which is subject to the federal alternative minimum tax. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund invests at least 80% of its net assets in municipal bonds that at the time of investment are investment grade quality. Investment grade quality bonds are bonds rated within the four highest grades (Baa by Moody&#8217;s or BBB or better by S&amp;P or Fitch), or bonds that are unrated but </div></div></ix:nonNumeric> </div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelection_53875441"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">determined to be of comparable quality by PIMCO. The Fund may invest up to 20% of its net assets in municipal bonds that are, at the time of investment, rated Ba/BB or B or lower by Moody&#8217;s, S&amp;P or Fitch or that are unrated but judged to be of comparable quality by PIMCO. Bonds of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal, and are commonly referred to as &#8220;junk bonds.&#8221; Bonds in the lowest investment grade category may also be considered to possess some speculative characteristics. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund&#8217;s investment in municipal bonds may be based on PIMCO&#8217;s belief that they have attractive yield and/or total return potential. The Fund attempts to produce returns relative to the municipal bond market generally by prudent selection of municipal bonds. The Fund may invest in bonds associated with a particular municipal market sector (for example, electric utilities), issued by a particular municipal issuer, or having particular structural characteristics, that PIMCO believes may be undervalued. PIMCO may purchase such a bond for the Fund&#8217;s portfolio because it represents a market sector or issuer that PIMCO considers undervalued. For example, municipal bonds of particular types (e.g., hospital bonds, industrial revenue bonds or bonds issued by a particular municipal issuer) could be undervalued if there is a temporary excess of supply in that market sector, or because of a general decline in the market price of municipal bonds of the market sector for reasons that do not apply to the particular municipal bonds that are considered undervalued. </div></div></ix:continuation></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Contents </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The municipal bonds in which the Fund invests are generally issued by a U.S. state or territory, a city in a U.S. state or territory, or a political subdivision, agency, authority, or instrumentality of such state, territory or city. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Also included within the general category of municipal bonds in which the Fund may invest are participations in lease obligations. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in &#8220;structured&#8221; notes, which are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset or market, such as selected securities or an index of securities, or the differential performance of two assets or markets, such as indices reflecting taxable and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> bonds. The Fund may do so for the purpose of reducing the interest rate sensitivity of the Fund&#8217;s portfolio (and thereby decreasing the Fund&#8217;s exposure to interest rate risk). The rate of interest on an income-producing security may be fixed, floating or variable. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may purchase municipal bonds that are additionally secured by insurance, bank credit agreements, or escrow accounts. The credit quality of companies which provide such credit enhancements will affect the value and overall credit risk posed by investments in such securities. 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<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family: &quot;arial narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div></td>
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<td style="vertical-align:top;white-space:nowrap;text-align:center;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">|</div></td>
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<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family: &quot;arial narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Base&#160;Prospectus&#160;&#160;</div></div></div></td>
<td style="white-space:nowrap;vertical-align:top"><div style="font-family: &quot;arial narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may buy and sell municipal bonds on a when-issued, delayed delivery or forward commitment basis, making payment or taking delivery at a later date. The Fund may invest in floating rate debt instruments (&#8220;floaters&#8221;), including inverse floaters, and engage in credit spread trades. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in trust certificates issued in TOB programs. In these programs, a trust typically issues two classes of certificates, floating rate certificates (&#8220;TOB Floaters&#8221;) and residual interest certificates (&#8220;TOB Residuals&#8221;), and seeks to use the proceeds to purchase municipal securities having longer maturities and bearing interest at a higher fixed interest rate than prevailing short-term <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> rates. Service providers of such trusts may have recourse against the Fund in certain cases, such as if the Fund holds recourse TOB Residuals. The Fund may invest in both <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-recourse</div> and recourse TOB Residuals to leverage its portfolio. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may also invest up to 10% of its total assets in securities of other open- or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">closed-end</div> investment companies that invest primarily in municipal bonds of the types in which the Fund may invest directly. The Fund may invest in other investment companies either during periods when it has large amounts of uninvested cash, during periods when there is a shortage of attractive, high-yielding municipal bonds available in the market, or when PIMCO believes share prices of other investment companies offer attractive values. The Fund may invest in investment companies that are advised by PIMCO or its affiliates to the extent permitted by applicable law and/or pursuant to exemptive relief from the Securities and Exchange Commission. As a shareholder of an investment company, the Fund will bear its ratable share of 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 assets so invested. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may purchase and sell (write) a variety of derivatives, such as put options and call options on securities, short sales, swap agreements, and securities indexes, and enter into interest rate and index futures contracts and purchase and sell options on such futures contracts for hedging purposes or as part of its overall investment strategy. The Fund also may enter into swap agreements with respect to interest rates and indexes of securities. If other types of financial instruments, including other types of options, futures contracts, or futures options are traded in the future, the Fund may also use those instruments. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest up to 20% of its net assets in securities which are illiquid at the time of investment (i.e., any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund has outstanding auction rate preferred shares of beneficial interest (&#8220;ARPS&#8221;) and remarketable variable rate munifund term preferred shares of beneficial interest (&#8220;RVMTP Shares&#8221; and, together with the ARPS and any other preferred shares the Fund may have outstanding, the &#8220;Preferred Shares&#8221;). In connection with rating the Fund&#8217;s Preferred Shares, Moody&#8217;s and Fitch, as applicable, impose specific asset coverage tests and other limitations and restrictions that may limit </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">the Fund&#8217;s ability to engage in certain of the transactions described above. In addition, failure to comply with these limitations and restrictions could, among other things, preclude the Fund from declaring or paying dividend or distributions. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: italic; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Temporary Defensive Investments</div>.</div></div></div> Upon PIMCO&#8217;s recommendation, temporarily or for defensive purposes and in order to keep the Fund&#8217;s cash fully invested, the Fund may invest up to 100% of its net assets in high quality, short-term investments, including U.S. government, mortgage-backed and corporate debt securities that may be either <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> or taxable. To the extent the Fund invests in taxable short-term investments, the Fund will not at such times be in a position to achieve its investment objective. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The following provides additional information regarding the types of securities and other instruments in which the Fund will ordinarily invest. A more detailed discussion of these and other instruments and investment techniques that may be used by the Fund is provided under &#8220;Investment Objective and Policies&#8221; in the Statement of Additional Information. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Municipal Bonds </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Municipal bonds share the attributes of debt/fixed income securities in general, but are generally issued by states, municipalities and other political subdivisions, agencies, authorities and instrumentalities of states and multi-state agencies or authorities, and may be either taxable or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> instruments. The municipal bonds that the Fund may purchase include, without limitation, general obligation bonds and limited obligation bonds (or revenue bonds), including industrial development bonds issued pursuant to former federal tax law. General obligation bonds are obligations involving the credit of an issuer possessing taxing power and are payable from such issuer&#8217;s general revenues and not from any particular source. Limited obligation bonds are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source or annual revenues. Private activity bonds and industrial development bonds generally are also limited obligation bonds and thus are not payable from the issuer&#8217;s general revenues. The credit and quality of private activity bonds and industrial development bonds are usually related to the credit of the corporate user of the facilities. Payment of interest on and repayment of principal of such bonds is the responsibility of the corporate user (and/or any guarantor). </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in Build America Bonds, which are tax credit bonds created by the American Recovery and Reinvestment Act of 2009, which authorizes state and local governments to issue Build America Bonds as taxable bonds in 2009 and 2010, without volume limitations, to finance any capital expenditures for which such issuers could otherwise issue traditional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> bonds. State and local governments may receive a direct federal subsidy payment for a portion of their borrowing costs on Build America Bonds equal to 35% of the total coupon interest paid to investors (or 45% in the case of Recovery Zone Economic Development Bonds). The state or local government issuer can elect to either take the federal subsidy or pass the 35% tax credit along to bondholders. The Fund&#8217;s investments in Build America Bonds will result in taxable income </div></div></div><div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">and the Fund may elect to pass through to shareholders the corresponding tax credits. The tax credits can generally be used to offset federal income taxes and the alternative minimum tax, but such credits are generally not refundable. Build America Bonds involve similar risks as municipal bonds, including credit and market risk. They are intended to assist state and local governments in financing capital projects at lower borrowing costs and are likely to attract a broader group of investors than <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> municipal bonds. For example, taxable funds, such as the Fund, may choose to invest in Build America Bonds. Although Build America Bonds were only authorized for issuance during 2009 and 2010, the program may have resulted in reduced issuance of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> municipal bonds during the same period. The Build America Bond program expired on December&#160;31, 2010, at which point no further issuance of new Build America Bonds was permitted. As of the date of this prospectus, there is no indication that Congress will renew the program to permit issuance of new Build America Bonds. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-refunded</div> municipal bonds. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Pre-refunded</div> municipal bonds are bonds that have been refunded to a call date prior to the final maturity of principal, or, in the case of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-refunded</div> municipal bonds commonly referred to as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">&#8220;escrowed-to-maturity</div></div> bonds,&#8221; to the final maturity of principal, and remain outstanding in the municipal market. The payment of principal and interest of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-refunded</div> municipal bonds held by the Fund is funded from securities in a designated escrow account that holds U.S. Treasury securities or other obligations of the U.S. government (including its agencies and instrumentalities (&#8220;Agency Securities&#8221;)). Interest payments on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-funded</div> municipal bonds issued on or prior to December&#160;31, 2017 are exempt from federal income tax; <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-funded</div> municipal bonds issued after December&#160;31, 2017 will not qualify for such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-advantaged</div> treatment. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Pre-refunded</div> municipal bonds usually will bear an AAA/Aaa rating (if rerated by Fitch, Moody&#8217;s or S&amp;P or if determined by PIMCO to be of comparable quality) because they are backed by U.S. Treasury securities or Agency Securities. Because the payment of principal and interest is generated from securities held in an escrow account established by the municipality and an independent escrow agent, the pledge of the municipality has been fulfilled and the original pledge of revenue by the municipality is no longer in place. The escrow account securities pledged to pay the principal and interest of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-refunded</div> municipal bond do not guarantee the price movement of the bond before maturity. Issuers of municipal bonds refund in advance of maturity the outstanding higher cost debt and issue new, lower cost debt, placing the proceeds of the lower cost issuance into an escrow account to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-refund</div> the older, higher cost debt. Investment in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-refunded</div> municipal bonds held by the Fund may subject the Fund to interest rate risk and market risk. In addition, while a secondary market exists for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-refunded</div> municipal bonds, if the Fund sells <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-refunded</div> municipal bonds prior to maturity, the price received may be more or less than the original cost, depending on market conditions at the time of sale. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in municipal lease obligations. A lease is not a full faith and credit obligation of the issuer and is usually backed only by the borrowing government&#8217;s unsecured pledge to make annual appropriations for lease payments. There have been challenges to the </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">legality of lease financing in numerous states, and, from time to time, certain municipalities have considered not appropriating money for lease payments. In deciding whether to purchase a lease obligation for the Fund, PIMCO will assess the financial condition of the borrower or obligor, the merits of the project, other credit characteristics of the obligor, the level of public support for the project and the legislative history of lease financing in the state. These securities may be less readily marketable than other municipal securities. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Some longer-term municipal bonds give the investor the right to &#8220;put&#8221; or sell the security at par (face value) within a specified number of days following the investor&#8217;s request-usually one to seven days. This demand feature enhances a security&#8217;s liquidity by shortening its effective maturity and enables it to trade at a price equal to or very close to par. If a demand feature terminates prior to being exercised, the Fund would hold the longer-term security, which could experience substantially more volatility. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in municipal warrants, which are essentially call options on municipal bonds. In exchange for a premium, municipal warrants give the purchaser the right, but not the obligation, to purchase a municipal bond in the future. The Fund may purchase a warrant to lock in forward supply in an environment in which the current issuance of bonds is sharply reduced. Like options, warrants may expire worthless and may have reduced liquidity. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in municipal bonds with credit enhancements such as letters of credit, municipal bond insurance and standby bond purchase agreements (&#8220;SBPAs&#8221;). Letters of credit are issued by a third party, usually a bank, to enhance liquidity and to ensure repayment of principal and any accrued interest if the underlying municipal bond should default. Municipal bond insurance, which is usually purchased by the bond issuer from a private, nongovernmental insurance company, provides an unconditional and irrevocable guarantee that the insured bond&#8217;s principal and interest will be paid when due. Insurance does not guarantee the price of the bond. The credit rating of an insured bond reflects the credit rating of the insurer, based on its claims-paying ability. The obligation of a municipal bond insurance company to pay a claim extends over the life of each insured bond. Although defaults on insured municipal bonds have been low to date and municipal bond insurers have met their claims, there is no assurance that this will continue. A higher-than expected default rate could strain the insurer&#8217;s loss reserves and adversely affect its ability to pay claims to bondholders. Because a significant portion of insured municipal bonds that have been issued and are outstanding is insured by a small number of insurance companies, not all of which have the highest credit rating, an event involving one or more of these insurance companies, such as a credit rating downgrade, could have a significant adverse effect on the value of the municipal bonds insured by such insurance company or companies and on the municipal bond markets as a whole. An SBPA is a liquidity facility provided to pay the purchase price of bonds that cannot be <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">re-marketed.</div> The obligation of the liquidity provider (usually a bank) is only to advance funds to purchase tendered bonds that cannot be <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">re-marketed</div> and does not cover principal or interest under any other circumstances. The liquidity </div></div></div><div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">provider&#8217;s obligations under the SBPA are usually subject to numerous conditions, including the continued creditworthiness of the underlying borrower. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Tender Option Bonds </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in trust certificates issued in TOB programs. In a TOB transaction, a TOB Trust issues a TOB Floater and a TOB Residual and utilizes the proceeds of such issuance to purchase a Fixed Rate Bond that either is owned or identified by the Fund. The TOB Floater is generally issued to third party investors (typically a money market fund) and the TOB Residual is generally issued to the Fund, which sold or identified the Fixed Rate Bond. The TOB Trust divides the income stream provided by the Fixed Rate Bond to create two securities, the TOB Floater, which is a short-term security, and the TOB Residual, which is a longer-term security. The interest rates payable on the TOB Residual issued to the Fund bear an inverse relationship to the interest rate on the TOB Floater. The interest rate on the TOB Floater is reset by a remarketing process typically every 7 to 35 days. After income is paid on the TOB Floater at current rates, the residual income from the Fixed Rate Bond goes to the TOB Residual. Therefore, rising short-term rates result in lower income for the TOB Residual, and vice versa. In the case of a TOB Trust that utilizes the cash received (less transaction expenses) from the issuance of the TOB Floater and TOB Residual to purchase the Fixed Rate Bond from the Fund, the Fund may then invest the cash received in additional securities, generating leverage for the Fund. Other PIMCO-managed accounts may also contribute municipal bonds to a TOB Trust into which the Fund has contributed Fixed Rate Bonds. If multiple PIMCO-managed accounts participate in the same TOB Trust, the economic rights and obligations under the TOB Residual will be shared among the funds ratably in proportion to their participation in the TOB Trust. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The TOB Residual may be more volatile and less liquid than other municipal bonds of comparable maturity. In most circumstances the TOB Residual holder bears substantially all of the underlying Fixed Rate Bond&#8217;s downside investment risk and also benefits from any appreciation in the value of the underlying Fixed Rate Bond. Investments in a TOB Residual typically will involve greater risk than investments in Fixed Rate Bonds. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">A TOB Residual held by the Fund provides the Fund with the right to: (1)&#160;cause the holders of the TOB Floater to tender their notes at par, and (2)&#160;cause the sale of the Fixed Rate Bond held by the TOB Trust, thereby collapsing the TOB Trust. TOB Trusts are generally supported by a liquidity facility provided by a third party bank or other financial institution (the &#8220;Liquidity Provider&#8221;) that provides for the purchase of TOB Floaters that cannot be remarketed. The holders of the TOB Floaters have the right to tender their certificates in exchange for payment of par plus accrued interest on a periodic basis (typically weekly) or on the occurrence of certain mandatory tender events. The tendered TOB Floaters are remarketed by a remarketing agent, which is typically an affiliated entity of the Liquidity Provider. If the TOB Floaters cannot be remarketed, the TOB Floaters are purchased by the TOB Trust either from the proceeds of a loan from the Liquidity Provider or from a liquidation of the Fixed Rate Bond. </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The TOB Trust may also be collapsed without the consent of the Fund, as the TOB Residual holder, upon the occurrence of certain &#8220;tender option termination events&#8221; (or &#8220;TOTEs&#8221;) as defined in the TOB Trust agreements. Such termination events typically include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, or a judgment or ruling that interest on the Fixed Rate Bond is subject to federal income taxation. Upon the occurrence of a termination event, the TOB Trust would generally be liquidated in full with the proceeds typically applied first to any accrued fees owed to the trustee, remarketing agent, and liquidity provider, and then to the holders of the TOB Floater up to par plus accrued interest owed on the TOB Floater and a portion of gain share, if any, with the balance paid out to the TOB Residual holder. In the case of a mandatory termination event, after the payment of fees, the TOB Floater holders would be paid before the TOB Residual holders (i.e., the Fund). In contrast, in the case of a TOTE, after payment of fees, the TOB Floater holders and the TOB Residual holders would be paid pro rata in proportion to the respective face values of their certificates. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">If there are insufficient proceeds from the liquidation of the TOB Trust, the party that would bear the losses would depend upon whether the Fund holds a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-recourse</div> TOBs Residual or a recourse TOBs Residual. If the Fund holds a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-recourse</div> TOBs Residual, the Liquidity Provider or holders of the TOBs Floaters would bear the losses on those securities and there would be no recourse to the Fund&#8217;s assets. If the Fund holds a recourse TOBs Residual, the Fund (and, indirectly, holders of the Fund&#8217;s Common Shares) would typically bear the losses. In particular, if the Fund holds a recourse TOBs Residual, it will typically have entered into an agreement pursuant to which the Fund would be required to pay to the Liquidity Provider the difference between the purchase price of any TOBs Floaters put to the Liquidity Provider by holders of the TOBs Floaters and the proceeds realized from the remarketing of those TOBs Floaters or the sale of the assets in the TOBs Issuer. The Fund may invest in both <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-recourse</div> and recourse TOBs Residuals to leverage its portfolio. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In December 2013, regulators finalized rules implementing Section&#160;619 (the &#8220;Volcker Rule&#8221;) and Section&#160;941 (the &#8220;Risk Retention Rules&#8221;) of the Dodd-Frank Act. Both the Volcker Rule and the Risk Retention Rules apply to TOB programs. In particular, these rules preclude banking entities from (i)&#160;sponsoring or acquiring interests in the trusts used to hold a municipal bond in the creation of TOB Trusts; and (ii)&#160;continuing to service or maintain relationships with existing programs involving TOB Trusts to the same extent and in the same capacity as existing programs. The Risk Retention Rules require the sponsor to a TOB Trust to retain at least five percent of the credit risk of the underlying assets supporting to the TOB Trust&#8217;s municipal bonds. The Risk Retention Rules may increase the costs of such transactions in certain circumstances. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In response to these rules, industry participants explored various structuring alternatives for TOB Trusts established after December&#160;31, 2013 and TOB Trusts established prior to December&#160;31, 2013 (&#8220;Legacy TOB Trusts&#8221;) and agreed on a new TOB structure in which the Fund hires service providers to assist with establishing, structuring, and sponsoring a TOB Trust. Service providers to a TOB Trust, such as administrators, </div></div></div><div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">liquidity providers, trustees, and remarketing agents act at the direction of, and as agent of, the Fund as the TOB Residual holder. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Under the new TOB Trust structure, the Liquidity Provider or remarketing agent will no longer purchase the tendered TOB Floaters, even in the event of failed remarketing. This may increase the likelihood that a TOB Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. The TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Floaters. Any loans made by the Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust and will be subject to an interest rate agreed with the Liquidity Provider. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Bonds </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in bonds of varying maturities issued by <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-U.S.</div> (foreign) and U.S. corporations and other business entities, governments, and quasi-governmental entities and municipalities and other issuers. Bonds may include, among other things, fixed or variable/floating-rate debt obligations, including bills, notes, debentures, money market instruments, and similar instruments and securities. Bonds generally are used by corporations as well as governments and other issuers to borrow money from investors. The issuer pays the investor a fixed or variable rate of interest and normally must repay the amount borrowed on or before maturity. Certain bonds are &#8220;perpetual&#8221; in that they have no maturity date. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Commercial Paper </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Commercial paper represents short-term unsecured promissory notes issued in bearer form by corporations such as banks or bank holding companies and finance companies. The rate of return on commercial paper may be linked or indexed to the level of exchange rates between the U.S. dollar and a foreign currency or currencies. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">U.S. Government Securities </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">U.S. government securities are obligations of and, in certain cases, guaranteed by, the U.S. government, its agencies or instrumentalities. The U.S. government does not guarantee the NAV of the Fund&#8217;s common shares. Some U.S. government securities, such as Treasury bills, notes, and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the United States; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the &#8220;U.S. Treasury&#8221;); others, such as those of the Federal National Mortgage Association, are supported by the discretionary authority of the U.S. government to purchase the agency&#8217;s obligations; and still others are supported only by the credit of the instrumentality. U.S. government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">High Yield Securities </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest up to 20% of its net assets in municipal bonds that are, at the time of purchase, rated below &#8220;investment grade&#8221; by at least </div></div></div></div></div> <div> <div style="background-color:white;display: inline;"> <div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">one of Moody&#8217;s, S&amp;P Global Ratings or Fitch, or unrated but determined by PIMCO to be of comparable quality. &#8220;Investment grade&#8221; means a rating, in the case of Moody&#8217;s, of Baa3 or higher, in the case of S&amp;P and Fitch, of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">BBB-or</div> higher. The Fund may invest in securities of stressed or distressed issuers, which include securities at risk of being in default as to the repayment of principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one or more nationally recognized statistical rating organizations (for example, Ca or lower by Moody&#8217;s or CC or lower by S&amp;P or Fitch) or, if unrated, are determined by PIMCO to be of comparable quality. The Fund may invest in defaulted securities and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">debtor-in-possession</div></div> financings. Below investment grade securities are commonly referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; High yield securities involve a greater degree of risk (in particular, a greater risk of default) than, and special risks in addition to, the risks associated with investment grade debt obligations. While offering a greater potential opportunity for capital appreciation and higher yields, high yield securities typically entail greater potential price volatility and may be less liquid than higher-rated securities. High yield securities may be regarded as predominantly speculative with respect to the issuer&#8217;s continuing ability to make timely principal and interest payments. They also may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher-rated securities. Debt securities in the lowest investment grade category also may be considered to possess some speculative characteristics by certain ratings agencies. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The market values of high yield securities tend to reflect individual developments of the issuer to a greater extent than do higher-quality securities, which tend to react mainly to fluctuations in the general level of interest rates. In addition, lower-quality debt securities tend to be more sensitive to general economic conditions. Certain emerging market governments that issue high yield securities in which the Fund may invest are among the largest debtors to commercial banks, foreign governments and supranational organizations, such as the World Bank, and may not be able or willing to make principal and/or interest payments as they come due. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Credit ratings and unrated securities.</div></div></div></div> Rating agencies are private services that provide ratings of the credit quality of debt obligations. Appendix A to this prospectus describes the various ratings assigned to debt obligations by Moody&#8217;s, S&amp;P and Fitch. As noted in Appendix A, Moody&#8217;s, S&amp;P and Fitch may modify their ratings of securities to show relative standing within a rating category, with the addition of numerical modifiers (1, 2 or 3) in the case of Moody&#8217;s, and with the addition of a plus (+) or minus (-) sign in the case of S&amp;P and Fitch. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risks. Rating agencies may fail to make timely changes in credit ratings and an issuer&#8217;s current financial condition may be better or worse than a rating indicates. The Fund will not necessarily sell a security when its rating is reduced below its rating at the time of purchase. PIMCO does not rely solely on credit ratings, and develops its own analysis of issuer credit quality. The ratings of a debt security may change over time. Moody&#8217;s, S&amp;P and Fitch monitor and evaluate the ratings assigned to securities on an ongoing basis. As a result, debt instruments </div></div> </div> <div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div> <div>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">held by the Fund could receive a higher rating (which would tend to increase their value) or a lower rating (which would tend to decrease their value) during the period in which they are held by the Fund. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may purchase unrated securities (which are not rated by a rating agency) if PIMCO determines, in its sole discretion, that the security is of comparable quality to a rated security that the Fund may purchase. In making these determinations, PIMCO may take into account different factors than those taken into account by rating agencies, and PIMCO&#8217;s rating of a security may differ from the rating that a rating agency may have given the same security. Unrated securities may be less liquid than comparable rated securities and involve the risk that the portfolio manager may not accurately evaluate the security&#8217;s comparative credit rating. The Fund may invest a substantial portion of its assets in unrated securities and therefore may be particularly subject to the associated risks. Analysis of the creditworthiness of issuers of high yield securities may be more complex than for issuers of higher-quality fixed income securities. To the extent that the Fund invests in high yield and/or unrated securities, the Fund&#8217;s success in achieving its investment objective may depend more heavily on the portfolio manager&#8217;s credit analysis than if the Fund invested exclusively in higher-quality and higher-rated securities. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in a variety of mortgage-related and other asset-backed instruments issued by government agencies or other governmental entities or by private originators or issuers. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The mortgage-related assets in which the Fund may invest include, without limitation, mortgage pass-through securities, CMOs, CMBS, residential mortgage-backed securities (&#8220;RMBS&#8221;), mortgage dollar rolls/buy backs, CMO residuals, adjustable rate mortgage-backed securities (&#8220;ARMBS&#8221;), stripped mortgage-backed securities (&#8220;SMBS&#8221;) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The Fund may also invest in other types of ABS, including CDOs, which include CBOs, CLOs and other similarly structured securities. The mortgage-related securities in which the Fund may invest may pay variable or fixed rates of interest. When acquiring mortgage-related or other ABS, the Fund is not restricted by any particular borrower credit criteria. Accordingly, loans underlying mortgage-related securities acquired by the Fund may be subprime in quality, or may become subprime in quality. Mortgage-related securities are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, mortgage-related securities held in the Fund&#8217;s portfolio may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Mortgage-Related Derivative Instruments </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may engage in derivative transactions related to mortgage-backed securities, including purchasing and selling exchange-listed and OTC put and call options, futures and forwards on mortgages and mortgage-backed securities. The Fund may also invest in mortgage-backed </div></div> </div> <div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">securities credit default swaps, which include swaps the reference obligation for which is a mortgage-backed security or related index, such as the CMBX Index (a tradeable index referencing a basket of commercial mortgage-backed securities), the TRX Index (a tradeable index referencing total return swaps based on commercial mortgage-backed securities) or the ABX (a tradeable index referencing a basket of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-prime</div> mortgage-backed securities). The Fund may invest in newly developed mortgage related derivatives that may hereafter become available. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Please see &#8220;Investment Objective and Policies&#8212;Mortgage-Related and Other Asset-Backed Instruments&#8221; in the Statement of Additional Information and &#8220;Principal Risks of the Fund&#8212;Mortgage-Related and Asset-Backed Instruments Risk&#8221; in this prospectus for a more detailed description of the types of mortgage-related and other asset-backed securities in which the Fund may invest and their related risks. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Variable- and Floating-Rate Securities </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Variable- and floating-rate instruments are instruments that pay interest at rates that adjust whenever a specified interest rate changes and/or that reset on predetermined dates (such as the last day of a month or calendar quarter). In addition to senior loans, variable- and floating-rate instruments may include, without limitation, instruments such as catastrophe and other event-linked bonds, instruments such as bank capital securities, unsecured bank loans, corporate bonds, money market instruments and certain types of mortgage-related and other ABS. Due to their variable- or floating-rate features, these instruments will generally pay higher levels of income in a rising interest rate environment and lower levels of income as interest rates decline. For the same reason, the market value of a variable- or floating-rate instrument is generally expected to have less sensitivity to fluctuations in market interest rates than a fixed-rate instrument, although the value of a variable- or floating-rate instrument may nonetheless decline as interest rates rise and due to other factors, such as changes in credit quality. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund also may engage in credit spread trades. A credit spread trade is an investment position relating to a difference in the prices or interest rates of two bonds or other securities, in which the value of the investment position is determined by changes in the difference between the prices or interest rates, as the case may be, of the respective securities. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Inverse Floaters </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">An inverse floater is a type of debt instrument that bears a floating or variable interest rate that moves in the opposite direction to interest rates generally or the interest rate on another security or index. Changes in interest rates generally, or the interest rate of the other security or index, inversely affect the interest rate paid on the inverse floater, with the result that the inverse floater&#8217;s price will be considerably more volatile than that of a fixed-rate bond. The Fund may invest without limitation in inverse floaters, which brokers typically create by depositing an income-producing instrument, which may be a mortgage-related security, in a trust. The trust in turn issues a variable rate security and inverse floaters. The interest rate for the variable rate security is typically determined by an </div></div> </div> <div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">Base&#160;Prospectus</div></td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">index or an auction process, while the inverse floater holder receives the balance of the income from the underlying income-producing instrument less an auction fee. The market prices of inverse floaters may be highly sensitive to changes in interest rates and prepayment rates on the underlying securities, and may decrease significantly when interest rates increase or prepayment rates change. In a transaction in which the Fund purchases an inverse floater from a trust, and the underlying bond was held by the Fund prior to being deposited into the trust, the Fund will typically treat the transaction as a secured borrowing for financial reporting purposes. As a result, for financial reporting purposes, the Fund will generally incur a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-cash</div> interest expense with respect to interest paid by the trust on the variable rate securities, and will recognize additional interest income in an amount directly corresponding to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-cash</div> interest expense. Therefore, the Fund&#8217;s NAV per Common Share and performance will not be affected by the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-cash</div> interest expense. This accounting treatment does not apply to inverse floaters acquired by the Fund when the Fund did not previously own the underlying bond. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Derivatives </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may, but is not required to, use various derivative instruments for risk management purposes or as part of its investment strategy. The Fund may use various derivatives transactions to add leverage to its portfolio. See &#8220;Use of Leverage.&#8221; </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate or index, and may relate to, among others, stocks, bonds, real estate investments, interest rates, spreads between different interest rates, currencies or currency exchange rates, commodities and related indexes. Examples of derivative instruments that the Fund may use include, without limitation, futures and forward contracts (including foreign currency exchange contracts), call and put options (including options on futures contracts), credit default swaps, total return swaps, basis swaps and other swap agreements. The Fund&#8217;s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other more traditional investments. Please see &#8220;Principal Risks of the Fund&#8212;Derivatives Risk&#8221; in this Prospectus and see &#8220;Investment Objective and Policies&#8212;Derivative Instruments&#8221; in the Statement of Additional Information for additional information about these and other derivative instruments that the Fund may use and the risks associated with such instruments. There is no assurance that these derivative strategies will be available at any time or that PIMCO will determine to use them for the Fund or, if used, that the strategies will be successful. In addition, the Fund may be subject to certain restrictions on its use of derivative strategies imposed by guidelines of one or more rating agencies that may issue ratings for any Preferred Shares issued by the Fund. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Certain Interest Rate Transactions</div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In order to reduce the interest rate risk inherent in the Fund&#8217;s underlying investments and capital structure, the Fund may (but is not required to) enter into interest rate swap transactions. Interest rate swaps involve the </div></div> </div> <div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">exchange by the Fund with a counterparty of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments. These transactions generally involve an agreement with the swap counterparty to pay a fixed or variable rate payment in exchange for the counterparty paying the Fund the other type of payment stream (<div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">i.e.,</div></div> variable or fixed). The payment obligation would be based on the notional amount of the swap. Other forms of interest rate swap agreements in which the Fund may invest include without limitation interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or &#8220;cap;&#8221; interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or &#8220;floor;&#8221; and interest rate &#8220;collars,&#8221; under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Fund may (but is not required to) use interest rate swap transactions with the intent to reduce or eliminate the risk that an increase in short-term interest rates could pose for the performance of the Fund&#8217;s Common Shares as a result of leverage, and also may use these instruments for other hedging or investment purposes. Any termination of an interest rate swap transaction could result in a termination payment by or to the Fund. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Credit Default Swaps </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may enter into credit default swaps for both investment and risk management purposes, as well as to add leverage to the Fund&#8217;s portfolio. A credit default swap may have as reference obligations one or more securities that are not currently held by the Fund. The protection &#8220;buyer&#8221; in a credit default swap is generally obligated to pay the protection &#8220;seller&#8221; an upfront or a periodic stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the &#8220;par value&#8221; (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. Rather than exchange the bonds for par value, a single cash payment may be due from the protection seller representing the difference between the par value of the bonds and the current market value of the bonds (which may be determined through an auction). The Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap from the seller, who, in turn, generally will recover an amount significantly lower than the equivalent face amount of the obligations of the reference entity, whose value may have significantly decreased, through (i)&#160;physical delivery of such obligations by the buyer, (ii)&#160;cash settlement or (iii)&#160;an auction process. As a seller, the Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage to its </div></div> </div> <div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div> <div>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The spread of a credit default swap is the annual amount the protection buyer must pay the protection seller over the length of the contract, expressed as a percentage of the notional amount. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity&#8217;s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swaps on ABS and credit indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Credit default swaps involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk, among other risks associated with derivative instruments. A buyer generally also will lose the upfront and/or periodic payments it made for the swap and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. The Fund&#8217;s obligations under a credit default swap will be accrued daily (offset against any amounts owing to the Fund). In connection with credit default swaps in which the Fund is the buyer, the Fund may segregate or &#8220;earmark&#8221; cash or liquid assets, or enter into certain offsetting positions, with a value at least equal to the Fund&#8217;s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">marked-to-market</div></div> basis. In connection with credit default swaps in which the Fund is the seller, if the Fund covers its position through asset segregation, the Fund will segregate or &#8220;earmark&#8221; cash or assets determined to be liquid with a value at least equal to the full notional amount of the Fund&#8217;s obligation under the swap. Such segregation or &#8220;earmarking&#8221; will not limit the Fund&#8217;s exposure to loss. See &#8220;Principal Risks of the Fund&#8212;Segregation and Coverage Risk.&#8221; and &#8220;Principal Risks of the Fund&#8212;Regulatory Risk&#8212;Commodity Pool Operator.&#8221; </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in &#8220;structured&#8221; notes and other related instruments, which are privately negotiated debt obligations in which the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an &#8220;embedded index&#8221;), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets, such as indexes reflecting bonds. Structured instruments may be issued by corporations, including banks, as well as by governmental agencies. Structured instruments frequently are assembled in the form of medium-term notes, but a variety of forms are available and may be used in particular </div></div> </div> <div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">circumstances. The terms of such structured instruments normally provide that their principal and/or interest payments are to be adjusted upwards or downwards (but ordinarily not below zero) to reflect changes in the embedded index while the structured instruments are outstanding. As a result, the interest and/or principal payments that may be made on a structured product may vary widely, depending on a variety of factors, including the volatility of the embedded index and the effect of changes in the embedded index on principal and/or interest payments. The rate of return on structured notes may be determined by applying a multiplier to the performance or differential performance of the referenced index(es) or other asset(s). Application of a multiplier involves leverage that will serve to magnify the potential for gain and the risk of loss. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may use structured instruments for investment purposes and also for risk management purposes, such as to reduce the duration and interest rate sensitivity of the Fund&#8217;s portfolio, and for leveraging purposes. While structured instruments may offer the potential for a favorable rate of return from time to time, they also entail certain risks. Structured instruments may be less liquid than other debt securities, and the price of structured instruments may be more volatile. In some cases, depending on the terms of the embedded index, a structured instrument may provide that the principal and/or interest payments may be adjusted below zero. Structured instruments also may involve significant credit risk and risk of default by the counterparty. Structured instruments may also be illiquid. Like other sophisticated strategies, the Fund&#8217;s use of structured instruments may not work as intended. If the value of the embedded index changes in a manner other than that expected by PIMCO, principal and/or interest payments received on the structured instrument may be substantially less than expected. Also, if PIMCO chooses to use structured instruments to reduce the duration of the Fund&#8217;s portfolio, this may limit the Fund&#8217;s return when having a longer duration would be beneficial (for instance, when interest rates decline). </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Rule 144A Securities </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in securities that have not been registered for public sale, but that are eligible for purchase and sale pursuant to Rule 144A under the Securities Act. Rule 144A permits certain qualified institutional buyers, such as the Fund, to trade in privately placed securities that have not been registered for sale under the Securities Act. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Other Investment Companies </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in securities of other open- or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">closed-end</div> investment companies (including those advised by PIMCO), including without limitation ETFs, to the extent that such investments are consistent with the Fund&#8217;s investment objective, strategies and policies and permissible under the 1940 Act. The Fund may invest in other investment companies (including those advised by PIMCO) to gain broad market, sector exposure or for cash management purposes, including during periods when it has large amounts of uninvested cash (such as the period shortly after the Fund receives the proceeds of the offering of its Common Shares) or when PIMCO believes share prices of other investment companies offer attractive values. The Fund may invest in certain money </div></div> </div> <div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">Base&#160;Prospectus</div></td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">market funds and/or short-term bond funds (&#8220;Central Funds&#8221;), to the extent permitted by the 1940 Act, the rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use by certain registered investment companies advised by PIMCO in connection with their cash management activities. The Fund will treat its investments in other investment companies that invest primarily in types of securities in which the Fund may invest directly as investments in such types of securities for purposes of the Fund&#8217;s investment policies (<div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">e.g.,</div></div> the Fund&#8217;s investment in an investment company that invests primarily in debt securities will be treated by the Fund as an investment in a debt security). As a shareholder in an investment company, the Fund would bear its ratable share of 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 assets so invested. Common Shareholders would therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. The securities of other investment companies may be leveraged, in which case the NAV and/or market value of the investment company&#8217;s shares will be more volatile than unleveraged investments. See &#8220;Principal Risks of the Fund&#8212;Leverage Risk.&#8221; </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Regulatory changes adopted by the SEC concerning investments by registered investment companies in the securities of other registered investment companies may, among other things, limit investment flexibility and could affect the Fund&#8217;s ability to utilize the Central Funds. This could adversely impact the Fund&#8217;s investment strategies and operations. The &#8220;Investment Objective and Policies&#8212;Regulatory Risk&#8221; section in the Statement of Additional Information discusses these changes in further detail. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Repurchase Agreements </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); 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 broker-dealer agrees to repurchase the security at the Fund&#8217;s cost plus interest within a specified time. If the party agreeing to repurchase should default, the Fund will seek to sell the securities it holds. This could involve transaction costs or delays in addition to a loss on the securities if their value should fall below their repurchase price. Repurchase agreements maturing in more than seven days are considered to be illiquid securities. See &#8220;Principal Risks of the Fund&#8212;Repurchase Agreements Risk.&#8221; </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">When-Issued, Delayed Delivery and Forward Commitment Transactions </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may purchase securities that it is eligible to purchase on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve a risk of loss if the value of the securities declines prior to the settlement date. This risk is in addition to the risk that the Fund&#8217;s other assets will decline in value. Therefore, these transactions may result in a form of leverage and increase the Fund&#8217;s </div></div> </div> <div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">overall investment exposure. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made, although the Fund may earn income on securities it has segregated to cover these positions. When the Fund has sold a security on a when-issued, delayed delivery or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery or forward commitment basis without owning the security, the Fund will incur a loss if the security&#8217;s price appreciates in value such that the security&#8217;s price is above the agreed-upon price on the settlement date. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Turnover </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); 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 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 objective, particularly during periods of volatile market movements. High portfolio turnover (<div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">e.g.,</div></div> over 100%) generally involves correspondingly greater expenses to the Fund, including brokerage commissions or dealer <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mark-ups</div> and other transaction costs on the sale of securities and reinvestments in other securities. Sales of portfolio securities may also result in realization of taxable capital gains, including short-term capital gains (which are generally treated as ordinary income upon distribution in the form of dividends). The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund&#8217;s performance. </div></div> <div id="pro288652_7" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Leverage </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund currently utilizes leverage principally through its outstanding Preferred Shares and floating rate notes issued in TOB transactions. 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 contracts, options on futures contracts, forward contracts, or any interest rate, securities-related or other hedging instrument, including swap agreements and other derivative instruments. The Fund may also determine to issue other types of Preferred Shares or determine to decrease the leverage it currently maintains by redeeming its outstanding Preferred Shares or unwinding TOBs and may or may not determine to replace such leverage through other sources. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The amount of leverage that the Fund uses may change, but total leverage is not normally expected to exceed 50% of the Fund&#8217;s total assets. To the extent the Fund covers its commitments under TOBs or other derivatives instruments by the segregation of liquid assets, or by entering into offsetting transactions or owning positions covering its obligations, they will not be considered &#8220;senior securities&#8221; under the Investment Company Act of 1940 (&#8220;1940 Act&#8221;) and will not be subject to the 50% policy described in the foregoing sentence. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In connection with the adoption of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> under the 1940 Act, the SEC eliminated the asset segregation framework arising from prior SEC </div></div> </div> <div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div> <div>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> as of the compliance date, August&#160;19, 2022. See &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#8217;s use of leverage, derivatives and certain related instruments. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Depending upon market conditions and other factors, the Fund may or may not determine to add leverage following an offering to maintain or increase the total amount of leverage (as a percentage of the Fund&#8217;s total assets) that the Fund currently maintains, taking into account the additional assets raised through the issuance of Common Shares in such offering. The Fund utilizes certain kinds of leverage, including, without limitation, Preferred Shares and TOBs, opportunistically and may choose to increase or decrease, or eliminate entirely, its use of such leverage over time and from time to time based on PIMCO&#8217;s assessment of the yield curve environment, interest rate trends, market conditions and other factors. The Fund may also determine to decrease the leverage it currently maintains by redeeming its outstanding Preferred Shares or unwinding TOBs and may or may not determine to replace such leverage through other sources. If the Fund determines to add leverage following an offering, it is not possible to predict with accuracy the precise amount of leverage that would be added, in part because it is not possible to predict the number of Common Shares that ultimately will be sold in an offering or series of offerings. To the extent that the Fund does not add additional leverage following an offering, the Fund&#8217;s total amount of leverage as a percentage of its total assets will decrease, which could result in a reduction of investment income available for distribution to Common Shareholders. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Under the 1940 Act, the Fund is not permitted to issue new Preferred Shares unless immediately after such issuance the value of the Fund&#8217;s total&#160;net assets (as defined below) is at least 200% of the liquidation value of&#160;the outstanding Preferred Shares and the newly issued Preferred Shares&#160;plus the aggregate amount of any senior securities of the Fund representing indebtedness (i.e., such liquidation value plus the aggregate amount of senior securities representing indebtedness may not exceed 50% of the Fund&#8217;s total net assets). In addition, the Fund is not permitted to declare any cash dividend or other distribution on its Common Shares unless, at the time of such declaration, the value of the Fund&#8217;s total net assets satisfies the above-referenced 200% coverage requirement. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Existing SEC guidance generally prohibits the Fund from engaging in most forms of leverage representing indebtedness other than preferred shares (including the use of TOBs, to the extent that these instruments are not covered as described below) unless immediately after the issuance of the leverage the Fund has satisfied the asset coverage test with respect to senior securities representing indebtedness prescribed by the 1940 Act; that is, the value of the Fund&#8217;s total assets less all liabilities and indebtedness not represented by senior securities (for these purposes, &#8220;total net assets&#8221;) is at least 300% of the senior securities representing </div></div> </div> <div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">indebtedness (effectively limiting the use of leverage through senior securities representing indebtedness to 33&#160;1/3% of the Fund&#8217;s total net assets, including assets attributable to such leverage). In addition, the Fund is not permitted to declare any cash dividend or other distribution on its Common Shares unless, at the time of such declaration, this asset coverage test is satisfied. The Fund may (but is not required to) cover its commitments under TOBs or other derivatives instruments by the segregation of liquid assets, or by entering into offsetting transactions or owning positions covering its obligations. To the extent that certain of these instruments are so covered, they will not be considered &#8220;senior securities&#8221; under the 1940 Act and therefore will not be subject to the 1940 Act 300% asset coverage requirement otherwise applicable to forms of senior securities representing indebtedness used by the Fund. However, such instruments, even if covered, represent a form of economic leverage and create special risks. The use of these forms of leverage increases the volatility of the Fund&#8217;s investment portfolio and could result in larger losses to Common Shareholders than if these strategies were not used. See &#8220;Principal Risks of the Fund&#8212;Leverage Risk.&#8221; To the extent that the Fund engages in borrowings, it may prepay a portion of the principal amount of the borrowing to the extent necessary in order to maintain the required asset coverage. Failure to maintain certain asset coverage requirements could result in an event of default. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund&#8217;s ability to utilize leverage is also limited by asset coverage requirements and other guidelines imposed by rating agencies (currently Moody&#8217;s and Fitch) that provide ratings for the Preferred Shares, which are more restrictive than the limitations imposed by the 1940 Act noted above. See &#8220;Description of Capital Structure&#8221; for more information. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Under the 1940 Act, the Fund is currently not permitted to issue preferred shares unless immediately after such 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 plus the aggregate amount of any senior securities of the Fund representing indebtedness (i.e., such liquidation value plus the aggregate amount of senior securities representing indebtedness may not exceed 50% of the Fund&#8217;s total net assets). In addition, for so long as the Fund has preferred shares outstanding, the Fund will not be permitted to declare any cash dividend or other distribution on its Common Shares unless, at the time of such declaration, the value of the Fund&#8217;s total net assets, after giving effect to such cash dividend or other distribution, satisfies the above-referenced 200% coverage requirement. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Leveraging is a speculative technique and there are special risks and costs involved. The Fund cannot assure you that its use of Preferred Shares and any other forms of leverage (such as TOBs) will be successful or result in a higher yield on your Common Shares. If used, there can be no assurance that the Fund&#8217;s leveraging strategies will result in a higher yield on your Common Shares. 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<td style="vertical-align:bottom"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">Base&#160;Prospectus</div></td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">settlement of securities transactions which otherwise might require untimely dispositions of portfolio securities held by the Fund. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund also may borrow money in order to repurchase its shares or as a temporary measure for extraordinary or emergency purposes, including for the payment of dividends or the settlement of securities transactions which otherwise might require untimely dispositions of portfolio securities held by the Fund. </div></div> <ix:nonNumeric name="cef:EffectsOfLeverageTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true" continuedAt="TextSelection_53875493"><div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Effects of Leverage </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of senior securities, as that term is defined under Section&#160;18 of the 1940 Act, on Common Share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in the Fund&#8217;s portfolio) of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">-10%,</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">-5%,</div> 0%, 5% and 10%. The table below assumes the Fund&#8217;s continued use of Preferred Shares averaged over the year ended December&#160;31, 2021, representing approximately 27.09% of the Fund&#8217;s total managed assets, and, although not senior securities under the 1940 Act, the Fund&#8217;s use of TOBs averaged over the year ended December&#160;31, 2021, representing approximately 14.89% of the Fund&#8217;s total average managed assets. The table below also assumes that the Fund will pay dividends on Preferred Shares at an estimated annual effective Preferred Share dividend rate of <div style="display:inline;">1</div>.9<div style="display:inline;">3</div>% for ARPS and 1.83% for RVMTP (as of June&#160;30, 2022) and interest on TOBs at an estimated annual effective interest expense rate of 0.84% (as of June 30, 2022). Based on such estimates, the annual return that the Fund&#8217;s portfolio must experience (net of expenses) in order to cover such costs is 0.64%. The information below does not reflect any Fund&#8217;s use of certain other forms of economic leverage achieved through the use of other instruments or transactions not considered to be senior securities under the 1940 Act, such as covered credit default swaps or other derivative instruments. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. Your actual returns may be greater or less than those appearing below. In addition, the actual Preferred Share dividend rate and the actual borrowing expenses associated with TOBs (or other forms of leverage, if any) used by the Fund may vary frequently and may be significantly higher or lower than the rates used for the example below. </div></div> <ix:nonNumeric name="cef:EffectsOfLeverageTableTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true"><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="padding-bottom:4pt ;vertical-align:bottom;text-align:right;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">10.00</div></td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td> </tr> </table> </ix:nonNumeric> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Common Share total return is composed of two elements&#8212;the Common Share dividends paid by the Fund (the amount of which is largely determined by the net investment income of the Fund after paying dividends on Preferred Shares and expenses on any forms of leverage outstanding, including TOBs) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that the Fund is more likely to suffer capital losses than </div></div></ix:nonNumeric></div> <div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelection_53875493"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">to enjoy capital appreciation. For example, to assume a portfolio total return of 0%, the Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical performance of the Fund&#8217;s portfolio and not the actual performance of the Fund&#8217;s Common Shares, the value of which is determined by market forces and other factors. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Should the Fund elect to add additional leverage to its portfolio following an offering, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund&#8217;s investment objective and policies. As noted above, the Fund&#8217;s willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors, including, among other things, PIMCO&#8217;s assessment of the yield curve environment, interest rate trends, market conditions and other factors. </div></div> </ix:continuation> <ix:nonNumeric name="cef:RiskFactorsTableTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true" continuedAt="TextSelection_53875442"><div id="pro288652_8" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund is subject to the principal risks noted below, whether through the Fund&#8217;s direct investments or derivatives positions. </div></div> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_MarketDiscountRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market Discount Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The price of the Fund&#8217;s Common Shares will fluctuate with market conditions and other factors. If you sell your Common Shares, the price received may be more or less than your original investment. The Common Shares are designed for long-term investors and should not be treated as trading vehicles. Shares of closed-end management investment companies frequently trade at a discount from their NAV. The Common Shares may trade at a price that is less than the offering price for Common Shares issued pursuant to an offering. This risk may be greater for investors who sell their Common Shares relatively shortly after completion of an offering. The sale of Common 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 Shares, may have an adverse effect on the market price of the Common Shares. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_MarketRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_53875444"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities. 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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelection_53875442" continuedAt="TextSelectionAppend_53875442_1"><ix:continuation id="TextSelection_53875444"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">held by the Fund. Even when markets perform well, there is no assurance that the investments held by the Fund will increase in value along with the broader market. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters can all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. The current contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as presidential elections in the United States or abroad or the U.S. government&#8217;s inability at times to agree on a long-term budget and deficit reduction plan, has in the past resulted, and may in the future result, in a government shutdown or otherwise adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund&#8217;s investments and operations. Additional and/or prolonged U.S. federal government shutdowns may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund&#8217;s investments. Any market disruptions could also prevent the Fund from executing advantageous investment decisions in a timely manner. Funds that have focused their investments in a region enduring geopolitical market disruption, it will face higher risks of loss. Thus, investors should closely monitor current market conditions to determine whether the Fund meets their individual financial needs and tolerance for risk. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Current market conditions may pose heightened risks with respect to the Fund&#8217;s investment in fixed income securities. As such, fixed income securities markets may experience heightened levels of interest rate, volatility and liquidity risk. Any interest rate increases in the future could cause the value of any Fund, such as the Fund, that invests in fixed income securities to decrease. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Exchanges and securities markets may close early, close late or issue trading halts on specific securities, which may result in, among other things, the Fund being unable to buy or sell certain securities or financial instruments at an advantageous time or accurately price its portfolio investments. </div></div> </ix:continuation></ix:continuation></div> <div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelectionAppend_53875442_1" continuedAt="TextSelectionAppend_53875442_2"> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_MunicipalBondRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_53875445"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Municipal Bond Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns, by litigation, legislation or political events, or by the bankruptcy of the issuer. Laws, referenda, ordinances or regulations enacted in the future by Congress or state legislatures or the applicable governmental entity could extend the time for payment of principal and/or interest, or impose other constraints on enforcement of such obligations, or on the ability of municipal issuers to levy taxes. Issuers of municipal securities also might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, the Fund could experience delays in collecting principal and interest and the Fund may not, in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in the payment of interest or repayment of principal, or both, the Fund may take possession of and manage the assets securing the issuer&#8217;s obligations on such securities, which may increase the Fund&#8217;s operating expenses. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in revenue bonds, which are typically issued to fund a wide variety of capital projects including electric, gas, water and sewer systems; highways, bridges and tunnels; port and airport facilities; colleges and universities; and hospitals. Because the principal security for a revenue bond is generally the net revenues derived from a particular facility or group of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source, there is no guarantee that the particular project will generate enough revenue to pay its obligations, in which case the Fund&#8217;s performance may be adversely affected. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in taxable municipal bonds, such as Build America Bonds. Build America Bonds are tax credit bonds created by the American Recovery and Reinvestment Act of 2009, which authorized state and local governments to issue Build America Bonds as taxable bonds in 2009 and 2010, without volume limitations, to finance any capital expenditures for which such issuers could otherwise issue traditional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> bonds. The Fund&#8217;s investments in Build America Bonds or similar taxable municipal bonds will result in taxable income and the Fund may elect to pass through to holders of the Fund&#8217;s common shares (&#8220;Common Shares&#8221;) the corresponding tax credits. The tax credits can generally be used to offset federal income taxes and the alternative minimum tax, but such credits are generally not refundable. Taxable municipal bonds involve similar risks as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> municipal bonds, including credit and market risk. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Municipal securities are also subject to interest rate, credit, and liquidity risk, which are discussed generally elsewhere in this section, and elaborated upon below with respect to municipal bonds. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Interest Rate Risk.</div></div> The value of municipal securities, similar to other fixed income securities, will likely drop as interest rates rise in the general market. 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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">Base&#160;Prospectus</div></td> </tr> </table> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelectionAppend_53875442_2" continuedAt="TextSelectionAppend_53875442_3"><ix:continuation id="TextSelection_53875445"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">This subjects the Fund to credit risk in that the municipal issuer may be fiscally unstable or exposed to large liabilities that could impair its ability to honor its obligations. Municipal issuers with significant debt service requirements, in the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">near-to</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-term;</div> unrated issuers and those with less capital and liquidity to absorb additional expenses may be most at risk. To the extent the Fund invests in lower quality or high yield municipal securities, it may be more sensitive to the adverse credit events in the municipal market. The treatment of municipalities in bankruptcy is more uncertain, and potentially more adverse to debt holders, than for corporate issues. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Liquidity Risk.</div></div> The risk that investors may have difficulty finding a buyer when they seek to sell, and therefore, may be forced to sell at a discount to the market value. Liquidity may sometimes be impaired in the municipal market and because the Fund primarily invests in municipal securities, it may find it difficult to purchase or sell such securities at opportune times. Liquidity can be impaired due to interest rate concerns, credit events, or general supply and demand imbalances. Depending on the particular issuer and current economic conditions, municipal securities could be deemed more volatile investments. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In addition to general municipal market risks, different municipal sectors may face different risks. For instance, general obligation bonds are secured by the full faith, credit, and taxing power of the municipality issuing the obligation. As such, timely payment depends on the municipality&#8217;s ability to raise tax revenue and maintain a fiscally sound budget. The timely payments may also be influenced by any unfunded pension liabilities or other post-employee benefit plan (OPEB) liabilities. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Revenue bonds are secured by special tax revenues or other revenue sources. If the specified revenues do not materialize, then the bonds may not be repaid. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Private activity bonds are yet another type of municipal security. Municipalities use private activity bonds to finance the development of industrial facilities for use by private enterprise. Principal and interest payments are to be made by the private enterprise benefitting from the development, which means that the holder of the bond is exposed to the risk that the private issuer may default on the bond. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Moral obligation bonds are usually issued by special purpose public entities. If the public entity defaults, repayment becomes a &#8220;moral obligation&#8221; instead of a legal one. The lack of a legally enforceable right to payment in the event of default poses a special risk for a holder of the bond because it has little or no ability to seek recourse in the event of default. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In addition, a significant restructuring of federal income tax rates or even serious discussion on the topic in Congress could cause municipal bond prices to fall. The demand for municipal securities is strongly influenced by the value of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> income to investors. Lower income tax rates could reduce the advantage of owning municipal securities. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Municipal notes are similar to general municipal debt obligations, but they generally possess shorter terms. Municipal notes can be used to provide interim financing and may not be repaid if anticipated revenues are not realized. </div></div> </ix:continuation></ix:continuation></div> <div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelectionAppend_53875442_3" continuedAt="TextSelectionAppend_53875442_4"> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_MunicipalProjectSpecificRiskMembercefRiskAxis" escape="true"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Municipal Project-Specific Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in general obligation bonds, particularly if there is a large concentration from issuers in a single state. This is because the value of municipal securities can be significantly affected by the political, economic, legal, and legislative realities of the particular issuer&#8217;s locality or municipal sector events. 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Although legislation has been enacted to support certain government sponsored entities, including the FHLBs, FHLMC and FNMA, there is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact the government sponsored entities and the values of their related securities or obligations. In addition, certain governmental entities, including FNMA and FHLMC, have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability or investment character of securities issued by these entities. 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PIMCO and each individual portfolio manager will </div></div></ix:nonNumeric></ix:continuation></div> </div> </div> <div><div style="background-color:white;display: inline;"><div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_4" continuedAt="TextSelectionAppend_53875442_5"><ix:continuation id="TextSelection_53875449"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">apply investment techniques and risk analysis in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. Certain securities or other instruments in which the Fund seeks to invest may not be available in the quantities desired. In addition, regulatory restrictions, actual or potential conflicts of interest or other considerations may cause PIMCO to restrict or prohibit participation in certain investments. In such circumstances, PIMCO or the individual portfolio managers may determine to purchase other securities or instruments as substitutes. Such substitute securities or instruments may not perform as intended, which could result in losses to the Fund. The Fund is also subject to the risk that deficiencies in the internal systems or controls of PIMCO or another service provider will cause losses for the Fund or hinder Fund operations. For example, trading delays or errors (both human and systemic) could prevent the Fund from purchasing a security expected to appreciate in value. To the extent the Fund employs strategies targeting perceived pricing inefficiencies, arbitrage strategies or similar strategies, it is subject to the risk that the pricing or valuation of the securities and instruments involved in such strategies may change unexpectedly, which may result in reduced returns or losses to the Fund. Additionally, actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each individual portfolio manager in connection with managing the Fund and may also adversely affect the ability of the Fund to achieve its investment objective. There also can be no assurance that all of the personnel of PIMCO will continue to be associated with PIMCO for any length of time. The loss of the services of one or more key employees of PIMCO could have an adverse impact on the Fund&#8217;s ability to realize its investment objective. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In addition, the Fund may rely on various third-party sources to calculate its NAV. As a result, the Fund is subject to certain operational risks associated with reliance on service providers and service providers&#8217; data sources. In particular, errors or systems failures and other technological issues may adversely impact the Fund&#8217;s calculations of its NAV, and such NAV calculation issues may result in inaccurately calculated NAV, delays in NAV calculation and/or the inability to calculate NAVs over extended periods. The Fund may be unable to recover any losses associated with such failures. </div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_IssuerRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Issuer Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The value of a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. A change in the financial condition of a single issuer may affect securities markets as a whole. These risks can apply to the Common Shares issued by the Fund and to the issuers of securities and other instruments in which the Fund invests. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_InterestRateRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_53875451"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Interest Rate Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Interest rate risk is the risk that fixed income securities and other instruments in the Fund&#8217;s portfolio will decline in value because of a </div></div></ix:nonNumeric> </ix:continuation></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_5" continuedAt="TextSelectionAppend_53875442_6"><ix:continuation id="TextSelection_53875451" continuedAt="TextSelectionAppend_53875451_1"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">change in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and the Fund may lose money as a result of movements in interest rates. The Fund may not be able to effectively hedge against changes in interest rates or may choose not to do so for cost or other reasons. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions). Recently, there have been signs of inflationary price movements. As such, fixed income securities markets may experience heightened levels of interest rate, volatility and liquidity risk. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile. Duration is a measure used to determine the sensitivity of a security&#8217;s price to changes in interest rates that incorporates a security&#8217;s yield, coupon, final maturity and call features, among other characteristics. Duration is useful primarily as a measure of the sensitivity of a fixed income security&#8217;s market price to interest rate (i.e., yield) movements. All other things remaining equal, for each one percentage point increase in interest rates, the value of a portfolio of fixed income investments would generally be expected to decline by one percent for every year of the portfolio&#8217;s average duration above zero. For example, the value of a portfolio of fixed income securities with an average duration of fourteen years would generally be expected to decline by approximately 14% if interest rates rose by one percentage point. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Variable and floating rate securities may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Fund&#8217;s shares. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Measures such as average duration may not accurately reflect the true interest rate sensitivity of the Fund. This is especially the case if the Fund consists of securities with widely varying durations. Therefore, if the Fund has an average duration that suggests a certain level of interest rate risk, the Fund may in fact be subject to greater interest rate risk than the average would suggest. 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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_6" continuedAt="TextSelectionAppend_53875442_7"><ix:continuation id="TextSelectionAppend_53875451_1"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Convexity is an additional measure used to understand a security&#8217;s or Fund&#8217;s interest rate sensitivity. Convexity measures the rate of change of duration in response to changes in interest rates. With respect to a security&#8217;s price, a larger convexity (positive or negative) may imply more dramatic price changes in response to changing interest rates. Convexity may be positive or negative. Negative convexity implies that interest rate increases result in increased duration, meaning increased sensitivity in prices in response to rising interest rates. Thus, securities with negative convexity, which may include bonds with traditional call features and certain mortgage-backed securities, may experience greater losses in periods of rising interest rates. Accordingly, if the Fund holds such securities, the Fund may be subject to a greater risk of losses in periods of rising interest rates. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Rising interest rates may result in periods of volatility and a decline in value of the Fund&#8217;s fixed income investments. Further, while U.S. bond markets have steadily grown over the past three decades, dealer &#8220;market making ability has remained relatively stagnant. As a result, dealer inventories of certain types of bonds and similar instruments, which provide a core indication of the ability of financial intermediaries to &#8220;make markets,&#8221; are at or near historic lows in relation to market size. Because market makers provide stability to a market through their intermediary services, a significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty. All of these factors, collectively and/or individually, could cause the Fund to lose value. </div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_CreditRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Credit Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling, or is perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor its obligations. The downgrade of the credit of a security held by the Fund may decrease its value. Measures such as average credit quality may not accurately reflect the true credit risk of the Fund. This is especially the case if the Fund consists of securities with widely varying credit ratings. This risk is greater to the extent the Fund uses leverage or derivatives. Municipal bonds are subject to the risk that litigation, legislation or other political events, local business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer&#8217;s ability to make payments of principal and/or interest. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_53875453"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The mortgage-related assets in which the Fund may invest include, but are not limited to, any security, instrument or other asset that is related to U.S. or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-U.S.</div> mortgages, including those issued by private originators or issuers, or issued or guaranteed as to principal or interest by the U.S. government or its agencies or instrumentalities or by non-U.S. governments or authorities, such as, without limitation, assets representing interests in, collateralized or backed by, or whose values are </div></div></ix:nonNumeric> </ix:continuation></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_7" continuedAt="TextSelectionAppend_53875442_8"><ix:continuation id="TextSelection_53875453" continuedAt="TextSelectionAppend_53875453_1"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">determined in whole or in part by reference to any number of mortgages or pools of mortgages or the payment experience of such mortgages or pools of mortgages, including REMICs, which could include <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Re-REMICs,</div> mortgage pass-through securities, inverse floaters, CMOs, CLOs, multiclass pass-through securities, private mortgage pass-through securities, stripped mortgage securities (generally interest-only and principal-only securities), mortgage-related asset backed securities and mortgage-related loans (including through participations, assignments, originations and whole loans), including commercial and residential mortgage loans. Exposures to mortgage-related assets through derivatives or other financial instruments will be considered investments in mortgage-related assets. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may also invest in other types of ABS, including CDOs, CBOs and CLOs and other similarly structured securities See &#8220;The Fund&#8217;s Investment Objective and Strategies-Portfolio Contents and Other Information-Mortgage-Related and Other Asset-Backed Instruments&#8221; in this prospectus and &#8220;Investment Objective and Policies-Mortgage-Related and Other Asset- Backed Instruments&#8221; in the Statement of Additional Information for a description of the various mortgage-related and other asset-backed instruments in which the Fund may invest and their related risks. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Mortgage-related and other asset-backed instruments represent interests in &#8220;pools&#8221; of mortgages or other assets such as consumer loans or receivables held in trust and often involve risks that are different from or possibly more acute than risks associated with other types of debt instruments. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related assets, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Fund may exhibit additional volatility since individual mortgage holders are less likely to exercise prepayment options, thereby putting additional downward pressure on the value of these securities and potentially causing the Fund to lose money. This is known as extension risk. Mortgage-backed securities can be highly sensitive to rising interest rates, such that even small movements can cause the Fund to lose value. Mortgage-backed securities, and in particular those not backed by a government guarantee, are subject to credit risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund may have to reinvest that money at the lower prevailing interest rates. The Fund&#8217;s investments in other asset-backed instruments are subject to risks similar to those associated with mortgage-related assets, as well as additional risks associated with the nature of the assets and the servicing of those assets. Payment of principal and interest on asset-backed instruments may be largely dependent upon the cash flows generated by the assets backing the instruments, and asset-backed instruments may not have the benefit of any security interest in the related assets. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Subordinate mortgage-backed or asset-backed instruments are paid interest only to the extent that there are funds available to make payments. 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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_8" continuedAt="TextSelectionAppend_53875442_9"><ix:continuation id="TextSelectionAppend_53875453_1"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">delinquent loans, there is a risk that interest payments on subordinate mortgage-backed or asset-backed instruments will not be fully paid. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">There are multiple tranches of mortgage-backed and asset-backed instruments, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity or &#8220;first loss,&#8221; according to their degree of risk. The most senior tranche of a mortgage-backed or asset-backed instrument has the greatest collateralization and pays the lowest interest rate. If there are defaults or the collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. Lower tranches represent lower degrees of credit quality and pay higher interest rates intended to compensate for the attendant risks. The return on the lower tranches is especially sensitive to the rate of defaults in the collateral pool. The lowest tranche (i.e., the &#8220;equity&#8221; or &#8220;residual&#8221; tranche) specifically receives the residual interest payments (i.e., money that is left over after the higher tranches have been paid and expenses of the issuing entities have been paid) rather than a fixed interest rate. The Fund may also invest in the residual or equity tranches of mortgage-related and other asset-backed instruments, which may be referred to as subordinate mortgage-backed or asset-backed instruments and interest-only mortgage-backed or asset-backed instruments. The Fund expects that investments in subordinate mortgage-backed and other asset-backed instruments will be subject to risks arising from delinquencies and foreclosures, thereby exposing its investment portfolio to potential losses. Subordinate securities of mortgage-backed and other asset-backed instruments are also subject to greater credit risk than those mortgage-backed or other asset-backed instruments that are more highly rated. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The mortgage markets in the United States and in various foreign countries have experienced extreme difficulties in the past that adversely affected the performance and market value of certain mortgage-related investments. Delinquencies and losses on residential and commercial mortgage loans (especially subprime and second-lien mortgage loans) may increase, and a decline in or flattening of housing and other real property values may exacerbate such delinquencies and losses. In addition, reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could continue or worsen. </div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_MortgageRelatedDerivativeInstrumentsRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_53875454"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may engage in derivative transactions related to mortgage-backed securities, including purchasing and selling exchange-listed and OTC put and call options, futures and forwards on mortgages and mortgage-backed securities. The Fund may also invest in mortgage-backed securities credit default swaps, which include swaps the reference obligation for which is a mortgage-backed security or related index, such as the CMBX Index (a tradeable index referencing a basket of commercial </div></div></ix:nonNumeric> </ix:continuation></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_9" continuedAt="TextSelectionAppend_53875442_10"><ix:continuation id="TextSelection_53875454"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">mortgage-backed securities), the TRX Index (a tradeable index referencing total return swaps based on commercial mortgage-backed securities) or the ABX (a tradeable index referencing a basket of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-prime</div> mortgage backed securities). The Fund may invest in newly developed mortgage related derivatives that may hereafter become available. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Derivative mortgage-backed securities (such as principal-only (&#8220;POs&#8221;), interest-only (&#8220;IOs&#8221;) or inverse floating rate securities) are particularly exposed to call and extension risks. Small changes in mortgage prepayments can significantly impact the cash flows and the market value of these derivative instruments. In general, the risk of faster than anticipated prepayments adversely affects IOs, super floaters and premium priced mortgage-backed securities. The risk of slower than anticipated prepayments generally affects POs, floating-rate securities subject to interest rate caps, support tranches and discount priced mortgage-backed securities. In addition, particular derivative instruments may be leveraged such that their exposure (i.e., price sensitivity) to interest rate and/or prepayment risk is magnified. Mortgage-related derivative instruments involve risks associated with mortgage-related and other asset-backed instruments, privately-issued mortgage-related securities, the mortgage market, the real estate industry, derivatives and credit default swaps. See &#8220;Mortgage-Related and Other Asset-Backed Instruments Risk&#8221;, &#8220;Privately-Issued Mortgage-Related Securities Risk,&#8221; &#8220;Derivatives Risk,&#8221; and &#8220;Credit Default Swaps Risk.&#8221; </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Mortgage-related derivative instruments involve risks associated with mortgage-related and other asset-backed instruments, privately-issued mortgage-related securities, the mortgage market, the real estate industry, derivatives and credit default swaps. See &#8220;Mortgage-Related and Other Asset-Backed Instruments Risk,&#8221; &#8220;Privately-Issued Mortgage-Related Securities Risk,&#8221; &#8220;Derivatives Risk,&#8221; and &#8220;Credit Default Swaps Risk.&#8221; </div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_HighYieldSecuritiesRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_53875455"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">High Yield Securities Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">To the extent that the Fund invests in high yield securities and unrated securities of similar credit quality (commonly known as &#8220;high yield securities&#8221; or &#8220;junk bonds&#8221;), the Fund will be subject to greater levels of credit risk, call risk and liquidity risk than funds that do not invest in such securities, which could have a negative effect on the NAV and market price of the Fund&#8217;s Common Shares or Common Share dividends. These securities are considered predominantly speculative with respect to an issuer&#8217;s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely affect the market for these securities and reduce the Fund&#8217;s ability to sell these securities at an advantageous time or price. The Fund may purchase distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Issuers of high yield securities may have the right to &#8220;call or redeem the issue prior to maturity, which may result in the Fund having to reinvest the proceeds in other high yield securities or similar instruments that may pay lower interest rates. 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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_10" continuedAt="TextSelectionAppend_53875442_11"><ix:continuation id="TextSelection_53875455" continuedAt="TextSelectionAppend_53875455_1"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Consequently, transactions in high yield securities may involve greater costs than transactions in more actively traded securities. To the extent that the Fund invests in high yield securities and unrated securities of similar credit quality (commonly known as &#8220;high yield securities&#8221; or &#8220;junk bonds&#8221;), the Fund may be subject to greater levels of credit risk, call risk and liquidity risk than funds that do not invest in such securities, which could have a negative effect on the NAV and market price of the Fund&#8217;s Common Shares or Common Share dividends. These securities are considered predominantly speculative with respect to an issuer&#8217;s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely affect the market for these securities and reduce the Fund&#8217;s ability to sell these securities at an advantageous time or price. The Fund may purchase distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. Issuers of high yield securities may have the right to &#8220;call&#8221; or redeem the issue prior to maturity, which may result in the Fund having to reinvest the proceeds in other high yield securities or similar instruments that may pay lower interest rates. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in high yield securities. Consequently, transactions in high yield securities may involve greater costs than transactions in more actively traded securities. These factors may result in the Fund being unable to realize full value for these securities and/or may result in the Fund not receiving the proceeds from a sale of a high yield security for an extended period after such sale, each of which could result in losses to the Fund. Because of the risks involved in investing in high yield securities, an investment in the Fund should be considered speculative. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In general, lower rated debt securities carry a greater degree of risk that the issuer will lose its ability to make interest and principal payments, which could have a negative effect on the Fund. Securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal and are commonly referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; High yield securities involve a greater risk of default and their prices are generally more volatile and sensitive to actual or perceived negative developments. Debt securities in the lowest investment grade category also may be considered to possess some speculative characteristics by certain rating agencies. The Fund may purchase stressed or distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">An economic downturn could severely affect the ability of issuers (particularly those that are highly leveraged) to service or repay their debt obligations. Lower-rated securities are generally less liquid than higher-rated securities, which may have an adverse effect on the Fund&#8217;s ability to dispose of them. For example, under adverse market or economic conditions, the secondary market for below investment grade securities could contract further, independent of any specific adverse changes in the condition of a particular issuer, and certain securities in the Fund&#8217;s portfolio may become illiquid or less liquid. As a result, the Fund could find it more difficult to sell these securities or may be able to sell these securities only at prices lower than if such securities were widely traded. </div></div></ix:continuation></ix:continuation></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_11" continuedAt="TextSelectionAppend_53875442_12"><ix:continuation id="TextSelectionAppend_53875455_1"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">To the extent the Fund focuses on below investment grade debt obligations, PIMCO&#8217;s capabilities in analyzing credit quality and associated risks will be particularly important, and there can be no assurance that PIMCO will be successful in this regard. Due to the risks involved in investing in high yield securities, an investment in the Fund should be considered speculative. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund&#8217;s credit quality policies apply only at the time a security is purchased, and the Fund is not required to dispose of a security in the event that a rating agency or PIMCO downgrades its assessment of the credit characteristics of a particular issue. Analysis of creditworthiness may be more complex for issuers of high yield securities than for issuers of higher quality debt securities. </div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_ReinvestmentRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Reinvestment Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Income from the Fund&#8217;s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called debt obligations at market interest rates that are below the portfolio&#8217;s current earnings rate. For instance, during periods of declining interest rates, an issuer of debt obligations may exercise an option to redeem securities prior to maturity, forcing the Fund to invest in lower-yielding securities The Fund also may choose to sell higher yielding portfolio securities and to purchase lower yielding securities to achieve greater portfolio diversification, because the portfolio managers believe the current holdings are overvalued or for other investment-related reasons. A decline in income received by the Fund from its investments is likely to have a negative effect on dividend levels and the market price, NAV and/or overall return of the Common Shares. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_SecuritiesLendingRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Securities Lending Risk. </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">For the purpose of achieving income, the Fund may lend its portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. Please see &#8220;Investment Objectives and Policies&#8212;Loans of Portfolio Securities&#8221; in the Statement of Additional Information for more details. When the Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. The Fund may pay lending fees to a party arranging the loan. Cash collateral received by the Fund in securities lending transactions may be invested in short-term liquid fixed income instruments or in money market or short-term mutual funds, or similar investment vehicles, including affiliated money market or short-term mutual funds. 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<td style="vertical-align:top;text-align:right;"><div style="font-family: &quot;arial narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">40</div></div></div></td></tr></table></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_12" continuedAt="TextSelectionAppend_53875442_13"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><ix:continuation id="TextSelection_53875458">not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.</ix:continuation> </div></div><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_UsGovernmentSecuritiesRisk1MembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Certain U.S. government securities, such as U.S. Treasury bills, notes, bonds and mortgage-related securities guaranteed by the GNMA, are supported by the full faith and credit of the United States; others, such as those of the FHLBs or the FHLMC, are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the FNMA, are supported by the discretionary authority of the U.S. government to purchase the agency&#8217;s obligations; and still others are supported only by the credit of the agency, instrumentality or corporation. Although legislation has been enacted to support certain government sponsored entities, including the FHLBs, FHLMC and FNMA, there is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact the government sponsored entities and the values of their related securities or obligations. In addition, certain governmental entities, including FNMA and FHLMC, have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability or investment character of securities issued by these entities. Yields available from U.S. government debt securities are generally lower than the yields available from other debt securities. The values of U.S. government securities change as interest rates fluctuate. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_CaliforniaStateSpecificRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">California State-Specific Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal. Certain issuers of California municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain California issuers to pay principal or interest on their obligations. Provisions of the California Constitution and State statutes which limit the taxing and spending authority of California governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California&#8217;s economy is broad, it does have major concentrations in advanced technology, aerospace and defense-related manufacturing, trade, entertainment, real estate and financial services, and may be sensitive to economic problems affecting those industries. Future California political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of California issuers. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_NewYorkStateSpecificRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_53875461"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">New York State-Specific Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or </div></div></ix:nonNumeric> </ix:continuation></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_13" continuedAt="TextSelectionAppend_53875442_14"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><ix:continuation id="TextSelection_53875461">repay principal. Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations. Provisions of the New York Constitution and State statutes which limit the taxing and spending authority of New York governmental entities may impair the ability of New York issuers to pay principal and/or interest on their obligations. While New York&#8217;s economy is broad, it does have major concentrations in certain industries, such as financial services, and may be sensitive to economic problems affecting those industries. Future New York political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of New York issuers.</ix:continuation> </div></div><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_PuertoRicoSpecificRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Puerto Rico-Specific Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may be affected significantly by economic, regulatory, restructuring or political developments affecting the ability of Puerto Rico issuers to pay interest or repay principal. Certain issuers of Puerto Rico municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain Puerto Rico issuers to pay principal or interest on their obligations. Provisions of the Puerto Rico Constitution and Commonwealth laws, including a federally-appointed oversight board to oversee the Commonwealth&#8217;s financial operations, which limit the taxing and spending authority of Puerto Rico governmental entities may impair the ability of Puerto Rico issuers to pay principal and/or interest on their obligations. While Puerto Rico&#8217;s economy is broad, it does have major concentrations in certain industries, such as manufacturing and service, and may be sensitive to economic problems affecting those industries. Future Puerto Rico political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation, debt restructuring, and voter initiatives could have an adverse effect on the debt obligations of Puerto Rico issuers. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_ValuationRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Valuation Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Certain securities in which the Fund invests may be less liquid and more difficult to value than other types of securities. When market quotations or pricing service prices are not readily available or are deemed to be unreliable, the Fund values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. </div></div></ix:nonNumeric> </ix:continuation></div></div><div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">the possibility either that Common Share dividends will fall if the interest and other costs of leverage rise, or that dividends paid on Common Shares will fluctuate because such costs vary over time; and </div></div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="width:10.5pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 7pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#8718;</div></div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">the effects of leverage in a declining market or a rising interest rate environment, as leverage is likely to cause a greater decline in the NAV of the Common Shares than if the Fund were not leveraged and may result in a greater decline in the market value of the Common Shares. </div></div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In addition, the counterparties to the Fund&#8217;s leveraging transactions and preferred shareholders of the Fund will have priority of payment over the Fund&#8217;s Common Shareholders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund is required to satisfy certain asset coverage requirements in connection with its use of Preferred Shares, including those imposed by regulatory and rating agency requirements. 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Furthermore, preferred shareholders, voting separately as a single class, have the right to elect two members of the Board at all times and to elect a majority of the trustees in the event two full years&#8217; dividends on the Preferred Shares are unpaid, and also have separate class voting rights on certain matters. 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<td style="vertical-align:top;white-space:nowrap;text-align:center;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">|</div></td>
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<td style="white-space:nowrap;vertical-align:top"><div style="font-family: &quot;arial narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></td>
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<td style="vertical-align:top;text-align:right;"><div style="font-family: &quot;arial narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">42</div></div></div></td></tr></table></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_16" continuedAt="TextSelectionAppend_53875442_17"><ix:continuation id="TextSelection_53875465"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">having these instruments considered senior securities, the Fund may segregate liquid assets with a value equal (on a daily <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mark-to-market</div></div> basis) to its obligations under these types of leveraged transactions, enter into offsetting transactions or otherwise cover such transactions. At times, all or a substantial portion of the Fund&#8217;s liquid assets may be segregated for purposes of various portfolio transactions. The Fund may be unable to use such segregated assets for certain other purposes, which could result in the Fund earning a lower return on its portfolio than it might otherwise earn if it did not have to segregate those assets in respect of, or otherwise cover, such portfolio positions. To the extent the Fund&#8217;s assets are segregated or committed as cover, it could limit the Fund&#8217;s investment flexibility. Segregating assets and covering positions will not limit or offset losses on related positions. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In connection with the adoption of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> under the 1940 Act, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> as of the compliance date, August&#160;19, 2022. 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A short sale involves the sale by the Fund of a security that it does not own with the hope of purchasing the same security at a later date at a lower price. The Fund may also enter into a short position through a forward commitment or a short derivative position through a futures contract or swap agreement. If the price of the security or derivative has increased during this time, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any transaction costs (i.e., premiums and interest) paid to the broker-dealer to borrow securities. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security&#8217;s value cannot decrease below zero. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase the Fund&#8217;s exposure to long security positions and make any change in the Fund&#8217;s NAV greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that any leveraging strategy the Fund employs will be successful during any period in which it is employed. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, </div></div></ix:nonNumeric> </ix:continuation></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_17" continuedAt="TextSelectionAppend_53875442_18"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><ix:continuation id="TextSelection_53875466">regulatory or political conditions generally may exist for long periods of time. Also, there is the risk that the third party to the short sale will not fulfill its contractual obligations, causing a loss to the Fund.</ix:continuation> </div></div><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_DerivativesRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_53875467"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Derivatives Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Derivatives are subject to a number of risks, such as liquidity risk (which may be heightened for highly-customized derivatives), interest rate risk, market risk, credit risk, leveraging risk, counterparty risk, tax risk and management risk, as well as risks arising from changes in applicable requirements. They also involve the risk of mispricing, the risk of unfavorable or ambiguous documentation and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. If the Fund invests in a derivative instrument, the Fund could lose more than the amount invested and derivatives may increase the volatility of the Fund, especially in unusual or extreme market conditions. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial or that, if used, such strategies will be successful. The Fund&#8217;s use of derivatives may increase or accelerate the amount of taxes payable by Common Shareholders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Over-the-counter</div></div> (&#8220;OTC&#8221;) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivative transactions. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund&#8217;s clearing broker, or the clearinghouse, rather than with a counterparty in an OTC derivative transaction. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with the Fund&#8217;s clearing broker, or the clearinghouse. Participation in the markets for derivative instruments involves investment risks and transaction costs to which the Fund may not be subject absent the use of these strategies. The skills needed to successfully execute derivative strategies may be different from those needed for other types of transactions. If the Fund incorrectly forecasts the value and/or creditworthiness of securities, currencies, interest rates, counterparties or other economic factors involved in a derivative transaction, the Fund might have been in a better position if the Fund had not entered into such derivative transaction. 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<td style="vertical-align:bottom"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Base Prospectus</div></div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;white-space:nowrap"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_18" continuedAt="TextSelectionAppend_53875442_19"><ix:continuation id="TextSelection_53875467" continuedAt="TextSelectionAppend_53875467_1"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Because the markets for certain derivative instruments (including markets located in foreign countries) are relatively new and still developing, appropriate derivative transactions may not be available in all circumstances for risk management or other purposes. Upon the expiration of a particular contract, the Fund may wish to retain the Fund&#8217;s position in the derivative instrument by entering into a similar contract, but may be unable to do so if the counterparty to the original contract is unwilling to enter into the new contract and no other appropriate counterparty can be found. When such markets are unavailable, the Fund will be subject to increased liquidity and investment risk. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may enter into opposite sides of interest rate swap and other derivatives for the principal purpose of generating distributable gains on the one side (characterized as ordinary income for tax purposes) that are not part of the Fund&#8217;s duration or yield curve management strategies (&#8220;paired swap transactions&#8221;), and with a substantial possibility that the Fund will experience a corresponding capital loss and decline in NAV with respect to the opposite side transaction (to the extent it does not have corresponding offsetting capital gains). Consequently, Common Shareholders may receive distributions and owe tax on amounts that are effectively a taxable return of the shareholder&#8217;s investment in the Fund, at a time when their investment in the Fund has declined in value, which tax may be at ordinary income rates. The tax treatment of certain derivatives in which the Fund invests may be unclear and thus subject to recharacterization. Any recharacterization of payments made or received by the Fund pursuant to derivatives potentially could affect the amount, timing or character of Fund distributions. In addition, the tax treatment of such investment strategies may be changed by regulation or otherwise. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">When a derivative is used as a hedge against a position that the Fund holds, any loss generated by the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. Although hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the underlying instrument, and there can be no assurance that the Fund&#8217;s hedging transactions will be effective. In such case, the Fund may lose money. The regulation of the derivatives markets has increased over the past several years, and additional future regulation of the derivatives markets may make derivatives more costly, may limit the availability or reduce the liquidity of derivatives or may otherwise adversely affect the value or performance of derivatives. Any such adverse future developments could impair the effectiveness or raise the costs of the Fund&#8217;s derivative transactions, impede the employment of the Fund&#8217;s derivatives strategies, or adversely affect the Fund&#8217;s performance and cause the Fund to lose value. For instance, on October&#160;28, 2020, the SEC adopted Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> under the 1940 Act providing for the regulation of a registered investment company&#8217;s use of derivatives and certain related instruments. Among other things, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Rule&#160;18f-4</div> limits the Fund&#8217;s derivatives exposure through a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">value-at-risk</div></div> test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. Subject to certain conditions, limited derivatives users (as defined in Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4),</div> however, would not be subject to the full requirements of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4.</div> In connection with the adoption of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> under the 1940 Act, the SEC also </div></div></ix:continuation></ix:continuation></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_19" continuedAt="TextSelectionAppend_53875442_20"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><ix:continuation id="TextSelectionAppend_53875467_1">eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> as of the compliance date, August&#160;19, 2022. As the Fund comes into compliance, the Fund&#8217;s approach to asset segregation and coverage requirements will be impacted. In addition, Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> could restrict the Fund&#8217;s ability to engage in certain derivatives transactions and/or increase the costs of such derivatives transactions, which could adversely affect the value or performance of the Fund and the Common Shares and/or the Fund&#8217;s distribution rate. See &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#8217;s use of leverage, derivatives and certain related instruments.</ix:continuation> </div></div><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_CounterpartyRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Counterparty Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund or held by special purpose or structured vehicles in which the Fund invests. In the event that the Fund enters into a derivative transaction with a counterparty that subsequently becomes insolvent or becomes the subject of a bankruptcy case, the derivative transaction may be terminated in accordance with its terms and the Fund&#8217;s ability to realize its rights under the derivative instrument and its ability to distribute the proceeds could be adversely affected. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) in a dissolution, assignment for the benefit of creditors, liquidation, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">winding-up,</div> bankruptcy or other analogous proceeding. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative transaction would typically be terminated at its fair market value. If the Fund is owed this fair market value in the termination of the derivative transaction and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty and will not have any claim with respect to any underlying security or asset. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. While the Fund may seek to manage its counterparty risk by transacting with a number of counterparties, concerns about the solvency of, or a default by, one large market participant could lead to significant impairment of liquidity and other adverse consequences for other counterparties. </div></div></ix:nonNumeric> </ix:continuation></div><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_20" continuedAt="TextSelectionAppend_53875442_21"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_AdditionalRisksAssociatedWithTheFundsPreferredSharesMembercefRiskAxis" escape="true" continuedAt="TextSelection_53875469"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Additional Risks Associated with the Fund&#8217;s Preferred Shares </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Although the Fund&#8217;s ARPS ordinarily would pay dividends at rates set at periodic auctions, the weekly auctions for the ARPS (and auctions for similar preferred shares issued by <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">closed-end</div> funds in the U.S.) have failed since 2008. The dividend rates on the ARPS since that time have been paid, and the Fund expects that they will continue to be paid for the foreseeable future, at the &#8220;maximum applicable rate.&#8221; </div></div></ix:nonNumeric> </ix:continuation></div></div><div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family: &quot;Times New Roman&quot;; font-size: 19pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_21" continuedAt="TextSelectionAppend_53875442_22"><ix:continuation id="TextSelection_53875469" continuedAt="TextSelectionAppend_53875469_1"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The maximum applicable rate for the ARPS and the RVMTP Share Dividend Rate (as defined below) is based in part on a multiple of or a spread plus a reference rate. An increase in market interest rates generally, therefore, could increase substantially the dividend rate required to be paid by the Fund to the holders of Preferred Shares, which would increase the costs associated with the Fund&#8217;s leverage and reduce the Fund&#8217;s net income available for distribution to holders of Common Shares. In addition, the multiple or spread used to calculate the maximum applicable rate for the ARPS and the RVMTP Share Dividend Rate is based in part on the credit rating assigned to the ARPS or RVMTP Shares by the applicable rating agency(ies), with the multiple or spread generally increasing as the rating declines. Accordingly, future ratings downgrades may result in increases to the maximum applicable rate for the ARPS or to the RVMTP Share Dividend Rate. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Therefore, it is possible that a substantial rise in market interest rates and/or further ratings downgrades of the Preferred Shares could, by reducing income available for distribution to the holders of Common Shares and otherwise detracting from the Fund&#8217;s investment performance, make the Fund&#8217;s continued use of Preferred Shares for leverage purposes less attractive than such use is currently considered to be. In such case, the Fund may elect to redeem some or all of the Preferred Shares outstanding, which may require it to dispose of investments at inopportune times and to incur losses on such dispositions. Such dispositions may adversely affect the Fund&#8217;s investment performance generally, and the resultant loss of leverage may materially and adversely affect the Fund&#8217;s investment returns. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund is also subject to certain asset coverage tests associated with the rating agencies that rate the Preferred Shares. Failure by the Fund to maintain the asset coverages (or to cure such failure in a timely manner) may require the Fund to redeem Preferred Shares and could preclude the Fund from declaring or paying any dividends or distributions to holders of Common Shares. Failure to satisfy ratings agency asset coverage tests or other guidelines could also result in the applicable ratings agency downgrading its then-current ratings on the Preferred Shares, as described above. Moreover, the rating agency guidelines impose restrictions or limitations on the Fund&#8217;s use of certain financial instruments or investment techniques that the Fund might otherwise utilize in order to achieve its investment objective, which may adversely affect the Fund&#8217;s investment performance. Rating agency guidelines may be modified by the rating agencies in the future and such modifications may make such guidelines substantially more restrictive or otherwise result in downgrades, which could further negatively affect the Fund&#8217;s investment performance. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The ratings agencies that have assigned ratings to the Fund&#8217;s Preferred Shares may change their rating methodologies, perhaps substantially. Such a change could adversely affect the ratings assigned to the Fund&#8217;s Preferred Shares, the dividend rates paid thereon, and the expenses borne by holders of Common Shares. For instance, Fitch Ratings published ratings criteria relating to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">closed-end</div> funds on December&#160;4, 2020, which effectively result in a rating cap of &#8220;AA&#8221; for debt and preferred stock issued by all <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">closed-end</div> funds and a rating cap of &#8220;A&#8221; for debt and </div></div></ix:continuation></ix:continuation></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="display:inline;"><ix:continuation id="TextSelectionAppend_53875442_22" continuedAt="TextSelectionAppend_53875442_23"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><ix:continuation id="TextSelectionAppend_53875469_1">preferred shares issued by <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(i)&#160;closed-end</div> funds exposed to emerging market debt, below-investment-grade and unrated debt, structured securities and equity, and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(ii)&#160;closed-end</div> funds with material exposure to &#8220;BBB&#8221; category rated assets. On December&#160;6, 2021, Fitch affirmed &#8220;AA&#8221; long-term ratings of the Fund&#8217;s RVMTP Shares. Fitch does not currently rate the Fund&#8217;s ARPS. In addition, future ratings downgrades by Moody&#8217;s or Fitch, as applicable, may result in an increase to the Fund&#8217;s Preferred Shares dividend rates.</ix:continuation> </div></div><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_ConfidentialInformationAccessRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Confidential Information Access Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In managing the Fund (and other PIMCO clients), PIMCO may from time to time have the opportunity to receive material, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-public</div> information (&#8220;Confidential Information&#8221;) about the issuers of certain investments, including, without limitation, senior floating rate loans, other loans and related investments being considered for acquisition by the Fund or held in the Fund&#8217;s portfolio. For example, an issuer of privately placed loans considered by the Fund may offer to provide PIMCO with financial information and related documentation regarding the issuer that is not publicly available. Pursuant to applicable policies and procedures, PIMCO may (but is not required to) seek to avoid receipt of Confidential Information from the issuer so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of the Fund and other clients to which such Confidential Information relates. In such circumstances, the Fund (and other PIMCO clients) may be disadvantaged in comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells an investment. Further, PIMCO&#8217;s and the Fund&#8217;s abilities to assess the desirability of proposed consents, waivers or amendments with respect to certain investments may be compromised if they are not privy to available Confidential Information. PIMCO may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If PIMCO intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell investments to which such Confidential Information relates. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_PrivatePlacementsAndRestrictedSecuritiesRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_53875471"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">A private placement involves the sale of securities that have not been registered under the Securities Act or relevant provisions of applicable <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-U.S.</div> law to certain institutional and qualified individual purchasers, such as the Fund. In addition to the general risks to which all securities are subject, securities received in a private placement generally are subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities. See &#8220;Principal Risks of the Fund&#8212;Liquidity Risk.&#8221; Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most favorable time or price. Private placements may also raise valuation risks. Restricted securities are often purchased at a discount from the market price of unrestricted securities of the same issuer reflecting the fact that such securities may not be readily marketable without some time delay. Such securities are often more difficult to value and the sale of such securities often requires more time and results in higher brokerage </div></div></ix:nonNumeric> </ix:continuation></div></div></div></div> <div style="background-color:white;display: inline;"><div style="clear:both; height:0pt; font-size:0pt"></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelectionAppend_53875442_23" continuedAt="TextSelectionAppend_53875442_24"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><ix:continuation id="TextSelection_53875471">charges or dealer discounts and other selling expenses than does the sale of securities trading on national securities exchanges or in the <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">over-the-counter</div></div> markets. Until the Fund can sell such securities into the public markets, its holdings may be less liquid and any sales will need to be made pursuant to an exemption under the Securities Act.</ix:continuation> </div></div><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_InflationDeflationRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Inflation/Deflation Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Inflation risk is the risk that the value of assets or income from the Fund&#8217;s investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of the Fund&#8217;s portfolio could decline. Inflation has recently increased and it cannot be predicted whether it may decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#8217;s portfolio and Common Shares. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_RegulatoryChangesRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Changes Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and /or preclude the Fund&#8217;s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. The Fund and the Investment Manager have historically been eligible for exemptions from certain regulations. However, there is no assurance that the Fund and the Investment Manager will continue to be eligible for such exemptions. Actions by governmental entities may also impact certain instruments in which the Fund invests. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Moreover, government regulation may have unpredictable and unintended effects. Legislative or regulatory actions to address perceived liquidity or other issues in fixed income markets generally, or in particular markets such as the municipal securities market, may alter or impair the Fund&#8217;s ability to pursue its investment objective or utilize certain investment strategies and techniques. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Current rules related to credit risk retention requirements for ABS may increase the cost to originators, securitizers and, in certain cases, asset managers of securitization vehicles in which the Fund may invest. The impact of the risk retention rules on the securitization markets is uncertain. These requirements may increase the costs to originators, securitizers, and, in certain cases, collateral managers of securitization vehicles in which the Fund may invest, which costs could be passed along to the Fund as an investor in such vehicles. In addition, the costs imposed by the risk retention rules on originators, securitizers and/or collateral managers may result in a reduction of the number of new offerings of ABS and thus in fewer investment opportunities for the Fund. A reduction in the number of new securitizations could also reduce liquidity in the markets for certain types of financial assets, which in turn could negatively affect the returns on the Fund&#8217;s investment. </div></div></ix:nonNumeric> </ix:continuation></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelectionAppend_53875442_24" continuedAt="TextSelectionAppend_53875442_25"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_RegulatoryRiskLondonInterbankOfferedRateLiborMembercefRiskAxis" escape="true" continuedAt="TextSelection_53875474"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Risk &#8211; London Interbank Offered Rate (&#8220;LIBOR&#8221;) </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund&#8217;s investments (including, but not limited to, repurchase agreements, collateralized loan obligations and mortgage-backed securities), payment obligations and financing terms may rely in some fashion on the London Interbank Offered Rate (&#8220;LIBOR&#8221;). LIBOR is an average interest rate, determined by the ICE Benchmark Administration that banks charge one another for the use of short-term money. ,On July&#160;27, 2017, the Chief Executive of the FCA announced that after 2021 it would cease its active encouragement of banks to provide the quotations needed to sustain LIBOR due to the absence of an active market for interbank unsecured lending and other reasons. On March&#160;5, 2021, the FCA publicly announced that all U.S.&#160;Dollar LIBOR settings will either cease to be provided by any administrator or will no longer be representative (i)&#160;immediately after December&#160;31, 2021 for <div style="white-space:nowrap;display:inline;">one-week</div> and <div style="white-space:nowrap;display:inline;">two-month</div> U.S.&#160;Dollar LIBOR settings and (ii)&#160;immediately after June&#160;30, 2023 for the remaining U.S.&#160;Dollar LIBOR settings. As of January&#160;1, 2022, as a result of supervisory guidance from U.S. regulators, some U.S. regulated entities have ceased entering into new LIBOR contracts with limited exceptions. While publication of the <div style="white-space:nowrap;display:inline;">one-,</div> three- and <div style="white-space:nowrap;display:inline;">six-</div> month Sterling and Japanese yen LIBOR settings will continue at least through calendar year 2022 on the basis of a changed methodology (known as &#8220;synthetic LIBOR&#8221;), these rates have been designated by the FCA as unrepresentative of the underlying market they seek to measure and are solely available for use in legacy transactions. Certain bank-sponsored committees in other jurisdictions, including Europe, the United Kingdom, Japan and Switzerland, have selected alternative reference rates denominated in other currencies. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain, and they may vary depending on factors that include, but are not limited to: (i)&#160;existing fallback or termination provisions in individual contracts and (ii)&#160;whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. For example, certain of the Fund&#8217;s investments may involve individual contracts that have no existing fallback provision or language that contemplates the discontinuation of LIBOR, and those investments could experience increased volatility or illiquidity as a result of the transition process. In addition, interest rate provisions included in such contracts, or in contracts or other arrangements entered into by the Fund, may need to be renegotiated. On March&#160;15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System and based on the Secured Overnight Financing Rate for certain contracts that reference LIBOR and contain no, or insufficient, fallback provisions. It is expected that implementing </div></div></ix:nonNumeric> </ix:continuation></div><div style="clear:both; height:0pt; font-size:0pt"></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelectionAppend_53875442_25" continuedAt="TextSelectionAppend_53875442_26"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><ix:continuation id="TextSelection_53875474">regulations in respect of the law will follow. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by the Fund, a change in the cost of borrowing or the dividend rate for any Preferred Shares that may be issued by the Fund, or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.</ix:continuation>&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; </div></div><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_RegulatoryRiskCommodityPoolOperatorMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Risk &#8211; Commodity Pool Operator </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The CFTC has adopted regulations that subject registered investment companies and their investment advisers to regulation by the CFTC if the registered investment company invests more than a prescribed level of its liquidation value in futures, options on futures or commodities, swaps, or other financial instruments regulated under the CEA and the rules thereunder (&#8220;commodity interests&#8221;), or if the Fund markets itself as providing investment exposure to such instruments. The Investment Manager is registered with the CFTC as a CPO. However, with respect to the Fund, the Investment Manager has claimed an exclusion from registration as a CPO pursuant to CFTC Rule 4.5. For the Investment Manager to remain eligible for this exclusion, the Fund must comply with certain limitations, including limits on its ability to use any commodity interests and limits on the manner in which the Fund holds out its use of such commodity interests. These limitations may restrict the Fund&#8217;s ability to pursue its investment objective and strategies increase the costs of implementing its strategies, result in higher expenses for the Fund, and/or adversely affect the Fund&#8217;s total return. To the extent the Fund becomes ineligible for this exclusion from CFTC regulation, the Fund may consider steps in order to continue to qualify for exemption from CFTC regulation, or may determine to operate subject to CFTC regulation. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_LiquidityRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_53875476"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Liquidity Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Liquidity risk exists when particular investments are difficult to purchase or sell. Illiquid investments are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may become harder to value, especially in changing markets. The Fund&#8217;s investments in illiquid investments may reduce the returns of the Fund because it may be unable to sell the illiquid investments at an advantageous time or price or possibly require the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. Bond markets have consistently grown over the past three decades while the capacity for traditional dealer counterparties to engage in fixed income trading has not kept pace and in some cases has decreased. As a result, dealer inventories of corporate bonds, which provide a core indication of the ability of financial intermediaries to </div></div></ix:nonNumeric> </ix:continuation></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelectionAppend_53875442_26" continuedAt="TextSelectionAppend_53875442_27"><ix:continuation id="TextSelection_53875476"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">&#8220;make markets,&#8221; are at or near historic lows in relation to market size. Because market makers seek to provide stability to a market through their intermediary services, a significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty. In such cases, the Fund, due to the difficulty in purchasing and selling such securities or instruments, may be unable to achieve its desired level of exposure to a certain sector. To the extent that the Fund invests in securities of companies with smaller market capitalizations, foreign <div style="white-space:nowrap;display:inline;">(non-U.S.)</div> securities, Rule 144A securities, illiquid sectors of fixed income securities, derivatives or securities with substantial market and/or credit risk, the Fund will tend to have greater exposure to liquidity risk. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Further fixed income securities with longer durations until maturity face heightened levels of liquidity risk as compared to fixed income securities with shorter durations until maturity. The risks associated with illiquid instruments may be particularly acute in situations in which the Fund&#8217;s operations require cash (such as in connection with tender offers) and could result in the Fund borrowing to meet its short-term needs or incurring losses on the sale of illiquid instruments. It may also be the case that other market participants may be attempting to liquidate fixed income holdings at the same time as the Fund, causing increased supply in the market and contributing to liquidity risk and downward pricing pressure. </div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_TaxRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_53875477"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Tax Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund has elected to be treated as a RIC under the Code and intends each year to qualify and be eligible to be treated as such, so that it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or long-term capital gains, that are distributed to shareholders. In order to qualify and be eligible for such treatment, the Fund must meet certain asset diversification tests, derive at least 90% of its gross income for such year from certain types of qualifying income, and distribute to its shareholders at least 90% of its &#8220;investment company taxable income&#8221; as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses). </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund&#8217;s investment strategy will potentially be limited by its intention to continue qualifying for treatment as a RIC, and can limit the Fund&#8217;s ability to continue qualifying as such. The tax treatment of certain of the Fund&#8217;s investments under one or more of the qualification or distribution tests applicable to RICs is uncertain. An adverse determination or future guidance by the IRS or a change in law might affect the Fund&#8217;s ability to qualify or be eligible for treatment as a RIC. Income and gains from certain of the Fund&#8217;s activities may not constitute qualifying income to a RIC for purposes of the 90% gross income test. If the Fund were to treat income or gain from a particular investment or activity as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other nonqualifying income, caused the Fund&#8217;s nonqualifying income to exceed 10% of its gross </div></div></ix:nonNumeric> </ix:continuation></div><div style="clear:both; height:0pt; font-size:0pt"></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelectionAppend_53875442_27" continuedAt="TextSelectionAppend_53875442_28"><ix:continuation id="TextSelection_53875477"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">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 the Fund level. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">If, in any year, the Fund were to fail to qualify for treatment as a RIC under the Code, and were ineligible to or did not otherwise cure such failure, the Fund would be subject to tax on its taxable income at corporate rates and, when such income is distributed, shareholders would be subject to further tax on such distributions to the extent of the Fund&#8217;s current or accumulated earnings and profits. </div></div></ix:continuation><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_PortfolioTurnoverRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Turnover Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Investment Manager manages the Fund without regard generally to restrictions on portfolio turnover. The use of futures contracts and other derivative instruments with relatively short maturities may tend to exaggerate the portfolio turnover rate for the Fund. Trading in fixed income securities does not generally involve the payment of brokerage commissions, but does involve indirect transaction costs. The use of futures contracts and other derivative instruments may involve the payment of commissions to futures commission merchants or other intermediaries. Higher portfolio turnover involves correspondingly greater expenses to the Fund, including brokerage commissions or dealer <div style="white-space:nowrap;display:inline;">mark-ups</div> and other transaction costs on the sale of securities and reinvestments in other securities. The higher the rate of portfolio turnover of the Fund, the higher these transaction costs borne by the Fund generally will be. Such sales may result in realization of taxable capital gains (including short-term capital gains, which are generally taxed to shareholders at ordinary income tax rates when distributed net of short-term capital losses and net long-term capital losses), and may adversely impact the Fund&#8217;s <div style="white-space:nowrap;display:inline;">after-tax</div> returns. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_OperationalRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Operational Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">An investment in the Fund, like any fund, involves operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_OtherInvestmentCompaniesRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Other Investment Companies Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">When investing in an investment company, the Fund generally will bear its ratable share of that investment company&#8217;s expenses and remain subject to payment of the Fund&#8217;s management fees and other expenses with respect to assets so invested. Common Shareholders could therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. In addition, the securities of other investment companies may also be leveraged and will therefore be subject to the same leverage risks. </div></div></ix:nonNumeric> </ix:continuation></div><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_CybersecurityRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_53875481"><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelectionAppend_53875442_28" continuedAt="TextSelectionAppend_53875442_29"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Cybersecurity Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">As the use of technology has become more prevalent in the course of business, the Fund is potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events from outside threat actors or internal resources that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction, lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security breaches may involve unauthorized access to the Fund&#8217;s digital information systems (e.g., through &#8220;hacking&#8221; or malicious software coding), and may come from multiple sources, including outside attacks such as <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">denial-of-service</div></div> attacks (i.e., efforts to make network services unavailable to intended users) or cyber extortion, including exfiltration of data held for ransom and/or &#8220;ransomware&#8221; attacks that renders systems inoperable until ransom is paid, or insider actions. In addition, cyber security breaches involving the Fund&#8217;s third party service providers (including but not limited to advisers, <div style="white-space:nowrap;display:inline;">sub-advisers,</div> administrators, transfer agents, custodians, vendors, suppliers, distributors and other third parties), trading counterparties or issuers in which the Fund invests can also subject the Fund to many of the same risks associated with direct cyber security breaches or extortion of company data. Moreover, cyber security breaches involving trading counterparties or issuers in which the Fund invests could adversely impact such counterparties or issuers and cause the Fund&#8217;s investment to lose value. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund&#8217;s ability to calculate its NAV, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Like with operational risk in general, the Fund has established business continuity plans and risk management systems designed to reduce the risks associated with cyber security. However, there are inherent limitations in these plans and systems, including that certain risks may not have been identified, in large part because different or unknown threats may emerge in the future. As such, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers in which the Fund may invest, trading counterparties or third party service providers to the Fund. Such entities have experienced cyber attacks and other attempts to gain unauthorized access to systems from time to time, and there is no guarantee that efforts to prevent or mitigate the effects of such attacks or other attempts to gain unauthorized access will be successful. There is also a risk that cyber security breaches may not be detected. The Fund and its </div></div></ix:continuation></div><div style="clear:both; height:0pt; font-size:0pt"></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div></ix:nonNumeric><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelectionAppend_53875442_29" continuedAt="TextSelectionAppend_53875442_30"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><ix:continuation id="TextSelection_53875481">shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.</ix:continuation>&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; </div></div><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Potential Conflicts of Interest Risk&#8212;Allocation of Investment Opportunities </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Investment Manager and its affiliates are involved worldwide with a broad spectrum of financial services and asset management activities and may engage in the ordinary course of business in activities in which their interests or the interests of their clients may conflict with those of the Fund. The Investment Manager may provide investment management services to other funds and discretionary managed accounts that follow an investment program similar to that of the Fund. Subject to the requirements of the 1940 Act, the Investment Manager intends to engage in such activities and may receive compensation from third parties for its services. The results of the Fund&#8217;s investment activities may differ from those of other accounts managed by the Investment Manager or its affiliates, and it is possible that the Fund could sustain losses during periods in which one or more other accounts managed by the Investment Manager or its affiliates, including proprietary accounts, achieve profits on their trading. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_RepurchaseAgreementsRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Repurchase Agreements Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may enter into repurchase agreements, in which the Fund purchases a security from a bank or broker-dealer, which agrees to repurchase the security at the Fund&#8217;s cost plus interest within a specified time. If the party agreeing to repurchase should default, the Fund will seek to sell the securities which it holds. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price. Repurchase agreements may be or become illiquid. These events could also trigger adverse tax consequences for the Fund. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_StructuredInvestmentsRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_53875484"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Structured Investments Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Holders of structured products, including structured notes, credit-linked notes and other types of structured products, bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product&#8217;s administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) are generally influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its </div></div></ix:nonNumeric> </ix:continuation></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelectionAppend_53875442_30" continuedAt="TextSelectionAppend_53875442_31"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><ix:continuation id="TextSelection_53875484">securities at below market prices if it experiences difficulty in obtaining such financing, which may adversely affect the value of the structured products owned by the Fund. Structured products generally entail risks associated with derivative instruments.</ix:continuation> </div></div><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_MarketDisruptionsRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Market Disruptions Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets, interest rates, secondary trading, ratings, credit risk, inflation, deflation, other factors relating to the Fund&#8217;s investments or the Investment Manager&#8217;s operations and the value of an investment in the Fund, its distributions and its returns. These events can also impair the technology and other operational systems upon which the Fund&#8217;s service providers, including PIMCO as the Fund&#8217;s investment adviser, rely, and could otherwise disrupt the Fund&#8217;s service providers&#8217; ability to fulfill their obligations to the Fund. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as <div style="white-space:nowrap;display:inline;">COVID-19)</div> has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund&#8217;s investments and operations. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The U.S. Federal Reserve made emergency interest-rate cuts, moving short-term rates to near zero, issued forward guidance that rates would remain low until the economy weathers the <div style="white-space:nowrap;display:inline;">COVID-19</div> crisis, and resumed quantitative easing. Additionally, Congress approved stimulus to offset the severity and duration of the adverse economic effects of <div style="white-space:nowrap;display:inline;">COVID-19</div> and related disruptions in economic and business activity. Dozens of central banks across Europe, Asia, and elsewhere have announced and/or adopted similar economic relief packages. The end of any such programs could cause market downturns, disruptions and volatility, particularly if markets view the ending as premature. </div></div></ix:nonNumeric> </ix:continuation><ix:continuation id="TextSelectionAppend_53875442_31" continuedAt="TextSelectionAppend_53875442_32"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_CertainAffiliationsMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Certain Affiliations </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Certain broker-dealers may be considered to be affiliated persons of the Fund and/or the Investment Manager due to their possible affiliations with Allianz SE, the ultimate parent of the Investment Manager. 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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelectionAppend_53875442_32" continuedAt="TextSelectionAppend_53875442_33"><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_AntiTakeoverProvisionsMembercefRiskAxis" escape="true"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Anti-Takeover Provisions </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Declaration includes provisions that could limit the ability of other entities or persons to acquire control of the Fund or to convert the Fund to <div style="white-space:nowrap;display:inline;">open-end</div> status. See &#8220;Anti-Takeover and Other Provisions in the Declaration of Trust and Bylaws.&#8221; These provisions in the Declaration could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares or at NAV. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_DistributionRateRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Distribution Rate Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Although the Fund may seek to maintain level distributions, the Fund&#8217;s distribution rates may be affected by numerous factors, including but not limited to changes in realized and projected market returns, fluctuations in market interest rates, Fund performance, and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in the Fund&#8217;s distribution rate or that the rate will be sustainable in the future. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">For instance, during periods of low or declining interest rates, the Fund&#8217;s distributable income and dividend levels may decline for many reasons. For example, the Fund may have to deploy uninvested assets (whether from purchases of Fund shares, proceeds from matured, traded or called debt obligations or other sources) in new, lower yielding instruments. Additionally, payments from certain instruments that may be held by the Fund (such as variable and floating rate securities) may be negatively impacted by declining interest rates, which may also lead to a decline in the Fund&#8217;s distributable income and dividend levels. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_AmtBondsRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">AMT Bonds Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Investments by the Fund in AMT Bonds may expose the Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. For shareholders subject to the federal alternative minimum tax, a portion of the Fund&#8217;s distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability. </div></div></ix:nonNumeric> <ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_FocusedInvestmentRiskMembercefRiskAxis" escape="true" continuedAt="TextSelection_53875490"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Focused Investment Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Substantial exposure to municipal bonds of particular issuers, geographies and/or jurisdictions will result in susceptibility to political, economic, regulatory and other factors affecting issuers of such bonds, their ability to meet their obligations and the economic condition of the facility or specific revenue source from whose revenues payments of obligations may be made. The ability of state, county, or local governments or other issuers to meet their obligations will depend primarily on the availability of tax and other revenues to those entities. The amounts of tax and other </div></div></ix:nonNumeric> </ix:continuation></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelectionAppend_53875442_33" continuedAt="TextSelectionAppend_53875442_34"><ix:continuation id="TextSelection_53875490"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">revenues available to issuers may be affected from time to time by economic, political and demographic conditions that specifically impact such issuers. In addition, there are constitutional and statutory restrictions that limit the power of certain issuers to raise revenues or increase taxes. The availability of federal, state and local aid to issuers may also affect their ability to meet their obligations. The creditworthiness of obligations issued by local issuers within a given state may be unrelated to the creditworthiness of obligations issued by the state and there is no obligation on the part of the state to make payment on such local obligations in the event of default. Any reduction in the actual or perceived ability of an issuer to meet its obligations (including a reduction in the rating of its outstanding securities) would likely affect adversely the market value and marketability of its obligations and could adversely affect the values of other bonds as well. Moreover, in such circumstances, the value of the Fund&#8217;s shares may fluctuate more widely than the value of shares of a more diversified fund. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Many factors, including national economic, social and environmental policies and conditions, which are not within the control of issuers, could affect or could have an adverse impact on the financial condition of the issuers. 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It aims to reduce the number of settlement fails that occur in EEA central securities depositories (&#8220;CSDs&#8221;) and address settlement fails where they occur. The key elements of the regime are: (i)&#160;mandatory <div style="white-space:nowrap;display:inline;">buy-ins&#8212;if</div> a settlement fail continues for a specified period of time after the intended settlement date, a <div style="white-space:nowrap;display:inline;">buy-in</div> process must be initiated to effect the settlement; (ii)&#160;cash penalties&#8212;EEA CSDs are required to impose cash penalties on participants that cause settlement fails and distribute these to receiving participants; and (iii)&#160;allocations and confirmations&#8212;EEA investment firms are required to take measures to prevent settlement fails, including putting in place arrangements with their professional clients to communicate securities allocations and transaction confirmations. These requirements apply to transactions in transferable securities (e.g., shares and bonds), money market instruments, units in funds and emission allowances that are to be settled via an EEA CSD and, in the case of cash penalties and <div style="white-space:nowrap;display:inline;">buy-in</div> requirements only, are admitted to trading or traded on an EEA trading venue or cleared by an EEA central counterparty. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The implementation of the CSDR settlement discipline regime for funds that enter into <div style="white-space:nowrap;display:inline;">in-scope</div> transactions may result in increased operational and compliance costs being borne directly or indirectly by the Fund. CSDR may also affect liquidity and increase trading costs associated with relevant securities. 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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><ix:continuation id="TextSelectionAppend_53875442_34"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><ix:continuation id="TextSelection_53875491">discipline regime, such expenses and penalties may be charged to the relevant Fund depending upon their characterization under the Fund&#8217;s Investment Management Agreement.</ix:continuation>&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; </div></div><ix:nonNumeric name="cef:RiskTextBlock" contextRef="P08_10_2022To08_10_2022_InsuranceRiskMembercefRiskAxis" escape="true"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Insurance Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide such credit enhancements will affect the value of those securities. Certain significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to <div style="white-space:nowrap;display:inline;">sub-prime</div> mortgages and other lower credit quality investments that have experienced recent defaults or otherwise suffered extreme credit deterioration. As a result, such losses reduced the insurers&#8217; capital and called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future. If the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the rating of the underlying municipal security will be more relevant and the value of the municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security would decline and may not add any value. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the net asset value of the common shares represented by such insured obligation. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Investing in the municipal bond market involves the risks of investing in debt securities generally and certain other risks. The amount of public information available about the municipal bonds in which the Fund may invest is generally less than that for corporate equities or bonds, and the investment performance of the Fund&#8217;s investment in municipal bonds may therefore be more dependent on the analytical abilities of PIMCO than its investments in taxable bonds. The secondary market for municipal bonds also tends to be less well developed or liquid than many other securities markets, which may adversely affect the Fund&#8217;s ability to sell municipal bonds at attractive prices. </div></div></ix:nonNumeric> </ix:continuation><div id="pro288652_9" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">How the Fund Manages Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may (but is not required to) use various investment strategies to attempt to hedge exposure to reduce the risk of price fluctuations of its portfolio securities, the risk of loss, and to preserve capital. Derivatives strategies and instruments that the Fund may use include, among others, reverse repurchase agreements; interest rate swaps; total return swaps; credit default swaps; basis swaps; other types of swap agreements or options thereon; dollar rolls; futures and forward contracts (including foreign currency exchange contracts); short sales; options on financial futures; options based on either an index of municipal securities or taxable debt securities whose prices, PIMCO believes, correlate with the prices of the Fund&#8217;s investments; other derivative transactions; loans of portfolio securities and when-issued, delayed delivery and forward commitment transactions. Income earned by the Fund from its hedging and related transactions may be subject to one or more special U.S. </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">federal income tax rules that can affect the amount, timing and/or character of distributions to holders of the Fund&#8217;s Common Shares. For instance, many hedging activities will be treated as capital gain and, if not offset by net realized capital loss, will be distributed to shareholders in taxable distributions. If effectively used, hedging strategies will offset in varying percentages losses incurred on the Fund&#8217;s investments due to adverse interest rate changes. There is no assurance that these hedging strategies will be available at any time or that PIMCO will determine to use them for the Fund or, if used, that the strategies will be successful. PIMCO may determine not to engage in hedging strategies or to do so only in unusual circumstances or market conditions. In addition, the Fund may be subject to certain restrictions on its use of hedging strategies imposed by guidelines of one or more ratings agencies that may issue ratings on any Preferred Shares issued by the Fund. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may take certain actions if short-term interest rates increase or market conditions otherwise change (or the Fund anticipates such an increase or change) and the Fund&#8217;s leverage begins (or is expected) to adversely affect Common Shareholders. In order to attempt to offset such a negative impact of leverage on Common Shareholders, the Fund may shorten the average maturity or duration of its investment portfolio (by investing in short-term, high quality securities or implementing certain hedging strategies). The Fund also may attempt to reduce leverage by redeeming or otherwise purchasing any Preferred Shares (subject to any restrictions discussed under &#8220;Description of Capital Structure&#8212;Preferred Shares Redemption&#8221;), unwinding TOBs or by reducing any holdings in other instruments that create leverage. As explained above under &#8220;Principal Risks of the Fund&#8212;Leverage Risk,&#8221; the success of any such attempt to limit leverage risk depends on PIMCO&#8217;s ability to accurately predict interest rate or other market changes. Because of the difficulty of making such predictions, the Fund may not be successful in managing its interest rate exposure in the manner described above. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In addition, the Fund has adopted certain investment limitations designed to limit investment risk. See &#8220;Fundamental Investment Restrictions&#8221; in the Statement of Additional Information for a description of these limitations. </div></div></div><div style="clear:both; height:0pt; font-size:0pt"></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div id="pro288652_10" style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Management of the Fund </div></div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Trustees and Officers </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 Manager. The Board is currently composed of nine Trustees of the Fund (&#8220;Trustees&#8221;), two of whom are treated as &#8220;interested persons&#8221; of the Fund (as defined in the 1940 Act). The names and business addresses of the Trustees and officers of the Fund and their principal occupations and other affiliations during the past five years are set forth under &#8220;Management of the Fund&#8221; in the Statement of Additional Information. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Investment Manager</div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 activities of the Fund and the Fund&#8217;s business affairs and other administrative matters. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">PIMCO is located at 650 Newport Center Drive, Newport Beach, CA 92660. Organized in 1971, PIMCO provides investment management and advisory services to private accounts of institutional and individual clients and to registered investment companies. PIMCO is a majority-owned indirect subsidiary of Allianz SE, a publicly traded European insurance and financial services company. As of March&#160;31, 2022, PIMCO had approximately $2.05 trillion of assets under management. As of March&#160;31, 2022, PIMCO had $1.94 trillion of third-party assets under management. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">David Hammer is primarily responsible for the <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">day-to-day</div></div> portfolio management of the Fund. </div></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color:#5b7585;display:inline;">&#160;<div style="font-weight:bold;display:inline;">Portfolio Manager</div></div></td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Since</div></div></td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Recent Professional Experience</div></div></td></tr>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"><div style="color:#333333;display:inline;">&#160;David Hammer</div></div></td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="color:#333333;display:inline;">2015</div></td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="color:#333333;display:inline;">Mr.&#160;Hammer is a Managing Director and municipal bond portfolio manager in the Newport Beach office. He rejoined PIMCO in 2015 from Morgan Stanley, where he was managing director and head of municipal trading, risk management and research. Previously at PIMCO, he was a senior vice president and municipal bond portfolio manager, and prior to joining PIMCO in 2012, he was an executive director and head of the high yield and distressed municipal bond trading group at Morgan Stanley.</div></td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Control Persons </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 July&#160;22, 2022, the Fund did not know of any person or entity who &#8220;controlled&#8221; the Fund. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Additional Information </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Trustees are responsible generally for overseeing the management of the Fund. The Trustees authorize the Fund to enter into service agreements with the Investment Manager and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Fund. Shareholders are not intended to be third-party beneficiaries of such service agreements. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 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 service provider to the Fund, and/or the Trustees or officers of the Fund. The Trustees may amend this prospectus, the Statement of Additional Information, and any other contracts to which the Fund is a party, and interpret the investment objective, policies, restrictions and contractual provisions applicable to the Fund without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Fund&#8217;s prospectus or Statement of Additional Information. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Investment Management Agreement</div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Pursuant to an investment management agreement between the Investment Manager and the Fund (the &#8220;Investment Management Agreement&#8221;), the Fund has agreed to pay the Investment Manager an annual fee, payable monthly, in an amount equal to 0.685% of the Fund&#8217;s average daily net asset value (including daily net assets attributable to any Preferred Shares) for the services rendered, for the facilities it provides and for certain expenses borne by the Investment Manager pursuant to the Investment Management Agreement. Average daily net asset value includes total assets of the Fund (including daily net assets attributable to any Preferred Shares) minus accrued liabilities. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Pursuant to the Investment Management Agreement, PIMCO shall provide to the Fund investment guidance and policy direction in connection with the management of the Fund, including oral and written research, analysis, advice and statistical and economic data and information. In addition, under the terms of the Investment Management Agreement, subject to the general supervision of the Board, the Investment Manager shall provide or cause to be furnished all supervisory and administrative and other services reasonably necessary for the operation of the Fund under the unified management fee structure, including but not limited to the supervision and coordination of matters relating to the operation of the Fund, including any necessary </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div></td>
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<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Base&#160;Prospectus&#160;&#160;</div></div></td>
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<td style="vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">52</div></div></td></tr></table></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">coordination among the custodian, transfer agent, dividend disbursing agent and recordkeeping agent (including pricing and valuation of the Fund), accountants, attorneys, auction agents and other parties performing services or operational functions for the Fund; the provision of adequate personnel, office space, communications facilities, and other facilities necessary for the effective supervision and administration of the Fund, as well as the services of a sufficient number of persons competent to perform such supervisory and administrative and clerical functions as are necessary for compliance with federal securities laws and other applicable laws; the maintenance of the books and records of the Fund; the preparation of all federal, state, local and foreign tax returns and reports for the Fund; provision of administrative services to shareholders for the Fund including the maintenance of a shareholder information telephone number; the provision of certain statistical information and performance of the Fund, an internet website (if requested), and maintenance of privacy protection systems and procedures; the preparation and filing of such registration statements and other documents with such authorities as may be required to register and maintain the listing of the shares of the Fund; the taking of other such actions as may be required by applicable law (including establishment and maintenance of a compliance program for the Fund); and the preparation, filing and distribution of proxy materials, periodic reports to shareholders and other regulatory filings. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In addition, under the Investment Management Agreement, the Investment Manager will procure, at its own expense, the following services, and will bear expenses associated with the following for the Fund: a custodian or custodians for the Fund to provide for the safekeeping of the Fund&#8217;s assets; a recordkeeping agent to maintain the portfolio accounting records for the Fund; a transfer agent for the Fund; a dividend disbursing agent and/or registrar for the Fund; all audits by the Fund&#8217;s independent public accountant (except fees to auditors associated with satisfying rating agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund&#8217;s organizational documents); 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 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 as noted below) notices and proxy statements, press releases and reports to its Shareholders, the filing of reports with regulatory bodies, the maintenance of the Fund&#8217;s existence and qualification to do business, the expense of issuing, redeeming, registering and qualifying for sale, Common Shares with the federal and state securities authorities, and the expense of qualifying and listing Shares with any securities exchange or other trading system; legal services (except for extraordinary legal expenses); costs of printing certificates representing Shares of the Fund; the Fund&#8217;s pro rata portion of its fidelity bond and other insurance premiums; and association membership dues. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund (and not Investment Manager) will be responsible for certain fees and expenses that are not covered by the unified fee under the Investment Management Agreement. These include fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; the salaries and other compensation or expenses, including travel expenses, of any of the Fund&#8217;s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of Investment Manager or its subsidiaries or affiliates; taxes and governmental fees, if any, levied against the Fund; brokerage fees and commissions and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating, and structuring specialized loans and other investments made by the Fund and subject to specific or general authorization by the Fund&#8217;s Board of Trustees (for example <div style="white-space:nowrap;display:inline;">so-called</div> &#8220;broken-deal costs&#8221; (<div style="font-style:italic;display:inline;">e.g.</div>, fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments))); expenses of the Fund&#8217;s securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; costs, including interest expenses, of borrowing money or engaging in other types of leverage financing including, without limitation, through the use by the Fund of reverse repurchase agreements, TOBs, bank borrowings and credit facilities; costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for Preferred Shares or other securities issued by the Fund and other related requirements in the Fund&#8217;s organizational documents) associated with the Fund&#8217;s issuance, offering, redemption and maintenance of Preferred Shares, commercial paper or other senior securities for the purpose of incurring leverage; fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests; dividend and interest expenses on short positions taken by the Fund; organizational and offering expenses of the Fund, including with respect to share offerings following the Fund&#8217;s initial offering, such as rights and shelf offerings (including expenses associated with offerings made pursuant to this prospectus), and expenses associated with tender offers and other share repurchases and redemptions; extraordinary expenses, including extraordinary legal expenses as may arise, including expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and agents with respect thereto; and expenses of the Fund which are capitalized in accordance with generally accepted accounting principles. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Because the fees received by the Investment Manager are based on the average daily net asset value of the Fund (including daily net assets attributable to any Preferred Shares), the Investment Manager has a financial incentive for the Fund to utilize Preferred Shares, which may create a conflict of interest between the Investment Manager, on the one hand, and the holders of the Fund&#8217;s Common Shares, on the other hand. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">A discussion regarding the considerations of the Fund&#8217;s Board for approving the Investment Management Agreement between PIMCO and the Fund will be available in the Fund&#8217;s semi-annual report to shareholders for the period ended June&#160;31, 2022. </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div id="pro288652_11" style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Net Asset Value </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 liabilities, by the total number of common shares outstanding. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 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 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 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 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 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 may determine. The Fund reserves the right to change the time as of which its NAV is calculated if the Fund closes earlier, or as permitted by the SEC. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Fund&#8217;s approved pricing services, quotation reporting systems and other third-party sources (together, &#8220;Pricing Services&#8221;). The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign <div style="white-space:nowrap;display:inline;">(non-U.S.)</div> equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. A foreign <div style="white-space:nowrap;display:inline;">(non-U.S.)</div> equity security will be valued as of 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. Domestic and foreign <div style="white-space:nowrap;display:inline;">(non-U.S.)</div> fixed income securities, <div style="white-space:nowrap;display:inline;">non-exchange</div> traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services or other pricing sources. With respect to any portion of the Fund&#8217;s assets that are invested in one or more <div style="white-space:nowrap;display:inline;">open-end</div> management investment companies (including those advised by PIMCO) (other than ETFs), the Fund&#8217;s NAV will be calculated based upon the NAVs of such investments. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Investments for which market quotes or market-based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to PIMCO the responsibility for applying the fair valuation methods. In the event that market quotes or market-based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Valuation Oversight Committee of the Board (&#8220;Valuation Oversight Committee&#8221;), generally based on recommendations provided by PIMCO. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (&#8220;Broker Quotes&#8221;), Pricing Services&#8217; prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of the Fund&#8217;s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Fund&#8217;s securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">When the Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Fund&#8217;s policy is 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 ensure that fair values determined by the Board or persons acting at their direction would 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 (for instance, in a forced or distressed sale). 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Among other things, Rule <div style="white-space:nowrap;display:inline;">2a-5</div> will permit the fund&#8217;s board to designate the fund&#8217;s primary investment adviser to perform the fund&#8217;s fair value determinations, which will be subject to board oversight and certain reporting and other requirements intended to ensure that the board receives the information it needs to oversee </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Base&#160;Prospectus&#160;&#160;</div></div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">the investment adviser&#8217;s fair value determinations. Compliance with Rule <div style="white-space:nowrap;display:inline;">2a-5</div> will not be required until September&#160;8, 2022. PIMCO continues to review Rule <div style="white-space:nowrap;display:inline;">2a-5</div> and its impact on PIMCO&#8217;s and the Fund&#8217;s valuation policies and related practices. </div></div><div id="pro288652_12" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Distributions </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund makes regular monthly cash distributions to Common Shareholders at a rate based upon the past and projected net income of the Fund. Subject to applicable law, the Fund may fund a portion of its distributions with gains from the sale of portfolio securities and other sources. Distributions can only be made from net investment income after paying any accrued dividends to holders of the Preferred Shares. The dividend rate that the Fund pays on its Common Shares may vary as portfolio and market conditions change, and will depend on a number of factors, including without limit the amount of the Fund&#8217;s undistributed net investment income and net short- and long-term capital gains, as well as the costs of any leverage obtained by the Fund (including the amount of the costs and dividend rates on the outstanding Preferred Shares and interest or other expenses on any TOBs, reverse repurchase agreements, credit default swaps, dollar rolls/buy backs and borrowings). As portfolio and market 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 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. 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 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 short-term capital gains. In addition, at least annually, the Fund generally distributes net realized long-term capital gains not previously 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 expenses of the Fund (after it pays accrued dividends on the outstanding Preferred Shares). </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 earned in a particular period. The undistributed net investment income would be available to supplement future distributions. As a result, the 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 the Fund during the period. Undistributed net investment income will be additive to the Fund&#8217;s NAV and, correspondingly, distributions from undistributed net investment income will be deducted from the Fund&#8217;s NAV. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 investments. For example, the Fund may enter into opposite sides of multiple interest rate swaps or other derivatives with respect to the same underlying reference instrument (e.g., a <div style="white-space:nowrap;display:inline;">10-year</div> U.S. treasury) that have different effective dates with respect to interest accrual time periods for the 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 curve management strategies. In such a &#8220;paired swap transaction&#8221;, the Fund would generally enter into one or more interest rate swap agreements 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 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 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 return for receiving payments equal to a floating interest rate) with respect to a contract whereby the payment obligations do not commence until a date following the commencement of the initial leg (the &#8220;forward leg&#8221;). The Fund may engage in investment strategies, including those that employ the use of derivatives, to, among other things, seek to generate current, distributable income, even if such strategies could potentially result in 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 generate current income and gains taxable as ordinary income sufficient to support monthly distributions even in situations when the Fund has experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or <div style="white-space:nowrap;display:inline;">non-U.S.</div> equity markets or the Fund&#8217;s debt investments, or arising from its use of derivatives. Because some or all of these transactions may generate capital losses without corresponding offsetting capital gains, portions of the Fund&#8217;s distributions recognized as ordinary income for tax purposes (such as from paired swap transactions) may be economically similar to a taxable return of capital when considered together with such capital losses. The tax treatment of certain derivatives in which the Fund invests may be unclear and thus subject to recharacterization. Any recharacterization of payments made or received by the Fund pursuant to derivatives potentially could affect the amount, timing or character of Fund distributions. In addition, the tax treatment of such investment strategies may be changed by regulation or otherwise. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 respect to the estimated source (as between net income, gains or other capital source) of the distribution made. If the Fund estimates that a portion of one of its dividend distributions may be comprised of amounts from sources other than net income in accordance with its policies and good accounting practices, the Fund will notify shareholders of record of the estimated composition of such distribution through a Section&#160;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 which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is estimated that a particular distribution does not include capital gains or <div style="white-space:nowrap;display:inline;">paid-in</div> surplus or other capital sources, a Section&#160;19 Notice generally 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 financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Fund&#8217;s internal accounting records and practices may take into account, among </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">other factors, <div style="white-space:nowrap;display:inline;">tax-related</div> characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Fund may not issue a Section&#160;19 Notice in situations where the Fund&#8217;s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 such taxable 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 net investment income and net realized capital gains (as reduced by any capital loss carry-forwards) for the relevant year. For example, the Fund may 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 offsetting short-term capital gains out of which the Fund has already made distributions. In such a situation, the amount by which the Fund&#8217;s total distributions exceed net investment income and net realized capital gains would generally be treated as a <div style="white-space:nowrap;display:inline;">tax-free</div> return of capital up to 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 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 your investment, rather than net income or capital gains generated from your investment during a particular period. A return of capital distribution is 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 disposition by the shareholder of the Common Shares. The Fund will prepare and make available to shareholders detailed tax information with respect to the Fund&#8217;s distributions annually. See &#8220;Tax Matters.&#8221; </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 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 eligible for favorable income tax rates. The Fund, as well as several other PIMCO-managed closed end funds, has received exemptive relief from the SEC permitting it to make a greater number of capital gains distributions to holders of the ARPS than would otherwise be permitted by Section&#160;19(b) of the 1940 Act and Rule <div style="white-space:nowrap;display:inline;">19b-1</div> under the 1940 Act. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Unless a Common Shareholder elects to receive distributions in cash, all distributions of Common Shareholders whose shares are registered with the plan agent will be automatically reinvested in additional Common Shares of the Fund under the Fund&#8217;s Dividend Reinvestment Plan. </div></div><div id="pro288652_13" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Dividend Reinvestment Plan </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The information contained under the heading &#8220;Dividend Reinvestment Plan&#8221; in the Fund&#8217;s Annual Report is incorporated herein by reference. </div></div><ix:nonNumeric name="cef:CapitalStockTableTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true" continuedAt="TextSelection_53875578"><div id="pro288652_14" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Description of Capital Structure</div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 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 Declaration and Bylaws are each exhibits to the registration statement of which this prospectus is a part. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund is an unincorporated voluntary association with transferable shares of beneficial interest (commonly referred to as a &#8220;Massachusetts business trust&#8221;) established under the laws of the Commonwealth of Massachusetts by the Declaration. The Declaration provides that the Trustees of the Fund may authorize separate classes of shares of beneficial interest. 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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Amount&#160;Authorized</div></div></td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;Amount&#160;Outstanding&#160;&#160;</div></div></td></tr>
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<td style="padding-bottom:2pt ;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;<ix:nonNumeric name="cef:OutstandingSecurityTitleTextBlock" contextRef="P06_30_2022To06_30_2022_CommonSharesMembercefSecurityAxis" escape="true">Common Shares</ix:nonNumeric></div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;">Unlimited</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
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<td style="vertical-align:bottom">&#160;&#160;</td>
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<td style="vertical-align:bottom">&#160;&#160;</td>
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<td colspan="2" style="height:0.75pt"></td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7">
<td style="padding-bottom:2pt ;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"><ix:nonNumeric name="cef:OutstandingSecurityTitleTextBlock" contextRef="P06_30_2022To06_30_2022_SeriesAArpsMembercefSecurityAxis" escape="true">Series A ARPS</ix:nonNumeric></div></td>
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<td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"><ix:nonFraction name="cef:OutstandingSecurityAuthorizedShares" contextRef="P06_30_2022To06_30_2022_SeriesEArpsMembercefSecurityAxis" unitRef="Unit_shares" decimals="INF" scale="0" format="ixt:num-dot-decimal">4,040</ix:nonFraction></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
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<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;<ix:nonNumeric name="cef:OutstandingSecurityTitleTextBlock" contextRef="P06_30_2022To06_30_2022_SeriesTwoThousandAndFiftyOneRvmtpSharesMembercefSecurityAxis" escape="true">Series 2051 RVMTP Shares</ix:nonNumeric></div></td>
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<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;">Unlimited</td>
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<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div></td>
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<td style="vertical-align:top;white-space:nowrap;text-align:center;"><div style="font-family:Arial Narrow;color:#335367;display:inline;">|</div></td>
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<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Base&#160;Prospectus&#160;&#160;</div></div></td>
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<td style="vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">56</div></div></td></tr></table></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom">&#160;&#160;&#160;&#160;</td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><ix:continuation id="TextSelection_53875578" continuedAt="TextSelectionAppend_53875578_1"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Common Shares of the Fund commenced trading on the NYSE in June 2002, under the trading or &#8220;ticker&#8221; symbol &#8220;PML.&#8221; As of the close of trading on the NYSE on June&#160;30, 2022, the NAV per Common Share was $9.52, and the closing price per Common Share on the NYSE was $10.74, representing a premium to NAV of 12.82%. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><ix:nonNumeric name="cef:SecurityTitleTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true"><ix:nonNumeric name="cef:SecurityDividendsTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true">Common Shareholders will be entitled to the payment of dividends and other distributions when, as and if declared by the Board after payment of preferential amounts payable to holders of Preferred Shares.</ix:nonNumeric>&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; <ix:nonNumeric name="cef:SecurityLiquidationRightsTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true">All Common Shares have equal rights to the payment of dividends and the distribution of assets upon liquidation after payment of the preferential amounts payable to holders of Preferred Shares. <ix:nonNumeric name="cef:SecurityVotingRightsTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true">Common Shares will, when issued, be fully paid and, subject to matters discussed in &#8220;Anti-Takeover and Other Provisions in the Declaration of Trust,&#8221; <div style="white-space:nowrap;display:inline;">non-assessable,</div> and will have no <div style="white-space:nowrap;display:inline;">pre-emptive</div> or conversion rights or rights to cumulative voting.</ix:nonNumeric>&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding Preferred Shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among the Fund&#8217;s Common Shareholders.</ix:nonNumeric>&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;</ix:nonNumeric> </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Preferred Shares </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Declaration authorizes the issuance of an unlimited number of preferred shares. Preferred shares may be issued in one or more classes or series, with such par value and rights as determined by the Board of Trustees, by action of the Board of Trustees without the approval of the Common Shareholders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund initially issued ARPS in five series (Series A, Series B, Series C, Series D and Series E) in August 2002, in the amount of 4,040 shares per series. The ARPS have a par value of $0.00001 and liquidation value of $25,000 per share. The ARPS have various rights determined by action of the Board without the approval of Common Shareholders, most of which are specified in Article 11 of the Bylaws. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">On September&#160;18, 2018, the Fund issued 687 variable municipal term preferred shares in a single series (the &#8220;VMTP Shares&#8221;). On June&#160;30, 2021, pursuant to the authority expressly vested in the Board, the Board authorized the redesignation of the Fund&#8217;s VMTP Shares as Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2051 (the &#8220;RVMTP Shares&#8221; and, together with the ARPS and any other preferred shares the Fund may have outstanding, the &#8220;Preferred Shares&#8221;), effective July&#160;14, 2021. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">For so long as any Preferred Shares are outstanding, the Fund generally may not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of additional Common Shares or options, warrants or rights to subscribe for or purchase Common Shares or other shares ranking junior to the Preferred Shares as to dividends or upon liquidation) in respect of Common Shares or any other shares of the Fund ranking junior to or on a parity with the Preferred Shares as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other such junior shares (except by conversion into or exchange for shares of beneficial interest of the Fund ranking junior to Preferred Shares as to dividends and upon liquidation) or any such parity shares (except by conversion into or exchange for shares of beneficial interest of the Fund ranking junior to or on a parity with Preferred Shares as to dividends and upon liquidation), unless and only if: (i)&#160;immediately after such transaction, the Fund would satisfy Moody&#8217;s Ratings Agency Preferred Shares Asset Coverage and 1940 Act Preferred Shares Asset Coverage (each as defined and described under &#8220;&#8212;Rating Agency Guidelines and Asset Coverage&#8221;); (ii) full cumulative dividends on the Preferred Shares due on or prior to the date of the transaction have been declared and paid or shall have been declared and sufficient funds for the payment thereof deposited with the auction agent for the Preferred Shares; and (iii)&#160;the Fund has redeemed the full number of Preferred Shares required to be redeemed by any provision for mandatory redemption contained in the Bylaws. See &#8220;Preferred Shares Redemption.&#8221; Further, so long as any Preferred Shares are outstanding, the Fund generally may not declare, pay or set apart for payment any dividend or other distribution on any parity shares other than the Preferred Shares unless the Fund contemporaneously declares, pays or sets apart for payment, as the case may be, the same proportionate share of dividends on the Preferred Shares. The Fund expects that similar restrictions would apply to any other classes of Preferred Shares that the Fund might choose to issue in the future. In addition, if the Fund has outstanding any senior security representing indebtedness, the 1940 Act prohibits the Fund from declaring any dividend or distribution on the Fund&#8217;s Common Shares (other than a dividend or distribution paid in shares of additional Common Shares) unless such senior securities representing indebtedness have, at the time of the declaration, asset coverage of at least 300% after deducting the amount of such dividend or distribution. See &#8220;Use of Leverage.&#8221; </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 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 Bylaws or applicable law. Except as otherwise provided by the Declaration, the Bylaws or applicable law, holders of Preferred Shares, voting as a separate class, are entitled to elect two of the Fund&#8217;s Trustees. The remaining Trustees are elected by Common Shareholders and holders of Preferred Shares, voting together as a single class. In the unlikely event that two full years of accrued dividends are unpaid on the Preferred Shares, the holders of all outstanding Preferred Shares, voting as a separate class, will be entitled to elect a majority of the Fund&#8217;s Trustees until all dividends in arrears have been paid or declared and set apart for payment. The holders of Preferred Shares also have the right to elect a majority of the Fund&#8217;s Trustees as may be required under the 1940 Act. </div></div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><ix:continuation id="TextSelectionAppend_53875578_1" continuedAt="TextSelectionAppend_53875578_2"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Preferred Shares have various rights that were approved by the Board without the approval of Common Shareholders, which are specified in the Fund&#8217;s Bylaws. Certain rights, terms and conditions the Preferred Shares are summarized below: </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Distribution Preference.</div> Any Preferred Shares, including, without limitation, the ARPS and the RVMTP Shares, have complete priority over the Common Shares as to distribution of assets. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Voting Rights.</div> Under the 1940 Act, Preferred Shares (including, without limitation, the ARPS and the RVMTP Shares) are required to be voting shares and to have equal voting rights with Common Shares. Except as otherwise indicated in the Prospectus or this Statement of Additional Information, and except as otherwise required by applicable law, Preferred Shares vote together with Common Shareholders as a single class. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In addition, holders of Preferred Shares, including the ARPS and the RVMTP Shares, voting as a separate class, are entitled to elect two of the Fund&#8217;s trustees. The remaining trustees are elected by Common Shareholders and Preferred Shareholders, voting together as a single class. In the unlikely event that two full years of accrued dividends are unpaid on the Preferred Shares, the holders of all outstanding Preferred Shares voting as a separate class, are entitled to elect a majority of the Fund&#8217;s trustees until all dividends in arrears with respect to the Preferred Shares have been paid or declared and set apart for payment. 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<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div></td>
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<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Base&#160;Prospectus&#160;&#160;</div></div></td>
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<td style="vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">58</div></div></td></tr></table></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom">&#160;&#160;&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><ix:continuation id="TextSelectionAppend_53875578_2" continuedAt="TextSelectionAppend_53875578_3"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Redemption.</div> Although the Preferred Shares are subject to redemption under certain&#160;circumstances as described below, unlike the shares of an <div style="white-space:nowrap;display:inline;">open-end</div> mutual&#160;fund, the Preferred Shares may not be redeemed at a shareholder&#8217;s option&#160;at NAV or otherwise. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">RVMTP SHARES </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Dividends.</div> The dividend rate paid on the RVMTP Shares is determined over the course of &#8220;Rate Period,&#8221; which generally begins each Thursday and ends the following Wednesday. The dividends per share for the RVMTP Shares for a given Rate Period are dependent on the RVMTP Share dividend rate (the &#8220;RVMTP Share Dividend Rate&#8221;) for that Rate Period. The RVMTP Share Dividend Rate for the RMVTP Shares is equal to the greater of (i)&#160;the sum of the &#8220;Index Rate&#8221;<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">1</div> plus an &#8220;Applicable Spread&#8221;<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">2</div> for the Rate Period plus the &#8220;Failed Remarketing Spread,&#8221;<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">3</div> if applicable, and (ii)&#160;the sum of (a)&#160;the product of the Index Rate multiplied by the &#8220;Applicable Multiplier&#8221;<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">4</div> for such Rate Period plus (b) 0.92% plus (c)&#160;the Failed Remarketing Spread, if applicable. The dividend per RVMTP Share for the Rate Period is then determined as described in the table below.<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">5</div> </div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial narrow;text-align:center"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Dividend</div></div></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial narrow;text-align:center"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Rate</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
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<td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
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<td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
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<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
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<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
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<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
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<td style="vertical-align:bottom">&#160;&#160;</td>
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<td style="vertical-align:top;text-align:center;">Dividend&#160;Rate</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center;">X</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="vertical-align:top;text-align:center;">Divided by</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:center;">X</td>
<td style="white-space:nowrap;vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:center;">100,000</td>
<td style="white-space:nowrap;vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:center;">=</td>
<td style="white-space:nowrap;vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top;text-align:center;">Dividends&#160;per&#160;RVMTP&#160;Share</td></tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7.5pt;background-color:#f4f6f7">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:center;"><div style="font-family:arial narrow;display:inline;">Total&#160;number&#160;of&#160;days&#160;in&#160;the&#160;year</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left">The "Index Rate" means the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index, or such other weekly, high-grade index comprised of seven-day, tax-exempt variable rate demand notes produced by Municipal Market Data, Inc. or its successor, or as otherwise designated by the Securities Industry and Financial Markets Association; provided that if the SIFMA Municipal Swap Index is less than zero (0), the SIFMA Municipal Swap Index will be deemed to be zero (0)&#160;for purposes of the determination of the Index Rate. </div></td></tr></table>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left">For the RVMTP Shares, the Applicable Spread for a Rate Period is a percentage per annum that is based on the long-term rating most recently assigned by the applicable ratings agency to such RVMTP Shares. </div></td></tr></table>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left">With respect to the RVMTP Shares, a Failed Remarketing Spread means (a)&#160;in the case of a Failed Special Terms Period Remarketing (as defined below): (i) for so long as two or more Failed Special Terms Period Remarketings have not occurred, 0.05%, and (ii)&#160;following the second occurrence of a Failed Special Terms Period Remarketing, 0.10% multiplied by the number of Failed Special Terms Period Remarketings that have occurred after the first Failed Special Terms Period Remarketing, and (b)&#160;in the case of a Failed Early Term Redemption Date Remarketing (as defined below): (i) 0.75% for the first 59 days following the applicable Early Term Redemption Date, (ii) 1.00% for the 60th to the 89th day following such Early Term Redemption Date, (iii) 1.25% for the 90th to the 119th day following such Early Term Redemption Date, (iv) 1.50% for the 120th to the 149th day following such Early Term Redemption Date, and (v) 1.75% for the 150th day following such Early Term Redemption Date to the date of the associated mandatory redemption of the Series <div style="white-space:nowrap;display:inline;">2052-A</div> RVMTP Shares. With respect to the RVMTP Shares, a &#8220;Failed Special Terms Period Remarketing&#8221; will occur if any RVMTP Shares subject to a Mandatory Tender Event due to the Fund designating a Special Terms Period have not been either retained by the holders or successfully remarketed by the Mandatory Tender Date. In addition, with respect to the RVMTP Shares, a &#8220;Failed Early Term Redemption Date Remarketing&#8221; will occur if any RVMTP Shares subject to a Mandatory Tender Event have not been either retained by the holders or successfully remarketed by the Early Term Redemption Date. </div></td></tr></table>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left">The Applicable Multiplier for a Rate Period is a percentage that is based on the long-term rating most recently assigned by the applicable ratings agency to such series of the RVMTP Shares. </div></td></tr></table>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left">An increased RVMTP Share Dividend Rate could be triggered by the Fund&#8217;s failure to comply with certain requirements relating to the RVMTP Shares, certain actions taken by the applicable ratings agency or certain determinations regarding the tax status of such series of the RVMTP Shares made by a court or other applicable governmental authority. The RVMTP Share Dividend Rate will in no event exceed 15% per year. </div></td></tr></table></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">59</div></div></td>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><ix:continuation id="TextSelectionAppend_53875578_3" continuedAt="TextSelectionAppend_53875578_4"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">income or capital gain, including short-term capital gain taxable as ordinary income when distributed), the amount of such dividend would increase by an amount (the &#8220;Preferred Shareholder <div style="white-space:nowrap;display:inline;">Gross-Up&#8221;)</div> such that the <div style="white-space:nowrap;display:inline;">after-tax</div> amount of such dividend, as increased by the Preferred Shareholder <div style="white-space:nowrap;display:inline;">Gross-Up,</div> would equal the total amount the holder of such RVMTP Shares would have received if the dividend at the stated rate had consisted entirely of &#8220;exempt-interest dividends.&#8221; The Preferred Shareholder <div style="white-space:nowrap;display:inline;">Gross-Up</div> is calculated (i)&#160;without consideration being given to the time value of money, (ii)&#160;assuming that no holder of RVMTP Shares is subject to the federal alternative minimum tax, and (iii)&#160;assuming that the portion of any dividend distribution (including the amount of the Preferred Shareholder <div style="white-space:nowrap;display:inline;">Gross-Up)</div> that is not an exempt interest dividend would be taxable (x), in the hands of the initial purchaser of the RVMTP Shares (or certain of its affiliates), at the maximum marginal regular federal corporate income tax rate, and (y)&#160;in the case of any other holder, at the greater of (a)&#160;the maximum marginal regular federal individual income tax rate (taking into account the 3.8% Medicare contribution tax on net investment income) applicable to ordinary income or net capital gain, as applicable, or (b)&#160;the maximum marginal regular federal corporate income tax rate applicable to ordinary income or net capital gain, as applicable, in each case disregarding the effect of any state or local taxes. Any Preferred Shareholder <div style="white-space:nowrap;display:inline;">Gross-Up</div> will reduce the amount that would otherwise be distributable to Common Shareholders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Additional Investment Limitations.</div> Under the terms of purchase agreement between the Fund and the initial investor in the RVMTP Shares, the Fund is subject to various investment limitations. These investment limitations are in addition to, and may be more restrictive than, those to which the Fund is subject in accordance with its investment objective and policies as described herein and in the Prospectus. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Effective Leverage Ratio Requirement.</div> In accordance with the Bylaws, without the prior written consent of the holders of RVMTP Shares, the Fund&#8217;s Effective Leverage Ratio may not exceed 50% (or 51% solely by reason of fluctuations in the market value of the Fund&#8217;s portfolio securities) as of the close of business on any business day. If the Fund fails to comply with any additional requirements relating to the calculation of the Effective Leverage Ratio requirement applicable to the RVMTP Shares and, in any such case, such failure is not cured as of the close of business on the date that is ten business days following the business day on which such <div style="white-space:nowrap;display:inline;">non-compliance</div> is first determined (the &#8220;Effective Leverage Ratio Cure Date&#8221;), the Fund shall cause the Effective Leverage Ratio to not exceed 42.5% (or 43.5% solely by reason of fluctuations in the market value of the Fund&#8217;s portfolio securities), by (i)&#160;not later than the close of business on the business day next following the Effective Leverage Ratio Cure Date, engaging in transactions involving or relating to any floating rate securities not owned by the Fund and/or any inverse floating rate securities owned by the Fund, including the purchase, sale or retirement thereof, (ii)&#160;to the extent permitted by law, not later than the close of business on the second business day next following the Effective Leverage Ratio Cure Date, causing a notice of redemption to be issued for the redemption of a sufficient number of Preferred Shares, in accordance with the terms of the Preferred Shares, or (iii)&#160;engaging in any combination, in the Fund&#8217;s discretion, of the actions contemplated by clauses (i)&#160;and (ii). </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Calculation of Effective Leverage Ratio.</div> For purposes of determining whether the effective leverage requirement discussed above is satisfied, the &#8220;Effective Leverage Ratio&#8221; on any date shall mean the quotient of: (i)&#160;The sum of (A)&#160;the aggregate liquidation preference of the Fund&#8217;s &#8220;senior securities&#8221; (as that term is defined in the Act) that are stock for purposes of the Act, excluding, without duplication, (1)&#160;any such senior securities for which the Fund has issued a notice of redemption and either has delivered deposit securities or sufficient securities or funds, (as applicable in accordance with the terms of such senior securities) to the paying agent for such senior securities or otherwise has adequate deposit securities or sufficient securities or funds on hand for the purpose of such redemption (as applicable in accordance with the terms of such senior securities) and (2)&#160;any such senior securities that are to be redeemed with net proceeds from the sale of the RVMTP Shares, for which the Fund has delivered deposit securities or sufficient securities or funds (as applicable in accordance with the terms of such senior securities) to the paying agent for such senior securities or otherwise has adequate deposit securities or sufficient securities or funds on hand (as applicable in accordance with the terms of such senior securities) for the purpose of such redemption; (B)&#160;the aggregate principal amount of the Fund&#8217;s &#8220;senior securities representing indebtedness&#8221; (as that term is defined in the 1940 Act giving effect to any interpretations thereof by the SEC or its staff); and (C)&#160;the aggregate principal amount of floating rate securities corresponding to any associated residual floating rate securities not owned by the Fund (less the aggregate principal amount of any such floating rate securities owned by the Fund and corresponding to the associated residual floating rate securities owned by the Fund). </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Ratings Agency Guidelines.</div> The Fund has obtained ratings for the RVMTP Shares from Fitch. For so long as Fitch is rating the RVMTP Shares, the Fund has agreed to adhere to separate guidelines and asset coverage requirements specific to Fitch (&#8220;Fitch Preferred Shares Asset Coverage&#8221;) as described in Fitch&#8217;s published <div style="white-space:nowrap;display:inline;">Closed-End</div> Funds and Market Value Structures Rating Criteria (&#8220;Fitch Rating Criteria&#8221;). These guidelines may be changed by Fitch, in its sole discretion, from time to time. These guidelines impose asset coverage or portfolio composition requirements that may be more stringent than those imposed on the Fund by the 1940 Act. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Satisfaction of Fitch Preferred Shares Asset Coverage for the RVMTP Shares requires that the Fund satisfy both a &#8220;Fitch Total Overcollateralization Test&#8221; (&#8220;Fitch Total OC&#8221;) and a &#8220;Fitch Net Over Collateralization Test&#8221; (&#8220;Fitch Net OC&#8221;, and together with Fitch Total OC, the &#8220;Fitch OC Tests&#8221;), in each case to be consistent with the then-current rating of the RVMTP Shares assigned by Fitch using the calculations set forth in the Fitch Rating Criteria, including information therein relating to diversification guidelines as applied to the Fund. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund has agreed that it will adhere to the Fitch OC Tests as described above as of the close of business on the last business day of each month for so long as Fitch is rating the RVMTP Shares. If the Fund fails to adhere to the Fitch OC Tests as described in the preceding sentence, the Fund will cure such </div></div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">60</div></div></td></tr></table></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><ix:continuation id="TextSelectionAppend_53875578_4" continuedAt="TextSelectionAppend_53875578_5"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">failure (including, without limitation, by causing a notice of redemption to be issued for the redemption of a sufficient number of the Fund&#8217;s Preferred Shares) within ten days following the business day on which such failure is first determined. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Fitch may change its rating methodologies for evaluating and providing ratings for shares of <div style="white-space:nowrap;display:inline;">closed-end</div> funds at any time and in its sole discretion, perhaps substantially. Such a change could adversely affect the ratings assigned to the Fund&#8217;s Preferred Shares (including the RVMTP Shares), the dividend rates paid thereon, and the expenses borne by the Fund&#8217;s Common Shareholders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Mandatory Redemptions.</div> The RVMTP Shares are subject to a mandatory term redemption date on July&#160;14, 2051, subject to the Fund&#8217;s right to extend the term with the consent of the holders of the RVMTP Shares (the &#8220;RVMTP Share Term Redemption Date&#8221;). There is no assurance that the term of the RVMTP Shares will be extended. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In addition, with respect to the RVMTP Shares, a &#8220;Mandatory Tender Event&#8221; will occur on each date that is (i) 20 business days before each three-year anniversary of the date of original issue of such series of the RVMTP Shares, (ii)&#160;the date the Fund delivers a notice designating a Special Terms Period, and (iii) 20 business days before the end of a Special Terms Period (provided that no subsequent Terms Period is designated). If any RVMTP Shares subject to a Mandatory Tender Event upon a three-year anniversary of the date of original issue of the RVMTP Shares or upon the end of a Special Terms Period (each, an &#8220;RVMTP Early Term Redemption Date&#8221;) have not been either retained by the holders or remarketed by the Mandatory Tender Date, the Fund will redeem such RVMTP Shares on the RVMTP Early Term Redemption Date.<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">6</div> </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The RVMTP Shares are also subject to mandatory redemption by the Fund, in whole or in part, in certain circumstances, such as the failure by the Fund to comply with asset coverage and/or effective leverage ratio requirements described above (and the failure to cure any such failure within the applicable cure period) or certain actions taken by the applicable ratings agency. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Term Redemption and Early Term Redemption Liquidity Account.</div> At least six months prior to the RVMTP Share Redemption Date, or the RVMTP Early Term Redemption Date (each, a &#8220;Redemption Date&#8221;), the Fund will maintain segregated assets of a minimum credit rating quality with a market value equal to at least 110% of the redemption price of all outstanding RVMTP Shares to be redeemed until the redemption of all such outstanding RVMTP Shares, as applicable. The Fund will include certain liquid and/or highly rated assets in an amount equal to 20% of such segregated assets with five months remaining to the Redemption Date, which amount will increase monthly by 20% and reach 100% with one month remaining to the Redemption Date. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Optional redemption.</div> The Fund may redeem, in whole or from time to time in part, the outstanding RVMTP Shares at a redemption price per share equal to (i)&#160;the liquidation preference of the RVMTP Shares, as applicable, plus (ii)&#160;an amount equal to all unpaid dividends and other distributions on such RVMTP Shares, as applicable, accumulated from and including the date of issuance to (but excluding) the date of redemption (whether or not earned or declared by the Fund, but without interest thereon) plus (iii)&#160;any applicable optional redemption premium. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">RVMTP Mandatory Tender.</div> Upon the occurrence of a Mandatory Tender Event with respect to a series of RVMTP Shares, all RVMTP Shares in such series will be subject to mandatory tender (subject to the holders&#8217; election to retain their RVMTP Shares) and the Fund will issue or cause to be issued a notice of mandatory tender to the holders of such RVMTP Shares for remarketing on the Mandatory Tender Date. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">ARPS </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Dividends.</div> The ARPS have complete priority over the Common Shares as to&#160;distribution of assets and equal priority with the RVMTP Shares. The terms of the ARPS provide that they would&#160;ordinarily pay dividends at a rate set at auctions held every seven days,&#160;normally payable on the first business day following the end of the rate&#160;period, subject to a &#8220;maximum applicable rate&#8221; calculated as a function of&#160;the ARPS&#8217; then-current ratings and a reference interest rate as described&#160;below. However, the weekly auctions for the ARPS, as well as auctions for&#160;similar preferred shares issued by <div style="white-space:nowrap;display:inline;">closed-end</div> funds in the U.S., have failed&#160;since February 2008, and the dividend rates on the ARPS since that time&#160;have been paid at the maximum applicable rate under the Bylaws. Ratings agencies may change their methodologies for evaluating and providing ratings for shares of <div style="white-space:nowrap;display:inline;">closed-end</div> funds at any time and in their sole discretion, which may affect the rating (if any) of the Fund&#8217;s shares. Fitch Ratings published ratings criteria relating to <div style="white-space:nowrap;display:inline;">closed-end</div> funds on December&#160;4, 2020, which effectively result in a rating cap of &#8220;AA&#8221; for debt and preferred stock issued by all <div style="white-space:nowrap;display:inline;">closed-end</div> funds and a rating cap of &#8220;A&#8221; for (i)&#160;debt and preferred shares issued by <div style="white-space:nowrap;display:inline;">closed-end</div> funds exposed to emerging market debt, below-investment-grade and unrated debt, structured securities and equity, (ii)&#160;and <div style="white-space:nowrap;display:inline;">closed-end</div> funds with material exposure to &#8220;BBB&#8221; category rated assets. The long-term rating actions were driven by changes in the updated ratings criteria for <div style="white-space:nowrap;display:inline;">closed-end</div> funds rather than by any fundamental changes to the Fund&#8217;s credit profile. The&#160;Fund expects that the ARPS will continue to pay dividends at the maximum applicable rate for the foreseeable future and cannot predict whether or&#160;when the auction markets for the ARPS may resume normal functioning. </div></div><div style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&#160;</div>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.1px">6</div>&#160;</td>
<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left">With respect to the Mandatory Tender Events described in clauses (i), (ii) and (iii)&#160;above, the corresponding &#8220;Mandatory Tender Date&#8221; means, respectively: (i)&#160;the date that is 180 calendar days following the Early Redemption Date, (ii)&#160;the date on which the related Special Terms Period becomes effective, and (iii)&#160;the last day of the related Special Terms Period (subject, in each case, to the holders&#8217; election to retain their RVMTP Shares). </div></td></tr></table></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">61</div></div></td>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;white-space:nowrap"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">&#160;&#160;&#160;&#160;</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom">&#160;&#160;&#160;&#160;</td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><ix:continuation id="TextSelectionAppend_53875578_5" continuedAt="TextSelectionAppend_53875578_6"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">As noted, the &#8220;maximum applicable rate&#8221; for each series of ARPS depends&#160;on the credit ratings assigned to such shares. The maximum applicable rate for any&#160;regular rate period (i.e., any rate period other than a <div style="white-space:nowrap;display:inline;">non-payment</div> period)&#160;will be the applicable percentage of the reference rate. The reference rate is&#160;the applicable &#8220;AA&#8221; Financial Composite Commercial Paper Rate (for a&#160;Dividend Period of fewer than 184 days) or the applicable Treasury Index&#160;Rate (for a Dividend Period of 184 days or more). The applicable&#160;percentage for any Dividend Period is generally determined based on the&#160;lower of the credit ratings assigned to the ARPS by Moody&#8217;s or Fitch on the auction date for such&#160;period (as set forth in the table below). </div></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;Moody&#8217;s Credit Rating</div></div></td>
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<td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Fitch&#160;Credit&#160;Rating</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;Applicable&#160;Percentage&#160;&#160;</div></div></td></tr>
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<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Aa3 or above</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="vertical-align:bottom;text-align:center;"><div style="white-space:nowrap;display:inline;">AA-&#160;or&#160;above</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="vertical-align:bottom;text-align:center;">150%</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;A3 to A1</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="vertical-align:bottom;text-align:center;"><div style="white-space:nowrap;display:inline;">A-&#160;to&#160;A+</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="vertical-align:bottom;text-align:center;">160%</td></tr>
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<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Baa3 to Baa1</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="vertical-align:bottom;text-align:center;"><div style="white-space:nowrap;display:inline;">BBB-&#160;to&#160;BBB+</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="vertical-align:bottom;text-align:center;">250%</td></tr>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Below Baa3</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;">Below BBB-</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;">275%</td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Ratings Agency Preferred Shares Asset Coverage.</div> The Fund is required under the Bylaws to satisfy separate asset coverage&#160;tests specific to each rating agency (the &#8220;Ratings Agency Preferred Shares&#160;Asset Coverage&#8221;). </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Moody&#8217;s Preferred Shares Asset Coverage.</div> Satisfaction of Moody&#8217;s Ratings Agency Preferred Shares Asset Coverage&#160;generally requires the Fund to have eligible assets having in the aggregate&#160;a discounted value equal to or in excess of a &#8220;Preferred Shares Basic Maintenance Amount.&#8221; Generally, the Preferred Shares Basic Maintenance&#160;Amount includes the sum of (a)&#160;the aggregate liquidation preference of the&#160;Fund&#8217;s Preferred Shares then outstanding (including the ARPS) and (b)&#160;certain accrued and projected payment obligations of the Fund, including&#160;without limit any accrued and projected dividends on its Preferred Shares&#160;then outstanding (including the ARPS). Article 11 of the Bylaws includes <div style="white-space:nowrap;display:inline;">Moody&#8217;s-specific</div> guidelines for calculating&#160;discounted value for purposes of determining whether the Moody&#8217;s Ratings&#160;Agency Preferred Shares Asset Coverage test is satisfied. These guidelines&#160;specify discount factors that the Fund must apply to various types of&#160;securities in its portfolio for purposes of calculating whether the discounted&#160;value of the Fund&#8217;s eligible assets is at least equal to the Preferred Shares&#160;Basic Maintenance Amount (with the level of discount generally becoming&#160;greater as the credit quality of a security becomes lower). In addition, under&#160;the Moody&#8217;s guidelines, certain types of securities (including securities in&#160;which the Fund may otherwise invest) are not eligible for inclusion in the&#160;calculation of the discounted value of the Fund&#8217;s portfolio. The Moody&#8217;s guidelines for calculating discounted value do not&#160;impose any limitations on the percentage of the Fund&#8217;s assets that may be&#160;invested in ineligible assets, and the amount of ineligible assets included in&#160;the Fund&#8217;s portfolio at any time may vary depending upon the rating,&#160;diversification and other characteristics of the Moody&#8217;s eligible assets&#160;included in the portfolio. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Fitch Preferred Shares Asset Coverage.</div> Satisfaction of Fitch Preferred Shares Asset Coverage requires that the Fund satisfy both a &#8220;Fitch Total Overcollateralization Test (&#8220;Fitch Total OC&#8221;) and a &#8220;Fitch Net Over Collateralization Test (&#8220;Fitch Net OC&#8221;), in each case to be consistent with the then-current rating from Fitch. Under the Bylaws, Fitch Preferred Shares Asset Coverage is satisfied if, as of a particular date or time, the Fund has sufficient asset coverage with respect to the Preferred Shares such that the Fund satisfies both the (i)&#160;Fitch Total OC test and the (ii)&#160;Fitch Net OC test as of such date or time. The Fitch Total OC test and the Fitch Net OC test are satisfied if the Fund has Fitch Total OC or Fitch Net OC, as the case may be, in excess of <div style="white-space:nowrap;display:inline;">one-hundred</div> percent (100%) pursuant to the applicable formula below. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund&#8217;s Bylaws incorporate by reference the <div style="white-space:nowrap;display:inline;">Closed-End</div> Fund Criteria Report issued by Fitch entitled &#8220;Rating <div style="white-space:nowrap;display:inline;">Closed-End</div> Fund and Market Value Structures Rating Criteria&#8221; or similar future report most recently published by Fitch and approved for use by the Trust by resolution of the Board of Trustees of the Trust (the &#8220;Fitch Criteria&#8221;). The Fitch Criteria include, among other things, the current formulations for satisfaction of the Fitch Total OC test and the Fitch Net OC test, asset discount factors (used in part to calculate Fitch Total OC and Fitch Net OC), issuer and industry diversification and concentration thresholds and guidelines and a description of other rating considerations. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fitch Criteria define Fitch Total OC and Fitch Net OC as follows: </div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td rowspan="2" style="vertical-align:middle;text-align:center;"><div style="color:#333333;display:inline;">Fitch&#160;Total&#160;OC</div></td>
<td rowspan="2" style="vertical-align:bottom">&#160;</td>
<td rowspan="2" style="vertical-align:middle"><div style="color:#333333;display:inline;">=</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:middle"><div style="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:arial narrow;text-align:center"><div style="color:#333333;display:inline;">Total Net Discounted Assets at MV*</div></div><div style="margin-top:0pt;margin-bottom:1pt;border-bottom:1px solid #000000;text-align:left">&#160;</div></td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
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<td style="vertical-align:bottom;text-align:center;"><div style="color:#333333;display:inline;">Fitch Rated Liability + Other Liabilities Pari Passu and Senior to Rated Liability</div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In the event the Fund does not timely cure a failure to maintain (a)&#160;both Moody&#8217;s&#160;Ratings Agency Preferred Shares Asset Coverage and Fitch Preferred shares Asset Coverage or (b) 1940 Act Preferred&#160;Shares Asset Coverage, in each case in accordance with the requirements&#160;of the rating agency or agencies then rating the ARPS, the Fund will be&#160;required to redeem ARPS as described under &#8220;Mandatory Redemption&#8221; below. </div></div></ix:continuation></div> <div style="background-color:white;display: inline;"><ix:continuation id="TextSelectionAppend_53875578_6" continuedAt="TextSelectionAppend_53875578_7"><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In addition to the requirements described above, the rating agency&#160;guidelines impose restrictions or limitations on the Fund&#8217;s use of certain&#160;financial instruments or investment techniques that the Fund might&#160;otherwise utilize in order to obtain and maintain a rating from Moody&#8217;s and Fitch on&#160;the ARPS. It is not currently anticipated that these guidelines will materially&#160;impede PIMCO from managing the Fund&#8217;s portfolio in accordance with the&#160;Fund&#8217;s investment objective and policies. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may, but is not required to, adopt any modifications to the&#160;guidelines that may be established by Moody&#8217;s and/or Fitch with respect to their ratings&#160;of the ARPS. Failure to adopt any such modifications, however, may result&#160;in a reduction in the rating described above or a withdrawal of </div></div></ix:continuation><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="vertical-align:top;white-space:nowrap"><div style="font-family:arial narrow;display:inline;">&#160;&#160;&#160;&#160;</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:top"><div style="font-family:arial narrow;color:#335367;display:inline;">&#160;</div></td>
<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div></td>
<td style="white-space:nowrap;vertical-align:top"><div style="font-family:arial narrow;color:#335367;display:inline;">&#160;</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap;text-align:center;"><div style="font-family:Arial Narrow;color:#335367;display:inline;">|</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:top"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></td>
<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Base&#160;Prospectus&#160;&#160;</div></div></td>
<td style="white-space:nowrap;vertical-align:top"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">62</div></div></td></tr></table></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom">&#160;&#160;&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><ix:continuation id="TextSelectionAppend_53875578_7"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">rating&#160;altogether. In addition, any rating agency providing a rating for the ARPS&#160;may, at any time, change or withdraw any such rating. The Board may,&#160;without shareholder approval, amend, alter or repeal various definitions&#160;and related provisions that have been adopted by the Fund pursuant to the&#160;rating agency guidelines in the event the Fund receives written confirmation&#160;from Moody&#8217;s or Fitch (or any substitute rating agency) that any such amendment,&#160;alteration or repeal would not impair the rating then assigned by the rating&#160;agency to the ARPS. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The ratings of the ARPS are based on current information furnished to&#160;Moody&#8217;s and Fitch by the Fund or the Investment Manager or information obtained from other sources. The ratings may be changed, suspended or withdrawn as a result of changes in, or the unavailability of, such information. The Common Shares have not been rated by any nationally recognized statistical rating organizations (&#8220;NRSROs&#8221;). A rating agency&#8217;s guidelines will apply to the ARPS Shares only so long as the rating agency is rating the shares. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund pays certain fees to Moody&#8217;s and Fitch for rating the ARPS. The foregoing description of the rating agency guidelines and asset coverage requirements applicable to the ARPS is intended only as a summary and is qualified in its entirety by reference to the actual terms of Article 11 and other relevant provisions of the Bylaws and Exhibit 1 thereto. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Mandatory redemption</div>. As noted above, the Fund is required under the Bylaws to maintain (a)&#160;Moody&#8217;s Ratings Agency Preferred Shares Asset Coverage, (b)&#160;Fitch Preferred Shares Asset Coverage, and (c) 1940 Act&#160;Asset Coverage. Eligible portfolio securities for the&#160;purposes of (a)&#160;and (b) above will be determined from time to time by the rating&#160;agency then rating the then outstanding ARPS. If the Fund fails to maintain&#160;such asset coverage amounts and does not timely cure such failure in&#160;accordance with the Bylaws, the Fund would be required to redeem all or a&#160;portion of the ARPS. This mandatory redemption would take place on a&#160;date that the Board specifies out of legally available funds in accordance&#160;with the Declaration, the Bylaws and applicable law, at the redemption&#160;price of $25,000 per share, plus accumulated but unpaid dividends&#160;(whether or not earned or declared) to (but not including) the date fixed for&#160;redemption. In determining the number of Preferred Shares required to be&#160;redeemed in accordance with the foregoing, the Fund would redeem the&#160;lesser of (a)&#160;the minimum number of ARPS necessary to satisfy the Ratings&#160;Agency Preferred Shares Asset Coverage or 1940 Act Preferred Shares&#160;Asset Coverage, as the case may be, and (b)&#160;the maximum number of ARPS&#160;and any other Preferred Shares of the Fund subject to redemption or&#160;retirement that can be redeemed out of funds expected to be legally&#160;available therefor at the time of redemption, and in any case will redeem&#160;such Preferred Shares pro rata among the Preferred Shares subject to redemption or retirement. The&#160;mandatory redemption will be limited to the number of ARPS and any other&#160;Preferred Shares necessary to restore the required Ratings Agency Preferred&#160;Shares Asset Coverage or 1940 Act Preferred Shares Asset Coverage, as&#160;the case may be. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Optional redemption</div>. To the extent permitted under the 1940 Act and under Massachusetts law,&#160;upon giving notice of redemption, as provided below, the Fund, at its&#160;option, may redeem Preferred Shares, in whole or in part, out of funds&#160;legally available therefore, at the Optional Redemption Price (as defined&#160;below) per share on any dividend payment date, provided that no Preferred&#160;Shares may be redeemed at the option of the Fund during (a)&#160;the initial rate&#160;period with respect to the Preferred Shares or (b)&#160;a <div style="white-space:nowrap;display:inline;">non-call</div> period to which&#160;such shares are subject. &#8220;Optional Redemption Price&#8221; means $25,000 per&#160;Preferred Share plus an amount equal to accumulated but unpaid dividends&#160;(whether or not earned or declared) to the date fixed for redemption plus&#160;the applicable redemption premium, if any. The Fund has the authority to&#160;redeem Preferred Shares for any reason and may redeem all or part of the&#160;outstanding Preferred Shares if it anticipates that the Fund&#8217;s leveraged&#160;capital structure will result, for a significant period of time, in a lower rate&#160;of return to Common Shareholders than that obtainable if the Common&#160;Shares were not so leveraged. </div></div></ix:continuation><div id="pro288652_15" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Plan of Distribution </div></div></div><ix:nonNumeric name="cef:DistributionsMayReducePrincipalTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true"><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may sell Common Shares through underwriters or dealers, directly to one or more purchasers (including existing shareholders in a rights offering), through agents, to or through underwriters or dealers, or through a combination of any such methods of sale. The applicable prospectus supplement will identify any underwriter or agent involved in the offer and sale of the Common Shares, any sales loads, discounts, commissions, fees or other compensation paid to any underwriter, dealer or agent, the offering price, net proceeds and use of proceeds and the terms of any sale. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 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 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 Shares, may have an adverse effect on the market price of the Common Shares. </div></div></ix:nonNumeric> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 defined in the Securities Act for any resales of the securities. In this case, no underwriters or agents would be involved. 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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">63</div></div></td>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Securities Act, and any discounts and commissions they receive from the Fund and any profit realized by them on the resale of the Common Shares may be deemed to be underwriting discounts and commissions under the Securities Act. Any such underwriter or agent will be identified and any such compensation received from the Fund will be described in the applicable prospectus supplement. The maximum amount of compensation to be received by any Financial Industry Regulatory Authority member or independent broker-dealer will not exceed 8% for the sale of any securities 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 warrants, options, consulting or structuring fees or similar arrangements. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 price, less the underwriting discounts and commissions, within a certain number of days (often 30 to 45 days) from the date of the prospectus supplement, to cover any over-allotments. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 entitled to indemnification by the Fund against certain liabilities including liabilities under the Securities Act. Underwriters, dealers and agents may engage in transactions with the Fund, or perform services for the Fund, in the ordinary course of business. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 offers by certain institutions to purchase Common Shares from the Fund pursuant to contracts providing for payment and delivery on a future date. Institutions with which such contracts may be made include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions and others, but in all cases such institutions must be approved by the Fund. The obligation of any 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 prohibited under the laws of the jurisdiction to which such purchaser is subject. The underwriters and such other agents will not have any responsibility in respect of the validity or performance of such contracts. Such contracts will be subject only to those conditions set forth in the prospectus supplement, and the prospectus supplement will set forth the commission payable for solicitation of such contracts. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 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 underwriters and, subject to certain restrictions, each may act as a broker while it is an underwriter. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">A prospectus and accompanying prospectus supplement in electronic form may be made available on the websites maintained by underwriters. The underwriters may agree to allocate a number of securities for sale to their online brokerage account holders. Such allocations of securities for Internet distributions will be made on the same basis as other allocations. In addition, securities may be sold by the underwriters to securities dealers who resell securities to online brokerage account holders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 through registered or licensed brokers or dealers. </div></div><div id="pro288652_16" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Market and Net Asset Value Information </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund&#8217;s Common Shares are listed on the NYSE under the trading or &#8220;ticker&#8221; symbol &#8220;PML&#8221;. The Fund&#8217;s Common Shares commenced trading on the NYSE in June 2002. The Fund cannot predict whether its Common Shares will trade in the future at a premium or discount to NAV. The conduct of any offering and the issuance of additional Common Shares pursuant to any offering may have an adverse effect on prices in the secondary market 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 Shares. The NAV of the Fund&#8217;s Common Shares will be reduced immediately following an offering by the sales load, commissions and offering 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 NAV per Common Share for all existing Common Shareholders. </div></div><ix:nonNumeric name="cef:SharePriceTableTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true" continuedAt="TextSelection_53875501"><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The following table sets forth, for each of the periods indicated, the high&#160;and low closing market prices of the Fund&#8217;s Common Shares on the NYSE, 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 as to how the Fund&#8217;s NAV is determined. </div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom">&#160;&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875505">10.12</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">10.78</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">%&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P04_01_2022To06_30_2022" unitRef="Unit_pure" decimals="4" scale="-2" format="ixt:num-dot-decimal">2.22</ix:nonFraction></td>
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<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Quarter ended March&#160;31, 2022</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875519">14.55</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875506">11.20</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">&#160;</td>
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<td style="vertical-align:bottom">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">%&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P10_01_2021To12_31_2021" unitRef="Unit_pure" decimals="4" scale="-2" format="ixt:num-dot-decimal">13.51</ix:nonFraction></td>
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<tr>
<td style="width:89%"></td>
<td style="vertical-align:bottom;width:1%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom"></td>
<td></td>
<td style="vertical-align:bottom;width:1%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:1%"></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<td style="vertical-align:top;white-space:nowrap"><div style="font-family:arial narrow;display:inline;">&#160;&#160;&#160;&#160;</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:top"><div style="font-family:arial narrow;color:#335367;display:inline;">&#160;</div></td>
<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div></td>
<td style="white-space:nowrap;vertical-align:top"><div style="font-family:arial narrow;color:#335367;display:inline;">&#160;</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap;text-align:center;"><div style="font-family:Arial Narrow;color:#335367;display:inline;">|</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:top"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></td>
<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Base&#160;Prospectus&#160;&#160;</div></div></td>
<td style="white-space:nowrap;vertical-align:top"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">64</div></div></td></tr></table></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/>
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<tr>
<td></td>
<td style="vertical-align:bottom;width:1%"></td>
<td style="width:97%"></td>
<td style="vertical-align:bottom;width:1%"></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom">&#160;&#160;&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><ix:continuation id="TextSelection_53875501" continuedAt="TextSelectionAppend_53875501_1"><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>
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<tr>
<td style="width:72%"></td>
<td style="vertical-align:bottom;width:1%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:1%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:1%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:1%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:1%"></td>
<td></td>
<td></td>
<td></td>
<td style="vertical-align:bottom"></td>
<td></td>
<td></td>
<td style="vertical-align:bottom;width:1%"></td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td></tr>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color:#5b7585;display:inline;"><div style="font-weight:bold;display:inline;">&#160;Quarter</div></div></td>
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<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;High</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;Low</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;High</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;Low</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;High</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;Low</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td></tr>
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<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875508">14.74</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">12.77</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">12.32</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">%&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P07_01_2021To09_30_2021" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal">16.72</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7">
<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Quarter ended June&#160;30, 2021</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875522">15.08</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875509">14.53</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">12.68</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">12.26</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">%&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Quarter ended March&#160;31, 2021</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875523">15.35</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875510">14.15</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">12.65</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">12.14</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="vertical-align:top">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">&#160;</td>
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<td style="vertical-align:top">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
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<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7">
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<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875513">11.59</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">11.95</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">10.95</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P04_01_2020To06_30_2020" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal">13.64</ix:nonFraction></td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;"><ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P04_01_2020To06_30_2020" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal">4.70</ix:nonFraction></td>
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<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Quarter ended March&#160;31, 2020</div></td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875527">15.97</ix:nonFraction></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal" id="Fact_53875514">10.10</ix:nonFraction></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">13.30</ix:nonFraction></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">10.12</ix:nonFraction></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="P01_01_2020To03_31_2020" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal">27.45</ix:nonFraction></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top">%&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="P01_01_2020To03_31_2020" unitRef="Unit_pure" decimals="INF" scale="-2" sign="-" format="ixt:num-dot-decimal">11.79</ix:nonFraction></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top">)%&#160;</td></tr></table></ix:continuation><ix:continuation id="TextSelectionAppend_53875501_1" continuedAt="TextSelectionAppend_53875501_2">
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<td style="width:2%;vertical-align:top;text-align:left;"><div style="color:#333333;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">1</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;"><ix:nonNumeric name="cef:SharePricesNotActualTransactionsTextBlock" contextRef="P08_10_2022To08_10_2022" escape="true">Such prices reflect inter-dealer prices, without retail <div style="white-space:nowrap;display:inline;">mark-up,</div> mark-down or commission and may not represent actual transactions.</ix:nonNumeric>&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; </div></div></td></tr></table></ix:continuation><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><ix:continuation id="TextSelectionAppend_53875501_2">The Fund&#8217;s NAV per Common share at the close of business on June&#160;30, 2022 was $<ix:nonFraction name="cef:LatestNav" contextRef="P04_01_2022To06_30_2022" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">9.52</ix:nonFraction> and the last reported sale price of a Common Share&#160;on the NYSE on that day was $<ix:nonFraction name="cef:LatestSharePrice" contextRef="P04_01_2022To06_30_2022" unitRef="Unit_USD_per_Share" decimals="INF" scale="0" format="ixt:num-dot-decimal">10.74</ix:nonFraction>, representing a <ix:nonFraction name="cef:LatestPremiumDiscountToNavPercent" contextRef="P04_01_2022To06_30_2022" unitRef="Unit_pure" decimals="INF" scale="-2" format="ixt:num-dot-decimal">12.82</ix:nonFraction>% premium to&#160;such NAV.</ix:continuation>&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; </div></div><div id="pro288652_17" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Anti-Takeover and Other Provisions in the Declaration of Trust and Bylaws</div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Anti-Takeover Provisions </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 the Fund to <div style="white-space:nowrap;display:inline;">open-end</div> status. The Fund&#8217;s Trustees are divided into three classes. At each annual meeting of shareholders, the term of one class will expire and each Trustee elected to that class will hold office until the third annual meeting thereafter. The classification of the Board in this manner could delay for an additional year the replacement of a majority of the Board. In addition, the Declaration provides that a Trustee may be removed only for cause and only (i)&#160;by action of at least seventy-five percent (75%) of the outstanding shares of the classes or series of shares entitled to vote for the election of such Trustee, or (ii)&#160;by written instrument, signed by at least seventy-five percent (75%) of the remaining Trustees, specifying the date when such removal shall become effective. Cause for these purposes shall require willful misconduct, dishonesty or fraud on the part of the Trustee in the conduct of his or her office or such Trustee being convicted of a felony. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">As described below, the Declaration grants special approval rights with respect to certain matters to members of the Board who qualify as &#8220;Continuing Trustees,&#8221; which term means a Trustee who either (i)&#160;has been a member of the Board since the date when Common Shares are first sold pursuant to a public offering or (ii)&#160;was nominated to serve as a member of the Board, or designated as a Continuing Trustee, by a majority of the Continuing Trustees then members of the Board. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 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 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, 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 twelve-month period) to or with any person of any assets of the Fund or such series or class having an aggregate fair market value of $1,000,000 or more, except for transactions in securities effected by the Fund or a series or class in the ordinary course of business, or issuance or transfer by the 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 Fund&#8217;s dividend reinvestment 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 (75%) of the Continuing Trustees (in which case no shareholder authorization would be required by the Declaration, but may be required in certain 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 of the Fund&#8217;s shares entitled to vote on the matter to authorize a conversion of the Fund from a <div style="white-space:nowrap;display:inline;">closed-end</div> to an <div style="white-space:nowrap;display:inline;">open-end</div> investment company, unless the conversion is authorized by both a majority of the Trustees and seventy-five percent (75%) of the Continuing Trustees (in which case shareholders would have only the minimum voting rights required by the 1940 Act with respect to the conversion). Also, separate from the limited term provision, the Declaration provides that the Fund may be terminated at any time by vote or consent of at least seventy-five percent (75%) of the Fund&#8217;s shares or, alternatively, by vote or 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 Declaration of Trust and Bylaws&#8221; in the Statement of Additional Information for a more detailed summary of these provisions. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 required by the 1940 Act. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 party. These provisions also provide, however, the advantage of potentially requiring persons seeking control of the Fund to negotiate with its management </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">65</div></div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">regarding the price to be paid and facilitating the continuity of the Fund&#8217;s investment objective and policies. The provisions of the Declaration and Bylaws described above could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at 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 tender offer or similar transaction. The Board has considered the foregoing anti-takeover provisions and concluded that they are in the best interests of the Fund and its shareholders, including Common Shareholders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 which are on file with the SEC. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Shareholder Liability </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Under Massachusetts law, shareholders could, in certain circumstances, be held personally liable for the obligations of the Fund. However, the Declaration contains an express disclaimer of shareholder liability for debts or obligations of the Fund and requires that notice of such limited liability be given in each agreement, obligation or instrument entered into or executed by the Fund or the Trustees. The Declaration further provides for 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 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 unable to meet its obligations. The Fund believes that the likelihood of such circumstances is remote. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Derivative and Direct Claims of Shareholders </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees. The Trustees shall consider such demand within 90 days of its 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 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 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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">A shareholder may not bring or maintain a direct action or claim for monetary damages against the Fund or the Trustees predicated upon an express or implied right of action under the Declaration (excepting rights of action permitted under Section&#160;36(b) of the 1940 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 bring such an action, unless such shareholder has obtained authorization from the Trustees to bring the action. The requirement of authorization shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees. The Trustees shall consider such request within 90 days of its receipt by the Fund. In their sole discretion, the Trustees may submit the matter to a vote of 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 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 shall be binding on all shareholders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 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 of the Fund and its service providers, which may discourage such lawsuits with respect to such claims. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 id="pro288652_18" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Repurchase of Common Shares; Conversion to <div style="white-space:nowrap;display:inline;">Open-End</div> Fund </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund is a <div style="white-space:nowrap;display:inline;">closed-end</div> investment company and as such its shareholders will not have the right to cause the Fund to redeem their shares. Instead, 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 (which will in turn be affected by Fund expenses, including the costs of any TOBs, reverse repurchase agreements, dollar rolls/buy backs, borrowings, preferred shares and other 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 portfolio holdings, regulation affecting the timing and character of the Fund&#8217;s distributions and other factors), portfolio credit quality, liquidity, call 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 be affected by general market or economic conditions, including market trends affecting securities values generally or values of <div style="white-space:nowrap;display:inline;">closed-end</div> fund shares more specifically. Shares of a <div style="white-space:nowrap;display:inline;">closed-end</div> investment company may frequently trade at prices lower than NAV. The Fund&#8217;s Board of Trustees regularly monitors the relationship between the market price and NAV of the Common Shares. If the Common Shares were to trade at a substantial 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 private transactions, the making of a tender offer for such shares or the conversion of the Fund to an <div style="white-space:nowrap;display:inline;">open-end</div> investment company. The Fund cannot 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 any market discount. See &#8220;Tax Matters&#8221; in the Statement of Additional Information for a discussion of the tax implications of a tender offer by the Fund. </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Base&#160;Prospectus&#160;&#160;</div></div></td>
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<td style="vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">66</div></div></td></tr></table></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">If the Fund were to convert to an <div style="white-space:nowrap;display:inline;">open-end</div> company, the Common Shares likely would no longer be listed on the NYSE. In contrast to a <div style="white-space:nowrap;display:inline;">closed-end</div> investment company, shareholders of an <div style="white-space:nowrap;display:inline;">open-end</div> investment company may require the company to redeem their shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their NAV, less any redemption charge that is in effect at the time of redemption. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Before deciding whether to take any action to convert the Fund to an <div style="white-space:nowrap;display:inline;">open-end</div> investment company, the Board of Trustees would consider all 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 on the Fund or its shareholders, and market considerations. Based on these considerations, even if the Common Shares should trade at a discount, the Board of Trustees may determine that, in the interest of the Fund and its shareholders, no action should be taken. See the Statement of Additional Information under &#8220;Repurchase of Common Shares; Conversion to <div style="white-space:nowrap;display:inline;">Open-End</div> Fund&#8221; for a further discussion of possible action to reduce or eliminate any such discount to NAV. </div></div><div id="pro288652_19" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Tax Matters</div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 laws and to <div style="white-space:nowrap;display:inline;">non-U.S.</div> shareholders may differ. This summary is based on the Code, U.S. Treasury regulations, and other applicable authority, all as of the date of this prospectus. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect. Shareholders should consult their tax advisors as to the possible application of federal, state, local or <div style="white-space:nowrap;display:inline;">non-U.S.</div> income tax laws. Please see the Statement of Additional Information for additional information regarding the tax aspects of investing in the Fund. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Taxation of the Fund</div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund has elected to be treated, and intends each year to qualify and be eligible to be treated, as a &#8220;regulated investment company&#8221; (a &#8220;RIC&#8221;) under Subchapter M of the Code. A RIC is 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 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 your investment. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 applicable asset coverage requirements, it will be required to suspend distributions to Common Shareholders until the requisite asset coverage is restored. Any such suspension may cause the Fund to pay a U.S. federal income and excise tax on undistributed income or gains and may, in certain circumstances, prevent the Fund from qualifying for treatment as a RIC. The Fund may repurchase or otherwise retire Preferred Shares or other senior securities, as applicable, in an effort to comply with the distribution requirement applicable to RICs. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Distributions</div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund intends to make monthly distributions of net investment income. The municipal bonds in which the Fund primarily invests are generally issued by states, cities, or a political subdivision, agency, authority or instrumentality of such state or city, the interest on which is generally exempt from regular federal income tax, and Fund distributions of such interest that the Fund properly reports to you as &#8220;exempt-interest dividends&#8221; will generally not be subject to regular federal income tax. An investment in the Fund may result in liability for federal alternative minimum tax for individuals. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">A shareholder subject to U.S. federal income tax will generally be subject to tax on Fund distributions other than exempt-interest dividends. For U.S. federal income tax purposes, Fund distributions other than exempt-interest dividends will generally be taxable to a shareholder as either ordinary income or capital gains. Distributions of net investment income other than &#8220;exempt-interest dividends&#8221; will generally be taxable to you as ordinary income. The federal tax exemption for exempt-interest dividends from the Fund does not necessarily result in the exemption of such dividends from state and local taxes. The Fund will seek to produce income that is generally exempt from federal income tax and will not benefit investors in <div style="white-space:nowrap;display:inline;">tax-advantaged</div> retirement plans or individuals not subject to federal income tax. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Federal taxes on Fund distributions of capital gains are 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 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 capital losses, in each case determined with reference to any loss carryforwards) that are properly reported by the Fund as capital gain dividends generally will be treated as long-term capital gains includible in a shareholder&#8217;s net capital gains and taxed to individuals 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 short-term capital gains in excess of net long-term capital losses generally will be taxable to shareholders as ordinary income. Distributions that the Fund properly reports to you as &#8220;qualified dividend income&#8221; are taxable in the hands of individuals at the reduced rates applicable to long-term capital gains provided that both the individual shareholder and the Fund meet certain holding period and other requirements. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Section&#160;1411 of the Code generally imposes a 3.8% Medicare contribution tax on the &#8220;net investment income&#8221; of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. Net investment income generally includes for this purpose dividends paid by the Fund, </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">including any capital gain dividends, but not including exempt-interest dividends, and any net capital gains recognized on the sale, redemption or exchange of shares of the Fund. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 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 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 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, 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 shareholder of the Common Shares. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">A shareholder whose distributions are reinvested in Common Shares under the Dividend Reinvestment Plan will be treated for U.S. federal income tax purposes as having received an amount in distribution equal to either (i)&#160;if newly issued Common Shares are issued under the Dividend Reinvestment Plan, generally the fair market value of the newly issued Common Shares issued to the shareholder or (ii)&#160;if reinvestment is made through open-market purchases under the Dividend Reinvestment Plan, the amount of cash allocated to the shareholder for the purchase of Common Shares on its behalf in the open market. For U.S. federal income tax purposes, all distributions are generally taxable in the manner described above, whether a shareholder takes them in cash or they are reinvested pursuant to the Dividend Reinvestment Plan in additional shares of the Fund. See &#8220;Dividend Reinvestment Plan&#8221; above for further details. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 each such class proportionate amounts of each type of its income (such as ordinary income and capital gains) based upon the percentage of total dividends distributed to each class for the tax year. Accordingly, as and when applicable, the Fund intends each tax year to allocate capital gain dividends between and among its Common Shares and each series of its Preferred Shares in proportion to the total dividends paid to each class with respect to such tax year, and in a manner intended to comply with both applicable IRS rules and SEC requirements regarding the frequency of distributions of capital gains. Dividends qualifying and not qualifying for the dividends received deduction, as qualified dividend income or as exempt-interest dividends will similarly be allocated between and among Common Shares and each series of preferred shares, as and when issued. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Certain Fund Investments </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund&#8217;s investments in certain debt instruments could cause the Fund to recognize taxable income in excess of the cash generated by such investments (which may require the Fund to liquidate other investments in order to make required distributions). </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may at times buy <div style="white-space:nowrap;display:inline;">tax-exempt</div> investments at a discount from the price at which they were originally issued, especially during periods of rising interest rates. For federal income tax purposes, some or all of this market discount will be included in the Fund&#8217;s ordinary income and will be taxable to you as such when it is distributed. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Taxes When You Dispose of Your Shares</div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 generally will be taxable to shareholders as capital gains for U.S. federal income tax purposes. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Shareholders who offer, and are able to sell all of the Common Shares they hold or are deemed to hold in response to a tender offer (as described above) generally will be treated as having sold their shares and generally will 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 that the shareholder receives in such repurchase will be taxable as a dividend to such shareholder. In addition, there is a 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 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 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 distribution requirements for treatment as a RIC. The Fund could also recognize income in connection with its disposition of portfolio securities to fund share repurchases. Any such income would be taken into account in determining whether the Fund has satisfied any applicable distribution requirements. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Backup Withholding</div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund is generally required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and tender offer/liquidation proceeds paid to any shareholder who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he, she or it is not subject to such withholding. The backup withholding rules may also apply to distributions that are properly reported as exempt-interest dividends. </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="white-space:nowrap;vertical-align:top;text-align:right;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Base&#160;Prospectus&#160;&#160;</div></div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Shares Purchased Through <div style="white-space:nowrap;display:inline;">Tax-Advantaged</div> Plans</div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Special tax rules apply to investments through defined contribution plans and other <div style="white-space:nowrap;display:inline;">tax-advantaged</div> plans. Common Shareholders should consult 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 investment on their particular tax situation. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">General</div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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. Common Shareholders are urged to consult their tax advisors regarding specific questions as to federal, state, local, and, where applicable, foreign taxes. Foreign investors should consult their tax advisors concerning the tax consequences of ownership of Common Shares of the Fund. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 complete provisions, reference should be made to the pertinent Code sections and regulations. The Code and regulations are subject to change by legislative or administrative actions. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 of the Fund. </div></div><div id="pro288652_20" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Custodian and Transfer Agent </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 custodian performs custodial and fund accounting services as well as <div style="white-space:nowrap;display:inline;">sub-administrative</div> services on behalf of the Fund. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">American Stock Transfer&#160;&amp; Trust Company, LLC, 6201 15th Avenue, Brooklyn, New York 11219, serves as the Fund&#8217;s transfer agent, registrar, dividend disbursement agent and shareholder servicing agent, as well as agent for the Fund&#8217;s Dividend Reinvestment Plan. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Deutsche Bank Trust Company Americas, 60 Wall Street, New York, New York 10005, serves as auction agent, transfer agent, registrar, dividend paying agent and redemption agent for the Preferred Shares. </div></div><div id="pro288652_21" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Independent Registered Public Accounting Firm </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">PricewaterhouseCoopers LLP (&#8220;PwC&#8221;) serves as independent registered public accounting firm for the Fund. PwC provides audit services, tax and other audit related services to the Fund. </div></div><div id="pro288652_22" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Legal Matters </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Certain legal matters will be passed on for the Fund by Ropes&#160;&amp; Gray LLP, 800 Boylston Street, Boston, Massachusetts 02199. </div></div><div id="pro288652_23" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Incorporation by Reference </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 information filed with the SEC, which means that the Fund can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus, and later information that the Fund files with the SEC will automatically update and supersede this information. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The documents listed below, and any reports and other documents subsequently filed with the SEC pursuant to Rule <div style="white-space:nowrap;display:inline;">30b2-1</div> under the 1940 Act and Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the termination of the offering will be incorporated by reference into this Prospectus and deemed to be part of this Prospectus from the date of the filing of such reports and documents: </div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">the Fund&#8217;s Statement of Additional Information, dated August&#160;10, 2022, filed with this Prospectus; </div></div></td></tr></table>
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<td style="width:2%;vertical-align:top;text-align:left;"><div style="font-size:8pt;color:#333333;display:inline;"><div style="font-family:Times New Roman;color:#335367;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">&#8718;</div></div></div></td>
<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">the Fund&#8217;s <a href="http://www.sec.gov/Archives/edgar/data/0001170299/000119312522067398/d116844dncsr.htm">Annual Report</a> on Form <div style="white-space:nowrap;display:inline;">N-CSR,</div> filed on March&#160;7, 2022; and </div></div></td></tr></table>
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<td style="width:2%;vertical-align:top;text-align:left;"><div style="font-size:8pt;color:#333333;display:inline;"><div style="font-family:Times New Roman;color:#335367;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">&#8718;</div></div></div></td>
<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">the Fund&#8217;s Description of Shares on <a href="http://www.sec.gov/Archives/edgar/data/0001170299/000092701602003304/d8a12b.txt">Form <span style="white-space:nowrap;display:inline;">8-A</span></a>, filed on June&#160;19, 2002. </div></div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">You may obtain copies of any information incorporated by reference into this prospectus, at no charge, by calling toll-free <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">(844)-337-4626</div></div> or by 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 filed pursuant to Rule <div style="white-space:nowrap;display:inline;">30b2-1</div> of the 1940 Act and Sections 13 and 15(d) of the Exchange Act, as well as this Prospectus and the Statement of Additional Information, are available on the Fund&#8217;s website http://www.pimco.com/prospectuses. In addition, the SEC maintains a website at www.sec.gov, free of charge, that contains these reports, the Fund&#8217;s proxy and information statements, and other information relating to the Fund. </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div id="pro288652_24" style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Appendix A </div></div></div><div style="margin-top:2pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Description of Securities Ratings </div></div></div><div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund&#8217;s investments may range in quality from securities rated in the lowest category in which the Fund is permitted to invest to securities rated in the highest category (as rated by Moody&#8217;s, Standard &amp; Poor&#8217;s or Fitch, or, if unrated, determined by PIMCO to be of comparable quality). The percentage of the Fund&#8217;s assets invested in securities in a particular rating category will vary. The following terms are generally used to describe the credit quality of fixed income securities: </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">High Quality Debt Securities</div> are those rated in one of the two highest rating categories (the highest category for commercial paper) or, if unrated, deemed comparable by PIMCO. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Investment Grade Debt Securities</div> are those rated in one of the four highest rating categories, or if unrated deemed comparable by PIMCO. </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Below Investment Grade High Yield Securities (&#8220;Junk Bonds&#8221;),</div> are those rated lower than Baa by Moody&#8217;s, BBB by Standard &amp; Poor&#8217;s or Fitch, and comparable securities. They are deemed predominantly speculative with respect to the issuer&#8217;s ability to repay principal and interest. </div></div><div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The following is a description of Moody&#8217;s, Standard &amp; Poor&#8217;s and Fitch&#8217;s rating categories applicable to fixed income securities. </div></div><div style="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Moody&#8217;s Investors Service, Inc. </div></div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Global Long-Term Rating Scale </div></div></div><div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Ratings assigned on Moody&#8217;s global long-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by <div style="white-space:nowrap;display:inline;">non-financial</div> corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. </div></div><div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Aaa: Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. </div></div><div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Aa: Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. </div></div><div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">A: Obligations rated A are judged to be upper-medium grade and are subject to low credit risk. </div></div><div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Baa: Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. </div></div><div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Ba: Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. </div></div><div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">B: Obligations rated B are considered speculative and are subject to high credit risk. </div></div><div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Caa: Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk. </div></div></div></div> <div style="background-color:white;display: inline;"><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Ca: Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">C: Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Moody&#8217;s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a <div style="white-space:nowrap;display:inline;">mid-range</div> ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a &#8220;(hyb)&#8221; indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.* </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">* By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security. </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Medium-Term Note Program Ratings </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Moody&#8217;s assigns provisional ratings to medium-term note (MTN) programs and definitive ratings to the individual debt securities issued from them (referred to as drawdowns or notes). </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">MTN program ratings are intended to reflect the ratings likely to be assigned to drawdowns issued from the program with the specified priority of claim (<div style="font-style:italic;display:inline;">e.g.,</div> senior or subordinated). To capture the contingent nature of a program rating, Moody&#8217;s assigns provisional ratings to MTN programs. A provisional rating is denoted by a (P) in front of the rating. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The rating assigned to a drawdown from a rated MTN or bank/deposit note program is definitive in nature, and may differ from the program rating if the drawdown is exposed to additional credit risks besides the issuer&#8217;s default, such as links to the defaults of other issuers, or has other structural features that warrant a different rating. 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Short-term ratings are assigned for obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="white-space:nowrap;display:inline;">P-1:</div> Ratings of <div style="white-space:nowrap;display:inline;">Prime-1</div> reflect a superior ability to repay short-term obligations. </div></div></div><div style="clear:both; height:0pt; font-size:0pt">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="white-space:nowrap;display:inline;">P-2:</div> Ratings of <div style="white-space:nowrap;display:inline;">Prime-2</div> reflect a strong ability to repay short-term obligations. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="white-space:nowrap;display:inline;">P-3:</div> Ratings of <div style="white-space:nowrap;display:inline;">Prime-3</div> reflect an acceptable ability to repay short-term obligations. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">NP: Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">National Scale Long-Term Ratings </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Moody&#8217;s long-term National Scale Ratings (NSRs) are opinions of the relative creditworthiness of issuers and financial obligations within a particular country. NSRs are not designed to be compared among countries; rather, they address relative credit risk within a given country. Moody&#8217;s assigns national scale ratings in certain local capital markets in which investors have found the global rating scale provides inadequate differentiation among credits or is inconsistent with a rating scale already in common use in the country. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In each specific country, the last two characters of the rating indicate the country in which the issuer is located or the financial obligation was issued (<div style="font-style:italic;display:inline;">e.g.,</div> Aaa.ke for Kenya). </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Aaa.n: Issuers or issues rated Aaa.n demonstrate the strongest creditworthiness relative to other domestic issuers and issuances. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Aa.n: Issuers or issues rated Aa.n demonstrate very strong creditworthiness relative to other domestic issuers and issuances. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">A.n: Issuers or issues rated A.n present above-average creditworthiness relative to other domestic issuers and issuances. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Baa.n: Issuers or issues rated Baa.n represent average creditworthiness relative to other domestic issuers and issuances. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Ba.n: Issuers or issues rated Ba.n demonstrate below-average creditworthiness relative to other domestic issuers and issuances. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">B.n: Issuers or issues rated B.n demonstrate weak creditworthiness relative to other domestic issuers and issuances. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Caa.n: Issuers or issues rated Caa.n demonstrate very weak creditworthiness relative to other domestic issuers and issuances. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Ca.n: Issuers or issues rated Ca.n demonstrate extremely weak creditworthiness relative to other domestic issuers and issuances. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">C.n: Issuers or issues rated C.n demonstrate the weakest creditworthiness relative to other domestic issuers and issuances. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Moody&#8217;s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a <div style="white-space:nowrap;display:inline;">mid-range</div> ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">National Scale Short-Term Ratings </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Moody&#8217;s short-term NSRs are opinions of the ability of issuers or issuances in a given country, relative to other domestic issuers or issuances, to repay debt obligations that have an original maturity not exceeding thirteen months. Short-term NSRs in one country should not be compared with short-term NSRs in another country, or with Moody&#8217;s global ratings. </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">There are four categories of short-term national scale ratings, generically denoted <div style="white-space:nowrap;display:inline;">N-1</div> through <div style="white-space:nowrap;display:inline;">N-4</div> as defined below. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In each specific country, the first two letters indicate the country in which the issuer is located (<div style="font-style:italic;display:inline;">e.g.,</div> <div style="white-space:nowrap;display:inline;">KE-1</div> through <div style="white-space:nowrap;display:inline;">KE-4</div> for Kenya). </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="white-space:nowrap;display:inline;">N-1:</div> <div style="white-space:nowrap;display:inline;">N-1</div> issuers or issuances represent the strongest likelihood of repayment of short-term senior unsecured debt obligations relative to other domestic issuers. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="white-space:nowrap;display:inline;">N-2:</div> <div style="white-space:nowrap;display:inline;">N-2</div> issuers or issuances represent an above average likelihood of repayment of short-term senior unsecured debt obligations relative to other domestic issuers. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="white-space:nowrap;display:inline;">N-3:</div> <div style="white-space:nowrap;display:inline;">N-3</div> issuers or issuances represent an average likelihood of repayment of short-term senior unsecured debt obligations relative to other domestic issuers. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="white-space:nowrap;display:inline;">N-4:</div> <div style="white-space:nowrap;display:inline;">N-4</div> issuers or issuances represent a below average likelihood of repayment of short-term senior unsecured debt obligations relative to other domestic issuers. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The short-term rating symbols <div style="white-space:nowrap;display:inline;">P-1.za,</div> <div style="white-space:nowrap;display:inline;">P-2.za,</div> <div style="white-space:nowrap;display:inline;">P-3.za</div> and NP.za are used in South Africa. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Short-Term Obligation Ratings </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Municipal Investment Grade (MIG) scale is used for US municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less. 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Margins of protection are ample, although not as large as in the preceding group. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">MIG 3: This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">SG: This designation denotes speculative-grade credit quality. 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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">VMIG 2: This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">VMIG 3: This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">SG: This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections necessary to ensure the timely payment of purchase price upon demand. </div></div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Standard &amp; Poor&#8217;s Ratings Services </div></div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Long-Term Issue Credit Ratings* </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Issue credit ratings are based, in varying degrees, on S&amp;P Global Ratings&#8217; (&#8220;S&amp;P&#8221;) analysis of the following considerations: </div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">The likelihood of payment&#8212;the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation; </div></div></td></tr></table>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">The nature and provisions of the financial obligation, and the promise S&amp;P imputes; and </div></div></td></tr></table>
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<td style="width:10.5pt;vertical-align:top;text-align:left;"><div style="color:#333333;display:inline;"><div style="font-family:Times New Roman; font-size:7pt;color:#335367;display:inline;">&#8718;</div></div></td>
<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors&#8217; rights. </div></div></td></tr></table> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.) </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">AAA: An obligation rated &#8216;AAA&#8217; has the highest rating assigned by S&amp;P. The obligor&#8217;s capacity to meet its financial commitments on the obligation is extremely strong. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">AA: An obligation rated &#8216;AA&#8217; differs from the highest-rated obligations only to a small degree. The obligor&#8217;s capacity to meet its financial commitments on the obligation is very strong. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">A: An obligation rated &#8216;A&#8217; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor&#8217;s capacity to meet its financial commitments on the obligation is still strong. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">BBB: An obligation rated &#8216;BBB&#8217; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor&#8217;s capacity to meet its financial commitments on the obligation. </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">BB, B, CCC, CC, and C: Obligations rated &#8216;BB&#8217;, &#8216;B&#8217;, &#8216;CCC&#8217;, &#8216;CC&#8217;, and &#8216;C&#8217; are regarded as having significant speculative characteristics. &#8216;BB&#8217; indicates the least degree of speculation and &#8216;C&#8217; the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">BB: An obligation rated &#8216;BB&#8217; is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor&#8217;s inadequate capacity to meet its financial commitments on the obligation. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">B: An obligation rated &#8216;B&#8217; is more vulnerable to nonpayment than obligations rated &#8216;BB&#8217;, but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor&#8217;s capacity or willingness to meet its financial commitments on the obligation. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">CCC: An obligation rated &#8216;CCC&#8217; is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">CC: An obligation rated &#8216;CC&#8217; is currently highly vulnerable to nonpayment. The &#8216;CC&#8217; rating is used when a default has not yet occurred, but S&amp;P expects default to be a virtual certainty, regardless of the anticipated time to default. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">C: An obligation rated &#8216;C&#8217; is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">D: An obligation rated &#8216;D&#8217; is in default or in breach of an imputed promise. For <div style="white-space:nowrap;display:inline;">non-hybrid</div> capital instruments, the &#8216;D&#8217; rating category is used when payments on an obligation are not made on the date due, unless S&amp;P believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The &#8216;D&#8217; rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to &#8216;D&#8217; if it is subject to a distressed debt restructuring. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">*Ratings from &#8216;AA&#8217; to &#8216;CCC&#8217; may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Short-Term Issue Credit Ratings </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="white-space:nowrap;display:inline;">A-1:</div> A short-term obligation rated <div style="white-space:nowrap;display:inline;">&#8216;A-1&#8217;</div> is rated in the highest category by S&amp;P. The obligor&#8217;s capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor&#8217;s capacity to meet its financial commitments on these obligations is extremely strong. </div></div></div><div style="clear:both; height:0pt; font-size:0pt">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align:bottom"><div style="color:#335367;display:inline;">&#160;&#160;<div style="font-weight:bold;display:inline;">Base Prospectus</div>&#160;&#160;|&#160;&#160;PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="white-space:nowrap;display:inline;">A-2:</div> A short-term obligation rated <div style="white-space:nowrap;display:inline;">&#8216;A-2&#8217;</div> is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor&#8217;s capacity to meet its financial commitments on the obligation is satisfactory. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="white-space:nowrap;display:inline;">A-3:</div> A short-term obligation rated <div style="white-space:nowrap;display:inline;">&#8216;A-3&#8217;</div> exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor&#8217;s capacity to meet its financial commitments on the obligation. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">B: A short-term obligation rated &#8216;B&#8217; is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor&#8217;s inadequate capacity to meet its financial commitments. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">C: A short-term obligation rated &#8216;C&#8217; is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">D: A short-term obligation rated &#8216;D&#8217; is in default or in breach of an imputed promise. For <div style="white-space:nowrap;display:inline;">non-hybrid</div> capital instruments, the &#8216;D&#8217; rating category is used when payments on an obligation are not made on the date due, unless S&amp;P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The &#8216;D&#8217; rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to &#8216;D&#8217; if it is subject to a distressed debt restructuring. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Dual Ratings: Dual ratings may be assigned to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, <div style="white-space:nowrap;display:inline;">&#8216;AAA/A-1+&#8217;</div> or <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">&#8216;A-1+/A-1&#8217;).</div></div> With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">&#8216;SP-1+/A-1+&#8217;).</div></div> </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Active Qualifiers </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">S&amp;P uses the following qualifiers that limit the scope of a rating. The structure of the transaction can require the use of a qualifier such as a &#8216;p&#8217; qualifier, which indicates the rating addresses the principal portion of the obligation only. A qualifier appears as a suffix and is part of the rating. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Federal deposit insurance limit: &#8216;L&#8217; qualifier </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Ratings qualified with &#8216;L&#8217; apply only to amounts invested up to federal deposit insurance limits. </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Principal &#8216;p&#8217; qualifier </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">This suffix is used for issues in which the credit factors, the terms, or both, that determine the likelihood of receipt of payment of principal are different from the credit factors, terms, or both that determine the likelihood of receipt of interest on the obligation. The &#8216;p&#8217; suffix indicates that the rating addresses the principal portion of the obligation only and that the interest is not rated. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Preliminary ratings: &#8216;prelim&#8217; qualifier </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Preliminary ratings, with the &#8216;prelim&#8217; suffix, may be assigned to obligors or obligations, including financial programs, in the circumstances described below. Assignment of a final rating is conditional on the receipt by S&amp;P of appropriate documentation. S&amp;P reserves the right not to issue a final rating. Moreover, if a final rating is issued, it may differ from the preliminary rating. </div></div>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">Preliminary ratings may be assigned to obligations that will likely be issued upon the obligor&#8217;s emergence from bankruptcy or similar reorganization, based on late-stage reorganization plans, documentation, and discussions with the obligor. Preliminary ratings may also be assigned to the obligors. These ratings consider the anticipated general credit quality of the reorganized or post-bankruptcy issuer as well as attributes of the anticipated obligation(s). </div></div></td></tr></table>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">Preliminary ratings may be assigned to entities that are being formed or that are in the process of being independently established when, in S&amp;P&#8217;s opinion, documentation is close to final. Preliminary ratings may also be assigned to the obligations of these entities. </div></div></td></tr></table>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">Preliminary ratings may be assigned when a previously unrated entity is undergoing a well-formulated restructuring, recapitalization, significant financing, or other transformative event, generally at the point that investor or lender commitments are invited. The preliminary rating may be assigned to the entity and to its proposed obligation(s). These preliminary ratings consider the anticipated general credit quality of the obligor, as well as attributes of the anticipated obligation(s), assuming successful completion of the transformative event. Should the transformative event not occur, S&amp;P would likely withdraw these preliminary ratings. </div></div></td></tr></table>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">A preliminary recovery rating may be assigned to an obligation that has a preliminary issue credit rating. </div></div></td></tr></table> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Termination structure: &#8216;t&#8217; qualifier </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">This symbol indicates termination structures that are designed to honor their contracts to full maturity or, should certain events occur, to terminate and cash settle all their contracts before their final maturity date. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Counterparty instrument rating: &#8216;cir&#8217; qualifier </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">This symbol indicates a counterparty instrument rating (CIR), which is a forward-looking opinion about the creditworthiness of an issuer in a </div></div></div><div style="clear:both; height:0pt; font-size:0pt">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">PIMCO&#160;Municipal&#160;Income&#160;Fund&#160;II</div></td>
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<td style="padding-bottom:34pt ;vertical-align:bottom;text-align:right;">&#160;&#160;&#160;&#160;</td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> securitization structure with respect to a specific financial obligation to a counterparty (including interest rate swaps, currency swaps, and liquidity facilities). The CIR is determined on an ultimate payment basis; these opinions do not take into account timeliness of payment. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Inactive Qualifiers (no longer applied or outstanding) </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Contingent upon final documentation: &#8216;*&#8217; in active qualifier </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">This symbol indicated that the rating was contingent upon S&amp;P receipt of an executed copy of the escrow agreement or closing documentation confirming investments and cash flows. Discontinued use in August 1998. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Termination of obligation to tender: &#8216;c&#8217; inactive qualifier </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">This qualifier was used to provide additional information to investors that the bank may terminate its obligation to purchase tendered bonds if the long-term credit rating of the issuer was lowered to below an investment-grade level and/or the issuer&#8217;s bonds were deemed taxable. Discontinued use in January 2001. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">U.S. direct government securities: &#8216;G&#8217; inactive qualifier </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The letter &#8216;G&#8217; followed the rating symbol when a fund&#8217;s portfolio consisted primarily of direct U.S. government securities. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Public information ratings: &#8216;pi&#8217; inactive qualifier </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">This qualifier was used to indicate ratings that were based on an analysis of an issuer&#8217;s published financial information, as well as additional information in the public domain. Such ratings did not, however, reflect <div style="white-space:nowrap;display:inline;">in-depth</div> meetings with an issuer&#8217;s management and therefore could have been based on less comprehensive information than ratings without a &#8216;pi&#8217; suffix. Discontinued use as of December 2014 and as of August 2015 for Lloyd&#8217;s Syndicate Assessments. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Provisional ratings: &#8216;pr&#8217; inactive qualifier </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The letters &#8216;pr&#8217; indicate that the rating was provisional. A provisional rating assumed the successful completion of a project financed by the debt being rated and indicates that payment of debt service requirements was largely or entirely dependent upon the successful, timely completion of the project. This rating, however, while addressing credit quality subsequent to completion of the project, made no comment on the likelihood of or the risk of default upon failure of such completion. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Quantitative analysis of public information: &#8216;q&#8217; inactive qualifier </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">A &#8216;q&#8217; subscript indicates that the rating is based solely on quantitative analysis of publicly available information. Discontinued use in April 2001. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Extraordinary risks: &#8216;r&#8217; inactive qualifier </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The &#8216;r&#8217; modifier was assigned to securities containing extraordinary risks, particularly market risks, that are not covered in the credit rating. The absence of an &#8216;r&#8217; modifier should not be taken as an indication that an obligation would not exhibit extraordinary noncredit-related risks. S&amp;P discontinued the use of the &#8216;r&#8217; modifier for most obligations in June 2000 and for the balance of obligations (mainly structured finance transactions) in November 2002. </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Fitch Ratings </div></div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Long-Term Credit Ratings </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Rated entities in a number of sectors, including financial and <div style="white-space:nowrap;display:inline;">non-financial</div> corporations, sovereigns, insurance companies and certain sectors within public finance, are generally assigned Issuer Default Ratings (&#8220;IDRs&#8221;). IDRs are also assigned to certain entities or enterprises in global infrastructure, project finance and public finance. IDRs opine on an entity&#8217;s relative vulnerability to default (including by way of a distressed debt exchange) on financial obligations. The threshold default risk addressed by the IDR is generally that of the financial obligations whose <div style="white-space:nowrap;display:inline;">non-payment</div> would best reflect the uncured failure of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or similar concepts. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In aggregate, IDRs provide an ordinal ranking of issuers based on the agency&#8217;s view of their relative vulnerability to default, rather than a prediction of a specific percentage likelihood of default. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">AAA: Highest credit quality. &#8216;AAA&#8217; ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">AA: Very high credit quality. &#8216;AA&#8217; ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">A: High credit quality. &#8216;A&#8217; ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">BBB: Good credit quality. &#8216;BBB&#8217; ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">BB: Speculative. &#8216;BB&#8217; ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">B: Highly speculative. &#8216;B&#8217; ratings indicate that material default risk is present, but a limited margin of safety remains. 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<td style="padding-bottom:34pt ;vertical-align:bottom"><div style="font-family:Times New Roman; font-size:19pt;color:#335367;display:inline;">Base&#160;Prospectus</div></td></tr></table><div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">b. the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">c. the formal announcement by the issuer or their agent of a distressed debt exchange; </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">d. a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">RD: Restricted default. &#8216;RD&#8217; ratings indicate an issuer that in Fitch Ratings&#8217; opinion has experienced: </div></div>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but </div></div></td></tr></table>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">has not entered into bankruptcy filings, administration, receivership, liquidation or other formal <div style="white-space:nowrap;display:inline;">winding-up,</div> </div></div></td></tr></table>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">has not otherwise ceased operating. This would include: </div></div></td></tr></table>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">the selective payment default on a specific class or currency of debt; </div></div></td></tr></table>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation; </div></div></td></tr></table>
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<td style="vertical-align:top;text-align:left;"> <div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or more material financial obligations. </div></div></td></tr></table> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">D: Default. &#8216;D&#8217; ratings indicate an issuer that in Fitch Ratings&#8217; opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal <div style="white-space:nowrap;display:inline;">winding-up</div> procedure or that has otherwise ceased business. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Default ratings are not assigned prospectively to entities or their obligations; within this context, <div style="white-space:nowrap;display:inline;">non-payment</div> on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In all cases, the assignment of a default rating reflects the agency&#8217;s opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer&#8217;s financial obligations or local commercial practice. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">&#8220;Imminent&#8221; default, categorized under &#8216;C&#8217;, typically refers to the occasion where a payment default has been intimated by the issuer and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies several days or weeks in the immediate future. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The modifiers &#8220;+&#8221; or &#8220;-&#8221; may be appended to a rating to denote relative status within major rating categories. For example, the rating category &#8216;AA&#8217; has three notch-specific rating levels (&#8216;AA+&#8217;; &#8216;AA&#8217;; <div style="white-space:nowrap;display:inline;">&#8216;AA-&#8217;;</div> each a </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"> rating level). Such suffixes are not added to &#8216;AAA&#8217; ratings and ratings below the &#8216;CCC&#8217; category. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Recovery Ratings </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Recovery Ratings are assigned to selected individual securities and obligations, most frequently for individual obligations of corporate finance issuers with IDRs in speculative grade categories. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Among the factors that affect recovery rates for securities are the collateral, the seniority relative to other obligations in the capital structure (where appropriate), and the expected value of the company or underlying collateral in distress. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Recovery Rating scale is based on the expected relative recovery characteristics of an obligation upon the curing of a default, emergence from insolvency or following the liquidation or termination of the obligor or its associated collateral. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Recovery Ratings are an ordinal scale and do not attempt to precisely predict a given level of recovery. As a guideline in developing the rating assessments, the agency employs broad theoretical recovery bands in its ratings approach based on historical averages and analytical judgement, but actual recoveries for a given security may deviate materially from historical averages. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">RR1: <div style="font-style:italic;display:inline;">Outstanding recovery prospects given default.</div> &#8216;RR1&#8217; rated securities have characteristics consistent with securities historically recovering <div style="white-space:nowrap;display:inline;">91%-100%</div> of current principal and related interest. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">RR2: <div style="font-style:italic;display:inline;">Superior recovery prospects given default.</div> &#8216;RR2&#8217; rated securities have characteristics consistent with securities historically recovering <div style="white-space:nowrap;display:inline;">71%-90%</div> of current principal and related interest. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">RR3: <div style="font-style:italic;display:inline;">Good recovery prospects given default.</div> &#8216;RR3&#8217; rated securities have characteristics consistent with securities historically recovering <div style="white-space:nowrap;display:inline;">51%-70%</div> of current principal and related interest. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">RR4: <div style="font-style:italic;display:inline;">Average recovery prospects given default.</div> &#8216;RR4&#8217; rated securities have characteristics consistent with securities historically recovering <div style="white-space:nowrap;display:inline;">31%-50%</div> of current principal and related interest. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">RR5: <div style="font-style:italic;display:inline;">Below average recovery prospects given default.</div> &#8216;RR5&#8217; rated securities have characteristics consistent with securities historically recovering <div style="white-space:nowrap;display:inline;">11%-30%</div> of current principal and related interest. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">RR6: <div style="font-style:italic;display:inline;">Poor recovery prospects given default.</div> &#8216;RR6&#8217; rated securities have characteristics consistent with securities historically recovering <div style="white-space:nowrap;display:inline;">0%-10%</div> of current principal and related interest. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-weight:bold;display:inline;">Short-Term Ratings Assigned to Issuers and Obligations </div></div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as &#8220;short term&#8221; based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets. </div></div></div><div style="clear:both; height:0pt; font-size:0pt">&#160;</div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><div style="line-height:0.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #333333">&#160;</div><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div>
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<img alt="LOGO" src="g288652g99m11.jpg"/> </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:11.5pt; font-family:ARIAL;text-align:center"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">PIMCO Municipal Income Fund II </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL;text-align:center"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Common Shares </div></div></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div style="text-align:center"> <div style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #335367;width:17%;text-align:center;margin-left: auto;margin-right: auto">&#160;</div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL;text-align:center"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">PROSPECTUS </div></div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div style="text-align:center"> <div style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #335367;width:17%;text-align:center;margin-left: auto;margin-right: auto">&#160;</div></div><div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:arial narrow;font-weight:bold;text-align:center">August 10, 2022 </div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </div><hr style="color:#999999;height:3px;width:100%"/>
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<img alt="LOGO" src="g288652g99m12.jpg"/> </div></td></tr> </table><div style="font-size:300pt;margin-top:0pt;margin-bottom:0pt">&#160;</div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund&#8217;s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund&#8217;s website, pimco.com/literature, and you will be notified by mail each time a report is posted and provided with a website link to access the report. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by visiting pimco.com/edelivery or by contacting your financial intermediary, such as a broker-dealer or bank. </div></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">You may elect to receive all future reports in paper free of charge. If you own these shares through a financial intermediary, such as a broker-dealer or bank, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 844.337.4626. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Fund or to all funds held in your account if you invest through a financial intermediary, such as a broker-dealer or bank. </div></div></div><div style="clear:both; height:0pt; font-size:0pt">&#160;</div></div>


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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">PIMCO MUNICIPAL INCOME FUND II </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;text-align:center">Statement of Additional Information </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;text-align:center">August&#160;10, 2022 </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PIMCO Municipal Income Fund II (the &#8220;Fund&#8221;) is a diversified, <span style="white-space:nowrap">closed-end</span> management investment company. Pacific Investment Management Company LLC (&#8220;PIMCO&#8221; or the &#8220;Investment Manager&#8221;), 650 Newport Center Drive, Newport Beach, California 92660, is the investment manager to the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">This Statement of Additional Information relating to the common shares of beneficial interest, par value $0.00001 per share, of the Fund (the &#8220;Common Shares&#8221;) is not a prospectus, and should be read in conjunction with the Fund&#8217;s prospectus relating thereto dated August&#160;10, 2022 (the &#8220;Prospectus&#8221;) and any related prospectus supplement. This Statement of Additional Information does not include all information that a prospective investor should consider before purchasing Common Shares, and investors should obtain and read the Prospectus and any related prospectus supplement prior to purchasing such shares. A copy of the Prospectus and any related prospectus supplement or the annual or semi-annual reports for the Fund may be obtained without charge by calling <span style="white-space:nowrap"><span style="white-space:nowrap">844-337-4626.</span></span> You may also obtain a copy of the Prospectus or any related prospectus supplement on the website of the Securities and Exchange Commission (the &#8220;SEC&#8221;) at http://www.sec.gov. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Capitalized terms used but not defined in this Statement of Additional Information have the meanings ascribed to them in the Prospectus and any related prospectus supplement. </p>


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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_2">INVESTMENT OBJECTIVE AND POLICIES</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">1</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_3">INVESTMENT RESTRICTIONS</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">75</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_4">MANAGEMENT OF THE FUND</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">78</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_5">INVESTMENT MANAGER</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">94</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_6">PORTFOLIO TRANSACTIONS AND BROKERAGE</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">105</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_7">DISTRIBUTIONS</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">108</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_8">DESCRIPTION OF SHARES</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">108</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_9">PREFERRED SHARES</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">109</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_10">ANTI-TAKEOVER AND OTHER PROVISIONS IN THE DECLARATION OF TRUST AND BYLAWS</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">109</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_11">REPURCHASE OF COMMON SHARES; CONVERSION TO <span style="white-space:nowrap">OPEN-END</span> FUND</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">112</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_12">TAXATION</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">114</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_13">PERFORMANCE RELATED AND COMPARATIVE INFORMATION</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">130</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_14">CUSTODIAN, TRANSFER AGENT AND DIVIDEND DISBURSEMENT AGENT</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">130</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_15">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">131</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_16">COUNSEL</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">131</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_17">REGISTRATION STATEMENT</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">131</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_18">FINANCIAL STATEMENTS</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">131</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_19">INCORPORATION BY REFERENCE</a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">131</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="4"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><a href="#sai288652_20">APPENDIX A &#8211; PROCEDURES FOR SHAREHOLDERS TO SUBMIT NOMINEE CANDIDATES FOR THE PIMCO SPONSORED <span style="white-space:nowrap">CLOSED-END</span> FUNDS </a></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">A-1</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
</table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:center">i </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_1">THE FUND </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund commenced operations on June&#160;28, 2002, following the initial public offering of its Common Shares. The Fund was organized as a Massachusetts business trust on March&#160;29, 2002. Prior to commencing operations on June&#160;28, 2002, the Fund had no operations other than matters relating to its organization and registration as a <span style="white-space:nowrap">closed-end</span> management company registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;). </p> <p style="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_2">INVESTMENT OBJECTIVE AND POLICIES </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The investment objective and general investment policies of the Fund are described in the Prospectus. Additional information concerning the characteristics of certain of the Fund&#8217;s investments, strategies and risks is set forth below. Unless a strategy or policy described below is specifically prohibited by the investment restrictions listed in the Prospectus, by the investment restrictions under &#8220;Investment Restrictions&#8221; in this Statement of Additional Information, or by applicable law, the Fund may engage in each of the practices described below. However, the Fund is not required to engage in any particular transaction or purchase any particular type of securities or investment even if to do so might benefit the Fund. Unless otherwise stated herein, all investment policies of the Fund may be changed by the Board of Trustees (the &#8220;Board&#8221;) without shareholder approval. In addition, the Fund may be subject to restrictions on its ability to utilize certain investments or investment techniques. Unless otherwise stated herein, these additional restrictions may be changed with the consent of the Board but without approval by or notice to shareholders. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">High Yield Securities (&#8220;Junk Bonds&#8221;) and Securities of Distressed Companies </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest without limit in debt instruments that are, at the time of purchase, rated below &#8220;investment grade&#8221; by at least one of Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;), S&amp;P Global Ratings (&#8220;S&amp;P&#8221;) or Fitch, Inc. (&#8220;Fitch&#8221;), or unrated but determined by PIMCO to be of comparable quality. The Fund may also invest in defaulted securities and <span style="white-space:nowrap"><span style="white-space:nowrap">debtor-in-possession</span></span> financings. A description of the ratings categories used is set forth in Appendix A to the Prospectus. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A security is considered to be below &#8220;investment grade&#8221; quality if it is either (1)&#160;not rated in one of the four highest rating categories by one of the nationally recognized statistical rating organizations (&#8220;NRSROs&#8221;) (i.e., rated Ba or below by Moody&#8217;s, BB or below by S&amp;P or BB or below by Fitch) or (2)&#160;if unrated, determined by PIMCO to be of comparable quality to obligations so rated. Investments in securities rated below investment grade are described as &#8220;speculative&#8221; by Moody&#8217;s, S&amp;P and Fitch. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Investment in lower rated corporate debt securities (&#8220;high yield&#8221; securities or &#8220;junk bonds&#8221;) and securities of distressed companies generally provides greater income and increased opportunity for capital appreciation than investments in higher quality securities, but it also typically entails greater price volatility and principal and income risk. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are regarded as predominantly speculative with respect to the issuer&#8217;s continuing ability to make timely principal and interest payments. Issuers of high yield and distressed company securities may be involved in restructurings or bankruptcy proceedings that may not be successful. Analysis of the creditworthiness of issuers of debt securities that are high yield or debt securities of distressed companies may be more complex than for issuers of higher quality debt. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">High yield securities and debt securities of distressed companies may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of these securities have been found to be more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn, for example, could cause a decline in prices of high yield securities and debt securities of distressed companies because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities, and a high yield </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">1 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">
security may lose significant market value before a default occurs. If an issuer defaults, in addition to risking payment of all or a portion of interest and principal, the Fund, by investing in such securities, may incur additional expenses to seek recovery of their respective investments. In the case of securities structured as <span style="white-space:nowrap">zero-coupon</span> or <span style="white-space:nowrap"><span style="white-space:nowrap">pay-in-kind</span></span> securities, their market prices are affected to a greater extent by interest rate changes, and therefore tend to be more volatile than securities which pay interest periodically and in cash. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">High yield and distressed company securities and securities of distressed companies may have the right to &#8220;call&#8221; or redeem the issue prior to maturity, which may result in the Fund having to reinvest the proceeds in other high yield securities that may pay lower interest rates. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in these securities. In addition, the high yield securities and securities of distressed companies in which the Fund invests may not be listed on any exchange and a secondary market for such securities may be comparatively less liquid relative to markets for other more liquid fixed-income securities. Consequently, transactions in high yield and distressed company securities may involve greater costs than transactions in more actively traded securities, which could adversely affect the price at which the Fund could sell a high yield or distressed company security, and could adversely affect the daily net asset value of the shares. A lack of publicly-available information, irregular trading activity and wide bid/ask spreads among other factors, may, in certain circumstances, make high yield and distressed company debt more difficult to sell at an advantageous time or price than other types of securities or instruments. These factors may result in the Fund being unable to realize full value for these securities and/or may result in the Fund not receiving the proceeds from a sale of a high yield or distressed company security for an extended period after such sale, each of which could result in losses to the Fund. Because of the risks involved in investing in high yield securities and securities of distressed companies, an investment in the Fund should be considered speculative. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Analysis of the creditworthiness of issuers of high yield securities and distressed company securities may be more complex than for issuers of higher quality debt securities, and achievement of the Fund&#8217;s investment objective may, to the extent of its investments in high yield and distressed company securities, depend more heavily on PIMCO&#8217;s creditworthiness analysis than would be the case if the Fund were investing in higher quality securities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">High yield securities structured as <span style="white-space:nowrap">&#8220;zero-coupon&#8221;</span> bonds or <span style="white-space:nowrap"><span style="white-space:nowrap">&#8220;payment-in-kind&#8221;</span></span> securities (&#8220;PIKs&#8221;) tend to be especially volatile as they are particularly sensitive to downward pricing pressures from rising interest rates or widening spreads and may require the Fund to make taxable distributions of income greater than the total amount of cash interest the Fund has actually received. Even though such securities do not pay current interest in cash, the Fund nonetheless is required to accrue interest income on these investments and to distribute the interest income on a current basis. Thus, the Fund could be required at times to sell other investments in order to satisfy its distribution requirements (including when it is not advantageous to do so). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The secondary market on which high yield securities are traded may be less liquid than the market for higher grade securities. Less liquidity in the secondary trading market could adversely affect the price at which the Fund could sell a high yield security, and could adversely affect the daily net asset value of the shares. Lower liquidity in secondary markets could adversely affect the value of high yield/high risk securities held by the Fund. While lower rated securities typically are less sensitive to interest rate changes than higher rated securities, the market prices of high yield/high risk securities structured as zero coupon bonds or PIKs may be affected to a greater extent by interest rate changes. In addition, adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of high yield securities, especially in a thinly traded market. When secondary markets for high yield and distressed company securities are less liquid than the market for other types of securities, it may be more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation because there is less reliable, objective data available. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The use of credit ratings as the sole method of evaluating high yield securities and debt securities of distressed companies can involve certain risks. For example, credit ratings evaluate the safety of principal and </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">2 </p>



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interest payments of a debt security, not the market value risk of a security. Also, credit rating agencies may fail to change credit ratings in a timely fashion to reflect events since the security was last rated. PIMCO does not rely solely on credit ratings when selecting debt securities for the Fund. If a credit rating agency changes the rating of a debt security held by the Fund, the Fund may retain the security. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Mortgage-Related and Other Asset-Backed Securities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Mortgage-related instruments are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Such mortgage loans may include reperforming loans (&#8220;RPLs&#8221;), which are loans that have previously been delinquent but are current at the time securitized. Pools of mortgage loans are assembled as securities for sale to investors by various governmental, government-related and private organizations. The Fund may invest in a variety of mortgage-related and other ABS issued by government agencies or other governmental entities or by private originators or issuers. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The mortgage-related assets in which the Fund may invest include, without limitation, mortgage pass-through securities, collateralized mortgage obligations (&#8220;CMOs&#8221;), commercial or residential mortgage-backed securities, mortgage dollar rolls/buy backs, CMO residuals, adjustable rate mortgage-backed securities (&#8220;ARMBS&#8221;), stripped mortgage-backed securities (&#8220;SMBS&#8221;) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The Fund may also invest in other types of ABS, including collateralized debt obligations (&#8220;CDOs&#8221;), which include collateralized bond obligations (&#8220;CBOs&#8221;), collateralized loan obligations (&#8220;CLOs&#8221;) and other similarly structured securities. The mortgage-related securities in which the Fund may invest may pay variable or fixed rates of interest. When acquiring mortgage-related or other asset-backed securities, the Fund is not restricted by any particular borrower credit criteria. Accordingly, loans underlying mortgage-related securities acquired by the Fund may be subprime in quality, or may become subprime in quality. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Through investments in mortgage-related securities, including those that are issued by private issuers, the Fund may have some exposure to subprime loans as well as to the mortgage and credit markets generally. Private issuers include commercial banks, savings associations, mortgage companies, investment banking firms, finance companies and special purpose finance entities (called special purpose vehicles (&#8220;SPVs&#8221;)) and other entities that acquire and package mortgage loans for resale as mortgage-related securities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Mortgage Pass-Through Securities</span></span><span style="font-style:italic">.</span> Mortgage pass-through securities are securities representing interests in &#8220;pools&#8221; of mortgage loans secured by residential or commercial real property. Interests in pools of mortgage-related securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed or variable amounts with principal payments at maturity or specified call dates. Instead, these securities provide a monthly payment that consists of both interest and principal payments. In effect, these payments are a &#8220;pass-through&#8221; of the monthly payments made by the individual borrowers on their residential or commercial mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs that may be incurred. Some mortgage-related securities (such as securities issued by the Government National Mortgage Association (&#8220;Ginnie Mae&#8221; or &#8220;GNMA&#8221;)) are described as &#8220;modified pass-through.&#8221; These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether or not the mortgagor actually makes the payment. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The rate of <span style="white-space:nowrap">pre-payments</span> on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. Early repayment of principal on some mortgage-related securities (arising from prepayments of principal due to the sale of the underlying property, refinancing, or foreclosure, net of fees and costs that may be incurred) may expose the Fund to a lower rate of return upon reinvestment of </p>
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principal. Also, if a security subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Like other fixed-income securities, when interest rates rise, the value of a mortgage-related security generally will decline; however, when interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities. Adjustable rate mortgage-related and other ABS are also subject to some interest rate risk. For example, because interest rates on most adjustable rate mortgage- and other ABS only reset periodically (<span style="font-style:italic">e.g.</span>, monthly or quarterly), changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the market value of these securities, including declines in value as interest rates rise. In addition, to the extent that unanticipated rates of <span style="white-space:nowrap">pre-payment</span> on underlying mortgages increase the effective duration of a mortgage-related security, the volatility of such security can be expected to increase. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The residential mortgage market in the United States has experienced in the past, and could experience in the future, difficulties that may adversely affect the performance and market value of certain of the Fund&#8217;s mortgage-related investments. Delinquencies, defaults and losses on residential mortgage loans may increase substantially over a shorter period of time. A decline in or flattening of housing values may exacerbate such delinquencies and losses on residential mortgages. Borrowers with adjustable rate mortgage loans are more sensitive to changes in interest rates, which affect their monthly mortgage payments, and may be unable to secure replacement mortgages at comparably low interest rates. As a result of the 2008 financial crisis, a number of residential mortgage loan originators experienced serious financial difficulties or bankruptcy. Owing largely to the foregoing, reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements caused limited liquidity in the secondary market for certain mortgage-related securities, which adversely affected the market value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could recur or worsen in the future. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Agency Mortgage-Related Securities.</span></span> Payment of principal and interest on some mortgage pass-through securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of the U.S. government (in the case of securities guaranteed by GNMA) or guaranteed by agencies or instrumentalities of the U.S. government (in the case of securities guaranteed by the Federal National Mortgage Association (&#8220;FNMA&#8221;) or the Federal Home Loan Mortgage Corporation (&#8220;FHLMC&#8221;)). The principal governmental guarantor of mortgage-related securities is GNMA. GNMA is a wholly-owned U.S. government corporation within the U.S. Department of Housing and Urban Development (the &#8220;Department of Housing and Urban Development&#8221; or &#8220;HUD&#8221;). GNMA is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest on securities issued by institutions approved by GNMA (such as savings and loan institutions, commercial banks and mortgage bankers) and backed by pools of mortgages insured by the Federal Housing Administration (the &#8220;FHA&#8221;), or guaranteed by the Department of Veterans Affairs (the &#8220;VA&#8221;). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Government-related guarantors (<span style="font-style:italic">i.e.</span>, not backed by the full faith and credit of the U.S. government) include FNMA and FHLMC. FNMA is a government-sponsored corporation. FNMA primarily purchases conventional (<span style="font-style:italic">i.e.</span>, not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers, which includes state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. government. Instead, they are supported only by the discretionary authority of the U.S. government to purchase the agency&#8217;s obligations. FHLMC was created by Congress in 1970 for the purpose of increasing the availability of mortgage credit for residential housing. It is a government-sponsored corporation that issues participation certificates (&#8220;PCs&#8221;), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. government. Instead, they are supported only by the discretionary authority of the U.S. government to purchase the agency&#8217;s obligations. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">FNMA and FHLMC also securitize RPLs. For example, in FNMA&#8217;s case, the RPLs are single-family, fixed rate reperforming loans that generally were previously placed in an MBS trust guaranteed by FNMA, purchased </p>
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from the trust by FNMA and held as a distressed asset after four or more months of delinquency, and subsequently became current (<span style="font-style:italic">i.e.</span>, performing) again. Such RPLs may have exited delinquency through efforts at reducing defaults (<span style="font-style:italic">e.g.</span>, loan modification). In selecting RPLs for securitization, FNMA follows certain criteria related to length of time the loan has been performing, the type of loan (single-family, fixed rate), and the status of the loan as first lien, among other things. FNMA may include different loan structures and modification programs in the future. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">On September&#160;6, 2008, the Federal Housing Finance Agency (&#8220;FHFA&#8221;) placed FNMA and FHLMC into conservatorship. As the conservator, the FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. FHFA selected a new chief executive officer and chairman of the board of directors for each of FNMA and FHLMC. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In connection with the conservatorship, the U.S. Department of the Treasury (the &#8220;U.S. Treasury&#8221;) entered into a Senior Preferred Stock Purchase Agreement with each of FNMA and FHLMC pursuant to which the U.S. Treasury will purchase up to an aggregate of $100&#160;billion of each of FNMA and FHLMC to maintain a positive net worth in each enterprise. This agreement contains various covenants that severely limit each enterprise&#8217;s operations. In exchange for entering into these agreements, the U.S. Treasury received $1&#160;billion of each enterprise&#8217;s senior preferred securities and warrants to purchase 79.9% of each enterprise&#8217;s common stock. In 2009, the U.S. Treasury announced that it was doubling the size of its commitment to each enterprise under the Senior Preferred Stock Program to $200&#160;billion. The U.S. Treasury&#8217;s obligations under the Senior Preferred Stock Program are for an indefinite period of time for a maximum amount of $200&#160;billion per enterprise. In 2009, the U.S. Treasury further amended the Senior Preferred Stock Purchase Agreement to allow the cap on the U.S. Treasury&#8217;s funding commitment to increase as necessary to accommodate any cumulative reduction in FNMA&#8217;s and FHLMC&#8217;s net worth through the end of 2012. In August 2012, the Senior Preferred Stock Purchase Agreement was further amended to, among other things, accelerate the wind down of the retained portfolio, terminate the requirement that FNMA and FHLMC each pay a 10% dividend annually on all amounts received under the funding commitment, and require the submission of an annual risk management plan to the U.S. Treasury. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities. The Senior Preferred Stock Purchase Agreement is intended to enhance each of FNMA&#8217;s and FHLMC&#8217;s ability to meet its obligations. The FHFA has indicated that the conservatorship of each enterprise will end when the director of FHFA determines that FHFA&#8217;s plan to restore the enterprise to a safe and solvent condition has been completed. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Under the Federal Housing Finance Regulatory Reform Act of 2008 (the &#8220;Reform Act&#8221;), which was included as part of the Housing and Economic Recovery Act of 2008, FHFA, as conservator or receiver, has the power to repudiate any contract entered into by FNMA or FHLMC prior to FHFA&#8217;s appointment as conservator or receiver, as applicable, if FHFA determines, in its sole discretion, that performance of the contract is burdensome and that repudiation of the contract promotes the orderly administration of FNMA&#8217;s or FHLMC&#8217;s affairs. The Reform Act requires FHFA to exercise its right to repudiate any contract within a reasonable period of time after its appointment as conservator or receiver. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">FHFA, in its capacity as conservator, has indicated that it has no intention to repudiate the guaranty obligations of FNMA or FHLMC because FHFA views repudiation as incompatible with the goals of the conservatorship. However, in the event that FHFA, as conservator or if it is later appointed as receiver for FNMA or FHLMC, were to repudiate any such guaranty obligation, the conservatorship or receivership estate, as applicable, would be liable for actual direct compensatory damages in accordance with the provisions of the Reform Act. Any such liability could be satisfied only to the extent of FNMA&#8217;s or FHLMC&#8217;s assets available therefor. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In the event of repudiation, the payments of interest to holders of FNMA or FHLMC mortgage-backed securities would be reduced if payments on the mortgage loans represented in the mortgage loan groups related to such mortgage-backed securities are not made by the borrowers or advanced by the servicer. Any actual direct compensatory damages for repudiating these guaranty obligations may not be sufficient to offset any shortfalls experienced by such mortgage-backed security holders. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Further, in its capacity as conservator or receiver, FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent. Although FHFA has stated that it has no present intention to do so, if FHFA, as conservator or receiver, were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC mortgage-backed securities would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, certain rights provided to holders of mortgage-backed securities issued by FNMA and FHLMC under the operative documents related to such securities may not be enforced against FHFA, or enforcement of such rights may be delayed, during the conservatorship or any future receivership. The operative documents for FNMA and FHLMC mortgage-backed securities may provide (or with respect to securities issued prior to the date of the appointment of the conservator may have provided) that upon the occurrence of an event of default on the part of FNMA or FHLMC, in its capacity as guarantor, which includes the appointment of a conservator or receiver, holders of such mortgage-backed securities have the right to replace FNMA or FHLMC as trustee if the requisite percentage of mortgage-backed securities holders consent. The Reform Act prevents mortgage-backed security holders from enforcing such rights if the event of default arises solely because a conservator or receiver has been appointed. The Reform Act also provides that no person may exercise any right or power to terminate, accelerate or declare an event of default under certain contracts to which FNMA or FHLMC is a party, or obtain possession of or exercise control over any property of FNMA or FHLMC, or affect any contractual rights of FNMA or FHLMC, without the approval of FHFA, as conservator or receiver, for a period of 45 or 90 days following the appointment of FHFA as conservator or receiver, respectively. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">FHFA and the White House have made public statements regarding plans to consider ending the conservatorships of FNMA and FHLMC. In the event that FNMA and FHLMC are taken out of conservatorship, it is unclear how the capital structure of FNMA and FHLMC would be constructed and what effects, if any, there may be on FNMA&#8217;s and FHLMC&#8217;s creditworthiness and guarantees of certain mortgage-backed securities. It is also unclear whether the U.S. Treasury would continue to enforce its rights or perform its obligations under the Senior Preferred Stock Programs. Should FNMA&#8217;s and FHLMC&#8217;s conservatorship end, there could be an adverse impact on the value of their securities, which could cause losses to the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In June 2019, under the Single Security Initiative, FNMA and FHLMC started issuing a uniform mortgage-backed security (&#8220;UMBS&#8221;) in place of their current offerings of <span style="white-space:nowrap">TBA-eligible</span> securities. The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Privately Issued Mortgage-Related <span style="white-space:nowrap">(Non-Agency)</span> Securities. </span></span>Commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers also create pass-through pools of conventional residential mortgage loans. Such issuers may be the originators and/or servicers of the underlying mortgage loans as well as the guarantors of the mortgage-related securities. Pools created by such <span style="white-space:nowrap">non-governmental</span> issuers generally offer a higher rate of interest than government and government-related pools because there are no direct or indirect government or agency guarantees of payments in the former pools. However, timely payment of interest and principal of these pools may be supported by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit, which may be issued by governmental entities, private insurers or the mortgage poolers. The insurance and guarantees are issued by governmental entities, private insurers or the mortgage poolers. Such insurance and guarantees, and the creditworthiness of the issuers thereof, will be considered in determining whether a </p>
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mortgage-related security meets the Fund&#8217;s investment quality standards. There can be no assurance that insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund may buy mortgage-related securities without insurance or guarantees. Securities issued by certain private organizations may not be readily marketable. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Privately issued mortgage-related securities are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related assets that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying privately issued mortgage-related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored mortgage-related securities and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. Mortgage pools underlying privately issued mortgage-related securities more frequently include second mortgages, high <span style="white-space:nowrap"><span style="white-space:nowrap">loan-to-value</span></span> ratio mortgages and manufactured housing loans, in addition to commercial mortgages and other types of mortgages where a government or government sponsored entity guarantee is not available. The coupon rates and maturities of the underlying mortgage loans in a privately issued mortgage-related securities pool may vary to a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage loans. Subprime loans are loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans. For these reasons, the loans underlying these securities have had in many cases higher default rates than those loans that meet government underwriting requirements. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The risk of <span style="white-space:nowrap">non-payment</span> is greater for mortgage-related securities that are backed by loans that were originated under weak underwriting standards, including loans made to borrowers with limited means to make repayment. A level of risk exists for all loans, although, historically, the poorest performing loans have been those classified as subprime. Other types of privately issued mortgage-related securities, such as those classified as <span style="white-space:nowrap">pay-option</span> adjustable rate or <span style="white-space:nowrap">Alt-A</span> have also performed poorly. Even loans classified as prime have experienced higher levels of delinquencies and defaults. The substantial decline in real property values across the U.S. has exacerbated the level of losses that investors in privately issued mortgage-related securities have experienced. It is not certain when these trends may reverse. Market factors that may adversely affect mortgage loan repayment include adverse economic conditions, unemployment, a decline in the value of real property, or an increase in interest rates. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may purchase privately issued mortgage-related assets that are originated, packaged and serviced by third party entities. It is possible these third parties could have interests that are in conflict with the holders of mortgage-related assets, and such holders (such as the Fund) could have rights against the third parties or their affiliates. For example, if a loan originator, servicer or its affiliates engaged in negligence or willful misconduct in carrying out its duties, then a holder of the mortgage-related asset could seek recourse against the originator/servicer or its affiliates, as applicable. Also, as a loan originator/servicer, the originator/servicer or its affiliates may make certain representations and warranties regarding the quality of the mortgages and properties underlying a mortgage-related asset. If one or more of those representations or warranties is false, then the holders of the mortgage-related securities (such as the Fund) could trigger an obligation of the originator/servicer or its affiliates, as applicable, to repurchase the mortgages from the issuing trust. Notwithstanding the foregoing, many of the third parties that are legally bound by trust and other documents have failed to perform their respective duties, as stipulated in such trust and other documents, and investors have had limited success in enforcing terms. To the extent third party entities involved with privately issued mortgage-related assets are involved in litigation relating to the securities, actions may be taken that are adverse to the interests of holders of the mortgage-related securities, including the Fund. For example, third parties may seek to withhold proceeds due to holders of the mortgage-related assets, including the Fund, to cover legal or related costs. Any such action could result in losses to the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market </p>
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sectors. Without an active trading market, mortgage-related assets held in the Fund&#8217;s portfolio may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The assets underlying mortgage-related securities may be represented by a portfolio of residential or commercial mortgages (including both whole mortgage loans and mortgage participation interests that may be senior or junior in terms of priority of repayment) or portfolios of mortgage pass-through securities issued or guaranteed by GNMA, FNMA or FHLMC. Mortgage loans underlying a mortgage-related security may in turn be insured or guaranteed by the FHA or the VA. In the case of privately issued mortgage-related securities whose underlying assets are neither U.S. government securities nor U.S. government-insured mortgages, to the extent that real properties securing such assets may be located in the same geographical region, the security may be subject to a greater risk of default than other comparable securities in the event of adverse economic, political or business developments that may affect such region and, ultimately, the ability of residential homeowners to make payments of principal and interest on the underlying mortgages. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In determining whether and how much to invest in privately issued mortgage-related securities, and how to allocate those assets, the Investment Manager will generally consider a number of factors. These may include, but are not limited to: (1)&#160;the nature of the borrowers (<span style="font-style:italic">e.g.</span>, residential vs. commercial); (2) the collateral loan type (<span style="font-style:italic">e.g.</span>, for residential: First Lien &#8211; Jumbo/Prime, First Lien &#8211; <span style="white-space:nowrap">Alt-A,</span> First Lien &#8211; Subprime, First Lien &#8211; <span style="white-space:nowrap">Pay-Option</span> or Second Lien; for commercial: Conduit, Large Loan or Single Asset/Single Borrower); and (3)&#160;in the case of residential loans, whether they are fixed rate or adjustable mortgages. Each of these criteria can cause privately issued mortgage-related securities to have differing primary economic characteristics and distinguishable risk factors and performance characteristics. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Collateralized Mortgage Obligations (&#8220;CMOs&#8221;). </span></span>A CMO is a debt obligation of a legal entity that is collateralized by mortgages and divided into classes. Similar to a bond, interest and prepaid principal is paid, in most cases, semi-annually or on a monthly basis. CMOs may be collateralized by whole mortgage loans or private mortgage bonds, but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by GNMA, FHLMC or FNMA, and their income streams. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">CMOs are structured into multiple classes, often referred to as &#8220;tranches,&#8221; with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including <span style="white-space:nowrap">pre-payments.</span> Actual maturity and average life will depend upon the <span style="white-space:nowrap">pre-payment</span> experience of the collateral. In the case of certain CMOs (known as &#8220;sequential pay&#8221; CMOs), payment of principal received from the pool of underlying mortgages, including prepayments, are applied to the classes of CMOs in the order of their respective final distribution dates. Thus, no payment of principal will be made to any class of sequential pay CMOs until all other classes having an earlier final distribution date have been paid in full. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In a typical CMO transaction, a corporation (&#8220;issuer&#8221;) issues multiple series (<span style="font-style:italic">e.g.</span>, A, B, C, Z) of CMO bonds (&#8220;Bonds&#8221;). Proceeds of the Bond offering are used to purchase mortgages or mortgage pass-through certificates (&#8220;Collateral&#8221;). The Collateral is pledged to a third party trustee as security for the Bonds. Principal and interest payments from the Collateral are used to pay principal on the Bonds in the order A, B, C, Z. The Series A, B, and C Bonds all bear current interest. Interest on the Series Z Bond is accrued and added to principal and a like amount is paid as principal on the Series A, B, or C Bond currently being paid off. When the Series A, B, and C Bonds are paid in full, interest and principal on the Series Z Bond begins to be paid currently. With some CMOs, the issuer serves as a conduit to allow loan originations (primarily builders or savings and loan associations) to borrow against their loan portfolios. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage or ABS. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As CMOs have evolved, some classes of CMO bonds have become more common. For example, the Fund may invest in <span style="white-space:nowrap">parallel-pay</span> and planned amortization class (&#8220;PAC&#8221;) CMOs and multi-class pass-through certificates. <span style="white-space:nowrap">Parallel-pay</span> CMOs and multi-class pass-through certificates are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in </p>
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calculating the stated maturity date or final distribution date of each class, which, as with other CMO and multi-class pass-through structures, must be retired by its stated maturity date or final distribution date but may be retired earlier. PACs generally require payments of a specified amount of principal on each payment date. PACs are <span style="white-space:nowrap">parallel-pay</span> CMOs with the required principal amount on such securities having the highest priority after interest has been paid to all classes. Any CMO or multi-class pass-through structure that includes PAC securities must also have support tranches&#8212;known as support bonds, companion bonds or <span style="white-space:nowrap">non-PAC</span> bonds&#8212;which lend or absorb principal cash flows to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other mortgage-related securities, and usually provide a higher yield to compensate investors. If principal cash flows are received in amounts outside a <span style="white-space:nowrap">pre-determined</span> range such that the support bonds cannot lend or absorb sufficient cash flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk. Consistent with the Fund&#8217;s investment objective and policies, PIMCO may invest in various tranches of CMO bonds, including support bonds. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">FHLMC Collateralized Mortgage Obligations. </span></span>FHLMC CMOs are debt obligations of FHLMC issued in multiple classes having different maturity dates which are secured by the pledge of a pool of conventional mortgage loans purchased by FHLMC. Payments of principal and interest on the CMOs are made semi-annually, as opposed to monthly. The amount of principal payable on each semi-annual payment date is determined in accordance with FHLMC&#8217;s mandatory sinking fund schedule, which in turn, is equal to approximately 100% of FHA prepayment experience applied to the mortgage collateral pool. All sinking fund payments in the CMOs are allocated to the retirement of the individual classes of bonds in the order of their stated maturities. Payment of principal on the mortgage loans in the collateral pool in excess of the amount of FHLMC&#8217;s minimum sinking fund obligation for any payment date are paid to the holders of the CMOs as additional sinking fund payments. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Because of the &#8220;pass-through&#8221; nature of all principal payments received on the collateral pool in excess of FHLMC&#8217;s minimum sinking fund requirement, the rate at which principal of the CMOs is actually repaid is likely to be such that each class of bonds will be retired in advance of its scheduled maturity date. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If collection of principal (including prepayments) on the mortgage loans during any semi-annual payment period is not sufficient to meet FHLMC&#8217;s minimum sinking fund obligation on the next sinking fund payment date, FHLMC agrees to make up the deficiency from its general funds. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Criteria for the mortgage loans in the pool backing the FHLMC CMOs are identical to those of FHLMC PCs. FHLMC has the right to substitute collateral in the event of delinquencies and/or defaults. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Commercial or Residential Mortgage-Backed Securities. </span></span>Commercial mortgage-backed securities (&#8220;CMBS&#8221;) and residential mortgage-backed securities (&#8220;RMBS&#8221;) include securities that reflect an interest in, and are secured by, mortgage loans on commercial or residential real property. Many of the risks of investing in CMBS or RMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. CMBS or RMBS may be less liquid and exhibit greater price volatility than other types of mortgage- or ABS. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">CMO Residuals. </span></span>CMO residuals are mortgage securities issued by agencies or instrumentalities of the U.S. government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make required payments of principal and interest on the CMOs and second to pay the related administrative expenses and any management fee of the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO residual represents income and/or a return of capital. The amount of residual cash </p>
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flow resulting from a CMO will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing interest rates, the amount of administrative expenses and the <span style="white-space:nowrap">pre-payment</span> experience on the mortgage assets. In particular, the yield to maturity on CMO residuals is extremely sensitive to <span style="white-space:nowrap">pre-payments</span> on the related underlying mortgage assets, in the same manner as an interest-only (&#8220;IO&#8221;) class of SMBS. See &#8220;Stripped Mortgage-Backed Securities&#8221; below. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which interest rate adjustments are based. As described below with respect to SMBS, in certain circumstances the Fund may fail to recoup fully its initial investment in a CMO residual. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">CMO residuals are generally purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers. CMO residuals may, or pursuant to an exemption therefrom, may not, have been registered under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). CMO residuals, whether or not registered under the Securities Act, may be subject to certain restrictions on transferability. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Adjustable Rate Mortgage Backed Securities. </span></span>ARMBS have interest rates that reset at periodic intervals. Acquiring ARMBS permits the Fund to participate in increases in prevailing current interest rates through periodic adjustments in the coupons of mortgages underlying the pool on which ARMBS are based. Such ARMBS generally have higher current yield and lower price fluctuations than is the case with more traditional fixed-income debt securities of comparable rating and maturity. In addition, when prepayments of principal are made on the underlying mortgages during periods of rising interest rates, the Fund can reinvest the proceeds of such prepayments at rates higher than those at which they were previously invested. Mortgages underlying most ARMBS, however, have limits on the allowable annual or lifetime increases that can be made in the interest rate that the mortgagor pays. Therefore, if current interest rates rise above such limits over the period of the limitation, the Fund, when holding an ARMBS, does not benefit from further increases in interest rates. Moreover, when interest rates are in excess of coupon rates (<span style="font-style:italic">i.e.</span>, the rates being paid by mortgagors) of the mortgages, ARMBS behave more like fixed-income securities and less like adjustable rate securities and are subject to the risks associated with fixed-income securities. In addition, during periods of rising interest rates, increases in the coupon rate of adjustable rate mortgages generally lag current market interest rates slightly, thereby creating the potential for capital depreciation on such securities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Stripped Mortgage-Backed Securities</span></span><span style="font-weight:bold">. </span>SMBS are derivative multi-class mortgage securities. SMBS may be issued by agencies or instrumentalities of the U.S. government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the &#8220;IO&#8221; class), while the other class will receive all of the principal (the &#8220;PO&#8221; class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the Fund&#8217;s yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to recoup some or all of its initial investment in these securities even if the security is in one of the highest rating categories. SMBS may be deemed &#8220;illiquid.&#8221; </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Other Mortgage-Related Securities. </span></span>Other mortgage-related securities include securities other than those described above that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property, including mortgage dollar rolls/buy backs, CMO residuals or SMBS. Other mortgage-related securities may be equity or debt securities issued by agencies or instrumentalities of the U.S. </p>
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government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks, partnerships, trusts and special purpose entities of the foregoing. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Mortgage-related securities include, among other things, securities that reflect an interest in reverse mortgages. In a reverse mortgage, a lender makes a loan to a homeowner based on the homeowner&#8217;s equity in his or her home. While a homeowner must be age 62 or older to qualify for a reverse mortgage, reverse mortgages may have no income restrictions. Repayment of the interest or principal for the loan is generally not required until the homeowner dies, sells the home, or ceases to use the home as his or her primary residence. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There are three general types of reverse mortgages: (1)&#160;single-purpose reverse mortgages, which are offered by certain state and local government agencies and nonprofit organizations; (2)&#160;federally-insured reverse mortgages, which are backed by the U. S. Department of Housing and Urban Development; and (3)&#160;proprietary reverse mortgages, which are privately offered loans. A mortgage-related security may be backed by a single type of reverse mortgage. Reverse mortgage-related securities include agency and privately issued mortgage-related securities. The principal government guarantor of reverse mortgage-related securities is GNMA. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Reverse mortgage-related securities may be subject to risks different than other types of mortgage-related securities due to the unique nature of the underlying loans. The date of repayment for such loans is uncertain and may occur sooner or later than anticipated. The timing of payments for the corresponding mortgage-related security may be uncertain. Because reverse mortgages are offered only to persons 62 and older and there may be no income restrictions, the loans may react differently than traditional home loans to market events. Additionally, there can be no assurance that service providers to reverse mortgage trusts (&#8220;RMTs&#8221;) will diligently and appropriately execute their duties with respect to servicing such trusts. As a result, investors (which may include the Fund) in notes issued by RMTs may be deprived of payments to which they are entitled. This could result in losses to the Fund. Investors, including the Fund, may determine to pursue negotiations or legal claims or otherwise seek compensation from RMT service providers in certain instances. This may involve the Fund incurring costs and expenses associated with such actions. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Asset-Backed Securities</span></span><span style="font-style:italic">. </span>The Fund may invest in, or have exposure to, ABS, which are securities that represent a participation in, or are secured by and payable from, a stream of payments generated by particular assets, most often a pool or pools of similar assets (<span style="font-style:italic">e.g.</span>, trade receivables). ABS are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans. The credit quality of these securities depends primarily upon the quality of the underlying assets and the level of credit support and/or enhancement provided. To protect ABS investors from the possibility that some borrowers could miss payments or even default on their loans, ABS include various forms of credit enhancement. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The underlying assets (<span style="font-style:italic">e.g.</span>, loans) are subject to prepayments that shorten the securities&#8217; weighted average maturity and may lower their return. If the credit support or enhancement is exhausted, losses or delays in payment may result if the required payments of principal and interest are not made. The value of these securities also may change because of changes in the market&#8217;s perception of the creditworthiness of the servicing agent for the pool, the originator of the pool, or the financial institution or trust providing the credit support or enhancement. Typically, there is no perfected security interest in the collateral that relates to the financial assets that support ABS. ABS have many of the same characteristics and risks as the mortgage-backed securities described above. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may purchase or have exposure to commercial paper, including asset-backed commercial paper (&#8220;ABCP&#8221;), that is issued by structured investment vehicles or other conduits. These conduits may be sponsored by mortgage companies, investment banking firms, finance companies, hedge funds, private equity firms and special purpose finance entities. ABCP typically refers to a short-term debt security, the payment of which is supported by cash flows from underlying assets, or one or more liquidity or credit support providers, or both. </p>
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Assets backing ABCP include credit card, car loan and other consumer receivables and home or commercial mortgages, including subprime mortgages. The repayment of ABCP issued by a conduit depends primarily on the cash collections received from the conduit&#8217;s underlying asset portfolio and the conduit&#8217;s ability to issue new ABCP. Therefore, there could be losses to the Fund if investing in ABCP in the event of credit or market value deterioration in the conduit&#8217;s underlying portfolio, mismatches in the timing of the cash flows of the underlying asset interests and the repayment obligations of maturing ABCP, or the conduit&#8217;s inability to issue new ABCP. To protect investors from these risks, ABCP programs may be structured with various protections, such as credit enhancement, liquidity support, and commercial paper stop-issuance and wind-down triggers. However, there can be no guarantee that these protections will be sufficient to prevent losses to investors in ABCP. Some ABCP programs provide for an extension of the maturity date of the ABCP if, on the related maturity date, the conduit is unable to access sufficient liquidity through the issue of additional ABCP. This may delay the sale of the underlying collateral and the Fund may incur a loss if the value of the collateral deteriorates during the extension period. Alternatively, if collateral for ABCP deteriorates in value, the collateral may be required to be sold at inopportune times or at prices insufficient to repay the principal and interest on the ABCP. ABCP programs may provide for the issuance of subordinated notes as an additional form of credit enhancement. The subordinated notes are typically of a lower credit quality and have a higher risk of default. To the extent the Fund purchases these subordinated notes, it will have a higher likelihood of loss than investors in the senior notes. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Some ABS, particularly home equity loan transactions, are subject to interest-rate risk and prepayment risk. A change in interest rates can affect the pace of payments on the underlying loans, which in turn, affects total return on the securities. ABS also carry credit or default risk. If many borrowers on the underlying loans default, losses could exceed the credit enhancement level and result in losses to investors in an ABS transaction. Additionally, the value of ABS is subject to risks associated with the servicers&#8217; performance. In some circumstances, a servicer&#8217;s or originator&#8217;s mishandling of documentation related to the underlying collateral (<span style="font-style:italic">e.g.</span>, failure to properly document a security interest in the underlying collateral) may affect the rights of the security holders in and to the underlying collateral. Finally, ABS have structure risk due to a unique characteristic known as early amortization, or early payout, risk. Built into the structure of most ABS are triggers for early payout, designed to protect investors from losses. These triggers are unique to each transaction and can include: a big rise in defaults on the underlying loans, a sharp drop in the credit enhancement level, or even the bankruptcy of the originator. Once early amortization begins, all incoming loan payments (after expenses are paid) are used to pay investors as quickly as possible based upon a predetermined priority of payment. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Collateralized Bond Obligations, Collateralized Loan Obligations and Other Collateralized Debt Obligations. </span></span>The Fund may invest in each of CBOs, CLOs, other CDOs and other similarly structured securities. CBOs, CLOs and other CDOs are types of ABS. A CBO is a trust that is often backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many different types of fixed-income securities such as high-yield debt, residential privately issued mortgage-related securities, commercial or residential privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. CBOs, CLOs and other CDOs may charge management fees and administrative expenses. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For CBOs, CLOs and other CDOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the &#8220;equity&#8221; tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to </p>
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defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. Interest on certain tranches of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The risks of an investment in a CBO, CLO or other CDO depend largely on the type of the collateral securities and the class of the instrument in which the Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CBOs, CLOs and other CDOs may be characterized by the Fund as illiquid investments. However, an active dealer market may exist for CBOs, CLOs and other CDOs allowing them to qualify for transactions under Rule&#160;144A of the Securities Act. In addition to the normal risks associated with fixed-income securities discussed elsewhere in this Statement of Additional Information and the Prospectus (<span style="font-style:italic">e.g.</span>, prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates) and default risk), CBOs, CLOs and other CDOs carry additional risks that include, but are not limited to: (i)&#160;the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii)&#160;the risk that the quality of the collateral may decline in value or default; (iii)&#160;the risk that the Fund may invest in CBOs, CLOs or other CDOs that are subordinate to other classes; (iv)&#160;the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; (v)&#160;the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi)&#160;the lack of a readily available secondary market for CDOs; (vii)&#160;risk of forced &#8220;fire sale&#8221; liquidation due to technical defaults such as coverage test failures; and (viii)&#160;the CDO&#8217;s manager may perform poorly. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Other Asset-Backed Securities. </span></span>Similarly, PIMCO expects that other ABS (unrelated to mortgage loans) will be offered to investors in the future and may be purchased by the Fund. Several types of ABS have already been offered to investors, including Enhanced Equipment Trust Certificates (&#8220;EETCs&#8221;) and Certificates for Automobile Receivables<sup style="font-size:75%; vertical-align:top">SM</sup> (&#8220;CARS<sup style="font-size:75%; vertical-align:top">SM</sup>&#8221;). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">EETCs are typically issued by specially-created trusts established by airlines, railroads, or other transportation corporations. The proceeds of EETCs are used to purchase equipment, such as airplanes, railroad cars, or other equipment, which in turn serve as collateral for the related issue of the EETCs. The equipment generally is leased by the airline, railroad or other corporation, which makes rental payments to provide the projected cash flow for payments to EETC holders. Holders of EETCs must look to the collateral securing the certificates, typically together with a guarantee provided by the lessee corporation or its parent company for the payment of lease obligations, in the case of default in the payment of principal and interest on the EETCs. However, because principal and interest payments on EETCs are funded in the ordinary course by the lessee corporation, the Fund treats EETCs as corporate bonds/obligations for purposes of compliance testing and related classifications. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">CARS<sup style="font-size:75%; vertical-align:top">SM</sup> represent undivided fractional interests in a trust whose assets consist of a pool of motor vehicle retail installment sales contracts and security interests in the vehicles securing the contracts. Payments of principal and interest on CARS<sup style="font-size:75%; vertical-align:top">SM</sup> are passed through monthly to certificate holders, and are guaranteed up to certain amounts and for a certain time period by a letter of credit issued by a financial institution unaffiliated with the trustee or originator of the trust. An investor&#8217;s return on CARS<sup style="font-size:75%; vertical-align:top">SM</sup> may be affected by early prepayment of principal on the underlying vehicle sales contracts. If the letter of credit is exhausted, the trust may be prevented from realizing the full amount due on a sales contract because of state law requirements and restrictions relating to foreclosure sales of vehicles and the obtaining of deficiency judgments following such sales or because of depreciation, damage or loss of a vehicle, the application of federal and state bankruptcy and insolvency laws, or other factors. As a result, certificate holders may experience delays in payments or losses if the letter of credit is exhausted. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Consistent with the Fund&#8217;s investment objective and policies, PIMCO also may invest in other types of asset-backed and related securities (such as credit card receivables or student loans). Other ABS may be collateralized by the fees earned by service providers. The value of ABS may be substantially dependent on the servicing of the underlying asset pools and is therefore subject to risks associated with the negligence by, or defalcation of, their servicers. In certain circumstances, the mishandling of related documentation may also affect the rights of the security holders in and to the underlying collateral. The insolvency of entities that generate receivables or that utilize the assets may result in added costs and delays in addition to losses associated with a decline in the value of the underlying assets. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Investors should note that Congress from time to time may consider actions that would limit or remove the explicit or implicit guarantee of the payment of principal and/or interest on many types of ABS. Any such action would likely adversely impact the value of such securities. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Real Estate Assets and Related Derivatives </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may generally gain exposure to the real estate sector by investing in real-estate linked derivatives, real estate investment trusts (&#8220;REITs&#8221;) and common, preferred and convertible securities of issuers in real estate-related industries. The Fund may also invest in loans or other investments secured by real estate (other than mortgage-backed securities) and may, as a result of default, foreclosure or otherwise, take possession of and hold real estate as a direct owner (see &#8220;Loans and Other Indebtedness; Loan Participations and Assignments&#8221; below). Each of these types of investments are subject, directly or indirectly, to risks associated with ownership of real estate, including changes in the general economic climate or local conditions (such as an oversupply of space or a reduction in demand for space), loss to casualty or condemnation, increases in property taxes and operating expenses, zoning law amendments, changes in interest rates, overbuilding and increased competition, including competition based on rental rates, variations in market value, changes in the financial condition of tenants, changes in operating costs, attractiveness and location of the properties, adverse changes in the real estate markets generally or in specific sectors of the real estate industry and possible environmental liabilities. Real estate-related investments may entail leverage and may be highly volatile. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">REITs are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not generally taxed on the income distributed to shareholders. REITs are subject to management fees and other expenses, and so the Fund would bear its proportionate share of the costs of the REITs&#8217; operations if it invests in REITs. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income. REITs may not provide complete tax information to the Fund until after the calendar <span style="white-space:nowrap">year-end.</span> Consequently, because of the delay, it may be necessary for the Fund to request permission from the IRS to extend the deadline for issuance of Forms <span style="white-space:nowrap">1099-DIV.</span> </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There are three general categories of REITs: Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate, which may secure construction, development or long-term loans, and the main source of their income is mortgage interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Along with the risks common to different types of real estate-related securities, REITs, no matter the type, involve additional risk factors. These include poor performance by the REIT&#8217;s manager, changes to the tax laws, and failure by the REIT to qualify for favorable tax treatment or exemption under the 1940 Act. Furthermore, REITs are not typically diversified and are heavily dependent on cash flow. Investments in REIT equity securities could require the Fund to accrue and distribute income not yet received by the Fund. On the other hand, investments in REIT equity securities can also result in the Fund&#8217;s receipt of cash in excess of the REIT&#8217;s earnings; if the Fund distributes such amounts, such distribution could constitute a return of capital to Fund shareholders for federal income tax purposes under the Internal Revenue Code of 1986, as amended (the </p>
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&#8220;Code&#8221;). In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Also, the organizational documents of a REIT may contain provisions that make changes in control of the REIT difficult and time-consuming. Finally, private REITs are not traded on a national securities exchange. This reduces the ability of the Fund to redeem its investment early. Private REITs are also generally harder to value and may bear higher fees than public REITs. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Some of the REITs in which the Fund may invest may be permitted to hold senior or residual interests in real estate mortgage investment conduits (&#8220;REMICs&#8221;) or debt or equity interests in taxable mortgage pools (&#8220;TMPs&#8221;). The Fund may also hold interests in <span style="white-space:nowrap">&#8220;Re-REMICs&#8221;,</span> which are interests in securitizations formed by the contribution of asset backed or other similar securities into a trust which then issues securities in various tranches. The Fund may participate in the creation of a <span style="white-space:nowrap">Re-REMIC</span> by contributing assets to the trust and receiving junior and/or senior securities in return. An interest in a <span style="white-space:nowrap">Re-REMIC</span> security may be riskier than the securities originally held by and contributed to the trust, and the holders of the <span style="white-space:nowrap">Re-REMIC</span> securities will bear the costs associated with the securitization. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Foreign <span style="white-space:nowrap">(Non-U.S.)</span> Securities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Subject to the limit described in the Prospectus on investments in securities and instruments that are economically tied to &#8220;emerging market&#8221; countries, the Fund may invest without limitation in instruments of corporate and other foreign <span style="white-space:nowrap">(non-U.S.)</span> issuers, and in instruments traded principally outside of the United States. The Fund may invest in sovereign and other debt securities issued by foreign governments and their respective <span style="white-space:nowrap">sub-divisions,</span> agencies or instrumentalities, government sponsored enterprises and supranational government entities. The Fund may also invest directly in foreign currencies, including currencies of emerging market countries. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The foreign securities in which the Fund may invest include without limitation Eurodollar obligations and &#8220;Yankee Dollar&#8221; obligations. Eurodollar obligations are U.S. dollar-denominated certificates of deposit and time deposits issued outside the U.S. capital markets by foreign branches of U.S. banks and by foreign banks. Yankee Dollar obligations are U.S. dollar-denominated obligations issued in the U.S. capital markets by foreign banks. Eurodollar and Yankee Dollar obligations are generally subject to the same risks that apply to domestic debt issues, notably credit risk, interest rate risk, market risk and liquidity risk. Additionally, Eurodollar (and to a limited extent, Yankee Dollar) obligations are subject to certain sovereign risks. One such risk is the possibility that a sovereign country might prevent capital, in the form of U.S. dollars, from flowing across its borders. Other risks include adverse political and economic developments; the extent and quality of government regulation of financial markets and institutions; the imposition of foreign withholding or other taxes; and the expropriation or nationalization of foreign issuers. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may also invest in American Depositary Receipts (&#8220;ADRs&#8221;), European Depositary Receipts (&#8220;EDRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;). ADRs are U.S. dollar-denominated receipts issued generally by domestic banks and represent the deposit with the bank of a security of a <span style="white-space:nowrap">non-U.S.</span> issuer. EDRs are foreign currency-denominated receipts similar to ADRs and are issued and traded in Europe, and are publicly traded on exchanges or OTC in the United States. GDRs may be offered privately in the United States and also trade in public or private markets in other countries. ADRs, EDRs and GDRs may be issued as sponsored or unsponsored programs. In sponsored programs, an issuer has made arrangements to have its securities trade in the form of ADRs, EDRs or GDRs. In unsponsored programs, the issuer may not be directly involved in the creation of the program. Although regulatory requirements with respect to sponsored and unsponsored programs are generally similar, in some cases it may be easier to obtain financial information from an issuer that has participated in the creation of a sponsored program. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Investing in <span style="white-space:nowrap">non-U.S.</span> securities involves special risks and considerations not typically associated with investing in U.S. securities. These include: differences in accounting, auditing and financial reporting standards, generally higher commission rates on <span style="white-space:nowrap">non-U.S.</span> portfolio transactions, the possibility of expropriation or </p>
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confiscatory taxation, adverse changes in investment or exchange control regulations including the imposition of sanctions and other similar measures (which may include suspension of the ability to transfer currency from a country), market disruption, the possibility of security suspensions, political instability which can affect U.S. investments in <span style="white-space:nowrap">non-U.S.</span> countries and potential restrictions on the flow of international capital. In addition, foreign securities and the Fund&#8217;s income in respect of those securities may be subject to foreign taxes, including taxes withheld from payments on those securities, which would reduce the Fund&#8217;s return on such securities. <span style="white-space:nowrap">Non-U.S.</span> securities often trade with less frequency and volume than domestic securities and therefore may exhibit greater price volatility. Changes in foreign exchange rates will affect the value of those securities that are denominated or quoted in currencies other than the U.S. dollar. The currencies of <span style="white-space:nowrap">non-U.S.</span> countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Investment in sovereign debt can involve a high degree of risk. The governmental entity that controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of the debt. A governmental entity&#8217;s willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the governmental entity&#8217;s policy toward the International Monetary Fund, and the political constraints to which a governmental entity may be subject. Governmental entities also may depend on expected disbursements from foreign governments, multilateral agencies and others to reduce principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on a governmental entity&#8217;s implementation of economic reforms and/or economic performance and the timely service of such debtor&#8217;s obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties&#8217; commitments to lend funds to the governmental entity, which may further impair such debtor&#8217;s ability or willingness to service its debts in a timely manner. Consequently, governmental entities may default on their sovereign debt. Holders of sovereign debt (including the Fund) may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which sovereign debt on which governmental entities have defaulted may be collected in whole or in part. Quasi-sovereign obligations are typically less liquid and less standardized than direct sovereign obligations. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The investments in foreign currency denominated debt obligations and hedging activities by the Fund will likely produce a difference between the Fund&#8217;s book income and its taxable income. This difference may cause a portion of the Fund&#8217;s income distributions to constitute returns of capital for tax purposes or require the Fund to make distributions exceeding book income to qualify as a regulated investment company (&#8220;RIC&#8221;) for U.S. federal tax purposes. The Fund&#8217;s investments in <span style="white-space:nowrap">non-U.S.</span> securities may increase or accelerate the amount of ordinary income recognized by shareholders. See &#8220;Taxation.&#8221; </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Euro- and European Union-related risks. </span></span>The global economic crisis brought several small economies in Europe to the brink of bankruptcy and many other economies into recession and weakened the banking and financial sectors of many European countries. For example, the governments of Greece, Spain, Portugal, and the Republic of Ireland have all experienced large public budget deficits, the effects of which are still yet unknown and may slow the overall recovery of the European economies from the global economic crisis. In addition, due to large public deficits, some European countries may be dependent on assistance from other European governments and institutions or other central banks or supranational agencies such as the International Monetary Fund. Assistance may be dependent on a country&#8217;s implementation of reforms or reaching a certain level of performance. Failure to reach those objectives or an insufficient level of assistance could result in a deep economic downturn which could significantly affect the value of the Fund&#8217;s European investments. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Economic and Monetary Union of the European Union (&#8220;EMU&#8221;) is comprised of the European Union (&#8220;EU&#8221;) members that have adopted the euro currency. By adopting the euro as its currency, a member state </p>
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relinquishes control of its own monetary policies. As a result, European countries are significantly affected by fiscal and monetary policies implemented by the EMU and European Central Bank. The euro currency may not fully reflect the strengths and weaknesses of the various economies that comprise the EMU and Europe generally. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">It is possible that one or more EMU member countries could abandon the euro and return to a national currency and/or that the euro will cease to exist as a single currency in its current form. The effects of such an abandonment or a country&#8217;s forced expulsion from the euro on that country, the rest of the EMU, and global markets are impossible to predict, but are likely to be negative. The exit of any country out of the euro may have an extremely destabilizing effect on other Eurozone countries and their economies and a negative effect on the global economy as a whole. Such an exit by one country may also increase the possibility that additional countries may exit the euro should they face similar financial difficulties. In addition, in the event of one or more countries&#8217; exit from the euro, it may be difficult to value investments denominated in euros or in a replacement currency. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">On January&#160;31, 2020, the United Kingdom officially withdrew from the EU (commonly known as &#8220;Brexit&#8221;). Upon the United Kingdom&#8217;s withdrawal, the EU and the United Kingdom entered into a transition phase, which concluded on December&#160;31, 2020. Negotiators representing the United Kingdom and EU came to a preliminary trade agreement that took effect on January&#160;1, 2021, but many aspects of the United <span style="white-space:nowrap">Kingdom-EU</span> trade relationship remain subject to further negotiation. Uncertainties remain relating to certain aspects of the United Kingdom&#8217;s future economic, trading and legal relationships with the European Union and with other countries. Due to political uncertainty, it is not possible to anticipate the form or nature of the future trading relationship between the United Kingdom and the EU. The UK, EU and broader global economy may experience substantial volatility in foreign exchange markets and a sustained weakness in the British pound&#8217;s exchange rate against the United States dollar, the euro and other currencies, which may impact Fund returns. Brexit may also destabilize some or all of the other EU member countries and/or the Eurozone. These developments could result in losses to the Fund, as there may be negative effects on the value of the Fund&#8217;s investments and/or on the Fund&#8217;s ability to enter into certain transactions or value certain investments, and these developments may make it more difficult for the Fund to exit certain investments at an advantageous time or price. Such events could result from, among other things, increased uncertainty and volatility in the United Kingdom, the EU and other financial markets; fluctuations in asset values; fluctuations in exchange rates; decreased liquidity of investments located, traded or listed within the United Kingdom, the EU or elsewhere; changes in the willingness or ability of financial and other counterparties to enter into transactions or the price and terms on which other counterparties are willing to transact; and/or changes in legal and regulatory regimes to which Fund investments are or become subject. Any of these events, as well as an exit or expulsion of an EU member state other than the United Kingdom from the EU, could negatively impact Fund returns. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Foreign Currency Transactions </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may purchase and sell foreign currency options and foreign currency futures contracts and related options (see &#8220;Derivative Instruments&#8221; below), and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through forward currency contracts (&#8220;forwards&#8221;). The Fund may engage in these transactions in order to attempt to protect against uncertainty in the level of future foreign exchange rates in the purchase and sale of securities or because PIMCO believes a currency is overvalued. The Fund may also use foreign currency options, foreign currency forward contracts, foreign currency futures and foreign currency spot transactions to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A forward involves an obligation to purchase or sell a certain amount of a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts may be bought or sold to protect the Fund against a possible loss </p>
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resulting from an adverse change in the relationship between foreign currencies and the U.S. dollar or to increase exposure to a particular foreign currency. In accordance with current federal securities laws, rules and staff positions, open positions in forwards used for <span style="white-space:nowrap">non-hedging</span> purposes will be covered by the segregation or &#8220;earmarking&#8221; of assets determined to be liquid and are <span style="white-space:nowrap"><span style="white-space:nowrap">marked-to-market</span></span> daily. Forward contracts that are not required to &#8220;cash settle&#8221; may be treated as such for asset segregation or &#8220;earmarking&#8221; purposes when the Fund has entered into a contractual arrangement with its counterparty to require the trade to be closed out prior to any potential settlement date involving a delivery obligation. Although, when used for hedging, forwards are intended to minimize the risk of loss due to a decline in the value of the hedged currencies, at the same time, they tend to limit any potential gain which might result should the value of such currencies increase. Forwards are used primarily to adjust the foreign exchange exposure of the Fund with a view to protecting the outlook, and the Fund might be expected to enter into such contracts under the following circumstances: </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Lock In. </span></span>When PIMCO desires to lock in the U.S. dollar price on the purchase or sale of a security denominated in a foreign currency. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Cross Hedge. </span></span>If a particular currency is expected to decrease against another currency, the Fund may sell the currency expected to decrease and purchase a currency which is expected to increase against the currency sold in an amount approximately equal to some or all of the Fund&#8217;s portfolio holdings denominated in the currency sold. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Direct Hedge. </span></span>If PIMCO wants to limit the risk of owning a particular currency, and/or if PIMCO thinks that the Fund can benefit from price appreciation in a given country&#8217;s bonds but does not want to hold the currency, it may employ a direct hedge back into the U.S. dollar. In either case, the Fund would enter into a forward contract to sell the currency in which a portfolio security is denominated and purchase U.S. dollars at an exchange rate established at the time it initiated the contract. The cost of the direct hedge transaction may offset most, if not all, of the yield advantage offered by the foreign security, but the Fund would hope to benefit from an increase (if any) in the value of the bond. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Proxy Hedge. </span></span>The Fund might choose to use a proxy hedge, which may be less costly than a direct hedge. In this case, the Fund, having purchased a security, will sell a currency whose value is believed to be closely linked to the currency in which the security is denominated. Interest rates prevailing in the country whose currency was sold would be expected to be closer to those in the United States and lower than those of securities denominated in the currency of the original holding. This type of hedging entails greater risk than a direct hedge because it is dependent on a stable relationship between the two currencies paired as proxies and the relationships can be very unstable at times. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Costs of Hedging. </span></span>When the Fund purchases a foreign <span style="white-space:nowrap">(non-U.S.)</span> bond with a higher interest rate than is available on U.S. bonds of a similar maturity, the additional yield on the foreign <span style="white-space:nowrap">(non-U.S.)</span> bond could be substantially reduced or lost if the Fund were to enter into a direct hedge by selling the foreign currency and purchasing the U.S. dollar. This is what is known as the &#8220;cost&#8221; of hedging. Proxy hedging attempts to reduce this cost through an indirect hedge back to the U.S. dollar. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">It is important to note that hedging costs are treated as capital transactions and are not, therefore, deducted from the Fund&#8217;s dividend distribution and are not reflected in its yield. Instead such costs will, over time, be reflected in the Fund&#8217;s net asset value per share. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may enter into foreign currency transactions as a substitute for cash investments and for other investment purposes not involving hedging, including, without limitation, to exchange payments received in a foreign currency into U.S. dollars or in anticipation of settling a transaction that requires the Fund to deliver a foreign currency. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The forecasting of currency market movement is extremely difficult, and whether any hedging strategy will be successful is highly uncertain. Moreover, it is impossible to forecast with precision the market value of </p>
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portfolio securities at the expiration of a foreign currency forward contract. Accordingly, the Fund may be required to buy or sell additional currency on the spot market (and bear the expense of such transaction) if PIMCO&#8217;s predictions regarding the movement of foreign currency or securities markets prove inaccurate. Also, foreign currency transactions, like currency exchange rates, can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund&#8217;s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. In addition, the use of cross-hedging transactions may involve special risks, and may leave the Fund in a less advantageous position than if such a hedge had not been established. Because foreign currency forward contracts are privately negotiated transactions, there can be no assurance that the Fund will have the flexibility to roll-over a foreign currency forward contract upon its expiration if it desires to do so. Additionally, there can be no assurance that the other party to the contract will perform its services thereunder. Under definitions adopted by the U.S. Commodity Futures Trading Commission (the &#8220;CFTC&#8221;) and the SEC, many <span style="white-space:nowrap">non-deliverable</span> foreign currency forwards are considered swaps for certain purposes, including determination of whether such instruments need to be exchange-traded and centrally cleared as discussed further in &#8220;Risks of Potential Government Regulation of Derivatives&#8221; and &#8220;Additional Risk Factors in Cleared Derivatives Transactions.&#8221; These changes are expected to reduce counterparty risk as compared to <span style="white-space:nowrap">bi-laterally</span> negotiated contracts. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may hold a portion of its assets in bank deposits denominated in foreign currencies, so as to facilitate investment in foreign securities as well as to protect against currency fluctuations and the need to convert such assets into U.S. dollars (thereby also reducing transaction costs). To the extent these monies are converted back into U.S. dollars, the value of the assets so maintained will be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Tax Consequences of Hedging and other Foreign Currency Transactions. </span></span>Foreign currency gains are generally treated as qualifying income for purposes of the 90% gross income test described under &#8220;Taxation&#8221; below. However, it is possible the Internal Revenue Service (&#8220;IRS&#8221;) could issue contrary regulations with respect to foreign currency gains that are not directly related to a RIC&#8217;s principal business of investing in stocks or securities (or options or futures with respect to stocks or securities), and such regulations could apply retroactively. Such regulations, if issued, could limit the ability of the Fund to enter into the foreign currency transactions described above or could bear adversely on the Fund&#8217;s ability to qualify as a RIC. In addition, hedging transactions may result in the application of the <span style="white-space:nowrap"><span style="white-space:nowrap">mark-to-market</span></span> and straddle provisions of the Code. Those provisions could affect the amount, timing or character of dividends paid by the Fund, including whether dividends paid by the Fund are classified as capital gains or ordinary income. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Foreign Currency Exchange-Related Securities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Foreign Currency Warrants. </span></span>Foreign currency warrants such as Currency Exchange Warrants are warrants which entitle the holder to receive from their issuer an amount of cash (generally, for warrants issued in the United States, in U.S. dollars) which is calculated pursuant to a predetermined formula and based on the exchange rate between a specified foreign currency and the U.S. dollar as of the exercise date of the warrant. Foreign currency warrants generally are exercisable upon their issuance and expire as of a specified date and time. Foreign currency warrants have been issued in connection with U.S. dollar-denominated debt offerings by major corporate issuers in an attempt to reduce the foreign currency exchange risk which, from the point of view of prospective purchasers of the securities, is inherent in the international fixed-income marketplace. Foreign currency warrants may attempt to reduce the foreign exchange risk assumed by purchasers of a security by, for example, providing for a supplemental payment in the event that the U.S. dollar depreciates against the value of a major foreign currency such as the Japanese yen or the Euro. The formula used to determine the amount payable upon exercise of a foreign currency warrant may make the warrant worthless unless the applicable foreign currency exchange rate moves in a particular direction (<span style="font-style:italic">e.g.</span>, unless the U.S. dollar appreciates or depreciates against the particular foreign currency to which the warrant is linked or indexed) or degree. Foreign currency </p>
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warrants are severable from the debt obligations with which they may be offered, and may be listed on exchanges. Foreign currency warrants may be exercisable only in certain minimum amounts, and an investor wishing to exercise warrants who possesses less than the minimum number required for exercise may be required either to sell the warrants or to purchase additional warrants, thereby incurring additional transaction costs. In the case of any exercise of warrants, there may be a time delay between the time a holder of warrants gives instructions to exercise and the time the exchange rate relating to exercise is determined, during which time the exchange rate could change significantly, thereby affecting both the market and cash settlement values of the warrants being exercised. The expiration date of the warrants may be accelerated if the warrants should be delisted from an exchange or if their trading should be suspended permanently, which would result in the loss of any remaining &#8220;time value&#8221; of the warrants (<span style="font-style:italic">i.e.</span>, the difference between the current market value and the exercise value of the warrants), and, in the case the warrants were <span style="white-space:nowrap"><span style="white-space:nowrap"><span style="white-space:nowrap">&#8220;out-of-the-money,&#8221;</span></span></span> in a total loss of the purchase price of the warrants. Warrants are generally unsecured obligations of their issuers and are not standardized foreign currency options issued by the Options Clearing Corporation (&#8220;the OCC&#8221;). Unlike foreign currency options issued by the OCC, the terms of foreign exchange warrants generally will not be amended in the event of governmental or regulatory actions affecting exchange rates or in the event of the imposition of other regulatory controls affecting the international currency markets. The initial public offering price of foreign currency warrants is generally considerably in excess of the price that a commercial user of foreign currencies might pay in the interbank market for a comparable option involving significantly larger amounts of foreign currencies. Foreign currency warrants are subject to significant foreign exchange risk, including risks arising from complex political or economic factors. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Principal Exchange Rate Linked Securities. </span></span>Principal exchange rate linked securities (&#8220;PERLs&#8221;) are debt obligations the principal on which is payable at maturity in an amount that may vary based on the exchange rate between the U.S. dollar and a particular foreign currency at or about that time. The return on &#8220;standard&#8221; principal exchange rate linked securities is enhanced if the foreign currency to which the security is linked appreciates against the U.S. dollar, and is adversely affected by increases in the foreign exchange value of the U.S. dollar; &#8220;reverse&#8221; principal exchange rate linked securities are like &#8220;standard&#8221; securities, except that their return is enhanced by increases in the value of the U.S. dollar and adversely impacted by increases in the value of foreign currency. Interest payments on the securities are generally made in U.S. dollars at rates that reflect the degree of foreign currency risk assumed or given up by the purchaser of the notes (<span style="font-style:italic">i.e.</span>, at relatively higher interest rates if the purchaser has assumed some of the foreign exchange risk, or relatively lower interest rates if the issuer has assumed some of the foreign exchange risk, based on the expectations of the current market). PERLs may in limited cases be subject to acceleration of maturity (generally, not without the consent of the holders of the securities), which may have an adverse impact on the value of the principal payment to be made at maturity. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Performance Indexed Paper. </span></span>Performance indexed paper is U.S. dollar-denominated commercial paper the yield of which is linked to certain foreign exchange rate movements. The yield to the investor on performance indexed paper is established at maturity as a function of spot exchange rates between the U.S. dollar and a designated currency as of or about that time (generally, the index maturity two days prior to maturity). The yield to the investor will be within a range stipulated at the time of purchase of the obligation, generally with a guaranteed minimum rate of return that is below, and a potential maximum rate of return that is above, market yields on U.S. dollar-denominated commercial paper, with both the minimum and maximum rates of return on the investment corresponding to the minimum and maximum values of the spot exchange rate two business days prior to maturity. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">U.S. Government Securities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">U.S. government securities are obligations of, and, in certain cases, guaranteed by, the U.S. government, its agencies or instrumentalities. The U.S. government does not guarantee the net asset value of the Fund&#8217;s shares. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">U.S. government securities are subject to market and interest rate risk, and may be subject to varying degrees of credit risk. Some U.S. government securities, such as Treasury bills, notes and bonds, and securities </p>
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guaranteed by GNMA, are supported by the full faith and credit of the United States; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the FNMA, are supported by the discretionary authority of the U.S. government to purchase the agency&#8217;s obligations; and still others, such as securities issued by members of the Farm Credit System, are supported only by the credit of the agency, instrumentality or corporation. U.S. government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Securities issued by U.S. government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. GNMA, a wholly owned U.S. government corporation, is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the VA. Government-related guarantors (<span style="font-style:italic">i.e.</span>, not backed by the full faith and credit of the U.S. government) include the FNMA and FHLMC. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its PCs are not backed by the full faith and credit of the U.S. government. Instead, they are supported only by the discretionary authority of the U.S. government to purchase the agency&#8217;s obligations. Under the direction of the FHFA, FNMA and FHLMC have entered into a joint initiative to develop a common securitization platform for the issuance of UMBS (the &#8220;Single Security Initiative&#8221;) that aligns the characteristics of FNMA and FHLMC certificates. The Single Security Initiative was implemented in June 2019, and the effects it may have on the market for mortgage-backed securities are uncertain. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">U.S. government securities include securities that have no coupons, or have been stripped of their unmatured interest coupons, individual interest coupons from such securities that trade separately, and evidences of receipt of such securities. Such securities may pay no cash income, and are purchased at a deep discount from their value at maturity. Because interest on zero coupon securities is not distributed on a current basis but is, in effect, compounded, zero coupon securities tend to be subject to greater risk than interest-paying securities of similar maturities. Custodial receipts issued in connection with <span style="white-space:nowrap">so-called</span> trademark zero coupon securities, such as CATs and TIGRs, are not issued by the U.S. Treasury, and are therefore not U.S. government securities, although the underlying bond represented by such receipt is a debt obligation of the U.S. Treasury. Other zero coupon Treasury securities (<span style="font-style:italic">e.g.</span>, STRIPs and CUBEs) are direct obligations of the U.S. government. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Municipal Securities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in securities issued by states, territories, possessions, municipalities and other political subdivisions, agencies, authorities and instrumentalities of states, territories, possessions and multi-state agencies or authorities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Municipal Securities. </span></span>Municipal securities include debt obligations issued by governmental entities to obtain funds for various public purposes, including the construction of a wide range of public facilities, the refunding of outstanding obligations, the payment of general operating expenses, and the extension of loans to public institutions and facilities. Municipal securities can be classified into two principal categories, including &#8220;general obligation&#8221; bonds and other securities and &#8220;revenue&#8221; bonds and other securities. General obligation bonds are secured by the issuer&#8217;s full faith, credit and taxing power for the payment of principal and interest. Revenue securities are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source, such as the user of the facility being financed. Municipal securities also may include &#8220;moral obligation&#8221; securities, which normally are issued by special purpose public authorities. If the issuer of moral obligation securities is unable to meet its debt service obligations from current revenues, it may draw on a reserve fund, the restoration of which is a moral commitment but not a legal obligation of the governmental entity that created the special purpose public authority. Municipal securities may be structured as fixed-, variable- or floating-rate obligations or as <span style="white-space:nowrap">zero-coupon,</span> PIKs and step-coupon securities and may be privately placed or publicly offered. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Municipal securities may include municipal bonds, municipal notes and municipal leases. Municipal bonds are debt obligations of a governmental entity that obligate the municipality to pay the holder a specified sum of money at specified intervals and to repay the principal amount of the loan at maturity. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in municipal lease obligations. A lease is not a full faith and credit obligation of the issuer and is usually backed only by the borrowing government&#8217;s unsecured pledge to make annual appropriations for lease payments. There have been challenges to the legality of lease financing in numerous states, and, from time to time, certain municipalities have considered not appropriating money for lease payments. In deciding whether to purchase a lease obligation for the Fund, PIMCO will generally assess the financial condition of the borrower or obligor, the merits of the project, other credit characteristics of the obligor, the level of public support for the project and the legislative history of lease financing in the state. These securities may be less readily marketable than other municipal securities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Municipal notes may be issued by governmental entities and other <span style="white-space:nowrap">tax-exempt</span> issuers in order to finance short-term cash needs or, occasionally, to finance construction. Most municipal notes are general obligations of the issuing entity payable from taxes or designated revenues expected to be received within the relevant fiscal period. Municipal notes generally have maturities of one year or less. Municipal notes can be subdivided into two <span style="white-space:nowrap">sub-categories:</span> (i)&#160;municipal commercial paper and (ii)&#160;municipal demand obligations. Municipal commercial paper typically consists of very short-term unsecured negotiable promissory notes that are sold, for example, to meet seasonal working capital or interim construction financing needs of a governmental entity or agency. While these obligations are intended to be paid from general revenues or refinanced with long-term debt, they frequently are backed by letters of credit, lending agreements, note repurchase agreements or other credit facility agreements offered by banks or institutions. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Municipal demand obligations can be subdivided into two general types: variable rate demand notes and master demand obligations. Variable rate demand notes are <span style="white-space:nowrap">tax-exempt</span> municipal obligations or participation interests that provide for a periodic adjustment in the interest rate paid on the notes. They permit the holder to demand payment of the notes, or to demand purchase of the notes at a purchase price equal to the unpaid principal balance, plus accrued interest either directly by the issuer or by drawing on a bank letter of credit or guaranty issued with respect to such note. The issuer of the municipal obligation may have a corresponding right to prepay at its discretion the outstanding principal of the note plus accrued interest upon notice comparable to that required for the holder to demand payment. The variable rate demand notes in which the Fund may invest are payable, or are subject to purchase, on demand usually on notice of seven calendar days or less. The terms of the notes generally provide that interest rates are adjustable at intervals ranging from daily to six months. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Master demand obligations are <span style="white-space:nowrap">tax-exempt</span> municipal obligations that provide for a periodic adjustment in the interest rate paid and permit daily changes in the amount borrowed. The interest on such obligations is, in the opinion of counsel for the borrower, excluded from gross income for federal income tax purposes (but not necessarily for alternative minimum tax purposes). Although there is no secondary market for master demand obligations, such obligations are considered by the Fund to be liquid because they are payable upon demand. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Investing in municipal securities is subject to certain risks. There are variations in the quality of municipal securities, both within a particular classification and between classifications, and the rates of return on municipal securities can depend on a variety of factors, including general money market conditions, the financial condition of the issuer, general conditions of the municipal bond market, the size of a particular offering, the maturity of the obligation, and the rating of the issue. The ratings of NRSROs represent their opinions as to the quality of municipal securities. It should be emphasized, however, that these ratings are general and are not absolute standards of quality, and municipal securities with the same maturity, interest rate, and rating may have different rates of return while municipal securities of the same maturity and interest rate with different ratings may have the same rate of return. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The payment of principal and interest on most municipal securities purchased by the Fund will depend upon the ability of the issuers to meet their obligations. An issuer&#8217;s obligations under its municipal securities are </p>
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subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, such as the United States Bankruptcy Code. The power or ability of an issuer to meet its obligations for the payment of interest on and principal of its municipal securities may be materially adversely affected by litigation or other conditions. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There are particular considerations and risks relevant to investing in a portfolio of a single state&#8217;s municipal securities, such as the greater risk of concentration of portfolio holdings. Each state&#8217;s municipal securities may include, in addition to securities issued by the relevant state and its political subdivisions, agencies, authorities and instrumentalities, securities issued by the governments of Guam, Puerto Rico or the U.S. Virgin Islands. These securities may be subject to different risks than municipal securities issued by the relevant state and its political subdivisions, agencies, authorities and instrumentalities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Municipal Bonds</span></span><span style="font-weight:bold">. </span>Municipal bonds share the attributes of debt/fixed-income securities in general, but are generally issued by states, municipalities and other political subdivisions, agencies, authorities and instrumentalities of states and multi-state agencies or authorities. The municipal bonds that the Fund may purchase include general obligation bonds and limited obligation bonds (or revenue bonds), including industrial development bonds issued pursuant to former federal tax law. General obligation bonds are obligations involving the credit of an issuer possessing taxing power and are payable from such issuer&#8217;s general revenues and not from any particular source. Limited obligation bonds are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source or annual revenues. <span style="white-space:nowrap">Tax-exempt</span> private activity bonds and industrial development bonds generally are also revenue bonds and thus are not payable from the issuer&#8217;s general revenues. The credit and quality of private activity bonds and industrial development bonds are usually related to the credit of the corporate user of the facilities. Payment of interest on and repayment of principal of such bonds is the responsibility of the user and any guarantor. The Fund does not expect to be eligible to pass through to shareholders the <span style="white-space:nowrap">tax-exempt</span> character of interest earned on municipal bonds. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in industrial development bonds. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in <span style="white-space:nowrap">pre-refunded</span> municipal bonds. <span style="white-space:nowrap">Pre-refunded</span> municipal bonds are bonds that have been refunded to a call date prior to the final maturity of principal, or, in the case of <span style="white-space:nowrap">pre-refunded</span> municipal bonds commonly referred to as <span style="white-space:nowrap"><span style="white-space:nowrap">&#8220;escrowed-to-maturity</span></span> bonds,&#8221; to the final maturity of principal, and remain outstanding in the municipal market. The payment of principal and interest of the <span style="white-space:nowrap">pre-refunded</span> municipal bonds held by the Fund is funded from securities in a designated escrow account that holds U.S. Treasury securities or other obligations of the U.S. government (including its agencies and instrumentalities (&#8220;Agency Securities&#8221;)). Interest payments on <span style="white-space:nowrap">pre-refunded</span> municipal bonds issued on or prior to December&#160;31, 2017 are exempt from federal income tax; interest payments on <span style="white-space:nowrap">pre-refunded</span> municipal bonds issued after December&#160;31, 2017 are not exempt from federal income tax. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As the payment of principal and interest is generated from securities held in an escrow account established by the municipality and an independent escrow agent, the pledge of the municipality has been fulfilled and the original pledge of revenue by the municipality is no longer in place. The escrow account securities pledged to pay the principal and interest of the <span style="white-space:nowrap">pre-refunded</span> municipal bond do not guarantee the price movement of the bond before maturity. Issuers of municipal bonds refund in advance of maturity the outstanding higher cost debt and issue new, lower cost debt, placing the proceeds of the lower cost issuance into an escrow account to <span style="white-space:nowrap">pre-refund</span> the older, higher cost debt. Investments in <span style="white-space:nowrap">pre-refunded</span> municipal bonds held by the Fund may subject the Fund to interest rate risk, market risk and credit risk. In addition, while a secondary market exists for <span style="white-space:nowrap">pre-refunded</span> municipal bonds, if the Fund sells <span style="white-space:nowrap">pre-refunded</span> municipal bonds prior to maturity, the price received may be more or less than the original cost, depending on market conditions at the time of sale. To the extent permitted by the SEC and the IRS, the Fund&#8217;s investment in <span style="white-space:nowrap">pre-refunded</span> municipal bonds backed by U.S. Treasury and Agency securities in the manner described above, will, for purposes of diversification tests applicable to the Fund, be considered an investment in the respective U.S. Treasury and Agency securities. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Under the Code, certain limited obligation bonds are considered &#8220;private activity bonds&#8221; and interest paid on such bonds is treated as an item of tax preference for purposes of calculating federal alternative minimum tax liability. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Certain Risks of Investing in Municipal Bonds</span></span><span style="font-weight:bold">.</span> Economic downturns and budgetary constraints have made municipal bonds more susceptible to downgrade, default and bankruptcy. In addition, difficulties in the municipal bond markets could result in increased illiquidity, volatility and credit risk, and a decrease in the number of municipal bond investment opportunities. The value of municipal bonds may also be affected by uncertainties involving the taxation of municipal bonds or the rights of municipal bond holders in the event of a bankruptcy. Proposals to restrict or eliminate the federal income tax exemption for interest on municipal bonds are introduced before Congress from time to time. These legal uncertainties could affect the municipal bond market generally, certain specific segments of the market, or the relative credit quality of particular securities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may purchase and sell portfolio investments to take advantage of changes or anticipated changes in yield relationships, markets or economic conditions. The Fund may also sell municipal bonds due to changes in PIMCO&#8217;s evaluation of the issuer. The secondary market for municipal bonds typically has been less liquid than that for taxable debt/fixed-income securities, and this may affect the Fund&#8217;s ability to sell particular municipal bonds at then-current market prices, especially in periods when other investors are attempting to sell the same securities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Additionally, municipal bonds rated below investment grade (<span style="font-style:italic">i.e.</span>, high yield municipal bonds) may not be as liquid as higher-rated municipal bonds. Reduced liquidity in the secondary market may have an adverse impact on the market price of a municipal bond and on the Fund&#8217;s ability to sell a municipal bond in response to changes or anticipated changes in economic conditions or to meet the Fund&#8217;s cash needs. Reduced liquidity may also make it more difficult to obtain market quotations based on actual trades for purposes of valuing the Fund&#8217;s portfolio. For more information on high yield securities please see &#8220;High Yield Securities (&#8220;Junk Bonds&#8221;) and Securities of Distressed Companies&#8221; above. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Prices and yields on municipal bonds are dependent on a variety of factors, including general money-market conditions, the financial condition of the issuer, general conditions of the municipal bond market, the size of a particular offering, the maturity of the obligation and the rating of the issue. A number of these factors, including the ratings of particular issues, are subject to change from time to time. Information about the financial condition of an issuer of municipal bonds may not be as extensive as that which is made available by corporations whose securities are publicly traded. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The perceived increased likelihood of default among issuers of municipal bonds has resulted in constrained illiquidity, increased price volatility and credit downgrades of issuers of municipal bonds. Local and national market forces&#8212;such as declines in real estate prices and general business activity&#8212;may result in decreasing tax bases, fluctuations in interest rates, and increasing construction costs, all of which could reduce the ability of certain issuers of municipal bonds to repay their obligations. Certain issuers of municipal bonds have also been unable to obtain additional financing through, or must pay higher interest rates on, new issues, which may reduce revenues available for issuers of municipal bonds to pay existing obligations. In addition, events have demonstrated that the lack of disclosure rules in this area can make it difficult for investors to obtain reliable information on the obligations underlying municipal bonds. Adverse developments in the municipal bond market may negatively affect the value of all or a substantial portion of the Fund&#8217;s holdings in municipal bonds. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Obligations of issuers of municipal bonds are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors. Congress or state legislatures may seek to extend the time for payment of principal or interest, or both, or to impose other constraints upon enforcement of such obligations. There is also the possibility that as a result of litigation or other conditions, the power or ability of issuers to meet their obligations for the payment of interest and principal on their municipal bonds may be materially affected or their obligations may be found to be invalid or unenforceable. Such litigation or conditions may from time to time have the effect of introducing uncertainties in the market for municipal bonds or certain segments thereof, or </p>
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of materially affecting the credit risk with respect to particular bonds. Adverse economic, business, legal or political developments might affect all or a substantial portion of the Fund&#8217;s municipal bonds in the same manner. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">From time to time, proposals have been introduced before Congress for the purpose of restricting or eliminating the federal income tax exemption for interest on certain types of municipal bonds. Additionally, certain other proposals have been introduced that would have the effect of taxing a portion of exempt interest and/or reducing the tax benefits of receiving exempt interest. It can be expected that similar proposals may be introduced in the future. As a result of any such future legislation, the availability of such municipal bonds for investment by the Fund and the value of such municipal bonds held by the Fund may be affected. In addition, it is possible that events occurring after the date of a municipal bond&#8217;s issuance, or after the Fund&#8217;s acquisition of such obligation, may result in a determination that the interest paid on that obligation is taxable, in certain cases retroactively. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Some longer-term municipal bonds give the investor the right to &#8220;put&#8221; or sell the security at par (face value) within a specified number of days following the investor&#8217;s request&#8212;usually one to seven days. This demand feature enhances a security&#8217;s liquidity by shortening its effective maturity and enables it to trade at a price equal to or very close to par. If a demand feature terminates prior to being exercised, the Fund would hold the longer-term security, which could experience substantially more volatility. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in taxable municipal bonds, such as Build America Bonds. Build America Bonds are tax credit bonds created by the American Recovery and Reinvestment Act of 2009, which authorized state and local governments to issue Build America Bonds as taxable bonds in 2009 and 2010, without volume limitations, to finance any capital expenditures for which such issuers could otherwise issue traditional <span style="white-space:nowrap">tax-exempt</span> bonds. State and local governments may receive a direct federal subsidy payment for a portion of their borrowing costs on Build America Bonds equal to 35% of the total coupon interest paid to investors (or 45% in the case of Recovery Zone Economic Development Bonds). The state or local government issuer can elect to either take the federal subsidy or pass the 35% tax credit along to bondholders. The Fund&#8217;s investments in Build America Bonds or similar taxable municipal bonds will result in taxable income and the Fund may elect to pass through to holders of the Fund&#8217;s Common Shares (&#8220;Common Shareholders&#8221;) the corresponding tax credits. The tax credits can generally be used to offset federal income taxes and the alternative minimum tax, but such credits are generally not refundable. Build America Bonds or similar taxable municipal bonds involve similar risks as <span style="white-space:nowrap">tax-exempt</span> municipal bonds, including credit and market risk. They are intended to assist state and local governments in financing capital projects at lower borrowing costs and are likely to attract a broader group of investors than <span style="white-space:nowrap">tax-exempt</span> municipal bonds. Although Build America Bonds were only authorized for issuance during 2009 and 2010, the program may have resulted in reduced issuance of <span style="white-space:nowrap">tax-exempt</span> municipal bonds during the same period. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Build America Bond program expired on December&#160;31, 2010, at which point no further issuance of new Build America Bonds was permitted. As of the date of this Statement of Additional Information, there is no indication that Congress will renew the program to permit issuance of new Build America Bonds. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Tender Option Bonds</span></span><span style="font-weight:bold">.</span> The Fund may invest in trust certificates issued in tender option bond (&#8220;TOB&#8221;) programs. In a TOB transaction, a tender option bond trust (&#8220;TOB Trust&#8221;) issues floating rate certificates (&#8220;TOB Floater&#8221;) and residual interest certificates (&#8220;TOB Residual&#8221;) and utilizes the proceeds of such issuance to purchase a fixed-rate municipal bond (&#8220;Fixed Rate Bond&#8221;) that either is owned or identified by the Fund. The TOB Floater is generally issued to third party investors (typically a money market fund) and the TOB Residual is generally issued to the Fund, which sold or identified the Fixed Rate Bond. The TOB Trust divides the income stream provided by the Fixed Rate Bond to create two securities, the TOB Floater, which is a short-term security, and the TOB Residual, which is a longer-term security. The interest rates payable on the TOB Residual issued to the Fund bear an inverse relationship to the interest rate on the TOB Floater. The interest rate on the TOB Floater is reset by a remarketing process typically every 7 to 35 days. After income is paid on the TOB Floater at current </p>
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rates, the residual income from the Fixed Rate Bond goes to the TOB Residual. Therefore, rising short-term rates result in lower income for the TOB Residual, and vice versa. In the case of a TOB Trust that utilizes the cash received (less transaction expenses) from the issuance of the TOB Floater and TOB Residual to purchase the Fixed Rate Bond from the Fund, the Fund may then invest the cash received in additional securities, generating leverage for the Fund. Other PIMCO-managed accounts may also contribute municipal bonds to a TOB Trust into which the Fund has contributed Fixed Rate Bonds. If multiple PIMCO-managed accounts participate in the same TOB Trust, the economic rights and obligations under the TOB Residual will be shared among the funds ratably in proportion to their participation in the TOB Trust. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The TOB Residual may be more volatile and less liquid than other municipal bonds of comparable maturity. In most circumstances the TOB Residual holder bears substantially all of the underlying Fixed Rate Bond&#8217;s downside investment risk and also benefits from any appreciation in the value of the underlying Fixed Rate Bond. Investments in a TOB Residual typically will involve greater risk than investments in Fixed Rate Bonds. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A TOB Residual held by the Fund provides the Fund with the right to: (1)&#160;cause the holders of the TOB Floater to tender their notes at par, and (2)&#160;cause the sale of the Fixed-Rate Bond held by the TOB Trust, thereby collapsing the TOB Trust. TOB Trusts are generally supported by a liquidity facility provided by a third party bank or other financial institution (the &#8220;Liquidity Provider&#8221;) that provides for the purchase of TOB Floaters that cannot be remarketed. The holders of the TOB Floaters have the right to tender their certificates in exchange for payment of par plus accrued interest on a periodic basis (typically weekly) or on the occurrence of certain mandatory tender events. The tendered TOB Floaters are remarketed by a remarketing agent, which is typically an affiliated entity of the Liquidity Provider. If the TOB Floaters cannot be remarketed, the TOB Floaters are purchased by the TOB Trust either from the proceeds of a loan from the Liquidity Provider or from a liquidation of the Fixed Rate Bond. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The TOB Trust may also be collapsed without the consent of the Fund, as the TOB Residual holder, upon the occurrence of certain &#8220;tender option termination events&#8221; (or &#8220;TOTEs&#8221;) as defined in the TOB Trust agreements. Such termination events typically include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, or a judgment or ruling that interest on the Fixed Rate Bond is subject to federal income taxation. Upon the occurrence of a termination event, the TOB Trust would generally be liquidated in full with the proceeds typically applied first to any accrued fees owed to the trustee, remarketing agent and liquidity provider, and then to the holders of the TOB Floater up to par plus accrued interest owed on the TOB Floater and a portion of gain share, if any, with the balance paid out to the TOB Residual holder. In the case of a mandatory termination event, after the payment of fees, the TOB Floater holders would be paid before the TOB Residual holders (<span style="font-style:italic">i.e.</span>, the Fund). In contrast, in the case of a TOTE, after payment of fees, the TOB Floater holders and the TOB Residual holders would be paid <span style="font-style:italic">pro rata</span> in proportion to the respective face values of their certificates. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If there are insufficient proceeds from the liquidation of the TOB Trust, the party that would bear the losses would depend upon whether the Fund holds a <span style="white-space:nowrap">non-recourse</span> TOB Residual or a recourse TOB Residual. If the Fund holds a <span style="white-space:nowrap">non-recourse</span> TOB Residual, the Liquidity Provider or holders of the TOB Floaters would bear the losses on those securities and there would be no recourse to the Fund&#8217;s assets. If the Fund holds a recourse TOB Residual, the Fund (and, indirectly, holders of the Fund&#8217;s Common Shares) would typically bear the losses. In particular, if the Fund holds a recourse TOB Residual, it will typically have entered into an agreement pursuant to which the Fund would be required to pay to the Liquidity Provider the difference between the purchase price of any TOB Floaters put to the Liquidity Provider by holders of the TOB Floaters and the proceeds realized from the remarketing of those TOB Floaters or the sale of the assets in the TOB Issuer. The Fund may invest in both <span style="white-space:nowrap">non-recourse</span> and recourse TOB Residuals to leverage its portfolio. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In December 2013, regulators finalized rules implementing Section&#160;619 (the &#8220;Volcker Rule&#8221;) and Section&#160;941 (the &#8220;Risk Retention Rules&#8221;) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;). Both the Volcker Rule and the Risk Retention Rules apply to TOB programs. The </p>
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Volcker Rule precludes banking entities from (i)&#160;sponsoring or acquiring interests in the trusts used to hold a municipal bond in the creation of TOB Trusts; and (ii)&#160;continuing to service or maintain relationships with existing programs involving TOB Trusts to the same extent and in the same capacity as existing programs. The Risk Retention Rules require the sponsor to a TOB Trust (<span style="font-style:italic">e.g.</span>, the Fund) to retain at least five percent of the credit risk of the underlying assets supporting the TOB Trust&#8217;s municipal bonds. The Risk Retention Rules may adversely affect the Fund&#8217;s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In response to these rules, industry participants explored various structuring alternatives for TOB Trusts and agreed on a new TOB structure in which the Fund hires service providers to assist with establishing, structuring and sponsoring a TOB Trust. Service providers to a TOB Trust, such as administrators, liquidity providers, trustees and remarketing agents act at the direction of, and as agent of, the Fund as the TOB Residual holders. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Under the new TOB Trust structure, the Liquidity Provider or remarketing agent will no longer purchase the tendered TOB Floaters, even in the event of failed remarketing. This may increase the likelihood that a TOB Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. The TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Floaters. Any loans made by the Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust and will be subject to an interest rate agreed with the Liquidity Provider. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Puerto Rico Municipal Securities.</span></span> Municipal obligations issued by the Commonwealth of Puerto Rico (&#8220;Puerto Rico&#8221; or the &#8220;Commonwealth&#8221;) or its political subdivisions, agencies, instrumentalities, or public corporations may be affected by economic, market, political, and social conditions in Puerto Rico. Puerto Rico currently is experiencing significant fiscal and economic challenges, including substantial debt service obligations, high levels of unemployment, underfunded public retirement systems, and persistent government budget deficits. These challenges may negatively affect the value of the Fund&#8217;s investments in Puerto Rico municipal securities. Major ratings agencies have downgraded the general obligation debt of Puerto Rico to below investment grade and continue to maintain a negative outlook for this debt, which increases the likelihood that the rating will be lowered further. Further downgrades or defaults may place additional strain on the Puerto Rico economy and may negatively affect the value, liquidity, and volatility of the Fund&#8217;s investments in Puerto Rico municipal securities. Legislation, including legislation that would allow Puerto Rico to restructure its municipal debt obligations, thus increasing the risk that Puerto Rico may never pay off municipal indebtedness, or may pay only a small fraction of the amount owed, could also impact the value of the Fund&#8217;s investments in Puerto Rico municipal securities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">These challenges and uncertainties have been exacerbated by Hurricane Maria and the resulting natural disaster in Puerto Rico. In September 2017, Hurricane Maria struck Puerto Rico, causing major damage across the Commonwealth, including damage to its water, power, and telecommunications infrastructure. The length of time needed to rebuild Puerto Rico&#8217;s infrastructure is unclear, but could amount to years, during which the Commonwealth is likely to be in an uncertain economic state. The full extent of the natural disaster&#8217;s impact on Puerto Rico&#8217;s economy and foreign investment in Puerto Rico is difficult to estimate. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In&#160;late December 2019 and January 2020,&#160;a series of earthquakes,&#160;including a magnitude 6.4 <span style="white-space:nowrap">earthquake-the</span> strongest to hit the island in more than a century-caused an estimated $200&#160;million in damage. The aftershocks from these earthquakes may continue for years, and it is not currently possible to predict the extent of the damage that could arise from any aftershocks. The length of time needed to rebuild Puerto Rico&#8217;s infrastructure is unclear, but could amount to years, during which the Commonwealth is likely to be in an uncertain economic state. The full extent of the natural disaster&#8217;s impact on Puerto Rico&#8217;s economy and foreign investment in Puerto Rico is difficult to estimate, but is expected to have substantially adverse effects on Puerto Rico&#8217;s economy. In addition to diverting funds to relief and recovery efforts, Puerto Rico is expected to lose substantial revenue as a result of decreased tourism and general business operations. There can be no assurances that Puerto Rico will receive the necessary aid to rebuild from the damage caused by the hurricanes or earthquakes or that future catastrophic weather events or natural disasters will not cause similar damage. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, in early 2020, the Commonwealth was significantly impacted by a pandemic, which had a substantially adverse effect on the health of the population and economic activity. In March 2020, the Oversight Board authorized the Commonwealth to implement a $787&#160;million relief package to fight the pandemic and its economic impacts. Any reduction in the Commonwealth&#8217;s revenues as a result of the pandemic could have a negative ability on the Commonwealth to meet its debt service obligations, including with respect to debt held by the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The damage caused by Hurricanes Irma and Maria, the earthquakes and aftershocks, and the pandemic is expected to have substantially adverse effects on the Commonwealth&#8217;s economy. In addition to diverting funds to relief and recovery efforts, the Commonwealth is expected to lose revenue as a result of decreased tourism and general business operations. There can be no assurances that the Commonwealth will receive the necessary aid to rebuild from the damage caused by Hurricanes Irma and Maria, the earthquakes and aftershocks, and the pandemic, and it is not currently possible to predict the long-term impact that these and other natural disasters or public health emergencies will have on the Commonwealth&#8217;s economy. All these developments have a material adverse effect on the Commonwealth&#8217;s finances and negatively impact the payment of principal and interest, the marketability, liquidity and value of securities issued by the Commonwealth that are held by the Fund. Moreover, future weather events, natural disasters, or public health emergencies could negatively impact Puerto Rico&#8217;s ability to resolve ongoing debt negotiations. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Corporate Debt Securities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in corporate debt securities of U.S. issuers and foreign issuers, and/or it may hold its assets in these securities for cash management purposes. The investment return of corporate debt securities reflects interest earnings and changes in the market value of the security. The market value of a corporate debt obligation may generally be expected to rise and fall inversely with interest rates generally. There also exists the risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. The Fund&#8217;s investments in U.S. dollar or foreign currency-denominated corporate debt securities of domestic or foreign issuers are limited to corporate debt securities (corporate bonds, debentures, notes and other similar corporate debt instruments, including convertible securities) which meet the minimum ratings criteria set forth for the Fund, or, if unrated, are in PIMCO&#8217;s opinion comparable in quality. Corporate income-producing securities may include forms of preferred or preference stock. The rate of interest on a corporate debt security may be fixed, floating or variable, and may vary inversely with respect to a reference rate. The rate of return or return of principal on some debt obligations may be linked or indexed to the level of exchange rates between the U.S. dollar and a foreign currency or currencies. Corporate debt securities may be acquired with warrants attached. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Securities rated Baa3 by Moody&#8217;s, <span style="white-space:nowrap">BBB-</span> by S&amp;P and <span style="white-space:nowrap">BBB-</span> by Fitch are the lowest which are considered &#8220;investment grade&#8221; obligations. Moody&#8217;s describes securities rated Baa as judged to be &#8220;medium-grade&#8221; and subject to moderate credit risk and as such may possess certain speculative characteristics. S&amp;P describes securities rated BBB as exhibiting adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor&#8217;s capacity to meet its financial commitments on the obligation. Fitch describes securities rated BBB as having good credit quality with current low expectations of default. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. For a discussion of securities rated below investment grade, see &#8220;High Yield Securities (&#8220;Junk Bonds&#8221;) and Securities of Distressed Companies&#8221; above. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Commercial Paper </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Commercial paper represents short-term unsecured promissory notes issued in bearer form by corporations such as banks or bank holding companies and finance companies. The Fund may invest in commercial paper of any credit quality consistent with the Fund&#8217;s investment objective and policies, including unrated commercial paper. See Appendix A to the Prospectus for a description of the ratings assigned by Moody&#8217;s, S&amp;P and Fitch </p>
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Ratings to commercial paper. The rate of return on commercial paper may be linked or indexed to the level of exchange rates between the U.S. dollar and a foreign currency or currencies. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Convertible Securities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in convertible securities, which may offer higher income than the common stocks into which they are convertible. A convertible security is a bond, debenture, note, preferred security or other security that entitles the holder to acquire common stock or other equity securities of the same or a different issuer. A convertible security generally entitles the holder to receive interest paid or accrued until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to <span style="white-space:nowrap">non-convertible</span> debt securities or preferred securities, as applicable. Convertible securities rank senior to common stock in a corporation&#8217;s capital structure and, therefore, generally entail less risk than the corporation&#8217;s common stock, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above its value as a fixed-income security. Convertible securities are subordinate in rank to any senior debt obligations of the issuer, and, therefore, an issuer&#8217;s convertible securities entail more risk than its debt obligations. Convertible securities generally offer lower interest or dividend yields than <span style="white-space:nowrap">non-convertible</span> debt securities of similar credit quality because of the potential for capital appreciation. In addition, convertible securities are often lower-rated securities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Because of the conversion feature, the price of the convertible security will normally fluctuate in some proportion to changes in the price of the underlying asset, and as such is subject to risks relating to the activities of the issuer and/or general market and economic conditions. The income component of a convertible security may tend to cushion the security against declines in the price of the underlying asset. However, the income component of convertible securities causes fluctuations based upon changes in interest rates and the credit quality of the issuer. If the convertible security&#8217;s &#8220;conversion value,&#8221; which is the market value of the underlying common stock that would be obtained upon the conversion of the convertible security, is substantially below the &#8220;investment value,&#8221; which is the value of a convertible security viewed without regard to its conversion feature (<span style="font-style:italic">i.e.</span>, strictly on the basis of its yield), the price of the convertible security is typically governed principally by its investment value. If the conversion value of a convertible security increases to a point that approximates or exceeds its investment value, the value of the security will typically be principally influenced by its conversion value. A convertible security generally will sell at a premium over its conversion value to the extent investors place value on the right to acquire the underlying common stock while holding an income-producing security. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A convertible security may be subject to redemption at the option of the issuer at a predetermined price. If a convertible security held by the Fund is called for redemption, the Fund would be required to permit the issuer to redeem the security and convert it to underlying common stock, or would sell the convertible security to a third party, which may have an adverse effect on the Fund&#8217;s ability to achieve its investment objective. The Fund generally would invest in convertible securities for their favorable price characteristics and total return potential. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in <span style="white-space:nowrap">so-called</span> &#8220;synthetic convertible securities,&#8221; which are composed of two or more different securities whose investment characteristics, taken together, resemble those of convertible securities. A third party or PIMCO may create a &#8220;synthetic&#8221; convertible security by combining separate securities that possess the two principal characteristics of a traditional convertible security, <span style="font-style:italic">i.e.</span>, an income-producing security (&#8220;income-producing component&#8221;) and the right to acquire an equity security (&#8220;convertible component&#8221;). The income-producing component is achieved by investing in <span style="white-space:nowrap">non-convertible,</span> income-producing securities such as bonds, preferred securities and money market instruments, which may be represented by derivative instruments. The convertible component is achieved by investing in securities or instruments such as warrants or options to buy common stock at a certain exercise price, or options on a stock index. Unlike a traditional convertible security, which is a single security having a unitary market value, a synthetic convertible comprises two or more separate securities, each with its own market value. Therefore, the &#8220;market value&#8221; of a synthetic convertible security is the sum of the values of its income-producing component and its convertible component. For this reason, the values of a synthetic convertible security and a traditional convertible security may respond differently to market fluctuations. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">More flexibility is possible in the assembly of a synthetic convertible security than in the purchase of a convertible security. Although synthetic convertible securities may be selected where the two components are issued by a single issuer, thus making the synthetic convertible security similar to the traditional convertible security, the character of a synthetic convertible security allows the combination of components representing distinct issuers, when PIMCO believes that such a combination may better achieve the Fund&#8217;s investment objective. A synthetic convertible security also is a more flexible investment in that its two components may be purchased separately. For example, the Fund may purchase a warrant for inclusion in a synthetic convertible security but temporarily hold short-term investments while postponing the purchase of a corresponding bond pending development of more favorable market conditions. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A holder of a synthetic convertible security faces the risk of a decline in the price of the security or the level of the index or security involved in the convertible component, causing a decline in the value of the security or instrument, such as a call option or warrant purchased to create the synthetic convertible security. Should the price of the stock fall below the exercise price and remain there throughout the exercise period, the entire amount paid for the call option or warrant would be lost. Because a synthetic convertible security includes the income-producing component as well, the holder of a synthetic convertible security also faces the risk that interest rates will rise, causing a decline in the value of the income-producing component. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund also may purchase synthetic convertible securities created by other parties, including convertible structured notes. Convertible structured notes are income-producing debentures linked to equity, and are typically issued by investment banks. Convertible structured notes have the attributes of a convertible security; however, the investment bank that issues the convertible note, rather than the issuer of the underlying common stock into which the note is convertible, assumes credit risk associated with the underlying investment, and the Fund in turn assumes credit risk associated with the convertible note. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Contingent Convertible Instruments. </span></span>Contingent convertible securities (&#8220;CoCos&#8221;) are a form of hybrid debt security issued primarily by <span style="white-space:nowrap">non-U.S.</span> issuers, which have loss absorption mechanisms built into their terms. CoCos have no stated maturity, have fully discretionary coupons and are typically issued in the form of subordinated debt instruments. CoCos generally either convert into common stock of the issuer or have their principal written down upon the occurrence of certain triggering events (&#8220;triggers&#8221;) linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institution&#8217;s continued viability as a going concern. In certain scenarios, investors in CoCos may suffer a loss of capital ahead of equity holders or when equity holders do not. There is no guarantee that the Fund will receive a return of principal on CoCos. Any indication that an automatic write-down or conversion event may occur can be expected to have an adverse effect on the market price of CoCos. CoCos are often rated below investment grade and are subject to the risks of high yield securities. Because CoCos are issued primarily by financial institutions, CoCos may present substantially increased risks at times of financial turmoil, which could affect financial institutions more than companies in other sectors and industries. Further, the value of an investment in CoCos is unpredictable and will be influenced by many factors and risks, including interest rate risk, credit risk, market risk and liquidity risk. An investment by the Fund in CoCos may result in losses to the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">CoCos&#8217; unique equity conversion or principal write-down features are tailored by the issuing banking institution and its regulatory requirements. Some additional risks associated with CoCos include, but are not limited to: </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left"><span style="font-style:italic">Loss absorption risk</span>. CoCos may be subject to an automatic write-down (<span style="font-style:italic">i.e.</span>, the automatic write-down of the principal amount or value of the securities, potentially to zero, and the cancellation of the securities) under certain circumstances, which could result in the Fund losing a portion or all of its investment in such securities. In addition, the Fund may not have any rights with respect to repayment of the principal amount of the securities that has not become due or the payment of interest or dividends on such securities for any period from (and including) the interest or dividend payment date falling immediately prior to the occurrence of such automatic write-down. An automatic write-down </p></td></tr></table>
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could also result in a reduced income rate if the dividend or interest payment is based on the security&#8217;s par value. In addition, CoCos have fully discretionary coupons. This means coupons can potentially be cancelled at the issuer&#8217;s discretion or at the request of the relevant regulatory authority in order to help the issuer absorb losses and may be suspended in the event there are insufficient distributable reserves. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left"><span style="font-style:italic">Subordinated instruments</span>. CoCos will, in the majority of circumstances, be issued in the form of subordinated debt instruments in order to provide the appropriate regulatory capital treatment prior to a conversion. Accordingly, in the event of liquidation, dissolution or <span style="white-space:nowrap">winding-up</span> of an issuer prior to a conversion having occurred, the rights and claims of the holders of the CoCos, such as the Fund, against the issuer in respect of or arising under the terms of the CoCos shall generally rank junior to the claims of all holders of unsubordinated obligations of the issuer. In addition, if the CoCos are converted into the issuer&#8217;s underlying equity securities following a conversion event (<span style="font-style:italic">i.e.</span>, a &#8220;trigger&#8221;), each holder will be subordinated due to their conversion from being the holder of a debt instrument to being the holder of an equity instrument. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left"><span style="font-style:italic">Market value will fluctuate based on unpredictable factors</span>. The trading behavior of a given issuer&#8217;s CoCos may be strongly impacted by the trading behavior of other issuers&#8217; CoCos, such that negative information from an unrelated CoCo may cause a decline in value of one or more CoCos held by the Fund. Accordingly, the trading behavior of CoCos may not follow the trading behavior of other similarly structured securities. The value of CoCos is unpredictable and could be influenced by many factors including, without limitation: (i)&#160;the creditworthiness of the issuer and/or fluctuations in such issuer&#8217;s applicable capital ratios; (ii)&#160;supply and demand for the CoCos; (iii)&#160;general market conditions and available liquidity; and (iv)&#160;economic, financial and political events that affect the issuer, its particular market or the financial markets in general. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Equity Securities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Subject to the Fund&#8217;s investment policies, the Fund may hold common stocks and other equity securities from time to time, including, without limitation, those it has received through the conversion of a convertible security held by the Fund or in connection with the restructuring of a debt security. Common stocks include common shares and other common equity interests issued by private or public issuers. The Fund may invest in securities that have not been registered for public sale in the U.S. or relevant <span style="white-space:nowrap">non-U.S.</span> jurisdictions, including without limitation securities eligible for purchase and sale pursuant to Rule 144A under the Securities Act, or relevant provisions of applicable <span style="white-space:nowrap">non-U.S.</span> law, and other securities issued in private placements. The market price of common stocks and other equity securities may go up or down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally, particular industries represented in those markets, or the issuer itself. The values of equity securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than fixed-income securities. These risks are generally magnified in the case of equity investments in distressed companies. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Different types of equity securities provide different voting and dividend rights and priority in the event of the bankruptcy and/or insolvency of the issuer. In addition to common stock, equity securities may include preferred securities, convertible securities and warrants, which are discussed elsewhere in the Prospectus and this Statement of Additional Information. Equity securities other than common stock are subject to many of the same risks as common stock, although possibly to different degrees. The risks of equity securities are generally magnified in the case of equity investments in distressed companies. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Preferred Securities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Preferred securities represent an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Some preferred securities also entitle their holders to receive additional liquidation proceeds on the same basis as holders of a company&#8217;s common stock, and thus also represent an ownership interest in that company. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company&#8217;s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company&#8217;s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The value of a company&#8217;s preferred securities may fall as a result of factors relating directly to that company&#8217;s products or services. A preferred security&#8217;s value may also fall because of factors affecting not just the company, but companies in the same industry or in a number of different industries, such as increases in production costs. The value of preferred securities may also be affected by changes in financial markets that are relatively unrelated to the company or its industry, such as changes in interest rates or currency exchange rates. In addition, a company&#8217;s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company&#8217;s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than those of larger companies. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Smaller Company Risk. </span></span>The general risks associated with debt instruments or equity securities are particularly pronounced for securities issued by companies with small market capitalizations. Small capitalization companies involve certain special risks. They are more likely than larger companies to have limited product lines, markets or financial resources, or to depend on a small, inexperienced management group. Securities of smaller companies may trade less frequently and in lesser volume than more widely held securities and their values may fluctuate more sharply than other securities. They may also have limited liquidity. These securities may therefore be more vulnerable to adverse developments than securities of larger companies, and the Fund may have difficulty purchasing or selling securities positions in smaller companies at prevailing market prices. Also, there may be less publicly available information about smaller companies or less market interest in their securities as compared to larger companies. Companies with <span style="white-space:nowrap">medium-sized</span> market capitalizations may have risks similar to those of smaller companies. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Adjustable Rate and Auction Preferred Securities. </span></span>Typically, the dividend rate on an adjustable rate preferred security is determined prospectively each quarter by applying an adjustment formula established at the time of issuance of the security. Although adjustment formulas vary among issues, they typically involve a fixed premium or discount relative to rates on specified debt securities issued by the U.S. Treasury. Typically, an adjustment formula will provide for a fixed premium or discount adjustment relative to the highest base yield of three specified U.S. Treasury securities: the <span style="white-space:nowrap">90-day</span> Treasury bill, the <span style="white-space:nowrap">10-year</span> Treasury note and the <span style="white-space:nowrap">20-year</span> Treasury bond. The premium or discount adjustment to be added to or subtracted from this highest U.S. Treasury base rate yield is fixed at the time of issue and cannot be changed without the approval of the holders of the security. The dividend rate on another type of preferred security in which the Fund may invest, commonly known as auction preferred securities, is adjusted at intervals that may be more frequent than quarterly, such as every 7 or 49 days, based on bids submitted by holders and prospective purchasers of such securities and may be subject to stated maximum and minimum dividend rates. The issues of most adjustable rate and auction preferred securities currently outstanding are perpetual, but are redeemable after a specified date, or upon notice, at the option of the issuer. Certain issues supported by the credit of a high-rated financial institution provide for mandatory redemption prior to expiration of the credit arrangement. No redemption can occur if full cumulative dividends are not paid. Although the dividend rates on adjustable and auction preferred securities are generally </p>
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adjusted or reset frequently, the market values of these preferred securities may still fluctuate in response to changes in interest rates. Market values of adjustable preferred securities also may substantially fluctuate if interest rates increase or decrease once the maximum or minimum dividend rate for a particular security is approached. Auctions for U.S. auction preferred securities have failed since early 2008, and the dividend rates payable on such preferred securities since that time typically have been paid at their maximum applicable rate (typically a function of a reference rate of interest). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Fixed Rate Preferred Securities. </span></span>Some fixed rate preferred securities in which the Fund may invest, known as perpetual preferred securities, offer a fixed return with no maturity date. Because they never mature, perpetual preferred securities act like long-term bonds and can be more volatile than and more sensitive to changes in interest rates than other types of preferred securities that have a maturity date. The Fund may also invest in sinking fund preferred securities. These preferred securities also offer a fixed return, but have a maturity date and are retired or redeemed on a predetermined schedule. The shorter duration of sinking fund preferred securities makes them perform somewhat like intermediate-term bonds and they typically have lower yields than perpetual preferred securities. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Bank Obligations </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in bank capital securities of both <span style="white-space:nowrap">non-U.S.</span> (foreign) and U.S. issuers. Bank capital securities are issued by banks to help fulfill their regulatory capital requirements. There are three common types of bank capital: Lower Tier II, Upper Tier II and Tier I. Bank capital is generally, but not always, of investment grade quality. Upper Tier II securities are commonly thought of as hybrids of debt and preferred securities. Upper Tier II securities are often perpetual (with no maturity date), callable and have a cumulative interest deferral feature. This means that under certain conditions, the issuer bank can withhold payment of interest until a later date. However, such deferred interest payments generally earn interest. Tier I securities often take the form of trust preferred securities. Foreign banks may be categorized in multiple industries for purposes of the Fund&#8217;s industry concentration policy. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Bank obligations in which the Fund may invest include, without limitation, certificates of deposit, bankers&#8217; acceptances and fixed time deposits. Certificates of deposit are negotiable certificates that are issued against funds deposited in a commercial bank for a definite period of time and that earn a specified return. Bankers&#8217; acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are &#8220;accepted&#8221; by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity. Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor, but may be subject to early withdrawal penalties which vary depending upon market conditions and the remaining maturity of the obligation. There are generally no contractual restrictions on the right to transfer a beneficial interest in a fixed time deposit to a third party, although there is generally no market for such deposits. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The activities of U.S. banks and most foreign banks are subject to comprehensive regulations which, in the case of U.S. regulations, have undergone substantial changes in the past decade and are currently subject to legislative and regulatory scrutiny. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operations and profitability of U.S. and foreign banks. Significant developments in the U.S. banking industry have included increased competition from other types of financial institutions, increased acquisition activity and geographic expansion. Banks may be particularly susceptible to certain economic factors, such as interest rate changes and adverse developments in the market for real estate. Fiscal and monetary policy and general economic cycles can affect the availability and cost of funds, loan demand and asset quality and thereby impact the earnings and financial conditions of banks. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Obligations of foreign banks involve somewhat different investment risks than those affecting obligations of U.S. banks, including the possibilities that their liquidity could be impaired because of future political and economic developments, that their obligations may be less marketable than comparable obligations of U.S. </p>
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banks, that a foreign jurisdiction might impose withholding or other taxes on interest income payable on those obligations, that foreign deposits may be seized or nationalized, that foreign governmental restrictions such as exchange controls may be adopted which might adversely affect the payment of principal and interest on those obligations and that the selection of those obligations may be more difficult because there may be less publicly available information concerning foreign banks and the accounting, auditing and financial reporting standards, practices and requirements applicable to foreign banks may differ from those applicable to U.S. banks. Foreign banks are not generally subject to examination by any U.S. government agency or instrumentality. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Loans and Other Indebtedness; Loan Participations and Assignments </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may purchase indebtedness and participations in commercial loans, as well as interests and/or servicing or similar rights in such loans. Such instruments may be secured or unsecured and may be newly-originated (and may be specifically designed for the Fund). Indebtedness is different from traditional debt securities in that debt securities are part of a large issue of securities to the public whereas indebtedness may not be a security and may represent a specific commercial loan to a borrower. Loan participations typically represent direct participation, together with other parties, in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. The Fund may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing indebtedness and loan participations, the Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. The indebtedness and loan participations that the Fund may acquire may not be rated by any NRSROs. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A loan is often administered by an agent bank acting as agent for all holders. The agent bank administers the terms of the loan, as specified in the loan agreement. In addition, the agent bank is normally responsible for the collection of principal and interest payments from the corporate borrower and the apportionment of these payments to the credit of all institutions which are parties to the loan agreement. Unless, under the terms of the loan or other indebtedness, the Fund has direct recourse against the corporate borrower, the Fund may have to rely on the agent bank or other financial intermediary to apply appropriate credit remedies against a corporate borrower. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A financial institution&#8217;s employment as agent bank might be terminated in the event that it fails to observe a requisite standard of care or becomes insolvent. A successor agent bank would generally be appointed to replace the terminated agent bank, and assets held by the agent bank under the loan agreement should remain available to holders of such indebtedness. However, if assets held by the agent bank for the benefit of the Fund were determined to be subject to the claims of the agent bank&#8217;s general creditors, the Fund might incur certain costs and delays in realizing payment on a loan or loan participation and could suffer a loss of principal and/or interest. In situations involving other interposed financial institutions (<span style="font-style:italic">e.g.</span>, an insurance company or governmental agency) similar risks may arise. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Purchasers of loans and other forms of direct indebtedness depend primarily upon the creditworthiness of the corporate borrower for payment of principal and interest. If the Fund does not receive scheduled interest or principal payments on such indebtedness, the Fund&#8217;s share price and yield could be adversely affected. Loans that are fully secured offer the Fund more protection than an unsecured loan in the event of <span style="white-space:nowrap">non-payment</span> of scheduled interest or principal. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower&#8217;s obligation, or that the collateral can be liquidated. In the event of the bankruptcy of a borrower, the Fund could experience delays or limitations in its ability to realize the benefits of any collateral securing a loan. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may acquire loan participations with credit quality comparable to that of issuers of its securities investments. Indebtedness of companies whose creditworthiness is poor involves substantially greater risks, and may be highly speculative. Some companies may never pay off their indebtedness, or may pay only a small fraction of the amount owed. Consequently, when acquiring indebtedness of companies with poor credit, the </p>
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Fund bears a substantial risk of losing the entire amount of the instrument acquired. The Fund may make purchases of indebtedness and loan participations to achieve income and/or capital appreciation. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund limits the amount of its total assets that it will invest in issuers within the same industry. For purposes of these limits, the Fund generally will treat the corporate borrower as the &#8220;issuer&#8221; of indebtedness held by the Fund. In the case of loan participations where a bank or other lending institution serves as a financial intermediary between the Fund and the corporate borrower, if the participation does not shift to the Fund the direct debtor-creditor relationship with the corporate borrower, SEC interpretations require the Fund to treat both the lending bank or other lending institution and the corporate borrower as &#8220;issuers.&#8221; Treating a financial intermediary as an issuer of indebtedness may restrict the Fund&#8217;s ability to invest in indebtedness related to a single financial intermediary, or a group of intermediaries engaged in the same industry, even if the underlying borrowers represent many different companies and industries. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Loans and other types of direct indebtedness (which the Fund may invest in or otherwise gain exposure to) may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in disposing of indebtedness may require weeks to complete. Consequently, some indebtedness may be difficult or impossible to dispose of readily at what the Investment Manager believes to be a fair price. In addition, valuation of illiquid indebtedness involves a greater degree of judgment in determining the Fund&#8217;s net asset value than if that value were based on available market quotations, and could result in significant variations in the Fund&#8217;s daily share price. At the same time, some loan interests are traded among certain financial institutions and accordingly may be deemed liquid. As the market for different types of indebtedness develops, the liquidity of these instruments is expected to improve. Investments in loan participations are considered to be debt obligations for purposes of the Fund&#8217;s investment restriction relating to the lending of funds or assets. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In purchasing loans, the Fund will compete with a broad spectrum of lenders. Increased competition for, or a diminishment in the available supply of, qualifying loans could result in lower yields on and/or less advantageous terms of such loans, which could reduce Fund performance. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Investments in loans through a purchase of a loan or a direct assignment of a financial institution&#8217;s interests with respect to a loan may involve additional risks to the Fund. The purchaser of an assignment typically succeeds to all the rights and obligations under the loan agreement with the same rights and obligations as the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. For example, if a loan is foreclosed, the Fund could become owner, in whole or in part, of any collateral, which could include, among other assets, real estate or other real or personal property, and would bear the costs and liabilities associated with owning and holding or disposing of the collateral (see &#8220;Real Estate Assets and Related Derivatives&#8221; above). In addition, it is conceivable that under emerging legal theories of lender liability, the Fund could be held liable as <span style="white-space:nowrap">co-lender.</span> It is unclear whether loans and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. In the absence of definitive regulatory guidance, the Fund relies on the Investment Manager&#8217;s research in an attempt to avoid situations where fraud or misrepresentation could adversely affect the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may make, participate in or acquire <span style="white-space:nowrap"><span style="white-space:nowrap">debtor-in-possession</span></span> financings (commonly known as &#8220;DIP financings&#8221;). DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the U.S. Bankruptcy Code. These financings allow the entity to continue its business operations while reorganizing under Chapter 11. Such financings constitute senior liens on unencumbered security (<span style="font-style:italic">i.e.</span>, security not subject to other creditors&#8217; claims). There is a risk that the entity will not emerge from Chapter 11 and be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the Fund&#8217;s only recourse will be against the property securing the DIP financing. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may acquire residential mortgage loans and unsecured consumer loans through Subsidiaries. The Subsidiaries directly holding a beneficial interest in loans will be formed as domestic common law or statutory </p>
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trusts with a federally chartered bank serving as trustee. Each such Subsidiary trust will hold the beneficial interests of loans and the federally chartered bank acting as trustee will hold legal title to the loans for the benefit of the Subsidiary trust and/or the trust&#8217;s beneficial owners (i.e., the Fund or its Subsidiary). State licensing laws typically exempt federally chartered banks from their licensing requirements, and federally chartered banks may also benefit from federal preemption of state laws, including any licensing requirements. The use of common law or statutory trusts with a federally chartered bank serving as trustee is intended to address any state licensing requirements that may be applicable to purchasers or holders of loans, including state licensing requirements related to foreclosure. The Fund believes that such Subsidiary trusts will not be treated as associations or publicly traded partnerships taxable as corporations for U.S. federal income tax purposes, and that therefore, the Subsidiary trusts will not be subject to U.S. federal income tax at the Subsidiary level. Investments in residential mortgage loans or unsecured consumer loans through entities that are not so treated can potentially be limited by the Fund&#8217;s intention to qualify as a RIC under Subchapter M of the Code, and limit the Fund&#8217;s ability to qualify as such. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the Fund or its Subsidiary trust is required to be licensed in any particular jurisdiction in order to originate, acquire, hold, dispose or foreclose loans, obtaining the required license may not be viable (because, for example, it is not possible or practical) and the Fund or its Subsidiary trust may be unable to restructure its holdings to address the licensing requirement. In that case, the Fund or its Subsidiary trust may be forced to cease activities involving the affected loans, or may be forced to sell such loans. If a state regulator or court were to determine that the Fund or its Subsidiary trust acquired, held or foreclosed a loan without a required state license, the Fund or its Subsidiary trust could be subject to penalties or other sanctions, prohibited or restricted in its ability to enforce its rights under the loan, or subject to litigation risk or other losses or damages. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Investments in loans may include unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Consolidated Statement of Operations. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Some lending platforms (or their affiliates) may attempt to take advantage of policies in certain states that allow lenders to make loans at advantageous interest rates by incorporating choice of law provisions into loan agreements that hold that the agreements are to be governed by the laws of those lender-friendly states. In the event that a borrower or state regulator successfully invalidates such <span style="white-space:nowrap"><span style="white-space:nowrap">choice-of-law</span></span> clause, platforms (of their affiliates) may not be able to collect some or all of the interest and principal due on such loans, such loans may not be found to be enforceable or the platforms (or their affiliates) could become subject to penalties and damages. Other platforms may engage in arrangements with funding banks where the platform assists the bank in originating loans that are funded by the bank. In some cases, the loans are sold to the platforms and the platforms as assignees of the bank under applicable law and precedent utilize the bank&#8217;s rate and fee exportation authority. At least one federal circuit court has cast doubt upon this theory and other litigation challenges the ability of assignees to utilize a bank&#8217;s exportation authority as an assignee of the bank&#8217;s loans. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Risk Retention Investments </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in risk retention tranches of commercial mortgage-backed securities (&#8220;CMBS&#8221;) or other eligible securitizations, if any (&#8220;risk retention tranches&#8221;), which are eligible residual interests held by the sponsors of such securitizations pursuant to the final rules implementing the credit risk retention requirements of Section&#160;941 of the Dodd-Frank Act (the &#8220;U.S. Risk Retention Rules&#8221;). In the case of CMBS transactions, for </p>
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example, the U.S. Risk Retention Rules permit all or a portion of the retained credit risk associated with certain securitizations (i.e., retained risk) to be held by an unaffiliated &#8220;third party purchaser,&#8221; such as the Fund, if, among other requirements, the third-party purchaser holds its retained interest, unhedged, for at least five years following the closing of the CMBS transaction, after which it is entitled to transfer its interest in the securitization to another person that meets the requirements for a third-party purchaser. Even after the required holding period has expired, due to the generally illiquid nature of such investments, no assurance can be given as to what, if any, exit strategies will ultimately be available for any given position. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, there is limited guidance on the application of the final U.S. Risk Retention Rules to specific securitization structures. There can be no assurance that the applicable federal agencies charged with the implementation of the final U.S. Risk Retention Rules (the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Federal Reserve Board, the SEC, the Department of Housing and Urban Development, and the Federal Housing Finance Agency) could not take positions in the future that differ from the interpretation of such rules taken or embodied in such securitizations, or that the final U.S. Risk Retention Rules will not change. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Furthermore, in situations where the Fund invests in risk retention tranches of securitizations structured by third parties, the Fund may be required to execute one or more letters or other agreements, the exact form and nature of which will vary (each, a &#8220;Risk Retention Agreement&#8221;) under which it will make certain undertakings designed to ensure such securitization complies with the final U.S. Risk Retention Rules. Such Risk Retention Agreements may include a variety of representations, warranties, covenants and other indemnities, each of which may run to various transaction parties. If the Fund breaches any undertakings in any Risk Retention Agreement, it will be exposed to claims by the other parties thereto, including for any losses incurred as a result of such breach, which could be significant and exceed the value of the Fund&#8217;s investments. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Alternative Lending ABS </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in shares, certificates, notes or other securities issued by a special purpose entity (&#8220;SPE&#8221;) sponsored by an alternative lending platform or its affiliates (the &#8220;Sponsor&#8221;) that represent the right to receive principal and interest payments due on pools of whole loans or fractions of whole loans, which may (but may not) be issued by the Sponsor, held by the SPE (&#8220;Alt Lending ABS&#8221;). Alternative lending, which may include or sometimes be referred to as <span style="white-space:nowrap"><span style="white-space:nowrap">peer-to-peer</span></span> lending, online lending or marketplace lending, is a method of financing in which an alternative lending platform (<span style="font-style:italic">i.e.</span>, an online lending marketplace or lender that is not a traditional lender, such as a bank) facilitates the borrowing and lending of money while generally not relying on deposits for capital to fund loans. It is considered an alternative to more traditional debt financing done through a bank. There are several different models of alternative lending but, very generally, a platform typically matches consumers, small or <span style="white-space:nowrap">medium-sized</span> businesses or other types of borrowers with investors that are interested in gaining investment exposure to the loans made to such borrowers. Prospective borrowers are usually required to provide or give access to certain financial information to the platform, such as the intended purpose of the loan, income, employment information, credit score, <span style="white-space:nowrap"><span style="white-space:nowrap">debt-to-income</span></span> ratio, credit history (including defaults and delinquencies) and home ownership status, and, in the case of small business loans, business financial statements and personal credit information regarding any guarantor, some of which information is made available to prospective lenders. Often, platforms charge fees to borrowers to cover these screening and administrative costs. Based on this and other relevant supplemental information, the platform usually assigns its own credit rating to the borrower and sets the interest rate for the requested borrowing. Platforms then post the borrowing requests online and investors may choose among the loans, based on the interest rates the loans are expected to yield less any servicing or origination fees charged by the platform or others involved in the lending arrangement, the background data provided on the borrowers and the credit rating assigned by the platform. In some cases, a platform partners with a bank to originate a loan to a borrower, after which the bank sells the loan to the platform or directly to the investor; alternatively, some platforms may originate loans themselves. Some investors, including the Fund, may not review the particular characteristics of the loans in which they invest at the time of investment, but rather negotiate in advance with platforms the general criteria of the investments, as described </p>
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above. As a result, the Fund is dependent on the platforms&#8217; ability to collect, verify and provide information to the Fund about each loan and borrower. Platforms may set minimum eligibility standards for borrowers to participate in alternative lending arrangements and may limit the maximum permitted borrowings. Depending on the purpose and nature of the loan, its term may, for example, be as short as six months or shorter, or as long as thirty years or longer. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Senior Loans </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent the Fund invests in senior loans, the Fund may be subject to greater levels of credit risk, call (or &#8220;prepayment&#8221;) risk, settlement risk and liquidity risk, than funds that do not invest in such securities. These instruments are considered predominantly speculative with respect to an issuer&#8217;s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely affect the market for these instruments and reduce the Fund&#8217;s ability to sell these instruments at an advantageous time or price. An economic downturn would generally lead to a higher <span style="white-space:nowrap">non-payment</span> rate, and a senior loan may lose significant market value before a default occurs. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in senior loans. In addition, the senior loans in which the Fund invests may not be listed on any exchange and a secondary market for such loans may be comparatively less liquid relative to markets for other more liquid fixed-income securities. Consequently, transactions in senior loans may involve greater costs than transactions in more actively traded securities. In connection with certain loan transactions, transaction costs that are borne by the Fund may include the expenses of third parties that are retained to assist with reviewing and conducting diligence, negotiating, structuring and servicing a loan transaction, and/or providing other services in connection therewith. Furthermore, the Fund may incur such costs in connection with loan transactions that are pursued by the Fund but not ultimately consummated <span style="white-space:nowrap">(so-called</span> &#8220;broken deal costs&#8221;). Restrictions on transfers in loan agreements, a lack of publicly-available information, irregular trading activity and wide bid/ask spreads among other factors, may, in certain circumstances, make senior loans difficult to value accurately or sell at an advantageous time or price than other types of securities or instruments. These factors may result in the Fund being unable to realize full value for the senior loans and/or may result in the Fund not receiving the proceeds from a sale of a senior loan for an extended period after such sale, each of which could result in losses to the Fund. Senior loans may have extended trade settlement periods, which may result in cash not being immediately available to the Fund. As a result, transactions in senior loans that settle on a delayed basis may limit the Fund&#8217;s ability to make additional investments or satisfy the Fund&#8217;s repurchase obligations. The Fund may seek to satisfy any short-term liquidity needs resulting from an extended trade settlement process by, among other things, selling portfolio assets, holding additional cash or entering into temporary borrowing arrangements with banks and other potential funding sources. If an issuer of a senior loan prepays or redeems the loan prior to maturity, the Fund may have to reinvest the proceeds in other senior loans or similar instruments that may pay lower interest rates. Senior loans in which the Fund invests may or may not be collateralized, although the loans may not be fully collateralized and the collateral may be unavailable or insufficient to meet the obligations of the borrower. The Fund may have limited rights to exercise remedies against such collateral or a borrower, and loan agreements may impose certain procedures that delay receipt of the proceeds of collateral or require the Fund to act collectively with other creditors to exercise its rights with respect to a senior loan. Senior loans may not be considered securities under the federal securities laws. In such circumstances, fewer legal protections may be available with respect to the Fund&#8217;s investment in senior loans. In particular, if a senior loan is not considered a security under the federal securities laws, certain legal protections normally available to securities investors under the federal securities laws, such as those against fraud and misrepresentation, may not be available. Because of the risks involved in investing in senior loans, an investment in the Fund that invests in such instruments should be considered speculative. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Senior loans that are covenant-lite obligations contain fewer maintenance covenants than other types of loans, or no maintenance covenants, and may not include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Covenant-lite obligations may carry more risk than traditional loans as they allow borrowers to engage in activities that would otherwise be difficult or </p>
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impossible under a covenant-heavy loan agreement. In the event of default, covenant-lite obligations may exhibit diminished recovery values as the lender may not have the opportunity to negotiate with the borrower prior to default. The Fund may have a greater risk of loss on investments in covenant-lite obligations as compared to investments in traditional loans. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Secondary trades of senior loans may have extended settlement periods. Any settlement of a secondary market purchase of senior loans in the ordinary course, on a settlement date beyond the period expected by loan market participants (<span style="font-style:italic">i.e.</span>, T+7 for par/near par loans and T+20 for distressed loans, in other words more than seven or twenty business days beyond the trade date, respectively) is subject to the &#8220;delayed compensation&#8221; rules prescribed by the Loan Syndications and Trading Association (&#8220;LSTA&#8221;) and addressed in the LSTA&#8217;s standard loan documentation for par/near par trades and for distressed trades. &#8220;Delayed compensation&#8221; is a pricing adjustment comprised of certain interest and fees, which is payable between the parties to a secondary loan trade. The LSTA introduced a requirements-based rules program in order to incentivize shorter settlement times for secondary transactions and discourage certain delay tactics that create friction in the loan syndications market by, among other things, mandating that the buyer of a senior loan satisfy certain &#8220;basic requirements&#8221; as prescribed by the LSTA no later than T+5 in order for the buyer to receive the benefit of interest and other fees accruing on the purchased loan from and after T+7 for par/near par loans (for distressed trades, T+20) until the settlement date, subject to certain specific exceptions. These &#8220;basic requirements&#8221; generally require a buyer to execute the required trade documentation and to be, and remain, financially able to settle the trade no later than T+7 for par/near par loans (and T+20 for distressed trades). In addition, buyers are required to fund the purchase price for a secondary trade upon receiving notice from the agent of the effectiveness of the trade in the agent&#8217;s loan register. The Fund, as a buyer of a senior loan in the secondary market, would need to meet these &#8220;basic requirements&#8221; or risk forfeiting all or some portion of the interest and other fees accruing on the loan from and after T+7 for par/near par loans (for distressed trades, T+20) until the settlement date. The &#8220;delayed compensation&#8221; mechanism does not mitigate the other risks of delayed settlement or other risks associated with investments in senior loans. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Investors should be aware that the Fund&#8217;s investment in a senior loan may result in the Fund or PIMCO receiving information about the issuer that may be deemed material, <span style="white-space:nowrap">non-public</span> information. Under such circumstances, the Fund&#8217;s investment opportunities may be limited, as trading in securities of such issuer may be restricted. Additionally, PIMCO may seek to avoid receiving material, <span style="white-space:nowrap">non-public</span> information about issuers of senior loans. As a result, PIMCO may forgo certain investment opportunities or be disadvantaged as compared to other investors that do not restrict information that they receive from senior loan issuers. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Delayed Funding Loans and Revolving Credit Facilities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may also enter into, or acquire participations in, delayed funding loans and revolving credit facilities. Delayed funding loans and revolving credit facilities are borrowing arrangements in which the lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. A revolving credit facility differs from a delayed funding loan in that as the borrower repays the loan, an amount equal to the repayment may be borrowed again during the term of the revolving credit facility. Delayed funding loans and revolving credit facilities usually provide for floating or variable rates of interest. These commitments may have the effect of requiring the Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including a time when the company&#8217;s financial condition makes it unlikely that such amounts will be repaid). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent that the Fund is committed to advance additional funds, it will at all times segregate assets, determined to be liquid by PIMCO, in an amount sufficient to meet such commitments. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in delayed funding loans and revolving credit facilities with credit quality comparable to that of issuers of its securities investments. Delayed funding loans and revolving credit facilities may be subject to restrictions on transfer, and only limited opportunities may exist to resell such instruments. As a result, the Fund may be unable to sell such investments at an opportune time or may have to resell them at less than fair </p>
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market value. For a further discussion of the risks involved in investing in loan participations and other forms of direct indebtedness see &#8220;Loans and Other Indebtedness; Loan Participations and Assignments.&#8221; Participation interests in revolving credit facilities will be subject to the limitations discussed in &#8220;Loans and Other Indebtedness; Loan Participations and Assignments.&#8221; Delayed funding loans and revolving credit facilities are considered to be debt obligations for purposes of the Fund&#8217;s investment restriction relating to the lending of funds or assets by the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Zero-Coupon Bonds, <span style="white-space:nowrap">Step-Ups</span> and <span style="white-space:nowrap"><span style="white-space:nowrap">Payment-In-Kind</span></span> Securities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest directly or indirectly in <span style="white-space:nowrap">zero-coupon</span> securities, <span style="white-space:nowrap">&#8220;step-ups&#8221;</span> and PIKs. Zero-coupon securities are debt obligations that do not entitle the holder to any periodic payments of interest either for the entire life of the obligation or for an initial period after the issuance of the obligations. Like <span style="white-space:nowrap">zero-coupon</span> bonds, <span style="white-space:nowrap">&#8220;step-up&#8221;</span> bonds pay no interest initially but eventually begin to pay a coupon rate prior to maturity, which rate may increase at stated intervals during the life of the security. PIKs are debt obligations that pay &#8220;interest&#8221; in the form of other debt obligations instead of cash. Each of these instruments is normally issued and traded at a deep discount from face value. The amount of the discount varies depending on such factors as the time remaining until maturity of the securities, prevailing interest rates, the liquidity of the security and the perceived credit quality of the issuer. The market prices of <span style="white-space:nowrap">zero-coupon</span> bonds, <span style="white-space:nowrap">step-ups</span> and PIKs generally are more volatile than the market prices of debt instruments that pay interest currently and in cash and are likely to respond to changes in interest rates to a greater degree than do other types of securities having similar maturities and credit quality. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In order to satisfy a requirement for qualification as a RIC under the Code, an investment company, such as the Fund, must distribute each year at least 90% of its net investment income, including the original issue discount accrued on <span style="white-space:nowrap">zero-coupon</span> bonds, <span style="white-space:nowrap">step-ups</span> and PIKs. Because the Fund will not, on a current basis, receive cash payments from the issuer of these securities in respect of any accrued original issue discount, in some years, the Fund may have to sell other portfolio holdings in order to obtain cash to satisfy the distribution requirements under the Code even though investment considerations might otherwise make it undesirable for the Fund to sell securities at such time. Under many market conditions, investments in <span style="white-space:nowrap">zero-coupon</span> bonds, <span style="white-space:nowrap">step-ups</span> and PIKs may be illiquid, making it difficult for the Fund to dispose of them or determine their current value. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Variable and Floating Rate Debt Securities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations must provide that interest rates are adjusted periodically based upon an interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event based, such as based on a change in the prime rate. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in floating rate debt instruments, including senior loans (described in more detail above). Variable and floating rate securities are securities that pay interest at rates that adjust whenever a specified interest rate changes, float at a fixed margin above a generally recognized base lending rate and/or reset or are redetermined (<span style="font-style:italic">e.g.</span>, pursuant to an auction) on specified dates (such as the last day of a month or calendar quarter). These instruments may include, without limitation, variable-rate preferred securities, bank loans, money market instruments and certain types of mortgage-backed and other ABS. Due to their variable- or floating-rate features, these instruments will generally pay higher levels of income in a rising interest rate environment and lower levels of income as interest rates decline. For the same reason, the market value of a variable- or floating-rate instrument is generally expected to have less sensitivity to fluctuations in market interest rates than a fixed-rate instrument, although the value of a floating-rate instrument may nonetheless decline as interest rates rise and due to other factors, such as changes in credit quality. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in floating rate debt instruments (&#8220;floaters&#8221;) and engage in credit spread trades. The interest rate on a floater is a variable rate which is tied to another interest rate, such as a money-market index or U.S. Treasury bill rate. The interest rate on a floater resets periodically, typically every six months. While, because of the interest rate reset feature, floaters provide the Fund with a certain degree of protection against rises in interest rates, the Fund will participate in any declines in interest rates as well. A credit spread trade is an investment position relating to a difference in the prices or interest rates of two securities or currencies where the value of the investment position is determined by movements in the difference between the prices or interest rates, as the case may be, of the respective securities or currencies. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may also invest without limitation in inverse floating rate debt instruments (&#8220;inverse floaters&#8221;). The interest rate on an inverse floater resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floater may exhibit greater price volatility than a fixed rate obligation of similar credit quality. See &#8220;Mortgage-Related and Other Asset-Backed Securities&#8221; above. The Fund&#8217;s investments in variable- and floating-rate securities may require the Fund to accrue and distribute income not yet received. As a result, in order to generate cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio that it would otherwise have continued to hold. See &#8220;Taxation.&#8221; </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in residual interest bonds. The term &#8220;residual interest bonds&#8221; generally includes TOB Trust residual interest certificates and instruments designed to receive residual interest payments or other excess cash flows from collateral pools once other interest holders and expenses have been paid. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Inflation-Indexed Bonds </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers utilize a structure that accrues inflation into the principal value of the bond. Many other issuers pay out the Consumer Price Index accruals as part of a semiannual coupon. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Inflation-indexed bonds issued by the U.S. Treasury have maturities of approximately five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis equal to a fixed percentage of the inflation-adjusted principal amount. For example, if the Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and the rate of inflation over the first six months was 1%, the <span style="white-space:nowrap">mid-year</span> par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole year&#8217;s inflation equaling 3%, the <span style="white-space:nowrap"><span style="white-space:nowrap">end-of-year</span></span> par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of a U.S. Treasury inflation-indexed bond, even during a period of deflation, although the inflation-adjusted principal received could be less than the inflation-adjusted principal that had accrued to the bond at the time of purchase. However, the current market value of the bonds is not guaranteed and will fluctuate. The Fund may also invest in other inflation-related bonds that may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal amount. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">While these securities are expected to provide protection from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond&#8217;s inflation measure. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The periodic adjustment of U.S. inflation-indexed bonds is tied to the Consumer Price Index for All Urban Consumers <span style="white-space:nowrap">(&#8220;CPI-U&#8221;),</span> which is not seasonally adjusted and which is calculated monthly by the U.S. Bureau of Labor Statistics. The <span style="white-space:nowrap">CPI-U</span> is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign <span style="white-space:nowrap">(non-U.S.)</span> government are generally adjusted to reflect a comparable inflation index calculated by that government. There can be no assurance that the <span style="white-space:nowrap">CPI-U</span> or any foreign <span style="white-space:nowrap">(non-U.S.)</span> inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign <span style="white-space:nowrap">(non-U.S.)</span> country will be correlated to the rate of inflation in the United States. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity. As a result, in order to generate cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio that it would otherwise have continued to hold. See &#8220;Taxation.&#8221; </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Event-Linked Bonds </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may obtain event-linked exposure by investing in &#8220;event-linked bonds,&#8221; or &#8220;event-linked swaps,&#8221; or by implementing &#8220;event-linked strategies.&#8221; Event-linked exposure results in gains that typically are contingent on the <span style="white-space:nowrap">non-occurrence</span> of a specific &#8220;trigger&#8221; event, such as a hurricane, earthquake or other physical or weather-related phenomena. Some event-linked bonds are commonly referred to as &#8220;catastrophe bonds.&#8221; They may be issued by government agencies, insurance companies, reinsurers, special purpose corporations or other <span style="white-space:nowrap">on-shore</span> or <span style="white-space:nowrap">off-shore</span> entities (such special purpose entities are created to accomplish a narrow and well-defined objective, such as the issuance of a note in connection with a reinsurance transaction). If a trigger event causes losses exceeding a specific amount in the geographic region and time period specified in a bond, the Fund may lose a portion or all of its principal invested in the bond. If no trigger event occurs, the Fund will recover its principal plus interest. For some event-linked bonds, the trigger event or losses may be based on company-wide losses, index-portfolio losses, industry indices or readings of scientific instruments rather than specified actual losses. Often the event-linked bonds provide for extensions of maturity that are mandatory, or optional at the discretion of the issuer, in order to process and audit loss claims in those cases where a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. In addition to the specified trigger events, event-linked bonds also may expose the Fund to certain unanticipated risks including but not limited to issuer risk, credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations and adverse tax consequences. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Event-linked bonds are a relatively new type of financial instrument. As such, there is no significant trading history for many of these securities, and there can be no assurance that a liquid market in these instruments will develop. Lack of a liquid market may impose the risk of higher transaction costs and the possibility that the Fund may be forced to liquidate positions when it would not be advantageous to do so. Event-linked bonds are typically rated, and the Fund will only invest in event-linked bonds that meet the credit quality requirements for the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Commodities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may purchase or sell derivatives, securities or other instruments that provide exposure to commodities. The Fund&#8217;s investments in commodities-related instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-related instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, </p>
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tariffs and international economic, political and regulatory developments. An unexpected surplus of a commodity caused by one of the aforementioned factors, for example, may cause a significant decrease in the value of the commodity (and a decrease in the value of any investments directly correlated to the commodity). Conversely, an unexpected shortage of a commodity caused by one of the aforementioned factors may cause a significant increase in the value of the commodity (and a decrease in the value of any investments inversely correlated to that commodity). The commodity markets are subject to temporary distortions and other disruptions due to, among other factors, lack of liquidity, the participation of speculators, and government regulation and other actions. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may focus its commodity-related investments in a particular sector of the commodities market (such as gold, oil, metal or agricultural products). As a result, to the extent the Fund focuses its investments in a particular sector of the commodities market, the Fund may be more susceptible to risks associated with those sectors, including the risk of loss due to adverse economic, business or political developments affecting a particular sector. See &#8220;Derivative Instruments&#8221; below for a more detailed discussion of risks related to commodities, including additional discussion of commodity-related derivative instruments. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Derivative Instruments </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may, but is not required to, utilize various derivative strategies (both long and short positions) involving the purchase or sale of futures and forward contracts (including foreign currency exchange contracts), call and put options, credit default swaps, total return swaps, basis swaps and other swap agreements and other derivative instruments for investment purposes, leveraging purposes or in an attempt to hedge against market, credit, interest rate, currency and other risks in the portfolio. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Generally, derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index and may relate to, among other things, stocks, bonds, interest rates, currencies or currency exchange rates, commodities, related indexes and other assets. The following describes certain derivative instruments and products in which the Fund may invest and risks associated therewith. The derivatives market is always changing and the Fund may invest in derivatives other than those shown below. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In pursuing its investment objective, the Fund may, to the extent permitted by its investment objective and policies, purchase and sell (write) both put options and call options on securities, swap agreements, recovery locks, securities indexes, commodity indexes and foreign currencies, and enter into interest rate, foreign currency, index and commodity futures contracts and purchase and sell options on such futures contracts (&#8220;futures options&#8221;) for hedging purposes, to seek to replicate the composition and performance of a particular index, or as part of its overall investment strategies. The Fund also may purchase and sell foreign currency options for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. The Fund also may enter into swap agreements with respect to interest rates, commodities, indexes of securities or commodities, and to the extent it may invest in foreign currency-denominated securities, may enter into swap agreements with respect to foreign currencies. The Fund may invest in structured notes. If other types of financial instruments, including other types of options, futures contracts, or futures options are traded in the future, the Fund also may use those instruments, provided that their use is consistent with the Fund&#8217;s investment objective. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The value of some derivative instruments in which the Fund invests may be particularly sensitive to changes in prevailing interest rates, and, like the other investments of the Fund, the ability of the Fund to successfully utilize these instruments may depend in part upon the ability of PIMCO to forecast interest rates and other economic factors correctly. If PIMCO incorrectly forecasts such factors and has taken positions in derivative instruments contrary to prevailing market trends, the Fund could be exposed to additional, unforeseen risks, including the risk of loss. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund might not employ any of the strategies described below, and no assurance can be given that any strategy used will succeed. If PIMCO incorrectly forecasts interest rates, market values or other economic factors </p>
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in using a derivatives strategy for the Fund, the Fund might have been in a better position if it had not entered into the transaction at all. Also, suitable derivatives transactions may not be available in all circumstances. The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of the Fund to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time because the Fund is required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments, and the possible inability of the Fund to close out or to liquidate its derivatives positions. As discussed below, the SEC adopted a final rule related to the use of TOBs, derivatives, reverse repurchase agreements and certain other transactions by registered investment companies that will rescind and withdraw the guidance of the SEC and its staff regarding asset segregation and coverage transactions reflected in the Fund&#8217;s asset segregation and cover practices discussed herein. In addition, the Fund&#8217;s use of such instruments may cause the Fund to realize higher amounts of short-term capital gains (generally subject to tax when distributed to shareholders at ordinary income tax rates) than if it had not used such instruments. If the Fund gains exposure to an asset class using derivative instruments backed by a collateral portfolio of fixed-income instruments, changes in the value of the fixed-income instruments may result in greater or lesser exposure to that asset class than would have resulted from a direct investment in securities comprising that asset class. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Participation in the markets for derivative instruments involves investment risks and transaction costs to which the Fund may not be subject absent the use of these strategies. The skills needed to successfully execute derivative strategies may be different from those needed for other types of transactions. If the Fund incorrectly forecasts the value and/or creditworthiness of securities, currencies, interest rates, counterparties or other economic factors involved in a derivatives transaction, the Fund might have been in a better position if the Fund had not entered into such derivatives transaction. In evaluating the risks and contractual obligations associated with particular derivative instruments, it is important to consider that certain derivatives transactions may be modified or terminated only by mutual consent of the Fund and its counterparty and certain derivatives transactions may be terminated by the counterparty or the Fund, as the case may be, upon the occurrence of certain Fund-related or counterparty-related events, which may result in losses or gains to the Fund based on the market value of the derivatives transactions entered into between the Fund and the counterparty. In addition, such early terminations may result in taxable events and accelerate gain or loss recognition for tax purposes. It may not be possible for the Fund to modify, terminate, or offset the Fund&#8217;s obligations or the Fund&#8217;s exposure to the risks associated with a derivatives transaction prior to its termination or maturity date, which may create a possibility of increased volatility and/or decreased liquidity to the Fund. Upon the expiration or termination of a particular contract, the Fund may wish to retain its position in the derivative instrument by entering into a similar contract, but may be unable to do so if the counterparty to the original contract is unwilling or unable to enter into the new contract and no other appropriate counterparty can be found, which could cause the Fund not to be able to maintain certain desired investment exposures or not to be able to hedge other investment positions or risks, which could cause losses to the Fund. Furthermore, after such an expiration or termination of a particular contract, the Fund may have fewer counterparties with which to engage in additional derivatives transactions, which could lead to potentially greater counterparty risk exposure to one or more counterparties and which could increase the cost of entering into certain derivatives. In such cases, the Fund may lose money. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may engage in investment strategies, including the use of derivatives, to, among other things, seek to generate current, distributable income without regard to possible declines in the Fund&#8217;s net asset value. The Fund&#8217;s income and gain-generating strategies, including certain derivatives strategies, may generate current, distributable income, even if such strategies could potentially result in declines in the Fund&#8217;s net asset value. The Fund&#8217;s income and gain-generating strategies, including certain derivatives strategies, may generate current income and gains taxable as ordinary income sufficient to support monthly distributions even in situations when the Fund has experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or <span style="white-space:nowrap">non-U.S.</span> securities markets or the Fund&#8217;s portfolio investments, or arising from its use of derivatives. </p>
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Consequently, shareholders may receive distributions subject to tax at ordinary income rates at a time when their investment in the Fund has declined in value, which may be economically similar to a taxable return of capital. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The tax treatment of certain derivatives may be open to different interpretations. Any recharacterization of payments made or received by the Fund pursuant to derivatives potentially could affect the amount, timing or characterization of Fund distributions. In addition, the tax treatment of such investment strategies may be changed by regulation or otherwise. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Also, suitable derivative and/or hedging transactions may not be available in all circumstances, and there can be no assurance that the Fund will be able to identify or employ a desirable derivative and/or hedging transaction at any time or from time to time or, if a strategy is used, that it will be successful. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As further described below under &#8220;Additional Risk Factors in Cleared Derivatives Transactions,&#8221; recent legislative and regulatory reforms have resulted in new clearing, margin, reporting and registration requirements for participants in the derivatives market. While the ultimate impact is not yet clear, these changes could restrict and/or impose significant costs or other burdens upon the Fund&#8217;s ability to participate in derivatives transactions. Similarly, these changes could impose limits or restrictions on the counterparties with which the Fund engages in derivatives transactions. As a result, the Fund may be unable to use certain derivative instruments or otherwise execute its investment strategy. These risks may be particularly acute to the extent the Fund uses commodity-related derivative instruments. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Options on Securities and Indexes. </span></span>The Fund may, to the extent specified herein or in the Prospectus, purchase and sell both put and call options on equity, fixed-income or other securities (including securities to be purchased when-issued, delayed delivery and forward commitment transactions) or indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities, or quoted on the National Association of Securities Dealers Automated Quotations System (&#8220;NASDAQ&#8221;) or on an OTC market, and agreements, sometimes called cash puts, which may accompany the purchase of a new issue of bonds from a dealer. Among other reasons, the Fund may purchase put options to protect holdings in an underlying or related security against a decline in market value, and may purchase call options to protect against increases in the prices of securities it intends to purchase pending its ability to invest in such securities in an orderly manner. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">An option on a security (or index) is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the security underlying the option (or the cash value of an option that is on an index or cash settled) at a specified exercise price, often at any time during the term of the option for American options or only at expiration for European options. The writer of an option on a security that requires physical delivery has the obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price (in the case of a call) or to pay the exercise price upon delivery of the underlying security (in the case of a put). Certain put options written by the Fund, which counterparties may use as a source of liquidity, may be structured to have an exercise price that is less than the market value of the underlying securities that would be received by the Fund. Upon exercise, the writer of an option on an index or a cash-settled option on a security is obligated to pay the difference between the cash value of the index and the exercise price multiplied by the specified multiplier for the option. An index is designed to reflect features of a particular financial or securities market, a specific group of financial instruments or securities, or certain economic indicators. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund will &#8220;cover&#8221; its obligations when it writes call options or put options. In the case of a call option on a debt obligation or other security that requires physical delivery, the option is covered if the Fund owns the security underlying the call or has an absolute and immediate right to acquire that security without additional cash consideration (or, if additional cash consideration is required, cash or other assets determined to be liquid in such amount are segregated by its custodian or &#8220;earmarked&#8221;) upon conversion or exchange of other securities held by the Fund. A call option on a security or index is also &#8220;covered&#8221; if the Fund does not hold the underlying security or have the right to acquire it, but the Fund segregates or &#8220;earmarks&#8221; assets determined to be liquid in an </p>
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amount equal to the value of the underlying security (in the case of an option that requires physical delivery) or the Fund&#8217;s net obligation (in the case of an option that requires cash settlement, including an option on an index and any option with respect to which the Fund has entered into a contractual arrangement with a third party broker-dealer or counterparty that requires cash settlement) (minus any collateral deposited with a broker-dealer or other financial institution), on a <span style="white-space:nowrap"><span style="white-space:nowrap">mark-to-market</span></span> basis (a <span style="white-space:nowrap">so-called</span> &#8220;naked&#8221; call option). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For a written call option on an index, the option is covered if the Fund segregates or &#8220;earmarks&#8221; assets determined to be liquid in an amount equal to the value of the underlying index. A call option is also covered if the Fund holds a call on the same index or security as the call written where the exercise price of the call held is (i)&#160;equal to or less than the exercise price of the call written, or (ii)&#160;greater than the exercise price of the call written, provided the difference is maintained by the Fund in segregated or &#8220;earmarked&#8221; liquid assets. A put option on a security or an index is covered if the Fund segregates or &#8220;earmarks&#8221; assets determined to be liquid equal to the exercise price. A put option is also covered if the Fund holds a put on the same security or index as the put written where the exercise price of the put held is (i)&#160;equal to or greater than the exercise price of the put written, or (ii)&#160;less than the exercise price of the put written, provided the difference is maintained by the Fund in segregated or &#8220;earmarked&#8221; liquid assets. Obligations under written call and put options so covered will not be construed to be &#8220;senior securities&#8221; for purposes of the Fund&#8217;s investment restrictions concerning senior securities and borrowings. As described below, the SEC adopted a final rule related to the use of TOBs, derivatives, reverse repurchase agreements and certain other transactions by registered investment companies that will rescind and withdraw the guidance of the SEC and its staff regarding asset segregation and coverage transactions reflected in the Fund&#8217;s asset segregation and cover practices discussed herein. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If an option written by the Fund expires unexercised, the Fund realizes a capital gain equal to the premium received at the time the option was written. If an option purchased by the Fund expires unexercised, the Fund realizes a capital loss equal to the premium paid. Prior to the earlier of exercise or expiration, an exchange-traded option may be closed out by an offsetting purchase or sale of an option of the same series (type, exchange, underlying security or index, exercise price, and expiration). There can be no assurance, however, that a closing purchase or sale transaction can be effected when the Fund desires. In addition, the Fund may sell put or call options it has previously purchased, which could result in a net gain or loss depending on whether the amount realized on the sale is more or less than the premium and other transaction costs paid on the put or call option which is sold. Prior to the exercise or expiration, an option may be closed out by an offsetting purchase or sale of an option of the same series. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund will realize a capital gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or, if it is more, the Fund will realize a capital loss. If the premium received from a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a capital gain or, if it is less, the Fund will realize a capital loss. The principal factors affecting the market value of a put or a call option include supply and demand, interest rates, the current market price of the underlying security or index in relation to the exercise price of the option, the volatility of the underlying security or index, and the time remaining until the expiration date. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The premium paid for a put or call option purchased by the Fund is an asset of the Fund. The premium received for an option written by the Fund is recorded as a deferred credit. The value of an option purchased or written is <span style="white-space:nowrap"><span style="white-space:nowrap">marked-to-market</span></span> daily and is valued in accordance with the Fund&#8217;s valuation policies and procedures. See &#8220;Net Asset Value&#8221; below. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may write covered straddles consisting of a combination of a call and a put written on the same underlying security. A straddle will be covered when sufficient liquid assets are deposited to meet the Fund&#8217;s immediate obligations. The Fund may use the same liquid assets to cover both the call and put options where the exercise price of the call and put are the same, or where the exercise price of the call is higher than that of the put. In such cases, the Fund will also segregate or &#8220;earmark&#8221; liquid assets equivalent to the amount, if any, by which the put is &#8220;in the money.&#8221; As described below, the SEC adopted a final rule related to the use of TOBs, </p>
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derivatives, reverse repurchase agreements and certain other transactions by registered investment companies that will rescind and withdraw the guidance of the SEC and its staff regarding asset segregation and coverage transactions reflected in the Fund&#8217;s asset segregation and cover practices discussed herein. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">OTC Options</span></span><span style="font-weight:bold">. </span>Pursuant to policies adopted by the Fund&#8217;s Board, purchased OTC options and the assets used as cover for OTC options written by the Fund may be treated as liquid. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Risks Associated with Options on Securities and Indexes. </span></span>There are several risks associated with transactions in options on securities and on indexes. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The writer of an American option often has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price. To the extent the Fund writes a put option, the Fund has assumed the obligation during the option period to purchase the underlying investment from the put buyer at the option&#8217;s exercise price if the put buyer exercises its option, regardless of whether the value of the underlying investment falls below the exercise price. This means that the Fund that writes a put option may be required to take delivery of the underlying investment and make payment for such investment at the exercise price. This may result in losses to the Fund and may result in the Fund holding the underlying investment for some period of time when it is disadvantageous to do so. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price of the underlying security remains equal to or greater than the exercise price (in the case of a put), or remains less than or equal to the exercise price (in the case of a call), the Fund will lose its entire investment in the option. Also, where a put or call option on a particular security is purchased to hedge against price movements in a related security, the price of the put or call option may move more or less than the price of the related security. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position. If the Fund were unable to close out an option that it had purchased on a security, it would have to exercise the option in order to realize any profit or the option may expire worthless. If the Fund were unable to close out a covered call option that it had written on a security, it would not be able to sell the underlying security unless the option expired without exercise. As the writer of a covered call option, the Fund forgoes, during the option&#8217;s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the exercise price of the call. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If trading were suspended in an option purchased by the Fund, the Fund would not be able to close out the option. If restrictions on exercise were imposed, the Fund might be unable to exercise an option it has purchased. Except to the extent that a call option on an index written by the Fund is covered by an option on the same index purchased by the Fund, movements in the index may result in a loss to the Fund; however, such losses may be mitigated by changes in the value of the Fund&#8217;s securities during the period the option was outstanding. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent that the Fund writes a call option on a security it holds in its portfolio and intends to use such security as the sole means of &#8220;covering&#8221; its obligation under the call option, the Fund has, in return for the premium on the option, given up the opportunity to profit from a price increase in the underlying security above the exercise price during the option period, but, as long as its obligation under such call option continues, has retained the risk of loss should the price of the underlying security decline. In accordance with current federal securities laws, rules and staff positions, if the Fund were unable to close out such a call option, the Fund would not be able to sell the underlying security unless the option expired without exercise. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Foreign Currency Options</span></span><span style="font-weight:bold">.</span> To the extent the Fund invests in foreign currency-denominated securities, it may buy or sell put and call options on foreign currencies. In addition, the Fund may buy or sell put and call options on foreign currencies either on exchanges or in the OTC market. A put option on a foreign currency gives the purchaser of the option the right to sell a foreign currency at the exercise price until the option expires. A call option on a foreign currency gives the purchaser of the option the right to purchase the currency at the exercise price until the option expires. Currency options traded on U.S. or other exchanges may be subject to position limits which may limit the ability of the Fund to reduce foreign currency risk using such options. OTC options differ from traded options in that they are bilateral contracts with price and other terms negotiated between buyer and seller, and generally do not have as much market liquidity as exchange-traded options. Under definitions adopted by the CFTC and SEC, many foreign currency options are considered swaps for certain purposes, including determination of whether such instruments need to be exchange-traded and centrally cleared as discussed further in &#8220;Risks of Potential Government Regulation of Derivatives.&#8221; </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Futures Contracts and Futures Options</span></span><span style="font-weight:bold">.</span> A futures contract is an agreement to buy or sell a security or other asset for a set price on a future date. These contracts are traded on exchanges, so that, in most cases, a party can close out its position on the exchange for cash, without delivering the underlying security or other underlying asset. An option on a futures contract gives the holder of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price and on or before a specified expiration date. The Fund may invest in futures or options on futures with respect to interest rates, foreign currencies, securities or commodity indexes. The Fund may invest in foreign exchange futures contracts and options thereon (&#8220;futures options&#8221;) that are traded on a U.S. or foreign exchange or board of trade, or similar entity, or quoted on an automated quotation system as an adjunct to their securities activities. In addition, the Fund may purchase and sell futures contracts on various securities indexes (&#8220;Index Futures&#8221;) and related options for hedging purposes and for investment purposes. The Fund purchase and sale of Index Futures is limited to contracts and exchanges which have been approved by the CFTC. Through the use of Index Futures and related options, the Fund may diversify risk in its portfolio without incurring the substantial brokerage costs which may be associated with investment in the securities of multiple issuers. The Fund may also avoid potential market and liquidity problems which may result from increases in positions already held by the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">An interest rate, commodity, foreign currency or index futures contract provides for the future sale or purchase of a specified quantity of a financial instrument, commodity, foreign currency or the cash value of an index at a specified price and time. A Futures contract on an index is an agreement pursuant to which a party agrees to pay or receive an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Although the value of an Index might be a function of the value of certain specified securities, no physical delivery of these securities is made. A unit is the value of the relevant Index from time to time. Entering into a contract to buy units is commonly referred to as buying or purchasing a contract or holding a long position in an Index. Index Futures contracts can be traded through all major commodity brokers. The Fund will ordinarily be able to close open positions on the futures exchange on which Index Futures are then traded at any time up to and including the expiration day. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may close open positions on the futures exchanges on which Index Futures are traded at any time up to and including the expiration day. All positions which remain open at the close of the last business day of the contract&#8217;s life are required to settle on the next business day (based upon the value of the relevant index on the expiration day), with settlement made with the appropriate clearing house. Positions in Index Futures may be closed out by the Fund only on the futures exchanges upon which the Index Futures are then traded. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A public market exists in futures contracts covering a number of indexes as well as financial instruments and foreign currencies, including, but not limited to: the S&amp;P 500; the S&amp;P Midcap 400; the Nikkei 225; the Markit CDX credit index; the iTraxx credit index; U.S. Treasury bonds; U.S. Treasury notes; U.S. Treasury bills; <span style="white-space:nowrap">90-day</span> commercial paper; bank certificates of deposit; Eurodollar certificates of deposit; the Australian dollar; the Canadian dollar; the British pound; the Japanese yen; the Swiss franc; the Mexican peso; and certain </p>
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multinational currencies, such as the euro. It is expected that other futures contracts will be developed and traded in the future. Certain futures contracts on indexes, financial instruments or foreign currencies may represent new investment products that lack performance track records. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund might use financial futures contracts to hedge against anticipated changes in interest rates that might adversely affect either the value of the Fund&#8217;s securities or the price of the securities which the Fund intends to purchase. The Fund&#8217;s hedging activities may include sales of futures contracts as an offset against the effect of expected increases in interest rates, and purchases of futures contracts as an offset against the effect of expected declines in interest rates. Although other techniques could be used to reduce the Fund&#8217;s exposure to interest rate fluctuations, the Fund may be able to hedge its exposure more effectively and perhaps at a lower cost by using futures contracts and futures options. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may also invest in commodity futures contracts and options thereon. A commodity futures contract is an agreement to buy or sell a commodity, such as an energy, agricultural or metal commodity at a later date at a price and quantity agreed-upon when the contract is bought or sold. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may purchase and write call and put futures options. Futures options possess many of the same characteristics as options on securities and indexes (discussed above). A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price at any time during the period of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. A call option is &#8220;in the money&#8221; if the value of the futures contract that is the subject of the option exceeds the exercise price. A put option is &#8220;in the money&#8221; if the exercise price exceeds the value of the futures contract that is the subject of the option. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When a purchase or sale of a futures contract is made by the Fund, the Fund is required to deposit with its custodian a specified amount of assets determined to be liquid (&#8220;initial margin&#8221;). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. Margin requirements on foreign exchanges may be different than U.S. exchanges. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract which is returned to the Fund upon termination of the contract, assuming all contractual obligations have been satisfied. The Fund expects to earn interest income on its initial margin deposits. A futures contract held by the Fund is valued daily at the official settlement price of the exchange on which it is traded. Each day the Fund pays or receives cash, called &#8220;variation margin,&#8221; equal to the daily change in value of the futures contract. This process is known as <span style="white-space:nowrap"><span style="white-space:nowrap">&#8220;marking-to-market.&#8221;</span></span> Variation margin does not represent a borrowing or loan by the Fund but is instead a settlement between the Fund and the broker of the amount one would owe the other if the futures contract expired. In computing daily net asset value, the Fund will <span style="white-space:nowrap"><span style="white-space:nowrap">mark-to-market</span></span> its open futures positions. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund is also required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option, and other futures positions held by the Fund. Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (&#8220;FCM&#8221;) registered with the CFTC. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Fund. Variation margin, or changes in market value, are generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. Although some futures contracts call for making or taking delivery of the underlying securities or commodities, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (<span style="font-style:italic">i.e.</span>, with the same exchange, underlying security or index, and delivery month). Closing out a futures contract sale is effected by purchasing an offsetting futures </p>
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contract for the same aggregate amount of the specific type of financial instrument or commodity with the same delivery date. If an offsetting purchase price is less than the original sale price, the Fund realizes a capital gain, or if it is more, the Fund realizes a capital loss. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Conversely, if an offsetting sale price is more than the original purchase price, the Fund realizes a capital gain, or if it is less, the Fund realizes a capital loss. The transaction costs must also be included in these calculations. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When purchasing a futures contract that cash settles, the Fund will maintain with its custodian (and <span style="white-space:nowrap"><span style="white-space:nowrap">mark-to-market</span></span> on a daily basis) assets determined to be liquid that, when added to the amounts deposited with a futures commission merchant as margin, are equal to the daily <span style="white-space:nowrap"><span style="white-space:nowrap">marked-to-market</span></span> net obligation (if any) of the futures contract. Alternatively, the Fund may &#8220;cover&#8221; its position by purchasing a put option on the same futures contract with a strike price as high or higher than the price of the contract held by the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In accordance with current federal securities laws, rules and staff positions, when selling a futures contract that cash settles, the Fund will maintain with its custodian (and <span style="white-space:nowrap"><span style="white-space:nowrap">mark-to-market</span></span> on a daily basis) assets determined to be liquid that are equal to the daily marked to market net obligation of the futures contract. Alternatively, the Fund may &#8220;cover&#8221; its position by owning the instruments underlying the futures contract (or, in the case of an Index Future, a portfolio with a volatility substantially similar to that of the Index on which the futures contract is based), or by holding a call option permitting the Fund to purchase the same futures contract at a price no higher than the price of the contract written by the Fund (or at a higher price if the difference is maintained in liquid assets with the Fund&#8217;s custodian). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When selling a call option on a futures contract, the Fund may but is not required to &#8220;earmark&#8221; or maintain with its custodian (and <span style="white-space:nowrap"><span style="white-space:nowrap">mark-to-market</span></span> on a daily basis) assets determined to be liquid that, when added to the amounts deposited with a futures commission merchant as margin, equal the total market value of the futures contract underlying the call option. Alternatively, the Fund may cover its position by entering into a long position in the same futures contract at a price no higher than the strike price of the call option, by owning the instruments underlying the futures contract, or by holding a separate call option permitting the Fund to purchase the same futures contract at a price not higher than the strike price of the call option sold by the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When selling a put option on a futures contract, the Fund may but is not required to &#8220;earmark&#8221; or maintain with its custodian (and <span style="white-space:nowrap"><span style="white-space:nowrap">mark-to-market</span></span> on a daily basis) assets determined to be liquid that equal the purchase price of the futures contract, less any margin on deposit. Alternatively, the Fund may cover the position either by entering into a short position in the same futures contract, or by owning a separate put option permitting it to sell the same futures contract so long as the strike price of the purchased put option is the same or higher than the strike price of the put option sold by the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">With respect to futures contracts that &#8220;physically settle,&#8221; the Fund may cover the open position by setting aside or &#8220;earmarking&#8221; liquid assets in an amount equal to the full notional value of the futures contract. With respect to futures that are required to &#8220;cash settle,&#8221; however, the Fund is permitted to set aside or &#8220;earmark&#8221; liquid assets in an amount equal to the Fund&#8217;s daily <span style="white-space:nowrap"><span style="white-space:nowrap">marked-to-market</span></span> (net) obligation, if any, (in other words, the Fund&#8217;s daily net liability, if any) rather than the full notional value of the futures contract. By setting aside or &#8220;earmarking&#8221; assets equal to only its net obligation under cash-settled futures, the Fund will have the ability to utilize these contracts to a greater extent than if the Fund were required to segregate or &#8220;earmark&#8221; assets equal to the full notional value of the futures contract. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent that securities with maturities greater than one year are used to segregate or &#8220;earmark&#8221; liquid assets to cover the Fund&#8217;s obligations under futures contracts and related options, such use will not eliminate the risk of a form of leverage, which may tend to exaggerate the effect on net asset value of any increase or decrease in the market value of the Fund&#8217;s portfolio, and may require liquidation of portfolio positions when it is not advantageous to do so. However, any potential risk of leverage resulting from the use of securities with </p>
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maturities greater than one year may be mitigated by limiting the overall duration of the Fund&#8217;s portfolio securities. Thus, the use of a longer-term security may require the Fund to hold offsetting short-term securities to balance the Fund&#8217;s portfolio such that the Fund&#8217;s duration does not exceed the maximum permitted for the Fund in the Prospectus. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As described below, the SEC adopted a final rule related to the use of TOBs, derivatives, reverse repurchase agreements and certain other transactions by registered investment companies that will rescind and withdraw the guidance of the SEC and its staff regarding asset segregation and coverage transactions reflected in the Fund&#8217;s asset segregation and cover practices discussed herein. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund will only enter into futures contracts and futures options which are standardized and traded on a U.S. or foreign exchange, board of trade, or similar entity, or quoted on an automated quotation system, or in the case of futures options, for which an established OTC market exists. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The requirements for qualification as a RIC also may limit the extent to which the Fund may enter into futures, futures options and forward contracts. See &#8220;Taxation.&#8221; </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Commodity Pool Operators and Commodity Trading Advisors</span></span><span style="font-weight:bold">.</span> The CFTC has adopted regulations that subject registered investment companies and their investment advisers to regulation by the CFTC if the registered investment company invests more than a prescribed level of its liquidation value in futures, options on futures or commodities, swaps, or other financial instruments regulated under the Commodity Exchange Act and the rules thereunder (&#8220;commodity interests&#8221;), or if the Fund markets itself as providing investment exposure to such instruments. The Investment Manager is registered with the CFTC as a CPO. However, with respect to the Fund, the Investment Manager has claimed an exclusion from registration as a CPO pursuant to CFTC Rule 4.5. For the Investment Manager to remain eligible for this exclusion, the Fund must comply with certain limitations, including limits on its ability to use any commodity interests and limits on the manner in which the Fund holds out its use of such commodity interests. These limitations may restrict the Fund&#8217;s ability to pursue its investment objective and strategies, increase the costs of implementing its strategies, result in higher expenses for the Fund, and/or adversely affect the Fund&#8217;s total return. To the extent the Fund becomes ineligible for this exclusion from CFTC regulation, the Fund may consider steps in order to continue to qualify for exemption from CFTC regulation, or may determine to operate subject to CFTC regulation. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Risks Associated with Futures and Futures Options</span></span><span style="font-weight:bold">.</span> There are several risks associated with the use of futures contracts and futures options as hedging techniques. A purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in the Fund securities being hedged. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objective. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for futures and futures options on securities, including technical influences in futures trading and futures options, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading in such respects as interest rate levels, maturities, and creditworthiness of issuers. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Futures contracts on U.S. government securities historically have reacted to an increase or decrease in interest rates in a manner similar to that in which the underlying U.S. government securities reacted. To the extent, however, that the Fund enters into such futures contracts, the value of such futures will not vary in direct proportion to the value of the Fund&#8217;s holdings of U.S. government securities. Thus, the anticipated spread between the price of the futures contract and the hedged security may be distorted due to differences in the nature of the markets. The spread also may be distorted by differences in initial and variation margin requirements, the liquidity of such markets and the participation of speculators in such markets. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Additionally, the price of Index Futures may not correlate perfectly with movement in the relevant index due to certain market distortions. First, all participants in the futures market are subject to margin deposit and maintenance requirements. Rather than meeting additional margin deposit requirements, investors may close futures contracts through offsetting transactions which could distort the normal relationship between the index and futures markets. Second, the deposit requirements in the futures market are less onerous than margin requirements in the securities market, and as a result, the futures market may attract more speculators than does the securities market. Increased participation by speculators in the futures market may also cause temporary price distortions. In addition, trading hours for foreign stock Index Futures may not correspond perfectly to hours of trading on the foreign exchange to which a particular foreign stock Index Future relates. This may result in a disparity between the price of Index Futures and the value of the relevant index due to the lack of continuous arbitrage between the Index Futures price and the value of the underlying index. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Futures exchanges may limit the amount of fluctuation permitted in certain futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day&#8217;s settlement price at the end of the current trading session. Once the daily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond that limit. The daily limit governs only price movements during a particular trading day and therefore does not limit potential losses because the limit may work to prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions and subjecting some holders of futures contracts to substantial losses. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a futures or a futures option position, and that the Fund would remain obligated to meet margin requirements until the position is closed. In addition, many of the contracts discussed above are relatively new instruments without a significant trading history. As a result, there can be no assurance that an active secondary market will develop or continue to exist. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Risks Associated with Commodity Futures Contracts. </span></span>There are several additional risks associated with transactions in commodity futures contracts, including but not limited to: </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Storage</span>. Unlike the financial futures markets, in the commodity futures markets there are costs of physical storage associated with purchasing the underlying commodity. The price of the commodity futures contract will reflect the storage costs of purchasing the physical commodity, including the time value of money invested in the physical commodity. To the extent that the storage costs for an underlying commodity change while the Fund is invested in futures contracts on that commodity, the value of the futures contract may change proportionately. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Reinvestment</span>. In the commodity futures markets, producers of the underlying commodity may decide to hedge the price risk of selling the commodity by selling futures contracts today to lock in the price of the commodity at delivery tomorrow. In order to induce speculators to purchase the other side of the same futures contract, the commodity producer generally must sell the futures contract at a lower price than the expected future spot price. Conversely, if most hedgers in the futures market are purchasing futures contracts to hedge against a rise in prices, then speculators will only sell the other side of the futures contract at a higher futures price than the expected future spot price of the commodity. The changing nature of the hedgers and speculators in the commodity markets will influence whether futures prices are above or below the expected future spot price, which can have significant implications for the Fund. If the nature of hedgers and speculators in futures markets has shifted when it is time for the Fund to reinvest the proceeds of a maturing contract in a new futures contract, the Fund might reinvest at higher or lower futures prices, or choose to pursue other investments. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Other Economic Factors. </span>The commodities which underlie commodity futures contracts may be subject to additional economic and <span style="white-space:nowrap">non-economic</span> variables, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. These factors may have a larger </p>
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impact on commodity prices and commodity-linked instruments, including futures contracts, than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional investment risks which subject the Fund&#8217;s investments to greater volatility than investments in traditional securities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Additional Risks of Options on Securities, Futures Contracts, Futures Options and Forward Currency Exchange Contracts and Options Thereon</span>. Options on securities, futures contracts, futures options, forward currency exchange contracts and options on forward currency exchange contracts may be traded on foreign <span style="white-space:nowrap">(non-U.S.)</span> exchanges. Such transactions may not be regulated as effectively as similar transactions in the United States, may not involve a clearing mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign <span style="white-space:nowrap">(non-U.S.)</span> securities. The value of such positions also could be adversely affected by: (i)&#160;other complex <span style="white-space:nowrap">non-U.S.</span> political, legal and economic factors; (ii)&#160;lesser availability than in the United States of data on which to make trading decisions; (iii)&#160;delays in the Fund&#8217;s ability to act upon economic events occurring in <span style="white-space:nowrap">non-U.S.</span> markets during <span style="white-space:nowrap">non-business</span> hours in the United States; (iv)&#160;the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States; and (v)&#160;lesser trading volume. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Swap Agreements and Options on Swap Agreements</span></span><span style="font-weight:bold">.</span> The Fund may engage in swap transactions, including, but not limited to, swap agreements on interest rates, security or commodity indexes, specific securities and commodities, and credit and event-linked swaps. To the extent the Fund may invest in foreign <span style="white-space:nowrap">(non-U.S.)</span> currency denominated securities, it also may invest in currency exchange rate swap agreements. The Fund also may enter into options on swap agreements (&#8220;swaptions&#8221;). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may enter into swap transactions for any legal purpose consistent with its investment objective and policies, such as attempting to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets, to protect against currency fluctuations, as a duration management technique, to protect against any increase in the price of securities the Fund anticipates purchasing at a later date, or to gain exposure to certain markets in a more cost-efficient manner. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">OTC swap agreements are bilateral contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard OTC swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or &#8220;swapped&#8221; between the parties are generally calculated with respect to a &#8220;notional amount,&#8221;<span style="font-style:italic"> i.e.,</span> the return on or change in value of a particular dollar amount invested at a particular interest rate or in a &#8220;basket&#8221; of securities or commodities representing a particular index. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A &#8220;quanto&#8221; or &#8220;differential&#8221; swap combines both an interest rate and a currency transaction. Certain swap agreements, such as interest rate swaps, are traded on exchanges and cleared through central clearing counterparties. Other forms of swap agreements include interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or &#8220;cap&#8221;; interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or &#8220;floor&#8221;; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A total return swap agreement is a contract in which one party agrees to make periodic payments to another party based on the change in market value of underlying assets, which may include a single stock, a basket of stocks, or a stock index during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Consistent with the Fund&#8217;s investment objective and general investment policies, the Fund may invest in commodity swap agreements. For example, an investment in a commodity swap agreement may involve the exchange of floating-rate interest payments for the total return on a commodity index. In a total return commodity swap, the Fund will </p>
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receive the price appreciation of a commodity index, a portion of the index, or a single commodity in exchange for paying an agreed-upon fee. If the commodity swap is for one period, the Fund may pay a fixed fee, established at the outset of the swap. However, if the term of the commodity swap is more than one period, with interim swap payments, the Fund may pay an adjustable or floating fee. With a &#8220;floating&#8221; rate, the fee may be pegged to a base rate, such as the London Interbank Offered Rate, and is adjusted each period. Therefore, if interest rates increase over the term of the swap contract, the Fund may be required to pay a higher fee at each swap reset date. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund also may enter into combinations of swap agreements in order to achieve certain economic results. For example, the Fund may enter into two swap transactions, one of which offsets the other for a period of time. After the offsetting swap transaction expires, the Fund would be left with the economic exposure provided by the remaining swap transaction. The intent of such an arrangement would be to lock in certain terms of the remaining swap transaction that the Fund may wish to gain exposure to in the future without having that exposure during the period the offsetting swap is in place. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund also may enter into swaptions. A swaption is a contract that gives a counterparty the right (but not the obligation) in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may write (sell) and purchase put and call swaptions. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Depending on the terms of the particular option agreement, the Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when the Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund also may enter into forward volatility agreements, also known as volatility swaps. In a volatility swap, the counterparties agree to make payments in connection with changes in the volatility (<span style="font-style:italic">i.e.</span>, the magnitude of change over a specified period of time) of an underlying reference instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying reference instrument. For example, the Fund may enter into a volatility swap in order to take the position that the reference instrument&#8217;s volatility will increase over a particular period of time. If the reference instrument&#8217;s volatility does increase over the specified time, the Fund will receive a payment from its counterparty based upon the amount by which the reference instrument&#8217;s realized volatility level exceeds a volatility level agreed upon by the parties. If the reference instrument&#8217;s volatility does not increase over the specified time, the Fund will make a payment to the counterparty based upon the amount by which the reference instrument&#8217;s realized volatility level falls below the volatility level agreed upon by the parties. Payments on a volatility swap will be greater if they are based upon the mathematical square of volatility (<span style="font-style:italic">i.e.</span>, the measured volatility multiplied by itself, which is referred to as &#8220;variance&#8221;). This type of a volatility swap is frequently referred to as a variance swap. The Fund may potentially engage in variance swaps. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Most types of swap agreements entered into by the Fund will calculate the obligations of the parties to the agreement on a &#8220;net basis.&#8221; Consequently, the Fund&#8217;s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the &#8220;net amount&#8221;). The Fund&#8217;s current obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the segregation or &#8220;earmarking&#8221; of assets determined to be liquid. In accordance with federal securities laws, rules and staff positions, obligations under swap agreements so covered will not be construed to be &#8220;senior securities&#8221; for purposes of the Fund&#8217;s investment restriction concerning senior securities. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As described below, the SEC adopted a final rule related to the use of TOBS, derivatives, reverse repurchase agreements and certain other transactions by registered investment companies that will rescind and withdraw the guidance of the SEC and its staff regarding asset segregation and coverage transactions reflected in the Fund&#8217;s asset segregation and cover practices discussed herein. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund also may enter into OTC and cleared credit default swap agreements. The credit default swap agreement may reference one or more debt securities or obligations that are not currently held by the Fund. The protection &#8220;buyer&#8221; in an OTC credit default swap contract is generally obligated to pay the protection &#8220;seller&#8221; an upfront or a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the &#8220;par value&#8221; (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount if the swap is cash settled. The Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer may receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As a seller, the Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. The spread of a credit default swap is the annual amount the protection buyer must pay the protection seller over the length of the contract, expressed as a percentage of the notional amount. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the credit soundness of the issuer of the reference obligation and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on ABS and credit indices, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Credit default swap agreements sold by the Fund may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk (with respect to OTC credit default swaps) and credit risk. The Fund will enter into uncleared credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. In addition, there may be disputes between the buyer and seller of a credit default swap agreement or within the swaps market as a whole as to whether a credit event has occurred or what the payment should be. Such disputes could result in litigation or other delays, and the outcome could be adverse for the buyer or seller. The Fund&#8217;s obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund). In accordance with current federal securities laws, rules and staff positions, in connection with credit default swaps in which the Fund is the buyer, if the Fund covers its position through asset segregation, the Fund will segregate or &#8220;earmark&#8221; cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Fund&#8217;s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a <span style="white-space:nowrap"><span style="white-space:nowrap">mark-to-market</span></span> basis. In accordance with current federal securities laws, rules and staff positions, in connection with credit default swaps in which the Fund is the seller, the Fund will segregate or &#8220;earmark&#8221; cash or assets determined to be liquid, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund). Such segregation or &#8220;earmarking&#8221; seeks to ensure that the Fund has assets available to satisfy its obligations with respect to the transaction and could have the effect of limiting any potential leveraging of the Fund&#8217;s portfolio. Such segregation or &#8220;earmarking&#8221; will not limit the Fund&#8217;s exposure to loss. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Dodd-Frank Act and related regulatory developments require the clearing and exchange-trading of certain standardized OTC derivative instruments that the CFTC and SEC have defined as &#8220;swaps.&#8221; The CFTC has implemented mandatory exchange-trading and clearing requirements under the Dodd-Frank Act and the CFTC continues to approve contracts for central clearing. Uncleared swaps are subject to certain margin requirements that mandate the posting and collection of minimum margin amounts on certain uncleared swaps transactions, which may result in the Fund and its counterparties posting higher margin amounts for uncleared swaps than would otherwise be the case. These amounts beyond coverage of daily exposure, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Fund is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. Although PIMCO will continue to monitor developments in this area, particularly to the extent regulatory changes affect the Fund&#8217;s ability to enter into swap agreements, there can be no assurance that such regulatory changes will not result in losses to the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Whether the Fund&#8217;s use of swap agreements or swaptions will be successful in furthering its investment objective will depend on PIMCO&#8217;s ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. Certain restrictions imposed on the Fund by the Code may limit the Fund&#8217;s ability to use swap agreements. The swaps market is subject to increasing regulations, in both U.S. and <span style="white-space:nowrap">non-U.S.</span> markets. It is possible that developments in the swaps market, including additional government regulation, could adversely affect the Fund&#8217;s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with traditional investments. The use of a swap requires an understanding not only of the reference asset, reference rate, or index but also of the swap itself, without the benefit of observing the performance of the swap under all possible market conditions. Because OTC swap agreements are bilateral contracts that may be subject to contractual restrictions on transferability and termination and because they may have remaining terms of greater than seven days, swap agreements may be considered to be illiquid and subject to regulatory limitations on investments in illiquid investments. Please refer to &#8220;Illiquid Investments&#8221; below for further discussion of regulatory considerations and constraints relating to investment liquidity. To the extent that a swap is not liquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Like most other investments, swap agreements are subject to the risk that the market value of the instrument will change in a way detrimental to the Fund&#8217;s interest. The Fund bears the risk that PIMCO will not accurately forecast future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap positions for the Fund. If PIMCO attempts to use a swap as a hedge against, or as a substitute for, a portfolio investment, the Fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Many swaps are complex and often valued subjectively. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Structured Notes</span></span><span style="font-weight:bold">.</span> The Fund may invest without limitation in &#8220;structured&#8221; notes, which are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate, such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets, such as indexes reflecting bonds. Depending on the terms of the note, the Fund may forgo all or part of the interest and principal that would be payable on a comparable conventional note. The rate of return on structured notes may be determined by applying a multiplier </p>
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to the performance or differential performance of the referenced index(es) or other asset(s). Application of a multiplier involves leverage which will serve to magnify the potential for gain and the risk of loss. The Fund may use structured notes to add leverage to the portfolio and for investment as well as risk management purposes. Like other sophisticated strategies, the Fund&#8217;s use of structured notes may not work as intended. Certain issuers of structured products may be deemed to be investment companies as defined in the 1940 Act. As a result, the Fund&#8217;s investments in these structured products may be subject to limits applicable to investments in investment companies and may be subject to restrictions contained in the 1940 Act. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Risks of Potential Government Regulation of Derivatives.</span></span> It is possible that additional government regulation of various types of derivative instruments, including futures, options and swap agreements, and regulation of certain market participants&#8217; use of the same, may limit or prevent the Fund from using such instruments as a part of its investment strategy, and could ultimately prevent the Fund from being able to achieve its investment objective. It is impossible to fully predict the effects of past, present or future legislation and regulation by multiple regulators in this area, but the effects could be substantial and adverse. It is possible that legislative and regulatory activity could limit or restrict the ability of the Fund to use certain instruments as a part of its investment strategy. See &#8220;Derivatives Risk&#8221; in the Prospectus. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an investment in the Fund or the ability of the Fund to continue to implement its investment strategies. The futures, options and swaps markets are subject to comprehensive statutes, regulations, and margin requirements. In addition, the SEC, CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements, the establishment of daily price limits and the suspension of trading. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The regulation of futures, options and swaps transactions in the United States is a changing area of law and is subject to modification by government and judicial action. In particular, the Dodd-Frank Act sets forth a legislative framework for OTC derivatives, including financial instruments, such as swaps, in which the Fund may invest. Title VII of the Dodd-Frank Act makes broad changes to the OTC derivatives market, grants significant authority to the SEC and the CFTC to regulate OTC derivatives and market participants, and requires clearing and exchange trading of many OTC derivatives transactions. The CFTC and various exchanges have rules limiting the maximum net long or short positions which any person or group may own, hold or control in any given futures contract or option on such futures contract. PIMCO will need to consider whether the exposure created under these contracts might exceed the applicable limits in managing the Fund, and the limits may constrain the ability to use such contracts. In addition, the CFTC in October 2020 adopted amendments to its position limits rules that establish certain new and amended position limits for 25 specified physical commodity futures and related options contracts traded on exchanges, other futures contracts and related options directly or indirectly linked to such 25 specified contracts, and any OTC transactions that are economically equivalent to the 25 specified contracts. PIMCO will need to consider whether the exposure created under these contracts might exceed the new and amended limits in anticipation of the applicable compliance dates, and the limits may constrain the ability of the Fund to use such contracts. The amendments also modify the bona fide hedging exemption for which certain swap dealers are currently eligible, which could limit the amount of speculative OTC transaction capacity each such swap dealer would have available for the Fund prior to the applicable compliance date. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Provisions in the Dodd-Frank Act include capital and margin requirements and the mandatory use of clearinghouse mechanisms for many OTC derivatives transactions. The CFTC, SEC and other federal regulators have adopted rules and regulations enacting the provisions of the Dodd-Frank Act. However, swap dealers, major market participants and swap counterparties are experiencing, and will continue to experience, new and additional regulations, requirements, compliance burdens and associated costs. The Dodd-Frank Act and the rules promulgated thereunder may negatively impact the Fund&#8217;s ability to meet its investment objective either through limits or requirements imposed on it or upon its counterparties. In particular, new position limits imposed on the </p>
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Fund or its counterparties may impact its ability to invest in futures, options and swaps in a manner that efficiently meets its investment objective. In addition, as described below, the SEC adopted a final rule related to the use of TOBs, derivatives, reverse repurchase agreements and certain other transactions by registered investment companies that will rescind and withdraw the guidance of the SEC and its staff regarding asset segregation and coverage transactions reflected in the Fund&#8217;s asset segregation and cover practices discussed herein. New requirements, even if not directly applicable to the Fund, including margin requirements, changes to the CFTC speculative position limits regime and mandatory clearing, discussed further below in &#8220;Additional Risk Factors in Cleared Derivatives Transactions,&#8221; may increase the cost of the Fund&#8217;s investments and cost of doing business, which could adversely affect investors. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Additionally, the U.S. government and the EU have adopted mandatory minimum margin requirements for bilateral derivatives. Such requirements could increase the amount of margin required to be provided by the Fund in connection with its derivatives transactions and, therefore, make derivatives transactions more expensive. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">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 exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under new special resolution regimes adopted in the United States, the EU and various other jurisdictions. Such regimes provide government authorities broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, in the EU, governmental authorities could reduce, eliminate, or convert to equity the liabilities to the Fund of a counterparty experiencing financial difficulties (sometimes referred to as a &#8220;bail in&#8221;). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">The New SEC Derivatives Rule and Potential Implications for the Fund</span></span><span style="font-weight:bold">.</span> On October&#160;28, 2020, the SEC adopted Rule <span style="white-space:nowrap">18f-4</span> under the 1940 Act providing for the regulation of the use of derivatives and certain related instruments by registered investment companies. Rule <span style="white-space:nowrap">18f-4</span> prescribes specific <span style="white-space:nowrap"><span style="white-space:nowrap">value-at-risk</span></span> leverage limits for certain derivatives users. In addition, Rule <span style="white-space:nowrap">18f-4</span> requires certain derivatives users to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements), and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualifies as a &#8220;limited derivatives user,&#8221; as defined in Rule <span style="white-space:nowrap">18f-4,</span> it is not subject to the full requirements of Rule <span style="white-space:nowrap">18f-4.</span> In connection with the adoption of Rule <span style="white-space:nowrap">18f-4,</span> the SEC rescinded certain of its prior guidance regarding asset segregation and coverage requirements in respect of derivatives transactions and related instruments, including TOBs. With respect to TOBs or other similar financing transactions in particular, Rule <span style="white-space:nowrap">18f-4</span> permits a fund to enter into such transactions if the Fund either (i)&#160;complies with the asset coverage requirements of Section&#160;18 of the 1940 Act, and combines the aggregate amount of indebtedness associated with all TOBs or similar financing with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio or (ii)&#160;treats TOBs or similar financing transactions as derivatives transactions for all purposes under Rule <span style="white-space:nowrap">18f-4.</span> Compliance with Rule <span style="white-space:nowrap">18f-4</span> will be required as of August&#160;19, 2022. As the Fund comes into compliance, the Fund&#8217;s approach to asset segregation and coverage requirements described in the Prospectus and this Statement of Additional Information will be impacted. In addition, Rule <span style="white-space:nowrap">18f-4</span> could restrict the Fund&#8217;s ability to engage in certain derivatives transactions and/or increase the costs of such derivatives transactions, which could adversely affect the value or performance of the Fund and the Common Shares and/or distribution rate. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Additional Risk Factors in Cleared Derivatives Transactions. </span></span>Some types of swaps (including interest rate swaps and credit default index swaps on North American and European indices) are required to be centrally cleared, and additional types of swaps may be required to be centrally cleared in the future. In a cleared derivatives transaction, the Fund&#8217;s counterparty is a clearing house, rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives transactions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through its accounts at clearing members. Clearing members guarantee performance of their clients&#8217; obligations to the clearing house. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In many ways, centrally cleared derivative arrangements are less favorable to registered funds than bilateral arrangements. For example, the Fund may be required to provide greater amounts of margin for cleared derivatives transactions than for bilateral derivatives transactions. Also, in contrast to bilateral derivatives transactions, following a period of notice to the Fund, a clearing member generally can require termination of existing cleared derivatives transactions at any time or increases in margin requirements above the margin that the clearing member required at the beginning of a transaction. Clearing houses also have broad rights to increase margin requirements for existing transactions or to terminate transactions at any time. Any increase in margin requirements or termination by the clearing member or the clearing house could interfere with the ability of the Fund to pursue its investment strategy. Further, any increase in margin requirements by a clearing member could also expose the Fund to greater credit risk to its clearing member, because margin for cleared derivatives transactions in excess of clearing house margin requirements typically is held by the clearing member. Also, the Fund is subject to risk if it enters into a derivatives transaction that is required to be cleared (or that PIMCO expects to be cleared), and no clearing member is willing or able to clear the transaction on the Fund&#8217;s behalf. While the documentation in place between the Fund and its clearing members generally provides that the clearing members will accept for clearing all transactions submitted for clearing that are within credit limits (specified in advance) for the Fund, the Fund is still subject to the risk that no clearing member will be willing or able to clear a transaction. In those cases, the transaction might have to be terminated, and the Fund could lose some or all of the benefit of the transaction, including loss of an increase in the value of the transaction and/or loss of hedging protection offered by the transaction. In addition, the documentation governing the relationship between the Fund and the clearing members is developed by the clearing members and generally is less favorable to the Fund than typical bilateral derivatives documentation. For example, this documentation generally includes a <span style="white-space:nowrap">one-way</span> indemnity by the Fund in favor of the clearing member, indemnifying the clearing member against losses it incurs in connection with acting as the Fund&#8217;s clearing member, and the documentation typically does not give the Fund any rights to exercise remedies if the clearing member defaults or becomes insolvent. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Some types of cleared derivatives are required to be executed on an exchange or on a swap execution facility (a &#8220;SEF&#8221;). A SEF is a trading platform where multiple market participants can execute derivatives by accepting bids and offers made by multiple other participants in the platform. This execution requirement may make it more difficult and costly for funds, such as the Fund, to enter into highly tailored or customized transactions. Trading swaps on a SEF may offer certain advantages over traditional bilateral OTC trading, such as ease of execution, price transparency, increased liquidity and/or favorable pricing. Execution through a SEF is not, however, without additional costs and risks, as parties are required to comply with SEF and CFTC rules and regulations, including disclosure and recordkeeping obligations, and SEF rights of inspection, among others. SEFs typically charge fees, and if the Fund executes derivatives on a swap execution facility through a broker intermediary, the intermediary may impose fees as well. The Fund also may be required to indemnify a SEF, or a broker intermediary who executes swaps on a SEF on the Fund&#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 addition, the Fund may be subject to execution risk if it enters into a derivatives transaction that is required to be cleared, and no clearing member is willing to clear the transaction on the Fund&#8217;s behalf. In that case, the transaction might have to be terminated, and the Fund could lose some or all of the benefit of any increase in the value of the transaction after the time of the trade. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">These and other new rules and regulations could, among other things, further restrict the Fund&#8217;s ability to engage in, or increase the cost to the Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund, increasing margin or capital requirements, or otherwise limiting liquidity or increasing transaction costs. These regulations are relatively new and evolving, so their potential impact on the Fund and the financial system are not yet known. While the new regulations and the central clearing of some derivatives transactions are designed to reduce systemic risk (<span style="font-style:italic">i.e.</span>, the risk that the interdependence of large derivatives dealers could cause a number of those dealers to suffer liquidity, solvency or other challenges simultaneously), there is no assurance that the new clearing mechanisms will achieve that result, and in the meantime, as noted above, central clearing will expose the Fund to new kinds of risks and costs. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">A Note on Commodity-Linked Derivatives. </span></span>The Fund may seek to gain exposure to the commodity markets by investing in commodity-linked derivative instruments, swap transactions, or index-linked or commodity linked structured notes. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The value of a commodity-linked derivative investment generally is based upon the price movements of a physical commodity (such as energy, mineral, or agricultural products), a commodity futures contract or commodity index, or other economic variable based upon changes in the value of commodities or the commodities markets. Swap transactions are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows or assets at specified intervals in the future. The obligations may extend beyond one year. There is no central exchange or market for swap transactions and therefore they are less liquid investments than exchange-traded instruments. The Fund bears the risk that the counterparty could default under a swap agreement. See &#8220;Swap Agreements and Options on Swap Agreements&#8221; above for further detail about swap transactions. Further, the Fund may invest in derivative debt instruments with principal and/or coupon payments linked to the value of commodities, commodity futures contracts or the performance of commodity indices. These are &#8220;commodity-linked&#8221; or &#8220;index-linked&#8221; notes, and are sometimes referred to as &#8220;structured notes&#8221; because the terms of the debt instrument may be structured by the issuer of the note and the purchaser of the note. See &#8220;Structured Notes&#8221; above for further discussion of these notes. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The value of these notes will rise or fall in response to changes in the underlying commodity or related index of investment. These notes expose the Fund economically to movements in commodity prices. These notes also are subject to risks, such as credit, market and interest rate risks, that in general affect the values of debt securities. Therefore, at the maturity of the note, the Fund may receive more or less principal that it originally invested. The Fund might receive interest payments on the note that are more or less than the stated coupon interest payments. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s investments in commodity-linked instruments may bear on or be limited by the Fund&#8217;s intention to qualify as a RIC under the Code. See &#8220;Taxation.&#8221; </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Asset Segregation.</span></span> The Fund may enter into certain transactions that can be viewed as constituting a form of borrowing or financing transaction by the Fund. In such event, in accordance with current federal securities laws, rules and staff positions, the Fund will cover its commitment under such transactions by segregating or &#8220;earmarking&#8221; assets, in which case such transactions will not be considered &#8220;senior securities&#8221; by the Fund. With respect to forwards, futures contracts, options and swaps that are required to cash settle (<span style="font-style:italic">i.e.</span>, where physical delivery of the underlying reference asset is not permitted, including when the Fund has entered into a contractual arrangement with a third party FCM or counterparty that requires cash settlement), the Fund is permitted to segregate or &#8220;earmark&#8221; liquid assets equal to the Fund&#8217;s daily <span style="white-space:nowrap"><span style="white-space:nowrap">mark-to-market</span></span> net obligation under the derivative instrument, if any, rather than the derivative&#8217;s full notional value (<span style="font-style:italic">i.e.</span>, the market value of the reference asset underlying the forward or derivative). By segregating or earmarking liquid assets equal to only its net <span style="white-space:nowrap"><span style="white-space:nowrap">marked-to-market</span></span> obligation under derivatives that are required to cash settle, the Fund will have the ability to utilize such instruments to a greater extent than if the Fund were to segregate or earmark liquid assets equal to the full notional value of the instrument. In connection with the adoption of Rule <span style="white-space:nowrap">18f-4</span> under the 1940 Act, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in the Prospectus and this Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule <span style="white-space:nowrap">18f-4</span> as of the compliance date, August&#160;19, 2022. As the Fund comes into compliance, the Fund&#8217;s approach to asset segregation and coverage requirements described in the Prospectus and this Statement of Additional Information will be impacted. See &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; in this Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#8217;s use of leverage, derivatives and certain related instruments. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Hybrid Instruments </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in &#8220;hybrid&#8221; or indexed securities, which is a type of potentially high-risk derivative that combines a traditional stock, bond, or commodity with an option or forward contract. Generally, the principal amount, amount payable upon maturity or redemption, or interest rate of a hybrid is tied (positively or negatively) to the price of some commodity, currency or securities index or another interest rate or some other economic factor (each a &#8220;benchmark&#8221;). The interest rate or (unlike most fixed-income securities) the principal amount payable at maturity of a hybrid security may be increased or decreased, depending on changes in the value of the benchmark. An example of a hybrid could be a bond issued by an oil company that pays a small base level of interest with additional interest that accrues in correlation to the extent to which oil prices exceed a certain predetermined level. Such a hybrid instrument would be a combination of a bond and a call option on oil. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Hybrids can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, duration management and increased total return. Hybrids may not bear interest or pay dividends. The value of a hybrid or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a hybrid. Under certain conditions, the redemption value of a hybrid could be zero. Thus, an investment in a hybrid may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of hybrids also exposes the Fund to the credit risk of the issuer of the hybrids. These risks may cause significant fluctuations in the net asset value of the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certain hybrid instruments may provide exposure to the commodities markets. These are derivative securities with one or more commodity-linked components that have payment features similar to commodity futures contracts, commodity options, or similar instruments. Commodity-linked hybrid instruments may be either equity or fixed-income securities and are considered hybrid instruments because they have both security and commodity-like characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index or other economic variable. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certain issuers of structured products such as hybrid instruments may be deemed to be investment companies, as defined in the 1940 Act. As a result, the Fund&#8217;s investments in these products may be subject to limits applicable to investments in investment companies and may be subject to other restrictions imposed by the 1940 Act. In addition, the Fund&#8217;s investments in these products may be limited by the Fund&#8217;s intention to qualify as a RIC, and may limit the Fund&#8217;s ability to so qualify. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Leverage and Borrowing </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund utilizes leverage through its outstanding auction rate preferred shares of beneficial interest (&#8220;ARPS&#8221;) and remarketable variable rate munifund term preferred shares of beneficial interest (&#8220;RVMTP Shares&#8221; and, together with the ARPS and any other preferred shares the Fund may have outstanding, the &#8220;Preferred Shares&#8221;) and the use of TOBs. The Fund may obtain additional leverage through reverse repurchase agreements, dollar rolls/buy backs or borrowings, such as through bank loans or commercial paper or other credit facilities. The Fund will segregate liquid assets against or otherwise cover its future obligations under such transactions to the extent that, immediately after entering into such a transaction, the Fund&#8217;s future commitments that it has not segregated liquid assets against or otherwise covered, together with any outstanding Preferred Shares, would exceed 50% of the Fund&#8217;s total assets. The Fund may also enter into transactions other than those noted above that may give rise to a form of leverage including, among others, selling credit default swaps, futures and forward contracts (including foreign currency exchange contracts), total return swaps and other derivative transactions, loans of portfolio securities, short sales, when-issued, delayed delivery and forward commitment transactions. The Fund may also determine to issue other types of Preferred Shares. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Depending upon market conditions and other factors, the Fund may or may not determine to add leverage following an offering to maintain or increase the total amount of leverage (as a percentage of the Fund&#8217;s total assets) that the Fund currently maintains, taking into account the additional assets raised through the issuance of Common Shares in such offering. The Fund utilizes certain kinds of leverage, including, without limitation, Preferred Shares and TOBs, opportunistically and may choose to increase or decrease, or eliminate entirely, its use of such leverage over time and from time to time based on PIMCO&#8217;s assessment of the yield curve environment, interest rate trends, market conditions and other factors. The Fund may also determine to decrease the leverage it currently maintains by redeeming its outstanding Preferred Shares or unwinding TOBs and may or may not determine to replace such leverage through other sources. If the Fund determines to add leverage following an offering, it is not possible to predict with accuracy the precise amount of leverage that would be added, in part because it is not possible to predict the number of Common Shares that ultimately will be sold in an offering or series of offerings. To the extent that the Fund does not add additional leverage following an offering, the Fund&#8217;s total amount of leverage as a percentage of its total assets will decrease, which could result in a reduction of investment income available for distribution to Common Shareholders. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s net assets attributable to its Preferred Shares and the net proceeds the Fund obtains from TOBs or other forms of leverage utilized, if any, will be invested in accordance with the Fund&#8217;s investment objective and policies as described in the Prospectus and any prospectus supplement. So long as the rate of return, net of applicable Fund expenses, on the debt obligations and other investments purchased by the Fund exceeds the dividend rates payable on the Preferred Shares together with the costs to the Fund of other leverage it utilizes, the investment of the Fund&#8217;s assets attributable to leverage will generate more income than will be needed to pay the costs of the leverage. If so, and all other things being equal, the excess may be used to pay higher dividends to Common Shareholders than if the Fund were not so leveraged. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Regarding the costs associated with the Fund&#8217;s Preferred Shares, the terms of the Fund&#8217;s ARPS provide that they would ordinarily pay dividends at a rate set at auctions held every seven days, normally payable on the first business day following the end of the rate period, subject to a maximum applicable rate calculated as a function of the ARPS&#8217; then-current rating and a reference interest rate, as described below. However, the weekly auctions for the ARPS, as well as auctions for similar preferred shares of other <span style="white-space:nowrap">closed-end</span> funds in the U.S., have failed since February 2008, and the dividend rates on the ARPS since that time have been paid at the maximum applicable rate (i.e. a multiple of a reference rate, which is the applicable &#8220;AA&#8221; Financial Composite Commercial Paper Rate (for a dividend period of fewer than 184 days) or the applicable Treasury Index Rate (for a dividend period of 184 days or more)). Ratings agencies may change their methodologies for evaluating and providing ratings for shares of <span style="white-space:nowrap">closed-end</span> funds at any time and in their sole discretion, which may affect the rating (if any) of the Fund&#8217;s shares. Fitch Ratings published ratings criteria relating to <span style="white-space:nowrap">closed-end</span> funds on December&#160;4, 2020, which effectively result in a rating cap of &#8220;AA&#8221; for debt and preferred stock issued by all <span style="white-space:nowrap">closed-end</span> funds and a rating cap of &#8220;A&#8221; for (i)&#160;debt and preferred shares issued by <span style="white-space:nowrap">closed-end</span> funds exposed to emerging market debt, below-investment-grade and unrated debt, structured securities and equity, (ii)&#160;and <span style="white-space:nowrap">closed-end</span> funds with material exposure to &#8220;BBB&#8221; category rated assets. Fitch does not currently rate the Fund&#8217;s ARPS. The long-term rating actions were driven by changes in the updated ratings criteria for <span style="white-space:nowrap">closed-end</span> funds rather than by any fundamental changes to the Fund&#8217;s credit profile. See &#8220;Description of Capital Structure.&#8221; The Fund expects that the ARPS will continue to pay dividends at the maximum applicable rate for the foreseeable future and cannot predict whether or when the auction markets for the ARPS may resume normal functioning. See &#8220;Principal Risks of the Fund&#8212;Leverage Risk,&#8221; &#8220;Principal Risks of the Fund&#8212;Additional Risks Associated with the Fund&#8217;s Preferred Shares&#8221; and &#8220;Description of Capital Structure&#8221; in the Prospectus for more information. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Under the 1940 Act, the Fund is not permitted to issue new preferred shares unless immediately after such issuance the value of the Fund&#8217;s total net assets (as defined below) is at least 200% of the liquidation value of the outstanding Preferred Shares and the newly issued preferred shares plus the aggregate amount of any senior securities of the Fund representing indebtedness (i.e., such liquidation value plus the aggregate amount of senior securities representing indebtedness may not exceed 50% of the Fund&#8217;s total net assets). In addition, the Fund is </p>
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not permitted to declare any cash dividend or other distribution on its Common Shares unless, at the time of such declaration, the value of the Fund&#8217;s total net assets satisfies the above-referenced 200% coverage requirement. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Existing SEC guidance generally prohibits the Fund from engaging in most forms of leverage representing indebtedness other than preferred shares (including the use of TOBs, to the extent that these instruments are not covered as described below) unless immediately after the issuance of the leverage the Fund has satisfied the asset coverage test with respect to senior securities representing indebtedness prescribed by the 1940 Act; that is, the value of the Fund&#8217;s total assets less all liabilities and indebtedness not represented by senior securities (for these purposes, &#8220;total net assets&#8221;) is at least 300% of the senior securities representing indebtedness (effectively limiting the use of leverage through senior securities representing indebtedness to 33<sup style="font-size:75%; vertical-align:top">1</sup>/<sub style="font-size:75%; vertical-align:bottom">3</sub>% of the Fund&#8217;s total net assets, including assets attributable to such leverage). In addition, the Fund is not permitted to declare any cash dividend or other distribution on its Common Shares unless, at the time of such declaration, this asset coverage test is satisfied after giving effect to the dividend or distribution. The Fund may (but is not required to) cover its commitments under TOBs or other derivatives instruments by the segregation of liquid assets, or by entering into offsetting transactions or owning positions covering its obligations. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent that certain of these instruments are so covered, they will not be considered &#8220;senior securities&#8221; under the 1940 Act and related SEC guidance currently in effect, and therefore will not be subject to the 1940 Act 300% asset coverage requirement otherwise applicable to forms of senior securities representing indebtedness used by the Fund. However, such instruments, even if covered, represent a form of economic leverage and create special risks. The use of these forms of leverage increases the volatility of the Fund&#8217;s investment portfolio and could result in larger losses to Common Shareholders than if these strategies were not used. See &#8220;Principal Risks of the Fund&#8212;Leverage Risk&#8221; in the Prospectus. To the extent that the Fund engages in borrowings, it may prepay a portion of the principal amount of the borrowing to the extent necessary in order to maintain the required asset coverage. Failure to maintain certain asset coverage requirements could result in an event of default. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In connection with the adoption of Rule <span style="white-space:nowrap">18f-4</span> under the 1940 Act, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in the Prospectus and this Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule <span style="white-space:nowrap">18f-4</span> as of the compliance date, August&#160;19, 2022. See &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; in this Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#8217;s use of leverage, derivatives and certain related instruments. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Leveraging is a speculative technique and there are special risks and costs involved. The Fund cannot assure you that its Preferred Shares and any other forms of leverage (such as TOBs), will result in a higher yield on your Common Shares. When leverage is used, the NAV and market price of the Common Shares and the yield to Common Shareholders will be more volatile. See &#8220;Principal Risks of the Fund&#8212;Leverage Risk&#8221; in the Prospectus. In addition, dividend, interest and other costs and expenses borne by the Fund with respect to its Preferred Shares and its use of TOBs or any other forms of leverage are borne by the Common Shareholders (and not by the holders of Preferred Shares) and result in a reduction of the NAV of the Common Shares. In addition, because the fees received by the Investment Manager are based on the Fund&#8217;s average daily net asset value (including daily net assets attributable to any Preferred Shares), the Investment Manager has a financial incentive for the Fund to utilize Preferred Shares, which may create a conflict of interest between the Investment Manager, on the one hand, and the Common Shareholders, on the other hand. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s ability to utilize leverage is also limited by asset coverage requirements and other guidelines imposed by rating agencies that provide ratings for the Preferred Shares, which may be more restrictive than the limitations imposed by the 1940 Act noted above. See &#8220;Description of Capital Structure&#8221; in the Prospectus for more information. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund also may borrow money in order to repurchase its shares or as a temporary measure for extraordinary or emergency purposes, including for the payment of dividends or the settlement of securities transactions which otherwise might require untimely dispositions of portfolio securities held by the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Reverse Repurchase Agreements </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may enter into reverse repurchase agreements and economically similar transactions for hedging or cash management purposes or to add leverage to its portfolio. See the sections &#8220;Use of Leverage&#8221; in the Prospectus and &#8220;Leverage and Borrowing&#8221; above. A reverse repurchase agreement involves the sale of a portfolio-eligible security by the Fund to another party coupled with its agreement to repurchase the instrument at a specified time and price. Under a reverse repurchase agreement, the Fund continues to be entitled to receive any principal and interest payments on the underlying security during the term of the agreement. Reverse repurchase agreements involve the risk that the market value of securities retained by the Fund may decline below the repurchase price of the securities sold by the Fund which it is obligated to repurchase. The Fund may (but is not required to) segregate or &#8220;earmark&#8221; liquid assets equal (on a daily <span style="white-space:nowrap"><span style="white-space:nowrap">mark-to-market</span></span> basis) to its obligations under reverse repurchase agreements. To the extent that positions in reverse repurchase agreements are not so covered, they would be deemed senior securities representing indebtedness for purposes of the 1940 Act. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund also may effect simultaneous purchase and sale transactions that are known as <span style="white-space:nowrap">&#8220;sale-buy</span> backs.&#8221; A <span style="white-space:nowrap">sale-buy</span> back is similar to a reverse repurchase agreement, except that in a <span style="white-space:nowrap">sale-buy</span> back, the counterparty that purchases the security is entitled to receive any principal or interest payments made on the underlying security pending settlement of the Fund&#8217;s repurchase of the underlying security. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Mortgage Dollar Rolls/Buy Backs </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A mortgage dollar roll/buy back is similar to a reverse repurchase agreement in certain respects. In a &#8220;dollar roll&#8221; or &#8220;buy back&#8221; transaction, the Fund sells a mortgage-related security, such as a security issued by GNMA, to a dealer and simultaneously agrees to repurchase a similar security (but not the same security) in the future at a <span style="white-space:nowrap">pre-determined</span> price. A &#8220;dollar roll/buy back&#8221; can be viewed, like a reverse repurchase agreement, as a collateralized borrowing in which the Fund pledges a mortgage-related security to a dealer to obtain cash. However, unlike reverse repurchase agreements, the dealer with which the Fund enters into a dollar roll/buy back transaction is not obligated to return the same securities as those originally sold by the Fund, but only securities which are &#8220;substantially identical.&#8221; To be considered &#8220;substantially identical,&#8221; the securities returned to the Fund generally must: (1)&#160;be collateralized by the same types of underlying mortgages; (2)&#160;be issued by the same agency and be part of the same program; (3)&#160;have a similar original stated maturity; (4)&#160;have identical net coupon rates; (5)&#160;have similar market yields (and therefore price); and (6)&#160;satisfy &#8220;good delivery&#8221; requirements, meaning that the aggregate principal amounts of the securities delivered and received back must be within a specified percentage of the initial amount delivered. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As with reverse repurchase agreements, to the extent that positions in dollar roll/buy back agreements are not covered by segregated or &#8220;earmarked&#8221; liquid assets at least equal to the amount of any forward purchase commitment, such transactions would be deemed senior securities representing indebtedness for purposes of the 1940 Act and would be subject to the Fund&#8217;s restrictions on borrowings. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">It is possible that changing government regulation may affect the Fund&#8217;s use of these strategies. Changes in regulatory requirements concerning margin for certain types of financing transactions, such as repurchase agreements, reverse repurchase agreements, and securities lending and borrowing, could impact the Fund&#8217;s ability to utilize these investment strategies and techniques. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Repurchase Agreements </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For the purposes of maintaining liquidity and achieving income, the Fund may enter into repurchase agreements with domestic commercial banks or registered broker-dealers. A repurchase agreement is a contract </p>
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under which the Fund would acquire a security for a relatively short period (usually not more than one week) subject to the obligation of the seller to repurchase and the Fund to resell such security at a fixed time and price (representing the Fund&#8217;s cost plus interest). In the case of repurchase agreements with broker-dealers, the value of the underlying securities (or collateral) will be at least equal at all times to the total amount of the repurchase obligation, including the interest factor. The Fund bears a risk of loss in the event that the other party to a repurchase agreement defaults on its obligations and the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities. This risk includes the risk of procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Credit-Linked Trust Certificates </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in credit-linked trust certificates, which are investments in a limited purpose trust or other vehicle which, in turn, invests in a basket of derivative instruments, such as credit default swaps, total return swaps, basis swaps, interest rate swaps and other derivative transactions or securities, in order to provide exposure to the high yield or another debt securities market. For instance, the Fund may invest in credit-linked trust certificates as a cash management tool in order to gain exposure to the high yield markets and/or to remain fully invested when more traditional income-producing securities are not available, including during the period when the net proceeds of this offering and any future offering are being invested. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Like an investment in a bond, investments in these credit-linked trust certificates represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the certificate. However, these payments are conditioned on the Fund&#8217;s receipt of payments from, and the Fund&#8217;s potential obligations to, the counterparties to the derivative instruments and other securities in which the trust invests. For instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the trust would be obligated to pay to the counterparty the par (or other agreed-upon value) of the referenced debt obligation. This, in turn, would reduce the amount of income and principal that the Fund would receive as an investor in the trust. Please see &#8220;Derivatives Instruments&#8212;Swap Agreements and Options on Swap Agreements&#8221; in this Statement of Additional Information for additional information about credit default swaps. The Fund&#8217;s investments in these instruments are indirectly subject to the risks associated with derivative instruments, including, among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and management risk. It is expected that the issuers which issue credit-linked trust certificates will constitute &#8220;private&#8221; investment companies, exempt from registration under the 1940 Act. Therefore, the certificates will be subject to the risks described under &#8220;Other Investment Companies,&#8221; and will not be subject to applicable investment limitations and other regulation imposed by the 1940 Act (although the Fund will remain subject to such limitations and regulation, including with respect to its investments in the certificates). Although the issuers are typically private investment companies, they generally are not actively managed such as a &#8220;hedge fund&#8221; might be. It is also expected that the certificates will be exempt from registration under the Securities Act. Accordingly, there may be no established trading market for the certificates and they may constitute illiquid investments. See &#8220;Principal Risks of the Fund&#8212;Liquidity Risk&#8221; in the Prospectus. If market quotations are not readily available for the certificates, they will be valued by the Fund at fair value as determined by the Board or persons acting at its direction. See &#8220;Net Asset Value&#8221; in the Prospectus. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">When-Issued, Delayed Delivery and Forward Commitment Transactions </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. These transactions may be known as <span style="white-space:nowrap"><span style="white-space:nowrap">to-be-announced</span></span> (&#8220;TBA&#8221;) transactions. In accordance with current federal securities laws, rules and staff positions, when such purchases are outstanding, the Fund will segregate or &#8220;earmark&#8221; liquid assets in an amount sufficient to meet the purchase price. However, such contracts that are not required to &#8220;cash settle&#8221; may be treated as such for asset segregation or &#8220;earmarking&#8221; purposes when the Fund has entered into a contractual arrangement with its counterparty to require the trade to be closed out prior to any </p>
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potential settlement date involving a delivery obligation. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made, although the Fund may earn income on securities it has segregated or &#8220;earmarked.&#8221; As described above, the SEC adopted a final rule related to the use of derivatives, reverse repurchase agreements and certain other transactions by registered investment companies that will rescind and withdraw the guidance of the SEC and its staff regarding asset segregation and coverage transactions reflected in the Fund&#8217;s asset segregation and cover practices discussed herein. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When purchasing a security on a when-issued, delayed delivery or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund&#8217;s other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery or forward commitment purchases are outstanding, the purchases may result in a form of leverage. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When the Fund has sold a security on a when-issued, delayed delivery or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security&#8217;s price appreciates in value such that the security&#8217;s price is above the agreed-upon price on the settlement date. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a capital gain or loss. There is no percentage limitation on the extent to which the Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may purchase or sell securities, including mortgage-backed securities, in the TBA market. A TBA purchase commitment is a security that is purchased or sold for a fixed price and the underlying securities are announced at a future date. Financial Industry Regulatory Authority rules include mandatory margin requirements for the TBA market that require the Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund&#8217;s TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Common Stocks </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Common stock includes common shares and other common equity interests issued by public or private issuers. The value of a company&#8217;s stock may fall as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company&#8217;s products or services. A stock&#8217;s value also may fall because of factors affecting not just the company, but also companies in the same industry or in a number of different industries, such as increases in production costs. The value of a company&#8217;s stock also may be affected by changes in financial markets that are relatively unrelated to the company or its industry, such as changes in interest rates or currency exchange rates. In addition, a company&#8217;s stock generally pays dividends only after the company invests in its own business and makes required payments to holders of its bonds, other debt and preferred securities. For this reason, the value of a company&#8217;s stock will usually react more strongly than its bonds, other debt and preferred securities to actual or perceived changes in the company&#8217;s financial condition or prospects. Stocks of smaller companies may be more vulnerable to adverse developments than those of larger companies. Stocks of companies that the portfolio managers believe are fast-growing may trade at a higher multiple of current earnings than other stocks. The value of such stocks may be more sensitive to changes in current or expected earnings than the values of other stocks. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Short Sales </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may make short sales of securities (i)&#160;to offset potential declines in long positions in similar securities, (ii)&#160;to increase the flexibility of the Fund, (iii)&#160;for investment return, (iv)&#160;as part of a risk arbitrage strategy, and (v)&#160;as part of its overall portfolio management strategies involving the use of derivative instruments. A short sale is a transaction in which the Fund sells a security it does not own in anticipation that the market price of that security will decline or will underperform relative to other securities held in the Fund&#8217;s portfolio. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When the Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. In connection with short sales of securities, the Fund may pay a fee to borrow securities or maintain an arrangement with a broker to borrow securities and is often obligated to pay over any accrued interest and dividends on such borrowed securities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the price of the security sold short increases between the time of the short sale and the time that the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest pursuant to a risk arbitrage strategy to take advantage of a perceived relationship between the value of two securities. Frequently, a risk arbitrage strategy involves the short sale of a security. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent the Fund engages in short sales, it will provide collateral to the broker-dealer and, in accordance with current federal securities laws, rules and staff positions (except in the case of short sales &#8220;against the box&#8221;), will maintain additional asset coverage in the form of segregated or &#8220;earmarked&#8221; assets determined to be liquid. A short sale is &#8220;against the box&#8221; to the extent that the Fund contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short. The Fund will engage in short selling to the extent permitted by the federal securities laws and rules and interpretations thereunder. To the extent the Fund engages in short selling in foreign <span style="white-space:nowrap">(non-U.S.)</span> jurisdictions, the Fund will do so to the extent permitted by the laws and regulations of such jurisdiction. As described above, the SEC adopted a final rule related to the use of TOBs, derivatives, reverse repurchase agreements and certain other transactions by registered investment companies that will rescind and withdraw the guidance of the SEC and its staff regarding asset segregation and coverage transactions reflected in the Fund&#8217;s asset segregation and cover practices discussed herein. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may also engage in <span style="white-space:nowrap">so-called</span> &#8220;naked&#8221; short sales (<span style="font-style:italic">i.e.</span>, short sales that are not &#8220;against the box&#8221;), in which case the Fund&#8217;s losses could theoretically be unlimited, in cases where the Fund is unable for whatever reason to close out its short position. The Fund has the flexibility to engage in short selling to the extent permitted by the 1940 Act and rules and interpretations thereunder. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Illiquid Investments </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest without limitation in illiquid investments. PIMCO may be subject to significant delays in disposing of illiquid investments, and transactions in illiquid investments may entail registration expenses and other transaction costs that are higher than those for transactions in liquid investments. The term &#8220;illiquid investments&#8221; for this purpose means any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Depending on the circumstances, illiquid investments may be considered to include, among other things, certain purchased OTC options and the assets used to cover certain written OTC options, securities or other liquid assets being used as cover for such options, repurchase agreements with maturities in excess of seven days, certain loan participation interests, fixed time deposits which are not subject to prepayment or provide for withdrawal penalties upon prepayment (other than overnight </p>
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deposits), securities that are subject to legal or contractual restrictions on resale (such as privately placed debt securities), and other securities which legally or in PIMCO&#8217;s opinion may be deemed illiquid (not including securities issued pursuant to Rule 144A under the Securities Act), and certain commercial paper determined to be liquid. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Rule 144A Securities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in securities that have not been registered for public sale, but that are eligible for purchase and sale pursuant to Rule 144A under the 1933 Act. Rule 144A permits certain qualified institutional buyers, such as the Fund, to trade in privately placed securities that have not been registered for sale under the 1933 Act. Rule 144A Securities may be deemed illiquid, although the Fund may determine that certain Rule 144A Securities are liquid. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Other Investment Companies </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent consistent with its objectives and strategy and permissible under the 1940 Act, the Fund may invest in securities of open- or <span style="white-space:nowrap">closed-end</span> investment companies (including those advised by PIMCO), including, without limitation, domestic and foreign exchange-traded funds (&#8220;ETFs&#8221;). The Fund treats its investments in other investment companies that invest primarily in types of securities in which the Fund may invest directly as investments in such types of securities for purposes of the Fund&#8217;s investment policies (<span style="font-style:italic">e.g.</span>, the Fund&#8217;s investment in an investment company that invests primarily in debt securities will be treated by the Fund as an investment in a debt security). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, under the 1940 Act, an investment company such as the Fund may not (i)&#160;own more than 3% of the outstanding voting securities of any one registered investment company, (ii)&#160;invest more than 5% of its total assets in the securities of any single registered investment company or (iii)&#160;invest more than 10% of its total assets in securities of other registered investment companies (the <span style="white-space:nowrap"><span style="white-space:nowrap">&#8220;3-5-10%</span></span> Limitations&#8221;). The SEC adopted new Rule <span style="white-space:nowrap">12d1-4</span> under the 1940 Act, which provides an exemption to permit acquiring funds to invest in the securities of other registered investment companies in excess of the <span style="white-space:nowrap"><span style="white-space:nowrap">3-5-10%</span></span> Limitations, subject to certain conditions. In connection with the adoption of Rule <span style="white-space:nowrap">12d1-4,</span> the SEC adopted certain other regulatory changes and took other actions related to the ability of the Fund to invest in another investment company in excess of the <span style="white-space:nowrap"><span style="white-space:nowrap">3-5-10%</span></span> Limitations. The Fund may invest in other investment companies (including those advised by PIMCO) to gain broad market or sector exposure or for cash management purposes, including during periods when it has large amounts of uninvested cash (such as the period shortly after the Fund receives the proceeds of the offering of its Common Shares) or when PIMCO believes share prices of other investment companies offer attractive values. The Fund 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 thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use by certain registered investment companies advised by PIMCO in connection with their cash management activities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As a shareholder in an investment company, the Fund will bear its ratable share of 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 assets so invested. Common Shareholders would therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. In addition, the securities of other investment companies may also be leveraged and will therefore be subject to the same leverage risks described in the Prospectus and herein. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Private Placements </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A private placement involves the sale of securities that have not been registered under the Securities Act, or relevant provisions of applicable <span style="white-space:nowrap">non-U.S.</span> law, to certain institutional and qualified individual purchasers, such as the Fund. In addition to the general risks to which all securities are subject, securities received in a private </p>
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placement generally are subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most favorable time or price. Private placements may also raise valuation risks. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Fund Operations </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Operational Risk. </span>An investment in the Fund, like any fund, involves operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Market Disruptions Risk.</span> The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets, interest rates, secondary trading, ratings, credit risk, inflation, deflation, other factors relating to the Fund&#8217;s investments or the Investment Manager&#8217;s operations and the value of an investment in the Fund, its distributions and its returns. These events can also impair the technology and other operational systems upon which the Fund&#8217;s service providers, including PIMCO as the Fund&#8217;s investment adviser, rely, and could otherwise disrupt the Fund&#8217;s service providers&#8217; ability to fulfill their obligations to the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For example, the rapid and global spread of a highly contagious novel coronavirus respiratory disease, designated COVID-19 has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund&#8217;s investments and operations. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Cybersecurity Risk. </span>As the use of technology has become more prevalent in the course of business, the Fund is potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events from outside threat actors or internal resources that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction, lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security breaches may involve unauthorized access to the Fund&#8217;s digital information systems (<span style="font-style:italic">e.g.</span>, through &#8220;hacking&#8221; or malicious software coding), and may come from multiple sources, including outside attacks such as <span style="white-space:nowrap"><span style="white-space:nowrap">denial-of-service</span></span> attacks (<span style="font-style:italic">i.e.</span>, efforts to make network services unavailable to intended users) or cyber extortion, including exfiltration of data held for ransom and/or &#8220;ransomware&#8221; attacks that renders systems inoperable until ransom is paid, or insider actions. In addition, cyber security breaches involving the Fund&#8217;s third party service providers (including but not limited to advisers, <span style="white-space:nowrap">sub-advisers,</span> administrators, transfer agents, vendors, suppliers, custodians, distributors and other third parties), trading counterparties or issuers in which the Fund invests can also subject the Fund to many of the same risks associated with direct cyber security breaches or extortion of company data. Moreover, cyber security breaches involving trading counterparties or issuers in which the Fund invests could adversely impact such counterparties or issuers and cause the Fund&#8217;s investment to lose value. Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund&#8217;s ability to calculate its NAV, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in an attempt to prevent any cyber incidents in the future. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Like with operational risk in general, the Fund has established risk management systems and business continuity plans designed to reduce the risks associated with cyber security. However, there are inherent limitations in these plans and systems, including that certain risks may not have been identified, in large part because different or unknown threats may emerge in the future. As such, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers in which the Fund may invest, trading counterparties or third-party service providers to the Fund. Such entities have experienced cyber attacks and other attempts to gain unauthorized access to systems from time to time, and there is no guarantee that efforts to prevent or mitigate the effects of such attacks or other attempts to gain unauthorized access will be successful. There is also a risk that cyber security breaches may not be detected. The Fund and its shareholders could be negatively impacted as a result. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Portfolio Turnover </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A change in the securities held by the Fund and reinvestment of the proceeds is known as &#8220;portfolio turnover.&#8221; PIMCO manages the Fund without regard generally to restrictions on portfolio turnover. Trading in fixed-income securities does not generally involve the payment of brokerage commissions, but does involve indirect transaction costs. Trading in equity securities involves the payment of brokerage commissions, which are transaction costs paid by the Fund. The use of futures contracts may involve the payment of commissions to futures commission merchants. High portfolio turnover (<span style="font-style:italic">e.g.</span>, greater than 100%) involves correspondingly greater expenses to the Fund, including brokerage commissions or dealer <span style="white-space:nowrap">mark-ups</span> and other transaction costs on the sale of securities and reinvestments in other securities. The higher the rate of portfolio turnover of the Fund, the higher these transaction costs borne by the Fund generally will be. Such sales may result in realization of taxable capital gains (including short-term capital gains which are taxed when distributed to shareholders who are individuals at ordinary income tax rates). See &#8220;Taxation.&#8221; </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The portfolio turnover rate of the Fund is calculated by dividing (a)&#160;the lesser of purchases or sales of portfolio securities for the particular fiscal year by (b)&#160;the monthly average of the value of the portfolio securities owned by the Fund during the particular fiscal year. In calculating the rate of portfolio turnover, there is excluded from both (a)&#160;and (b) all derivatives and all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less. Proceeds from short sales and assets used to cover short positions undertaken are also excluded from both (a)&#160;and (b). For the fiscal year ended December&#160;31, 2021, the Fund&#8217;s portfolio turnover rate was 13%. For the fiscal year ended December&#160;31, 2020, the Fund&#8217;s portfolio turnover rate was 20%. For the fiscal year ended December&#160;31, 2019, the Fund&#8217;s portfolio turnover rate was 12%. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Warrants to Purchase Securities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in or acquire warrants to purchase equity or fixed-income securities. Warrants are instruments that give the holder the right, but not the obligation, to buy a security directly from an issuer at a specific price for a specific period of time. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants do not entitle a holder to dividends or voting rights with respect to the underlying security, do not represent any rights in the assets of the issuing company and are subject to the risk that the issuer-counterparty may fail to honor its obligations. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments. Bonds with warrants attached to purchase equity securities have many characteristics of convertible bonds and their prices may, to some degree, reflect the performance of the underlying stock. Bonds also may be issued with warrants attached to purchase additional fixed-income securities at the same coupon rate. A decline in interest rates would permit the Fund to buy additional bonds at the favorable rate or to sell the warrants at a profit. If interest rates rise, the warrants would generally expire with no value. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may from time to time use <span style="white-space:nowrap">non-standard</span> warrants, including low exercise price warrants or low exercise price options (&#8220;LEPOs&#8221;), to gain exposure to issuers in certain countries. LEPOs are different from </p>
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standard warrants in that they do not give their holders the right to receive a security of the issuer upon exercise. Rather, LEPOs pay the holder the difference in price of the underlying security between the date the LEPO was purchased and the date it is sold. Additionally, LEPOs entail the same risks as other OTC derivatives, including the risks that the counterparty or issuer of the LEPO may not be able to fulfill its obligations, that the holder and counterparty or issuer may disagree as to the meaning or application of contractual terms, or that the instrument may not perform as expected. Furthermore, while LEPOs may be listed on an exchange, there is no guarantee that a liquid market will exist or that the counterparty or issuer of a LEPO will be willing to repurchase such instrument when the Fund wishes to sell it. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Loans of Portfolio Securities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Subject to certain conditions described in the Prospectus and below, the Fund may make secured loans of its portfolio securities to brokers, dealers and other financial institutions amounting to no more than <span style="white-space:nowrap">one-third</span> of its total assets. The risks in lending portfolio securities, as with other extensions of credit, include possible delay in recovery of the securities or possible loss of rights in the collateral should the borrowers (which typically include broker-dealers and other financial services companies) fail financially. However, such loans will be made only to borrowers that are believed by PIMCO to be of satisfactory credit standing. Securities loans are made to broker-dealers pursuant to agreements requiring that loans be continuously secured by collateral consisting of U.S. government securities, cash or cash equivalents (negotiable certificates of deposit, bankers&#8217; acceptances or letters of credit) maintained on a daily <span style="white-space:nowrap"><span style="white-space:nowrap">mark-to-market</span></span> basis in an amount at least equal at all times to the market value of the securities lent. The borrower pays to the Fund, as the lender, an amount equal to any dividends or interest received on the securities lent. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest only the cash collateral received in interest-bearing, short-term securities or receive a fee from the borrower. In the case of cash collateral, the Fund typically pays a rebate to the lender. Although voting rights or rights to consent with respect to the loaned securities pass to the borrower, the Fund, as the lender, retains the right to call the loans and obtain the return of the securities loaned at any time on reasonable notice, and it will do so in order that the securities may be voted by the Fund if the holders of such securities are asked to vote upon or consent to matters materially affecting the investment. The Fund may also call such loans in order to sell the securities involved. The Fund&#8217;s performance will continue to reflect changes in the value of the securities loaned and will also reflect the receipt of either interest, through investment of cash collateral by the Fund in permissible investments, or a fee, if the collateral is U.S. government securities. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Regulatory Risk </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and/or preclude the Fund&#8217;s ability to achieve its investment objective. See, for example, &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; above. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects. Many of the changes required by the Dodd-Frank Act could materially impact the profitability of the Fund and the value of assets they hold, expose the Fund to additional costs, require changes to investment practices, and adversely affect the Fund&#8217;s ability to pay dividends. For example, the Volcker Rule&#8217;s restrictions on proprietary trading have negatively impacted fixed-income market making capacity, which resulted in reduced liquidity in certain fixed-income markets. Other regulations, such as the Risk Retention Rules, have increased costs for certain securitization transactions. Additional legislative or regulatory actions to address perceived liquidity or other issues in fixed-income markets generally, or in particular markets such as the municipal securities market, may alter or impair the Fund&#8217;s ability to pursue its investment objective or utilize certain investment strategies and techniques. While there continues to be uncertainty about the full impact of these and other regulatory changes, it is the case that the Fund will be subject to a more complex regulatory framework, and may incur additional costs to comply with new requirements as well as to monitor for compliance in the future. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Actions by governmental entities may also impact certain instruments in which the Fund invests. For example, certain instruments in which the Fund may invest rely in some fashion upon the London Interbank Offered Rate (&#8220;LIBOR&#8221;). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money, and functions as a reference rate or benchmark for many investments, securities and transactions. On July&#160;27, 2017, the Chief Executive of the United Kingdom&#8217;s Financial Conduct Authority (&#8220;FCA&#8221;) announced that after 2021 it would cease its active encouragement of banks to provide the quotations needed to sustain LIBOR due to the absence of an active market for interbank unsecured lending and other reasons. The ICE Benchmark Administration (&#8220;IBA&#8221;), the administrator of LIBOR, ceased publication of many of its LIBOR settings as of December&#160;31, 2021, and has announced that it will cease publication of certain commonly used tenors of U.S. dollar LIBOR after June&#160;30, 2023. FCA publicly announced that all U.S.&#160;Dollar LIBOR settings will either cease to be provided by any administrator or will no longer be representative i) immediately after December&#160;31, 2021 for <span style="white-space:nowrap">one-week</span> and <span style="white-space:nowrap">two-month</span> U.S.&#160;Dollar LIBOR settings and (ii)&#160;immediately after June&#160;30, 2023 for the remaining U.S.&#160;Dollar LIBOR settings. As of January&#160;1, 2022, as a result of supervisory guidance from U.S. regulators, some U.S. regulated entities have ceased entering into new LIBOR contracts with limited exceptions. While publication of the <span style="white-space:nowrap">one-,</span> three- and <span style="white-space:nowrap">six-month</span> Sterling and Japanese yen LIBOR settings will continue at least through calendar year 2022 on the basis of a changed methodology (known as &#8220;synthetic LIBOR&#8221;), these rates have been designated by the FCA as unrepresentative of the underlying market they seek to measure and are solely available for use in legacy transactions. Certain bank-sponsored committees in other jurisdictions, including Europe, the United Kingdom, Japan and Switzerland, have selected alternative reference rates denominated in other currencies. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate (<span style="font-style:italic">e.g.</span>, the Secured Overnight Financing Rate (&#8220;SOFR&#8221;), which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain, and they may vary depending on factors that include, but are not limited to: (i)&#160;existing fallback or termination provisions in individual contracts and (ii)&#160;whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. For example, certain of the Fund&#8217;s investments may involve individual contracts that have no existing fallback provision or language that contemplates the discontinuation of LIBOR, and those investments could experience increased volatility or illiquidity as a result of the transition process. In addition, interest rate provisions included in such contracts, or in contracts or other arrangements entered into by the Fund, may need to be renegotiated. On March&#160;15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System and based on SOFR for certain contracts that reference LIBOR and contain no, or insufficient, fallback provisions. It is expected that implementing regulations in respect of the law will follow. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by the Fund, a change in the cost of borrowing or the dividend rate for any Preferred Shares that may be issued by the Fund, or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Additionally, alteration of the terms of a debt instrument or a modification of the terms of other types of contracts to replace LIBOR or another interbank offered rate (&#8220;IBOR&#8221;) with a new reference rate could result in a taxable exchange and the realization of income and gain/loss for U.S. federal income tax purposes. The IRS has issued final regulations regarding the tax consequences of the transition from IBOR to a new reference rate in debt instruments and <span style="white-space:nowrap">non-debt</span> contracts. Under the final regulations, alteration or modification of the terms of a debt instrument to replace an operative rate that uses a discontinued IBOR with a qualified rate (as defined in the final regulations) including true up payments equalizing the fair market value of contracts before and after such IBOR transition, to add a qualified rate as a fallback rate to a contract whose operative rate uses a discontinued IBOR or to replace a fallback rate that uses a discontinued IBOR with a qualified rate would not be taxable. The IRS may provide additional guidance, with potential retroactive effect. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In October 2020, the SEC adopted a final rule related to the use of TOBs, derivatives, reverse repurchase agreements and certain other transactions by registered investment companies that will rescind and withdraw the guidance of the SEC and its staff regarding asset segregation and cover transactions reflected in the Fund&#8217;s asset segregation and cover practices discussed herein. As the Fund comes into compliance with the final rule, its approach to asset segregation and coverage requirements and treatment of certain transactions described herein will be impacted. The final rule requires the Fund to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to <span style="white-space:nowrap"><span style="white-space:nowrap">value-at-risk</span></span> (&#8220;VaR&#8221;) leverage limits and derivatives risk management program and reporting requirements. Generally, these requirements apply unless the Fund satisfies a &#8220;limited derivatives users&#8221; exception that is included in the final rule. Under the final rule, when the Fund trades reverse repurchase agreements or similar financing transactions, including certain TOBs, it needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund&#8217;s asset coverage ratio or treat all such transactions as derivatives transactions. Reverse repurchase agreements or similar financing transactions aggregated with other indebtedness do not need to be included in the calculation of whether the Fund satisfies the limited derivatives users exception, but for portfolios subject to the VaR testing requirement, reverse repurchase agreements and similar financing transactions must be included for purposes of such testing whether treated as derivatives transactions or not. The SEC also provided guidance in connection with the new rule regarding the use of securities lending collateral that may limit the Fund&#8217;s securities lending activities. In addition, under the final rule, the Fund will be permitted to invest in a security on a when-issued or forward-settling basis, or with a <span style="white-space:nowrap">non-standard</span> settlement cycle, and the transaction will be deemed not to involve a senior security (as defined under Section&#160;18(g) of the 1940 Act), provided that, (i)&#160;the Fund intends to physically settle the transaction and (ii)&#160;the transaction will settle within 35 days of its trade date (the &#8220;Delayed-Settlement Securities Provision&#8221;). The Fund may otherwise engage in when-issued, forward-settling and <span style="white-space:nowrap">non-standard</span> settlement cycle securities transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Fund treats any such transaction as a &#8220;derivatives transaction&#8221; for purposes of compliance with the final rule. Furthermore, under the final rule, the Fund will be permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if the Fund reasonably believes, at the time it enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all such agreements as they come due. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As of August&#160;19, 2022, these requirements may limit the ability of the Fund to use TOBs, derivatives, reverse repurchase agreements, when-issued, delayed delivery and forward commitment transactions, unfunded commitment agreements and similar financing transactions as part of its investment strategies. These requirements may increase the cost of the Fund&#8217;s investments and cost of doing business, which could adversely affect investors. PIMCO cannot predict the effects of these regulations on the Fund. PIMCO intends to monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund&#8217;s investment objective, but there can be no assurance that it will be successful in doing so. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value, as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines &#8220;readily available market quotations&#8221; for purposes of the definition of &#8220;value&#8221; under the 1940 Act, and the SEC noted that this definition will apply in all contexts under the 1940 Act. The SEC adopted an <span style="white-space:nowrap">18-month</span> transition period beginning from the effective date for both the new rule and the associated new recordkeeping requirements. The impact of the new rule on the Fund is uncertain at this time. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. For example, in response to the outbreak of <span style="white-space:nowrap">COVID-19,</span> Congress has approved stimulus </p>
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intended to offset the severity and duration of the adverse economic effects of <span style="white-space:nowrap">COVID-19</span> and related disruptions in economic and business activity. Many central banks across Europe, Asia and elsewhere have similarly announced and/or adopted economic relief packages. The introduction and adoption of these packages could cause market disruption and volatility. In addition, the end of any such program could cause market downturns, disruptions and volatility, particularly if markets view the ending as premature. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Participation on Creditors Committees </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Generally, when the Fund holds bonds or other similar fixed-income securities of an issuer, the Fund becomes a creditor of the issuer. As a creditor of an issuer, the Fund may be subject to challenges related to the securities that it holds, either in connection with the bankruptcy of the issuer or in connection with another action brought by other creditors of the issuer, shareholders of the issuer or the issuer itself (collectively, &#8220;restructuring transactions&#8221;). Although under no obligation to do so, PIMCO, as adviser to the Fund, may from time to time have an opportunity to consider, on behalf of the Fund and other similarly situated clients, negotiating or otherwise participating in the restructuring of the Fund&#8217;s portfolio investment or the issuer of such investment. PIMCO, in its judgment and discretion and based on the considerations deemed by PIMCO to be relevant, may believe that it is in the best interests of the Fund to negotiate or otherwise participate in a restructuring transaction. Accordingly, and subject to applicable procedures approved by the Board, the Fund may from time to time participate on committees formed by creditors to negotiate with the management of financially troubled issuers of securities held by the Fund. Such participation may subject the Fund to expenses such as legal fees and may make the Fund an &#8220;insider&#8221; of the issuer for purposes of the federal securities laws, and therefore may restrict the Fund&#8217;s ability to trade in or acquire additional positions in a particular security when it might otherwise desire to do so. Participation by the Fund on such committees also may expose the Fund to potential liabilities under the federal bankruptcy laws or other laws governing the rights of creditors and debtors. Similarly, subject to the above-mentioned procedures, PIMCO may actively participate in bankruptcy court and related proceedings on behalf of the Fund in order to protect the Fund&#8217;s interests in connection with a restructuring transaction, and PIMCO may cause the Fund to enter into an agreement reasonably indemnifying third parties or advancing from the Fund&#8217;s assets any legal fees or other costs to third parties, including parties involved in or assisting the Fund with a restructuring transaction, such as trustees, servicers and other third parties. Further, PIMCO has the general authority, subject to the above-mentioned procedures, to represent the Fund on creditors&#8217; committees (or similar committees) or otherwise in connection with the restructuring of an issuer&#8217;s debt and generally with respect to challenges related to the securities held by the Fund relating to the bankruptcy of an issuer or in connection with another action brought by other creditors of the issuer, shareholders of the issuer or the issuer itself. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Short-Term Investments / Temporary Defensive Strategies </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In attempting to respond to adverse market, economic, political, or other conditions, as determined by PIMCO, when PIMCO deems it appropriate to do so, the Fund may invest up to 100% of its net assets in investment grade debt securities, including high quality, short-term debt instruments, credit-linked trust certificates and/or index futures contracts or similar derivative instruments. Such investments may prevent the Fund from achieving its investment objective. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Subsidiaries and Affiliates </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may execute its strategy by investing through one or more subsidiaries. The Fund reserves the right to establish additional subsidiaries through which the Fund may execute its strategy. The Fund will treat a subsidiary&#8217;s assets as assets of the Fund for purposes of determining compliance with various provisions of the 1940 Act applicable to the Fund, including those relating to investment policies (Section 8), capital structure and leverage (Section 18) and affiliated transactions and custody (Section 17). </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PIMCO has applied for exemptive relief from the SEC that, if granted, would permit the Fund to, among other things, <span style="white-space:nowrap">co-invest</span> with certain other persons, including certain affiliates of PIMCO and certain public or private funds managed by PIMCO and its affiliates, subject to certain terms and conditions. However, there is no assurance that such relief will be granted. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Tax Consequences </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The requirements for qualification as a RIC under Subchapter M of the Code may limit the extent to which the Fund may invest in certain positions and transactions described above and the Fund&#8217;s investment in certain positions and transactions described above may limit the Fund&#8217;s ability to qualify as such. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, the Fund&#8217;s utilization of certain investment instruments may alter the amount, timing and character of the Fund&#8217;s income, and, in turn, of the Fund&#8217;s distributions to its shareholders, relative to other means of achieving similar investment exposure. In certain circumstances, the Fund may be required to sell assets in order to meet RIC distribution requirements even when investment considerations make such sales otherwise undesirable. For more information concerning these requirements and the taxation of the Fund&#8217;s investments, see &#8220;Taxation&#8221; below. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_3">INVESTMENT RESTRICTIONS </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Fundamental Investment Restrictions </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Unless otherwise indicated, the investment restrictions set forth below are each a fundamental policy of the Fund that may not be changed without the approval of the holders of a majority of the outstanding Common Shares and any outstanding preferred shares of beneficial interest (including Preferred Shares) voting together as a single class, and of the holders of a majority of any outstanding preferred shares of beneficial interest (including Preferred Shares) voting as a separate class. The Fund may&#160;not: </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%;vertical-align:top" align="left">(1)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Concentrate its investments in a particular &#8220;industry,&#8221; as that term is used in the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. </p></td></tr></table>
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<td style="width:4%;vertical-align:top" align="left">(2)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">With respect to 75% of the Fund&#8217;s total assets, purchase the securities of any issuer, except securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities or securities issued by other investment companies, if, as a result, (i)&#160;more than 5% of the Fund&#8217;s total assets would be invested in the securities of that issuer, or (ii)&#160;the Fund would hold more than 10% of the outstanding voting securities of that issuer. For the purpose of this restriction, each state and each separate political subdivision, agency, authority or instrumentality of such state, each multi-state agency or authority, and each obligor, if any, is treated as a separate issuer of municipal bonds. </p></td></tr></table>
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<td style="width:4%;vertical-align:top" align="left">(3)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Purchase or sell real estate, although it may purchase securities (including municipal bonds) secured by real estate or interests therein, or securities issued by companies which invest in real estate, or interests therein. </p></td></tr></table>
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<td style="width:4%;vertical-align:top" align="left">(4)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Purchase or sell commodities or commodities contracts or oil, gas or mineral programs. This restriction shall not prohibit the Fund, as described in the Prospectus, from purchasing, selling or entering into futures contracts, options on futures contracts, forward contracts, or any interest rate, securities-related or other hedging instrument, including swap agreements and other derivative instruments, subject to compliance with any applicable provisions of the federal securities or commodities laws. </p></td></tr></table>
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<td style="width:4%;vertical-align:top" align="left">(5)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Borrow money or issue any senior security, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. </p></td></tr></table>
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<td style="width:4%;vertical-align:top" align="left">(6)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Make loans, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. </p></td></tr></table>
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<td style="width:4%;vertical-align:top" align="left">(7)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Act as an underwriter of securities of other issuers, except to the extent that in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws<span style="font-weight:bold"> </span> </p></td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">75 </p>



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<td style="width:4%;vertical-align:top" align="left">(8)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Make an investment if, at the time of such investment, the Fund has invested less than 80% of its &#8220;assets&#8221; (as that term is defined in Rule <span style="white-space:nowrap">35d-1</span> under the Investment Company Act of 1940, as amended) in investments the income from which is, in the opinion of bond counsel to the issuer (or on the basis of other authority believes by PIMCO to be reliable), exempt from federal income tax (not including, for these purposes, the federal alternative minimum tax). </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Other Information Regarding Investment Restrictions </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Subject to the Fund&#8217;s self-imposed limitations, if any, as they may be amended from time to time, the Fund interprets its policies with respect to leverage and borrowing, issuing senior securities and lending to permit such activities as may be lawful for the Fund, to the full extent permitted by the 1940 Act or by exemption from the provisions therefrom pursuant to exemptive order of the SEC. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Currently, under the 1940 Act, the Fund may generally not lend money or property to any person, directly or indirectly, if such person controls or is under common control with the Fund, except for a loan from the Fund to a company that owns all of the outstanding securities of the Fund, except directors&#8217; and qualifying shares. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For purposes of the foregoing, &#8220;majority of the outstanding,&#8221; when used with respect to particular shares of the Fund (whether voting together as a single class or voting as separate classes), means (i) 67% or more of such shares present at a meeting, if the holders of more than 50% of such shares are present or represented by proxy, or (ii)&#160;more than 50% of such shares, whichever is less. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Unless otherwise indicated, all limitations applicable to the Fund&#8217;s investments (as stated above and elsewhere in this Statement of Additional Information or in the Prospectus) apply only at the time a transaction is entered into. Any subsequent change in a rating assigned by any rating service to a security (or, if unrated, deemed by PIMCO to be of comparable quality), or change in the percentage of the Fund&#8217;s assets invested in certain securities or other instruments, or change in the average maturity or duration of the Fund&#8217;s investment portfolio, resulting from market fluctuations or other changes in the Fund&#8217;s total assets will not require the Fund to dispose of an investment. In the event that rating agencies assign different ratings to the same security, PIMCO will determine which rating it believes best reflects the security&#8217;s quality and risk at that time, which may be the higher of the several assigned ratings. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Under the 1940 Act, a &#8220;senior security&#8221; does not include any promissory note or evidence of indebtedness where such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed to be for temporary purposes if it is repaid within sixty days and is not extended or renewed. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For purposes of applying the terms of the Fund&#8217;s policy in paragraph (1)&#160;above (the &#8220;industry concentration policy&#8221;), the Fund would be deemed to &#8220;concentrate&#8221; its investments in a particular industry if it invested more than 25% of its total assets in that industry. For purposes of the industry concentration policy, PIMCO will, on behalf of the Fund, make reasonable determinations as to the appropriate industry classification to assign to each security or instrument in which the Fund invests. The definition of what constitutes a particular &#8220;industry&#8221; is an evolving one, particularly for industries or sectors within industries that are new or are undergoing rapid development. Some securities could reasonably fall within more than one industry category. The Fund&#8217;s industry concentration policy does not preclude it from focusing investments in issuers in a group of related industrial sectors (such as different types of utilities). For purposes of the industry concentration policy, a foreign government is considered to be an industry, although currency positions are not considered to be an investment in a foreign government for these purposes. Mortgage-related or ABS that are issued or guaranteed as to principal or interest by the U.S. Government or its agencies or instrumentalities are not subject to the Fund&#8217;s industry concentration policy, by virtue of the exclusion from that test available to all U.S. government securities. Similarly, <span style="white-space:nowrap">tax-exempt</span> municipal bonds issued by states, municipalities and other political subdivisions, agencies, authorities and instrumentalities of states and multi-state agencies and authorities and repurchase agreements collateralized by any of the foregoing obligations are </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">76 </p>



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not subject to the Fund&#8217;s industry concentration policy. The policy will also be interpreted to give broad authority to the Fund as to how to classify issuers within or among industries. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent that an underlying investment company in which the Fund invests has adopted a policy to concentrate its investments in a particular industry, the Fund will, to the extent practicable, take such underlying investment company&#8217;s concentration policy into consideration for purposes of the Fund&#8217;s own industry concentration policy. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the extent the Fund covers its commitment under a TOBs or other derivatives instrument by the segregation of assets determined to be liquid, equal in value to the amount of the Fund&#8217;s commitment, such instrument will not be considered a &#8220;senior security&#8221; for purposes of Section&#160;18 of the 1940&#160;Act. In connection with the adoption of Rule <span style="white-space:nowrap">18f-4</span> under the 1940&#160;Act, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in the Prospectus and this Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule <span style="white-space:nowrap">18f-4</span> as of the compliance date, August&#160;19, 2022. See &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; in this Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#8217;s use of leverage, derivatives and certain related instruments. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For purposes of the Fund&#8217;s investment policies and restrictions, the Fund may value derivative instruments at market value, notional value or full exposure value (<span style="font-style:italic">i.e.</span>, the sum of the notional amount for the contract plus the market value), or any combination of the foregoing (<span style="font-style:italic">e.g.</span>, notional value for purposes of calculating the numerator and market value for purposes of calculating the denominator for compliance with a particular policy or restriction). For example, the Fund may value credit default swaps at full exposure value for purposes of the Fund&#8217;s credit quality guidelines because such value in general better reflects the Fund&#8217;s actual economic exposure during the term of the credit default swap agreement. As a result, the Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Fund&#8217;s Prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">From time to time, the Fund may voluntarily participate in actions (for example, rights offerings, conversion privileges, exchange offers, credit event settlements, etc.) where the issuer or counterparty offers securities or instruments to holders or counterparties, such as the Fund, and the acquisition is determined to be beneficial to Fund shareholders (&#8220;Voluntary Action&#8221;). Notwithstanding any percentage investment limitation listed under this &#8220;Investment Restrictions&#8221; section or any percentage investment limitation of the 1940 Act or rules thereunder, if the Fund has the opportunity to acquire a permitted security or instrument through a Voluntary Action, and the Fund will exceed a percentage investment limitation following the acquisition, it will not constitute a violation if, prior to the receipt of the securities or instruments and after announcement of the offering, the Fund sells an offsetting amount of assets that are subject to the investment limitation in question at least equal to the value of the securities or instruments to be acquired. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Unless otherwise indicated, all percentage limitations on Fund investments (as stated throughout this Statement of Additional Information or in the Prospectus) that are not: (i)&#160;specifically included in this &#8220;Investment Restrictions&#8221; section; or (ii)&#160;imposed by the 1940 Act, rules thereunder, the Code or related regulations (the &#8220;Elective Investment Restrictions&#8221;), will apply only at the time of investment unless the acquisition is a Voluntary Action. The percentage limitations and absolute prohibitions with respect to Elective Investment Restrictions are not applicable to the Fund&#8217;s acquisition of securities or instruments through a Voluntary Action. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may engage in roll-timing strategies where the Fund seeks to extend the expiration or maturity of a position, such as a forward contract, futures contract or TBA transaction, on an underlying asset by closing out </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">77 </p>



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the position before expiration and contemporaneously opening a new position with respect to the same underlying asset that has substantially similar terms except for a later expiration date. Such &#8220;rolls&#8221; enable the Fund to maintain continuous investment exposure to an underlying asset beyond the expiration of the initial position without delivery of the underlying asset. Similarly, as certain standardized swap agreements transition from OTC trading to mandatory exchange-trading and clearing due to the implementation of Dodd-Frank Act regulatory requirements, the Fund may &#8220;roll&#8221; an existing OTC swap agreement by closing out the position before expiration and contemporaneously entering into a new exchange-traded and cleared swap agreement on the same underlying asset with substantially similar terms except for a later expiration date. These types of new positions opened contemporaneous with the closing of an existing position on the same underlying asset with substantially similar terms are collectively referred to as &#8220;Roll Transactions.&#8221; Elective Investment Restrictions (defined in the preceding paragraph), which normally apply at the time of investment, do not apply to Roll Transactions (although Elective Investment Restrictions will apply to the Fund&#8217;s entry into the initial position). In addition and notwithstanding the foregoing, for purposes of this policy, those <span style="white-space:nowrap">Non-Fundamental</span> Investment Restrictions that are considered Elective Investment Restrictions for purposes of the policy on Voluntary Actions (described in the preceding paragraph) are also Elective Investment Restrictions for purposes of this policy on Roll Transactions. The Fund will test for compliance with Elective Investment Restrictions at the time of the Fund&#8217;s initial entry into a position, but the percentage limitations and absolute prohibitions set forth in the Elective Investment Restrictions are not applicable to the Fund&#8217;s subsequent acquisition of securities or instruments through a Roll Transaction. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_4">MANAGEMENT OF THE FUND </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman;font-weight:bold">Trustees and Officers </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The business of the Fund is managed under the direction of the Board. Subject to the provisions of the Fund&#8217;s Amended and Restated Agreement and Declaration of Trust, as may be amended from time to time (the &#8220;Declaration&#8221;), its Amended and Restated Bylaws, as may be amended from time to time (the &#8220;Bylaws&#8221;), and Massachusetts law, the Board has all powers necessary and convenient to carry out this responsibility, including the election and removal of the Fund&#8217;s officers. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold">Board Leadership Structure </span>&#8212;<span style="font-weight:bold"></span> The Board is currently composed of nine Trustees, six of whom are not &#8220;interested persons&#8221; (within the meaning of Section&#160;2(a)(19) of the 1940 Act) of the Fund or of the Investment Manager (the &#8220;Independent Trustees&#8221;), which represents 75% of the Trustees that are Independent Trustees. An Independent Trustee serves as Chair of the Board and is selected by a vote of the majority of the Independent Trustees. The Chair of the Board presides at meetings of the Board and acts as a liaison with service providers, officers, attorneys and other Trustees generally between meetings, and performs such other functions as may be requested by the Board from time to time. At the Board meetings held on June <span style="white-space:nowrap">15-16,</span> 2022, the Board appointed Ms.&#160;Kathleen McCartney as a Class&#160;II Trustee, effective July&#160;1, 2022. The Board concluded that Ms.&#160;McCartney is qualified to serve as an Independent Trustee. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Board meets regularly four times each year to discuss and consider matters concerning the Fund, and also holds special meetings to address matters arising between regular meetings. The Independent Trustees regularly meet outside the presence of management and are advised by independent legal counsel. Regular meetings generally take place <span style="white-space:nowrap">in-person;</span> other meetings may take place <span style="white-space:nowrap">in-person</span> or by telephone. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Board has established five standing Committees to facilitate the Trustees&#8217; oversight of the management of the Fund: the Audit Oversight Committee, the Governance and Nominating Committee, the Valuation Oversight Committee, the Contracts Committee and the Performance Committee. The functions and role of each Committee are described below under &#8220;Committees of the Board of Trustees.&#8221; The membership of each Committee (other than the Performance Committee) consists of only the Independent Trustees. The Performance Committee consists of all of the Trustees. The Independent Trustees believe that participation on each Committee allows them to participate in the full range of the Board&#8217;s oversight duties. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">78 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Board reviews its leadership structure periodically and has determined that this leadership structure, including an Independent Chair, a supermajority of Independent Trustees and Committee membership limited to Independent Trustees (with the exception of the Performance Committee), is appropriate in light of the characteristics and circumstances of the Fund. In reaching this conclusion, the Board considered, among other things, the predominant role of the Investment Manager in the <span style="white-space:nowrap"><span style="white-space:nowrap">day-to-day</span></span> management of Fund affairs, the extent to which the work of the Board is conducted through the Committees, the number of funds in the fund complex overseen by members, the variety of asset classes those funds include, the assets of the Fund and the other funds in the fund complex and the management, distribution and other service arrangements of the Fund and such other funds. The Board also believes that its structure, including the presence of two Trustees who are or have been executives with the Investment Manager or Investment Manager-affiliated entities, facilitates an efficient flow of information concerning the management of the Fund to the Independent Trustees. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Risk Oversight</span><span style="font-weight:bold"></span><span style="font-style:italic">.</span><span style="font-weight:bold"></span> The Fund has retained the Investment Manager to provide investment advisory services and administrative services. Accordingly, the Investment Manager is immediately responsible for the management of risks that may arise from Fund investments and operations. Some employees of the Investment Manager serve as the Fund&#8217;s officers, including the Fund&#8217;s principal executive officer and principal financial and accounting officer, chief compliance officer and chief legal officer. The Investment Manager and the Fund&#8217;s other service providers have adopted policies, processes, and procedures to identify, assess and manage different types of risks associated with the Fund&#8217;s activities. The Board oversees the performance of these functions by the Investment Manager and the Fund&#8217;s other service providers, both directly and through the Committee structure it has established. The Board receives from the Investment Manager a wide range of reports, both on a regular and <span style="white-space:nowrap">as-needed</span> basis, relating to the Fund&#8217;s activities and to the actual and potential risks of the Fund. These include reports on investment and market risks, custody and valuation of Fund assets, compliance with applicable laws, and the Fund&#8217;s financial accounting and reporting. In addition, the Board meets periodically with the portfolio managers of the Fund or their delegates to receive reports regarding the portfolio management of the Fund and its performance, including its investment risks. In the course of these meetings and discussions with the Investment Manager, the Board has emphasized to the Investment Manager the importance of maintaining vigorous risk management programs and procedures. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, the Board has appointed a Chief Compliance Officer (&#8220;CCO&#8221;). The CCO oversees the development of compliance policies and procedures that are reasonably designed to minimize the risk of violations of the federal securities laws (&#8220;Compliance Policies&#8221;). The CCO reports directly to the Independent Trustees, interacts with individuals within the Investment Manager&#8217;s organization and provides presentations to the Board at its quarterly meetings and an annual report on the application of the Compliance Policies. The Board periodically discusses relevant risks affecting the Fund with the CCO at these meetings. The Board has approved the Compliance Policies and reviews the CCO&#8217;s reports. Further, the Board annually reviews the sufficiency of the Compliance Policies, as well as the appointment and compensation of the CCO. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Board recognizes that the reports it receives concerning risk management matters are, by their nature, typically summaries of the relevant information. Moreover, the Board recognizes that not all risks that may affect the Fund can be identified in advance; that it may not be practical or cost-effective to eliminate or mitigate certain risks; that it may be necessary to bear certain risks (such as investment-related risks) in seeking to achieve the Fund&#8217;s investment objective; and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trustees and officers of the Fund, their years of birth, the position they hold with the Fund, their term of office and length of time served, a description of their principal occupations during the past five years, the number of portfolios in the Fund Complex that the Trustee oversees and any other public company directorships held by the Trustee are listed in the two tables immediately following. Except as shown, each Trustee&#8217;s and officer&#8217;s principal occupation and business experience for the last five years have been with the employer(s) indicated, although in some cases the Trustee may have held different positions with such employer(s). </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">79 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The charts below identify the Trustees and executive officers of the Fund. Unless otherwise indicated, the address of all persons below is c/o Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">Trustees </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr>

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<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Name,&#160;Address,<br />Year&#160;of&#160;Birth<br />and&#160;Class</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Position(s)<br />Held<br />with&#160;the&#160;Fund</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Term&#160;of&#160;Office<br />and&#160;Length&#160;of<br />Time&#160;Served<sup style="font-size:75%; vertical-align:top">(2)</sup></span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Principal&#160;Occupation(s)<br />During&#160;the&#160;Past&#160;5&#160;Years</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Number&#160;of<br />Portfolios&#160;in<br />Fund<br />Complex<br />Overseen&#160;by<br />Trustee<sup style="font-size:75%; vertical-align:top">(3)</sup></span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Other<br />Directorships<br />Held&#160;by&#160;Trustee<br />During&#160;the&#160;Past<br />5&#160;Years</p></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td colspan="11" style="vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:justify">Independent Trustees<sup style="font-size:75%; vertical-align:top">(1)</sup></p></td></tr>
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<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deborah A.</p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">DeCotis</p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1952</p> <p style="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&#160;II</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Chair of<br />the&#160;Board,<br />Trustee</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Chair<br />Since<br />2019,<br />Trustee<br />Since<br />2011</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Advisory Director, Morgan Stanley&#160;&amp; Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since&#160;2013); Trustee, Smith College (since&#160;2017); and Director, Watford Re (since&#160;2017). Formerly, <span style="white-space:nowrap">Co-Chair</span> Special Projects Committee, Memorial Sloan Kettering <span style="white-space:nowrap">(2005-2015);</span> Trustee, Stanford University <span style="white-space:nowrap">(2010-2015);</span> Principal, LaLoop LLC, a retail accessories company (1999-2014); Director, Helena Rubenstein Foundation (1997-2010); and Director, Armor&#160;Holdings <span style="white-space:nowrap">(2002-2010)</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center">29</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">Trustee, Allianz&#160;Funds</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"><span style="white-space:nowrap">(2011-2021);</span></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">Trustee, Virtus Funds</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;text-align:center"><span style="white-space:nowrap">(2021-Present).</span></p></td></tr>
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<td style="height:6pt"></td>
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<td style="padding-bottom:6pt ;vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sarah E.</p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cogan</p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1956</p> <p style="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&#160;II</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Trustee</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Since<br /> <p style="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">2019</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Retired Partner, Simpson Thacher&#160;&amp; Bartlett LLP (law firm); Director, Girl Scouts of Greater New York, Inc. (since 2016); and Trustee, Natural Resources Defense&#160;Council, Inc. (since&#160;2013).&#160;Formerly, Partner, Simpson Thacher&#160;&amp; Bartlett LLP (1989-2018).</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="padding-bottom:6pt ;vertical-align:top">29</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="padding-bottom:6pt ;vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">Trustee, Allianz&#160;Funds</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"><span style="white-space:nowrap">(2019-2021);</span></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">Trustee, Virtus Funds</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;text-align:center"><span style="white-space:nowrap">(2021-Present).</span></p></td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">80 </p>



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<td style="width:14%"></td></tr>

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<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Name,&#160;Address,<br />Year&#160;of&#160;Birth<br />and&#160;Class</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Position(s)<br />Held<br />with&#160;the&#160;Fund</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Term&#160;of&#160;Office<br />and&#160;Length&#160;of<br />Time&#160;Served<sup style="font-size:75%; vertical-align:top">(2)</sup></span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Principal&#160;Occupation(s)<br />During&#160;the&#160;Past&#160;5&#160;Years</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Number&#160;of<br />Portfolios&#160;in<br />Fund<br />Complex<br />Overseen&#160;by<br />Trustee<sup style="font-size:75%; vertical-align:top">(3)</sup></span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Other<br />Directorships<br />Held&#160;by&#160;Trustee<br />During&#160;the&#160;Past<br />5&#160;Years</p></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="padding-bottom:6pt ;vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Joseph B.</p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Kittredge,&#160;Jr.</p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1954</p> <p style="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&#160;III</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Trustee</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Since<br />2020</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Trustee (since 2019) and Governance Committee (since 2020), Vermont Law School; Director and Treasurer, Center for Reproductive Rights (since&#160;2015); Formerly, Director (2013-2020) and Chair (2018- 2020), ACLU of Massachusetts; General Counsel, Grantham, Mayo, Van Otterloo&#160;&amp; Co. LLC (2005-2018) and Partner (2007-2018); President, GMO Trust (institutional mutual funds) <span style="white-space:nowrap">(2009-2018);</span> Chief Executive Officer, GMO Trust (2009-2015); President and Chief Executive Officer, GMO Series Trust (platform based mutual funds) <span style="white-space:nowrap">(2011-2013).</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="padding-bottom:6pt ;vertical-align:top">29</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="padding-bottom:6pt ;vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">Trustee,&#160;GMO</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">Trust</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"><span style="white-space:nowrap">(2010-2018);</span></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">Chairman&#160;of the Board of Trustees, GMO Series Trust</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;text-align:center"><span style="white-space:nowrap">(2011-2018).</span></p></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
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<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="padding-bottom:6pt ;vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Kathleen</p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">McCartney<sup style="font-size:75%; vertical-align:top">(4)</sup></p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1956</p> <p style="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&#160;II</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Trustee</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Since<br />2022</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">President, Smith College (since&#160;2013); Director, Five Colleges, Inc., consortium of liberal arts colleges and universities (since&#160;2013); President, Five Colleges, Inc., (since 2020); Formerly, Director, American Council on Education Board of Directors, (2015-2019); Director, Consortium on Financing Higher Education Board of Directors (2015-2019); Director, edX Board of Directors, online course provider (2012-2013); Director, Bellwether Education Partners Board, national nonprofit organization (2010-2013); Dean, Harvard Graduate School of Education&#160;(2006-2013);&#160;Trustee, Tufts University (2007-2013).</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="padding-bottom:6pt ;vertical-align:top">29</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="padding-bottom:6pt ;vertical-align:top">None.</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="padding-bottom:6pt ;vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">William B.</p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ogden,&#160;IV</p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1945</p> <p style="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&#160;III</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Trustee</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Since<br />2010</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Retired. Formerly, Asset Management Industry Consultant; and Managing Director, Investment Banking Division of Citigroup Global Markets Inc.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="padding-bottom:6pt ;vertical-align:top">29</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="padding-bottom:6pt ;vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">Trustee, Allianz&#160;Funds</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"><span style="white-space:nowrap">(2006-2021);</span></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">Trustee,&#160;Virtus AllianzGI</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"><span style="white-space:nowrap">Closed-End</span></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">Funds</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;text-align:center"><span style="white-space:nowrap">(2021-Present).</span></p></td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">81 </p>



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<td style="width:38%"></td>

<td style="vertical-align:bottom;width:4%"></td>
<td></td>

<td style="vertical-align:bottom;width:4%"></td>
<td style="width:14%"></td></tr>

<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Name,&#160;Address,<br />Year&#160;of&#160;Birth<br />and&#160;Class</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Position(s)<br />Held<br />with&#160;the&#160;Fund</span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Term&#160;of&#160;Office<br />and&#160;Length&#160;of<br />Time&#160;Served<sup style="font-size:75%; vertical-align:top">(2)</sup></span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Principal&#160;Occupation(s)<br />During&#160;the&#160;Past&#160;5&#160;Years</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Number&#160;of<br />Portfolios&#160;in<br />Fund<br />Complex<br />Overseen&#160;by<br />Trustee<sup style="font-size:75%; vertical-align:top">(3)</sup></span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Other<br />Directorships<br />Held&#160;by&#160;Trustee<br />During&#160;the&#160;Past<br />5&#160;Years</p></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="padding-bottom:6pt ;vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alan&#160;Rappaport</p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1953</p> <p style="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&#160;I</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Trustee</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Since<br />2010</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Formerly Adjunct Professor, New&#160;York University Stern School of Business <span style="white-space:nowrap">(since&#160;2011-2020);</span> Lecturer, Stanford University Graduate School of Business (2013-2020); and Director, Victory Capital Holdings, Inc., an asset management firm (since 2013). Formerly, Advisory Director (formerly Vice Chairman), Roundtable Investment Partners (2009-2018); Member of Board of Overseers, NYU Langone Medical Center (2015-2016); Trustee, American Museum of Natural History (2005-2015); Trustee, NYU Langone Medical Center (2007-2015);&#160;and Vice Chairman (formerly, Chairman and President), U.S. Trust (formerly, Private Bank of Bank of America, the predecessor entity of U.S. Trust) (2001-2008).</td>
<td style="vertical-align:bottom">&#160;</td>
<td align="center" style="padding-bottom:6pt ;vertical-align:top">29</td>
<td style="vertical-align:bottom">&#160;</td>
<td align="center" style="padding-bottom:6pt ;vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">Trustee, Allianz&#160;Funds</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"><span style="white-space:nowrap">(2010-2021);</span></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">Trustee, Virtus AllianzGI <span style="white-space:nowrap">Closed-End</span> Funds</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;text-align:center"><span style="white-space:nowrap">(2021-Present).</span></p></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">E. Grace</p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vandecruze<sup style="font-size:75%; vertical-align:top">(5)</sup></p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1963</p> <p style="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&#160;I</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">Trustee</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">Since<br />2021</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">Founder and Managing Director, Grace Global Capital LLC, a strategic advisory firm to the insurance industry (since 2006); Director, The Doctors Company, a medical malpractice insurance company (since 2020); Chief Financial Officer, Athena Technology Acquisition Corp, a special purpose acquisition company (since 2021); Director, Link Logistics REIT, a real estate company (since 2021); Director and Member of the Investment&#160;&amp; Risk Committee, Resolution Life Group Holdings, a global life insurance group (since 2021); and Director, Wharton Graduate Executive Board. Formerly, Director, Resolution Holdings (2015-2019).&#160;Formerly, Director and Member of the Audit Committee and the Wealth Solutions Advisory Committee, M&#160;Financial Group, a life insurance company (2015-2021); Director, SBLI USA, a life insurance company (2015-2018).</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top" align="center">29</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top" align="center">None.</td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">82 </p>



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<td style="width:13%"></td></tr>

<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Name,&#160;Address,<br />Year&#160;of&#160;Birth<br />and&#160;Class</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Position(s)<br />Held<br />with&#160;the&#160;Fund</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Term&#160;of&#160;Office<br />and&#160;Length&#160;of<br />Time&#160;Served<sup style="font-size:75%; vertical-align:top">(2)</sup></span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Principal&#160;Occupation(s)<br />During&#160;the&#160;Past&#160;5&#160;Years</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Number&#160;of<br />Portfolios&#160;in<br />Fund<br />Complex<br />Overseen&#160;by<br />Trustee<sup style="font-size:75%; vertical-align:top">(3)</sup></span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Other<br />Directorships<br />Held&#160;by&#160;Trustee<br />During&#160;the&#160;Past<br />5&#160;Years</p></td></tr>


<tr style="font-size:1pt">
<td style="height:6pt" colspan="11"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt;background-color:#cceeff">
<td colspan="11" style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman">Interested Trustees<sup style="font-size:75%; vertical-align:top">(6)</sup></p></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td></tr>
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<td style="padding-bottom:6pt ;vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">David N.</p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fisher<sup style="font-size:75%; vertical-align:top"> </sup></p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1968</p> <p style="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&#160;III</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Trustee</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Since<br />2019</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:6pt ;vertical-align:top">Managing Director and <span style="white-space:nowrap">Co-Head</span> of U.S. Global Wealth Management Strategic Accounts, PIMCO (since 2021); Managing Director and Head of Traditional Product Strategies, PIMCO (2015-2021); and Director, Court Appointed Special Advocates (CASA) of Orange County, a <span style="white-space:nowrap">non-profit</span> organization (since 2015). Formerly, Global Bond Strategist, PIMCO (2008-2015); and Managing Director and Head of Global Fixed Income, HSBC Global Asset Management&#160;(2005-2008).</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="padding-bottom:6pt ;vertical-align:top">29</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="padding-bottom:6pt ;vertical-align:top">None</td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="padding-bottom:12pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">John C.</p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Maney<sup style="font-size:75%; vertical-align:top"> </sup></p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1959</p> <p style="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.30em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&#160;I</p></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:12pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top">Trustee</td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:12pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top">Since<br />2006</td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:12pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top">Senior Adviser to PIMCO (since June 2020); <span style="white-space:nowrap">Non-Executive</span> Director and a member of the Compensation Committee of PIMCO Europe Ltd (since December 2017). Formerly, Consultant to PIMCO (January 2021-June 2021); Formerly, Managing Director of Allianz Asset Management of America L.P. <span style="white-space:nowrap">(2005-2019);</span> member of the Management Board and Chief Operating Officer of Allianz Asset Management of America L.P (2006-2019); Member of the Management Board of Allianz Global Investors Fund Management LLC <span style="white-space:nowrap">(2007-2014)</span> and Managing Director of Allianz Global Investors Fund Management LLC (2011-2014).</td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="padding-bottom:12pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top">29</td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="padding-bottom:12pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top">None</td></tr>
</table> <p style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(1)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">&#8220;Independent Trustees&#8221; are those Trustees who are not &#8220;interested persons&#8221; (as defined in Section&#160;2(a)(19) of the 1940 Act). </p></td></tr></table> <p style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(2)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Under the Fund&#8217;s Declaration of Trust, a Trustee serves until his or her death, retirement, removal, disqualification, resignation or replacement. In accordance with the Fund&#8217;s Declaration of Trust (see &#8220;Anti-Takeover and Other Provisions in the Declaration of Trust and Bylaws&#8221;), the Common and/or Preferred Shareholders of the Fund, as applicable, elect Trustees to fill the vacancies of Trustees whose terms expire at each annual meeting of the Fund&#8217;s shareholders. </p></td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">83 </p>



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<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(3)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The term &#8220;Fund Complex&#8221; as used herein includes the Fund and any other registered investment company (i)&#160;that holds itself out to investors as a related company for purposes of investment and investor services; or (ii)&#160;for which PIMCO or an affiliate of PIMCO serves as primary investment adviser. Prior to February&#160;1, 2021, the Fund Complex would have included a number of open- and <span style="white-space:nowrap">closed-end</span> funds advised by Allianz Global Investors U.S. LLC (&#8220;AllianzGI&#8221;), an affiliate of PIMCO. Effective February&#160;1, 2021 (and February&#160;26, 2021 with respect to Virtus AllianzGI Artificial Intelligence&#160;&amp; Technology Opportunities Fund), however, Virtus Investment Advisers, Inc. (&#8220;Virtus&#8221;) became the primary investment adviser of those funds (such Virtus-advised funds, the &#8220;Former Allianz-Managed Funds&#8221;), and therefore they are no longer included within the definition of Fund Complex as used herein. As of the date of this statement of additional information, AllianzGI serves as <span style="white-space:nowrap">sub-adviser</span> to most of the remaining Former Allianz-Managed Funds. </p></td></tr></table> <p style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(4)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Ms.&#160;McCartney was appointed as a Trustee of the Fund effective July&#160;1, 2022. </p></td></tr></table> <p style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(5)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Ms.&#160;Vandecruze was appointed as a Trustee of the Fund effective June&#160;30, 2021. </p></td></tr></table> <p style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(6)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">&#8220;Interested Trustees&#8221; are those Trustees treated as &#8220;interested persons&#8221; (as defined in Section&#160;2(a)(19) of the 1940 Act) of the Fund. </p></td></tr></table> <p style="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">Officers </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr>

<td style="width:24%"></td>

<td style="vertical-align:bottom;width:4%"></td>
<td></td>

<td style="vertical-align:bottom;width:4%"></td>
<td></td>

<td style="vertical-align:bottom;width:4%"></td>
<td style="width:43%"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Name,&#160;Address and</p> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Year of Birth</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Position(s)</span><br /><span style="font-weight:bold">Held&#160;with&#160;Fund</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Term&#160;of&#160;Office&#160;and<br />Length&#160;of&#160;Time&#160;Served</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Principal&#160;Occupation(s)</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">During&#160;the&#160;Past&#160;5&#160;Years</p></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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;font-weight:bold">Eric D. Johnson<sup style="font-size:75%; vertical-align:top">1</sup></p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">1970</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">President</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Since&#160;2019.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: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;font-weight:bold">Keisha Audain-Pressley<sup style="font-size:75%; vertical-align:top">2</sup></p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">1975</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Chief<br />Compliance<br />Officer</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Since 2018.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, <span style="white-space:nowrap">PIMCO-Managed&#160;Funds,</span> PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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;font-weight:bold">Ryan G. Leshaw<sup style="font-size:75%; vertical-align:top">1</sup></p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">1980</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Chief Legal<br />Officer</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Since 2019.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer, PIMCO-Managed Funds. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Associate, Willkie Farr&#160;&amp; Gallagher LLP.</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: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;font-weight:bold">Joshua D. Ratner<sup style="font-size:75%; vertical-align:top">2</sup></p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">1976</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Senior Vice<br />President</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Since 2019.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">84 </p>



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

<td style="vertical-align:bottom;width:1%"></td>
<td></td>

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<td style="width:40%"></td></tr>

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<td style="vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Name,&#160;Address and</p> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Year of Birth</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Position(s)</span><br /><span style="font-weight:bold">Held&#160;with&#160;Fund</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Term&#160;of&#160;Office&#160;and<br />Length&#160;of&#160;Time&#160;Served</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Principal&#160;Occupation(s)</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">During&#160;the&#160;Past&#160;5&#160;Years</p></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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;font-weight:bold">Peter G. Strelow<sup style="font-size:75%; vertical-align:top">1</sup></p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">1970</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Senior Vice<br />President</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Since&#160;2019.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">Managing Director and <span style="white-space:nowrap">Co-Chief</span> Operating Officer, PIMCO. Senior Vice&#160;President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Chief Administrative Officer, PIMCO.</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: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;font-weight:bold"><span style="white-space:nowrap">Wu-Kwan</span> Kit<sup style="font-size:75%; vertical-align:top">1</sup></p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">1981</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Vice&#160;President,<br />Senior&#160;Counsel<br />and Secretary</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Since 2018.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">Senior Vice President and Senior Counsel, PIMCO. Vice President, Senior&#160;Counsel and Secretary, <span style="white-space:nowrap">PIMCO-Managed</span> Funds. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO&#160;Equity Series VIT. Formerly, Assistant General Counsel, VanEck Associates Corp.</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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;font-weight:bold">Jeffrey A. Byer<sup style="font-size:75%; vertical-align:top">1</sup></p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">1976</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Vice President</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Since 2020.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">Executive Vice President, PIMCO. Vice President, <span style="white-space:nowrap">PIMCO-Managed</span> Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: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;font-weight:bold">Brian J. Pittluck<sup style="font-size:75%; vertical-align:top">1</sup></p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">1977</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Vice President</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Since 2020.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">Senior Vice President, PIMCO. Vice President, <span style="white-space:nowrap">PIMCO-Managed</span> Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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;font-weight:bold">Elizabeth A. Duggan<sup style="font-size:75%; vertical-align:top">1</sup></p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">1964</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Vice President</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Since&#160;March&#160;2021.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">Executive Vice President, PIMCO. Vice President, <span style="white-space:nowrap">PIMCO-Managed</span> Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: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;font-weight:bold">Mark A. Jelic<sup style="font-size:75%; vertical-align:top">1</sup></p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">1981</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Vice President</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Since&#160;September&#160;2021.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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;font-weight:bold">Bijal Parikh<sup style="font-size:75%; vertical-align:top">1</sup></p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">1978</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Treasurer</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Since January 2021.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">Executive Vice President, PIMCO. Treasurer, <span style="white-space:nowrap">PIMCO-Managed</span> Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">85 </p>



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<td style="vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Name,&#160;Address and</p> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Year of Birth</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Position(s)</span><br /><span style="font-weight:bold">Held&#160;with&#160;Fund</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Term&#160;of&#160;Office&#160;and<br />Length&#160;of&#160;Time&#160;Served</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Principal&#160;Occupation(s)</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">During&#160;the&#160;Past&#160;5&#160;Years</p></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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;font-weight:bold">Erik C. Brown<sup style="font-size:75%; vertical-align:top">3</sup></p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">1967</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Assistant<br />Treasurer</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Since&#160;2015.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">Executive Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: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;font-weight:bold">Brandon T. Evans<sup style="font-size:75%; vertical-align:top">1</sup></p> <p style="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">1982</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Deputy&#160;Treasurer</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Since&#160;March&#160;2022.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">Senior Vice President, PIMCO. Deputy Treasurer, <span style="white-space:nowrap">PIMCO-Managed</span> Funds, Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</td></tr>
</table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(1)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The address of these officers is Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, California 92660. </p></td></tr></table> <p style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(2)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019. </p></td></tr></table> <p style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(3)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Each of the Fund&#8217;s executive officers is an &#8220;interested person&#8221; of the Fund (as defined in Section&#160;2(a)(19) of the 1940 Act) as a result of his or her position(s) set forth in the table above. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Trustee Qualifications</span>. The Board has determined that each Trustee is qualified to serve as such based on several factors (none of which alone is decisive). Each Trustee is knowledgeable about the Fund&#8217;s business and service provider arrangements in part because he or she serves as trustee or director to a number of other investment companies advised by the Investment Manager and/or its affiliates with similar arrangements to that of the Fund. Among the factors the Board considered when concluding that an individual is qualified to serve on the Board were the following: (i)&#160;the individual&#8217;s business and professional experience and accomplishments; (ii)&#160;the individual&#8217;s ability to work effectively with other members of the Board; (iii)&#160;the individual&#8217;s prior experience, if any, serving on the boards of public companies (including, where relevant, other investment companies) and other complex enterprises and organizations; and (iv)&#160;how the individual&#8217;s skills, experiences and attributes would contribute to an appropriate mix of relevant skills and experience on the Board. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In respect of each current Trustee, the individual&#8217;s substantial professional accomplishments and prior experience, including, in some cases, in fields related to the operations of the Fund, were a significant factor in the determination by the Board that the individual is qualified to serve as a Trustee of the Fund. The following is a summary of various qualifications, experiences and skills of each Trustee (in addition to business experience during the past five years set forth in the table above) that contributed to the Board&#8217;s conclusion that an individual is qualified to serve on the Board. References to qualifications, experiences and skills are not intended to hold out the Board or individual Trustees as having any special expertise or experience, and shall not impose any greater responsibility or liability on any such person or on the Board by reason thereof. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold">Sarah E. Cogan </span>&#8212;<span style="font-weight:bold"> </span>Ms.&#160;Cogan has substantial legal experience in the investment management industry, having served as a partner at a large international law firm in the corporate department for over 25 years and as former head of the registered funds practice. She has extensive experience in oversight of investment company boards through her experience as counsel to the Independent Trustees of certain PIMCO-Managed Funds and as counsel to other independent trustees, investment companies and asset management firms. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">86 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold">Deborah A. DeCotis</span>&#160;&#8212; Ms.&#160;DeCotis has substantial senior executive experience in the investment banking industry, having served as a Managing Director for Morgan Stanley. She has extensive board experience and experience in oversight of investment management functions through her experience as a former Director of the Helena Rubenstein Foundation, Stanford Graduate School of Business and Armor Holdings. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold">David N. Fisher </span>&#8212;<span style="font-weight:bold"></span> Mr.&#160;Fisher has substantial executive experience in the investment management industry. Mr.&#160;Fisher is a Managing Director and <span style="white-space:nowrap">Co-Head</span> of U.S. Global Wealth Management Strategic Accounts at PIMCO. In this role, he helps oversee relationships with key distribution partners and develop the firm&#8217;s growth strategy across wealth management channels. Prior to taking on this position, Mr.&#160;Fisher was Head of Traditional Product Strategies at PIMCO, where he oversaw teams of product strategists covering core and <span style="white-space:nowrap">non-core</span> fixed income strategies as well as the firm&#8217;s suite of equity strategies, was a Global Bond Strategist at PIMCO, and has managed PIMCO&#8217;s Total Return Strategy. Because of his familiarity with PIMCO and its affiliates, Mr.&#160;Fisher serves as an important information resource for the Independent Trustees and as a facilitator of communication with PIMCO. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold">Joseph B. Kittredge, Jr.</span> &#8212; Mr.&#160;Kittredge has substantial experience in the investment management industry, having served for thirteen years as General Counsel to Grantham, Mayo, Van Otterloo&#160;&amp; Co. LLC, the adviser to the GMO mutual fund complex, and as a Trustee and senior officer for Funds in the GMO complex. Previously, he was a partner at a large international law firm. Mr.&#160;Kittredge has extensive experience in asset management regulation and has provided legal advice to investment company boards, registered funds and their sponsors with respect to a broad range of financial, legal, tax, regulatory and other issues. He also serves as the Audit Oversight Committee&#8217;s Chair and has been determined by the Board to be an &#8220;audit committee financial expert.&#8221; </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold">John C. Maney</span>&#160;&#8212; Mr.&#160;Maney has substantial executive and board experience in the investment management industry. Prior to January 2020, he served in a variety of senior-level positions with investment advisory firms affiliated with the Investment Manager, including Allianz Asset Management of America L.P. (the Investment Manager&#8217;s U.S. parent company). In addition, Mr.&#160;Maney currently provides various services to the Investment Manager as a senior advisor. Because of his familiarity with the Investment Manager and affiliated entities, he serves as an important information resource for the Independent Trustees and as a facilitator of communication with the Investment Manager and its affiliates. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold">Kathleen McCartney</span>&#160;&#8212; Ms.&#160;McCartney has substantial board experience, having served on a number of nonprofit boards, as trustee of Tufts University, director of the American Council on Education, director of the Consortium on Financing Higher Education, founding board member of edX, and director of the Bellwether Education Partners board. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold">William B. Ogden, IV</span>&#160;&#8212; Mr.&#160;Ogden has substantial senior executive experience in the investment banking industry. He served as Managing Director at Citigroup, where he established and led the firm&#8217;s efforts to raise capital for, and provide mergers and acquisition advisory services to, asset managers and investment advisers. He also has significant experience with fund products through his senior-level responsibility for originating and underwriting a broad variety of such products. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold">Alan Rappaport</span>&#160;&#8212; Mr.&#160;Rappaport has substantial senior executive experience in the financial services industry. He formerly served as Chairman and President of the Private Bank of Bank of America and as Vice Chairman of U.S.&#160;Trust and as an Advisory Director of an investment firm. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold">E. Grace Vandecruze</span> &#8212; Ms.&#160;Vandecruze has substantial senior executive experience in the financial services industry. She is Founder and Managing Director of Grace Global Capital LLC, a strategic advisory firm to the insurance industry (since 2006). She has extensive board experience and experience in oversight of investment management and insurance company functions through her experience as a Director and Member of the Audit Committee and the Wealth Solutions Advisory Committee, M Financial Group, a life insurance </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">87 </p>



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company (2021), a Director of The Doctors Company, a medical malpractice insurance company (since 2020) and a Director and Member of the Investment&#160;&amp; Risk Committee, Resolution Life Group Holdings, a global life insurance group (since 2021). </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Committees of the Board of Trustees </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Audit Oversight Committee.</span> The Board has established an Audit Oversight Committee, currently consisting of Mses. DeCotis, Cogan, McCartney and Vandecruze and Messrs. Kittredge, Ogden and Rappaport, each of whom is an Independent Trustee. Mr.&#160;Kittredge is the current Chair of the Fund&#8217;s Audit Oversight Committee. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Audit Oversight Committee provides oversight with respect to the internal and external accounting and auditing procedures of the Fund and, among other things, determines the selection of an independent registered public accounting firm for the Fund and considers the scope of the audit, approves all audit and permitted <span style="white-space:nowrap">non-audit</span> services proposed to be performed by those auditors on behalf of the Fund and approves <span style="white-space:nowrap">non-audit</span> services to be performed by the auditors for certain affiliates, including PIMCO and entities in a control relationship with PIMCO that provide services to the Fund where the engagement relates directly to the operations and financial reporting of the Fund. The Audit Oversight Committee considers the possible effect of those services on the independence of the Fund&#8217;s independent registered public accounting firm. During the fiscal year ended December&#160;31, 2021, the Audit Oversight Committee met six times. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Governance and Nominating Committee.</span> The Board has established a Governance and Nominating Committee composed solely of Independent Trustees, currently consisting of Messrs. Kittredge, Ogden, Rappaport and Mses. Cogan, DeCotis, McCartney and Vandecruze. Ms.&#160;DeCotis is the current Chair of the Governance and Nominating Committee. The primary purposes and responsibilities of the Governance and Nominating Committee are (i)&#160;advising and making recommendations to the Board on matters concerning Board governance and related Trustee practices, and (ii)&#160;the screening and nomination of candidates for election to the Board as Independent Trustees. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The responsibilities of the Governance and Nominating Committee include considering and making recommendations to the Fund&#8217;s Board regarding: (1)&#160;governance, retirement and other policies, procedures and practices relating to the Board and the Trustees; (2)&#160;in consultation with the Chair of the Board, matters concerning the functions and duties of the Trustees and committees of the Board; (3)&#160;the size of the Board and, in consultation with the Chair of the Board, the Board&#8217;s committees and their composition; and (4)&#160;Board and committee meeting procedures. The Committee will also periodically review and recommend for approval by the Board the structure and levels of compensation and any related benefits to be paid or provided by the Fund to the Independent Trustees for their services on the Board and any committees on the Board. The Governance and Nominating Committee is responsible for reviewing and recommending qualified candidates to the Board in the event that a position is vacated or created or when Trustees are to be <span style="white-space:nowrap">re-elected.</span> During the fiscal year ended December&#160;31, 2021, the Governance and Nominating Committee met three times. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Qualifications, Evaluation and Identification of Trustee/Nominees</span>. The Governance and Nominating Committee of the Fund requires that Trustee candidates have a college degree or equivalent business experience. When evaluating candidates, the Governance and Nominating Committee may take into account a wide variety of factors including, but not limited to: (i)&#160;availability and commitment of a candidate to attend meetings and perform his or her responsibilities on the Board, (ii)&#160;relevant industry and related experience, (iii)&#160;educational background, (iv)&#160;ability, judgment and expertise and (v)&#160;overall diversity of the Board&#8217;s composition. The process of identifying nominees involves the consideration of candidates recommended by one or more of the following sources: (i)&#160;the Fund&#8217;s current Trustees, (ii)&#160;the Fund&#8217;s officers, (iii)&#160;the Fund&#8217;s investment adviser, (iv)&#160;the Fund&#8217;s shareholders and (v)&#160;any other source the Committee deems to be appropriate. The Governance and Nominating Committee may, but is not required to, retain a third-party search firm at the Fund&#8217;s expense to identify potential candidates. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">88 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Consideration of Candidates Recommended by Shareholders</span>. The Governance and Nominating Committee will review and consider nominees recommended by shareholders to serve as Trustees, provided that the recommending shareholder follows the &#8220;Procedures for Shareholders to Submit Nominee Candidates,&#8221; which are set forth as Appendix B to the Fund&#8217;s Governance and Nominating Committee Charter and attached as Appendix&#160;A to this Statement of Additional Information. Among other requirements, these procedures provide that the recommending shareholder must submit any recommendation in writing to the Fund, to the attention of the Fund&#8217;s Secretary, at the address of the principal executive offices of the Fund and that such submission must be received at such offices not less than 45 days nor more than 75 days prior to the date of the Board or shareholder meeting at which the nominee would be elected. Any recommendation must include certain biographical and other information regarding the candidate and the recommending shareholder, and must include a written and signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected. The foregoing description of the requirements is only a summary. Please refer to Appendix B to the Governance and Nominating Committee Charter, which is attached to this Statement of Additional Information as Appendix A for details. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Governance and Nominating Committee has full discretion to reject nominees recommended by shareholders, and there is no assurance that any such person properly recommended and considered by the Committee will be nominated for election to the Board of Trustees. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Diversity</span>. The Governance and Nominating Committee takes diversity of a particular nominee and overall diversity of the Board into account when considering and evaluating nominees for Trustee. The Board has adopted a diversity policy and, when considering a nominee&#8217;s and the Board&#8217;s diversity, the Committee generally considers the manner in which each nominee&#8217;s professional experience, education, expertise in matters that are relevant to the oversight of the Fund (e.g., investment management, distribution, accounting, trading, compliance, legal), general leadership experience, and life experience are complementary and, as a whole, contribute to the ability of the Board to oversee the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Valuation Oversight Committee.</span><span style="font-weight:bold"> </span>The Board has established a Valuation Oversight Committee currently consisting of Messrs. Kittredge, Ogden and Rappaport and Mses. Cogan, DeCotis, McCartney and Vandecruze. Mr.&#160;Ogden is the Chair of the Valuation Oversight Committee. The Valuation Oversight Committee has been delegated responsibility by the Board for overseeing determination of the fair value of the Fund&#8217;s portfolio securities and other assets on behalf of the Board in accordance with the Fund&#8217;s valuation procedures. The Valuation Oversight Committee reviews and approves procedures for the fair valuation of the Fund&#8217;s portfolio securities and periodically reviews information from PIMCO regarding fair value determinations made pursuant to Board-approved procedures, and makes related recommendations to the full Board and assists the full Board in resolving particular fair valuation and other valuation matters. In certain circumstances as specified in the Fund&#8217;s valuation policies, the Valuation Oversight Committee may also determine the fair value of portfolio holdings after consideration of all relevant factors, which determinations shall be reported to the full Board. During the fiscal year ended December&#160;31, 2021, the Valuation Oversight Committee met four times. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Contracts Committee.</span><span style="font-weight:bold"> </span>The Board has established a Contracts Committee currently consisting of Messrs.&#160;Kittredge, Ogden, Rappaport and Mses. Cogan, DeCotis, McCartney and Vandecruze. Ms.&#160;Cogan serves as the Chair of the Fund&#8217;s Contracts Committee. The Contracts Committee meets as the Board deems necessary to review the performance of, and the reasonableness of the fees paid to, as applicable, the Fund&#8217;s investment adviser(s) and any <span style="white-space:nowrap">sub-adviser(s),</span> administrators(s) and principal underwriters(s) and to make recommendations to the Board regarding the approval and continuance of the Fund&#8217;s contractual arrangements for investment advisory, <span style="white-space:nowrap">sub-advisory,</span> administrative and distribution services, as applicable. During the fiscal year ended December&#160;31, 2021, the Contracts Committee met three times. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Performance Committee.</span><span style="font-weight:bold"> </span>The Board has established a Performance Committee, currently consisting of Messrs. Kittredge, Ogden, Rappaport, Maney and Fisher and Mses. Cogan, DeCotis, McCartney and Vandecruze. Mr.&#160;Rappaport serves as the Chair of the Performance Committee. The Performance Committee&#8217;s </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">89 </p>



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responsibilities include reviewing the performance of the Fund and any changes in investment philosophy, approach and personnel of the Investment Manager. During the fiscal year ended December&#160;31, 2021, the Performance Committee met four times. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Securities Ownership </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For each Trustee, the following table discloses the dollar range of equity securities in the Fund beneficially owned by the Trustee and, on an aggregate basis, in any registered investment companies overseen by the Trustee within the Fund&#8217;s family of investment companies, as of December&#160;31, 2021: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">


<tr>

<td style="width:35%"></td>

<td style="vertical-align:bottom;width:1%"></td>
<td style="width:32%"></td>

<td style="vertical-align:bottom;width:1%"></td>
<td style="width:31%"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Name of Trustee</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Dollar&#160;Range&#160;of&#160;Equity<br />Securities in&#160;the Fund</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Aggregate&#160;Dollar&#160;Range&#160;of</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Equity Securities in<br />All&#160;Registered&#160;Investment<br />Companies Overseen<br />by Trustee in Family of<br />Investment Companies<sup style="font-size:75%; vertical-align:top"> </sup><sup style="font-size:75%; vertical-align:top">(1)</sup></p></td></tr>


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<td style="vertical-align:top" colspan="5"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">Independent Trustees</p></td></tr>
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<td style="vertical-align: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">Sarah E. Cogan</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">None</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">Over&#160;$100,000</td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td style="height:3pt" colspan="2"></td>
<td style="height:3pt" colspan="2"></td></tr>
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<td style="vertical-align: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">Deborah A. DeCotis</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">None</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">Over&#160;$100,000</td></tr>
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<td style="height:3pt"></td>
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<td style="height:3pt" colspan="2"></td></tr>
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<td style="vertical-align: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">Joseph B. Kittredge, Jr.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">Over $100,000</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">Over&#160;$100,000</td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td style="height:3pt" colspan="2"></td>
<td style="height:3pt" colspan="2"></td></tr>
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<td style="vertical-align: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">Kathleen McCartney<sup style="font-size:75%; vertical-align:top">(2)</sup></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">None</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">None</td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td style="height:3pt" colspan="2"></td>
<td style="height:3pt" colspan="2"></td></tr>
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<td style="vertical-align: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">William B. Ogden, IV</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center"><span style="white-space:nowrap">$50,001-$100,000</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">Over&#160;$100,000</td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td style="height:3pt" colspan="2"></td>
<td style="height:3pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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">Alan Rappaport</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">$10,001-$50,000</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">Over&#160;$100,000</td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td style="height:3pt" colspan="2"></td>
<td style="height:3pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: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">E. Grace Vandecruze<sup style="font-size:75%; vertical-align:top">(3)</sup></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">None</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">None</td></tr>
<tr style="font-size:1pt">
<td style="height:3pt" colspan="5"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top" colspan="5"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">Interested Trustees</p></td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td style="height:3pt" colspan="2"></td>
<td style="height:3pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: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">David N. Fisher</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">None</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">Over&#160;$100,000</td></tr>
<tr style="font-size:1pt">
<td style="height:3pt"></td>
<td style="height:3pt" colspan="2"></td>
<td style="height:3pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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">John C Maney</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">None</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">Over&#160;$100,000</td></tr>
</table> <p style="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(1)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The term &#8220;Family of Investment Companies&#8221; as used herein includes the Fund and the following registered investment companies: PIMCO Access Income Fund, PIMCO Municipal Income Fund, PIMCO California Municipal Income Fund, PIMCO New York Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II, PIMCO New York Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO California Municipal Income Fund III, PIMCO New York Municipal Income Fund III, PIMCO Corporate&#160;&amp; Income Opportunity Fund, PIMCO Corporate&#160;&amp; Income Strategy Fund, PIMCO Income Opportunity Fund, PCM Fund, Inc., PIMCO Dynamic Credit and Mortgage Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Access Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Global StocksPLUS<sup style="font-size:75%; vertical-align:top">&#174;</sup>&#160;&amp; Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Municipal Income Fund, PIMCO Flexible Credit Income Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Flexible Emerging Markets Income Fund and each series of PIMCO Managed Accounts Trust. </p></td></tr></table> <p style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(2)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Ms.&#160;McCartney was appointed as a Trustee of the Fund effective July&#160;1, 2022. </p></td></tr></table> <p style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(3)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Ms.&#160;Vandecruze was appointed as a Trustee of the Fund effective June&#160;30, 2021. </p></td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">90 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%" />
 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the Fund&#8217;s knowledge, the following table provides information regarding each class of securities owned beneficially in an investment adviser or principal underwriter of the Fund, or a person (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with an investment adviser or principal underwriter of the Fund as of December&#160;31, 2021 by Independent Trustees and their immediate family members: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">


<tr>

<td style="width:30%"></td>

<td style="vertical-align:bottom;width:9%"></td>
<td style="width:17%"></td>

<td style="vertical-align:bottom;width:9%"></td>
<td></td>

<td style="vertical-align:bottom;width:9%"></td>
<td></td>

<td style="vertical-align:bottom;width:9%"></td>
<td></td>

<td style="vertical-align:bottom;width:9%"></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="border-bottom:1.00px solid #000000;vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Name of Trustee</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Name&#160;of&#160;Owners<br />and&#160;Relations&#160;to<br />Trustee</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Company</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Title&#160;of Class</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Value&#160;of</span><br /><span style="font-weight:bold">Securities</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Percent&#160;of<br />Class</span></td></tr>


<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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">Sarah E. Cogan</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">None</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: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">Deborah A. DeCotis</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">None</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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">Joseph B. Kittredge, Jr.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">None</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: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">Kathleen McCartney<sup style="font-size:75%; vertical-align:top">(1)</sup></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">None</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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">William B. Ogden, IV<sup style="font-size:75%; vertical-align:top">(2)</sup></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">None</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: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">Alan Rappaport</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">None</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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">E. Grace Vandecruze<sup style="font-size:75%; vertical-align:top">(3)</sup></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">None</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td></tr>
</table> <p style="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(1)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Ms.&#160;McCartney was appointed as a Trustee of the Fund effective July&#160;1, 2022. </p></td></tr></table> <p style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(2)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">Mr.&#160;Ogden owns a less than 1% limited liability company interest in PIMCO Global Credit Opportunity Onshore Fund LLC, a PIMCO-sponsored private investment vehicle. </p></td></tr></table> <p style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(3)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Ms.&#160;Vandecruze was appointed as a Trustee of the Fund effective June&#160;30, 2021. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As of July&#160;22, 2022, the Trustees and officers of the Fund as a group owned less than 1% of the outstanding Common Shares. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As of July&#160;22, 2022, to the knowledge of the Fund, the following entities owned beneficially or of record 5% or more of the Fund&#8217;s outstanding equity securities. To the knowledge of the Fund, no other person owned beneficially or of record 5% or more of the Fund&#8217;s outstanding equity securities on such date. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">


<tr>

<td style="width:35%"></td>

<td style="vertical-align:bottom;width:25%"></td>
<td></td>

<td style="vertical-align:bottom;width:25%"></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="border-bottom:1.00px solid #000000;vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Record/Beneficial Owner</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00px solid #000000;vertical-align:bottom"><span style="font-weight:bold">Class</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00px solid #000000;vertical-align:bottom"><span style="font-weight:bold">Percentage of</span><br /><span style="font-weight:bold">Outstanding&#160;Shares of</span><br /><span style="font-weight:bold">Fund&#160;Owned&#160;of&#160;Record</span></td></tr>


<tr style="font-size:1pt">
<td style="height:1.5pt"></td>
<td style="height:1.5pt" colspan="2"></td>
<td style="height:1.5pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top">NATIONAL FINANCIAL SERVICES LLC<br />200 LIBERTY ST, ONE WORLD<br />FINANCIAL CENTER<br />NEW YORK NY <span style="white-space:nowrap">10281-100</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top;white-space:nowrap" align="center">Common Shares</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center">15.03%</td></tr>
<tr style="font-size:1pt">
<td style="height:1.5pt"></td>
<td style="height:1.5pt" colspan="2"></td>
<td style="height:1.5pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MERRILL LYNCH PROFESSIONAL</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CLEARING CORP.</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">222 BROADWAY</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">NEW YORK, NY 10038</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top;white-space:nowrap" align="center">Common Shares</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center">13.04%</td></tr>
<tr style="font-size:1pt">
<td style="height:1.5pt"></td>
<td style="height:1.5pt" colspan="2"></td>
<td style="height:1.5pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CHARLES SCHWAB&#160;&amp; CO INC</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">101 MONTGOMERY ST</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">SAN FRANCISCO CA 94104-4151</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top;white-space:nowrap" align="center">Common Shares</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center">12.24%</td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">91 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%" />

<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">


<tr>

<td style="width:35%"></td>

<td style="vertical-align:bottom;width:25%"></td>
<td></td>

<td style="vertical-align:bottom;width:25%"></td>
<td></td></tr>

<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="border-bottom:1.00px solid #000000;vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Record/Beneficial Owner</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00px solid #000000;vertical-align:bottom"><span style="font-weight:bold">Class</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00px solid #000000;vertical-align:bottom"><span style="font-weight:bold">Percentage of</span><br /><span style="font-weight:bold">Outstanding&#160;Shares of</span><br /><span style="font-weight:bold">Fund&#160;Owned&#160;of&#160;Record</span></td></tr>


<tr style="font-size:1pt">
<td style="height:1.5pt"></td>
<td style="height:1.5pt" colspan="2"></td>
<td style="height:1.5pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MORGAN STANLEY SMITH BARNEY</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HARBORSIDE FINANCIAL CENTER, PLAZA 2</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">JERSEY CITY, NJ 07311</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top;white-space:nowrap" align="center">Common Shares</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center">9.28%</td></tr>
<tr style="font-size:1pt">
<td style="height:1.5pt"></td>
<td style="height:1.5pt" colspan="2"></td>
<td style="height:1.5pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TD AMERITRADE INC</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PO BOX 2226</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">OMAHA NE 68103-2226</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top;white-space:nowrap" align="center">Common Shares</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center">9.20%</td></tr>
<tr style="font-size:1pt">
<td style="height:1.5pt"></td>
<td style="height:1.5pt" colspan="2"></td>
<td style="height:1.5pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WELLS FARGO CLEARING SERVICES, LLC</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1 NORTH JEFFERSON AVE</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">SAINT LOUIS, MO 63103-2523</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top;white-space:nowrap" align="center">Common Shares</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center">5.93%</td></tr>
<tr style="font-size:1pt">
<td style="height:1.5pt"></td>
<td style="height:1.5pt" colspan="2"></td>
<td style="height:1.5pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UBS SECURITIES LLC</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">677 WASHINGTON BOULEVARD,</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">STAMFORD, CT 6912</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top;white-space:nowrap" align="center">Preferred Shares</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center">73.61%</td></tr>
<tr style="font-size:1pt">
<td style="height:1.5pt"></td>
<td style="height:1.5pt" colspan="2"></td>
<td style="height:1.5pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BANK OF NEW YORK MELLON</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ONE WALL STREET</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NEW YORK,</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">NEW YORK 10286</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top;white-space:nowrap" align="center">Preferred Shares</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center">11.07%</td></tr>
<tr style="font-size:1pt">
<td style="height:1.5pt"></td>
<td style="height:1.5pt" colspan="2"></td>
<td style="height:1.5pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">OPPENHEIMER&#160;&amp; CO., INC.</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">125 BROAD STREET,</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">NEW YORK, NY 10004</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top;white-space:nowrap" align="center">Preferred Shares</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center">5.90%</td></tr>
<tr style="font-size:1pt">
<td style="height:1.5pt"></td>
<td style="height:1.5pt" colspan="2"></td>
<td style="height:1.5pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PERSHING LLC</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1 PERSHING PLZ</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">JERSEY CITY, NJ <span style="white-space:nowrap">07399-000</span></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top;white-space:nowrap" align="center">Preferred Shares</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top" align="center">5.72%</td></tr>
</table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Trustees&#8217; Compensation </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Each of the Independent Trustees serves as a trustee of PIMCO Municipal Income Fund, PIMCO California Municipal Income Fund, PIMCO New York Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II, PIMCO New York Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO California Municipal Income Fund III, PIMCO New York Municipal Income Fund III, PIMCO Access Income Fund, PIMCO Corporate&#160;&amp; Income Strategy Fund, PIMCO Corporate&#160;&amp; Income Opportunity Fund, PIMCO Dynamic Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Global StocksPLUS<sup style="font-size:75%; vertical-align:top">&#174;</sup>&amp; Income Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc., PIMCO Strategic Income Fund, Inc. and PIMCO Dynamic Income Opportunities Fund, each a <span style="white-space:nowrap">closed-end</span> fund for which the Manager serves as investment manager (together with the Fund, the &#8220;PIMCO <span style="white-space:nowrap">Closed-End</span> Funds&#8221;), as well as PIMCO Flexible Emerging Markets Income Fund, PIMCO Flexible Credit Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Municipal Income Fund, each a <span style="white-space:nowrap">closed-end</span> investment management company that is operated as an &#8220;interval fund&#8221; for which the Manager serves as investment manager (the &#8220;PIMCO Interval Funds&#8221;) and PIMCO Managed Accounts Trust (&#8220;PMAT&#8221;), an <span style="white-space:nowrap">open-end</span> investment management company with multiple series for which the Manager serves as investment adviser and administrator (together with the PIMCO <span style="white-space:nowrap">Closed-End</span> Funds and the PIMCO Interval Funds, the &#8220;PIMCO-Managed Funds&#8221;). </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">92 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%" />
 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Each Independent Trustee receives annual compensation of $250,000 for his or her service on the Boards of the PIMCO-Managed Funds, payable quarterly. The Independent Chair of the Boards receives an additional $75,000 per year, payable quarterly. The Audit Oversight Committee Chair receives an additional $35,000 annually, payable quarterly. The Performance Committee Chair and the Valuation Oversight Committee Chair each receive an additional $10,000 annually, payable quarterly. The Contracts Committee Chair receives an additional $25,000 annually, payable quarterly. Trustees are also reimbursed for meeting-related expenses. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Each Trustee&#8217;s compensation for his or her service as a Trustee on the Boards of the PIMCO-Managed Funds and other costs in connection with joint meetings of the funds are allocated among the PIMCO-Managed Funds, as applicable, on the basis of fixed percentages as among PMAT, the PIMCO Interval Funds and the PIMCO <span style="white-space:nowrap">Closed-End</span> Funds. Trustee compensation and other costs are then further allocated pro rata among the individual funds within each grouping based on each such fund&#8217;s relative net assets. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund has no employees. The Fund&#8217;s officers and Interested Trustees (Mr.&#160;Fisher and Mr.&#160;Maney) are compensated by the Manager or its affiliates, as applicable. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The following table sets forth information regarding the compensation received by the Independent Trustees for the fiscal year ended December&#160;31, 2021 for serving as Trustees of the Fund and other funds in the same Fund Complex as the Fund. Each officer and each Trustee who is a director, officer, partner, member or employee of the Investment Manager, or of any entity controlling, controlled by or under common control with the Investment Manager, including any Interested Trustee, serves without any compensation from the Fund. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">


<tr>

<td style="width:31%"></td>

<td style="vertical-align:bottom;width:13%"></td>
<td></td>

<td style="vertical-align:bottom;width:13%"></td>
<td></td>

<td style="vertical-align:bottom;width:13%"></td>
<td></td>

<td style="vertical-align:bottom;width:13%"></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Name of Trustee<sup style="font-size:75%; vertical-align:top">(2)</sup></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00px solid #000000;vertical-align:bottom"><span style="font-weight:bold">Aggregate<br />Compensation<br />from&#160;the&#160;Fund&#160;for&#160;the<br />Fiscal&#160;Year&#160;Ending<br />&#160;&#160;&#160;&#160;December&#160;31,&#160;2021&#160;&#160;&#160;&#160;</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00px solid #000000;vertical-align:bottom"><span style="font-weight:bold">Pension&#160;or<br />Retirement<br />Benefits<br />Accrued&#160;as<br />Part&#160;of&#160;Fund<br />&#160;&#160;&#160;&#160;&#160;&#160;Expenses&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00px solid #000000;vertical-align:bottom"><span style="font-weight:bold">Estimated<br />Annual&#160;Benefits<br />&#160;&#160;&#160;&#160;Upon&#160;Retirement&#160;&#160;&#160;&#160;</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00px solid #000000;vertical-align:bottom;white-space:nowrap"><span style="font-weight:bold">Total&#160;Compensation<br />from&#160;the&#160;Fund<br />Complex&#160;Paid&#160;to<br />the&#160;Trustees&#160;for<br />the&#160;Calendar<br />Year&#160;Ended<br />&#160;&#160;December&#160;31,&#160;2021<sup style="font-size:75%; vertical-align:top">(1)</sup>&#160;&#160;</span></td></tr>


<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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">Sarah E. Cogan</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">$11,611</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">$225,000</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: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">Deborah A. DeCotis</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">$15,482</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">$300,000</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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">Hans W. Kertess<sup style="font-size:75%; vertical-align:top">(3)</sup></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">$11,611</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">$225,000</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: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">Joseph&#160;B.&#160;Kittredge,&#160;Jr.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">$14,192</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">$275,000</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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">Kathleen McCartney<sup style="font-size:75%; vertical-align:top">(4)</sup></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: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">William B. Ogden, IV</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">$11,611</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">$225,000</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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">Alan Rappaport</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">$11,611</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">$225,000</td></tr>
<tr style="font-size:1pt">
<td style="height:3.75pt"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td>
<td style="height:3.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">E. Grace Vandecruze<sup style="font-size:75%; vertical-align:top">(5)</sup></p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">$&#160;&#160;8,518</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">N/A</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">$168,750</td></tr>
</table> <p style="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(1)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">As of December&#160;31, 2021, the &#8220;Fund Complex&#8221; as used herein included the PIMCO-Managed Funds. </p></td></tr></table> <p style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(2)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Messrs. Fisher and Maney are Interested Persons of the Fund and do not receive compensation from the Fund for their services as Trustees. </p></td></tr></table> <p style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(3)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Mr.&#160;Kertess retired and resigned from the Board effective December&#160;31, 2021. </p></td></tr></table> <p style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(4)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Ms.&#160;McCartney became a Trustee of the Fund effective July&#160;1, 2022. </p></td></tr></table> <p style="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">(5)</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Ms.&#160;Vandecruze became a Trustee of the Fund effective June&#160;30, 2021. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Codes of Ethics </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund and PIMCO have each adopted a code of ethics under Rule <span style="white-space:nowrap">17j-1</span> of the 1940 Act. These codes permit personnel subject to the codes to invest in securities, including securities that may be purchased or held by the Fund. The codes of ethics are available on the EDGAR Database on the SEC&#8217;s Internet site at http://www.sec.gov, and copies may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">93 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%" />
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_5">INVESTMENT MANAGER </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Investment Manager </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PIMCO, a Delaware limited liability company, serves as investment manager to the Fund pursuant to an investment management agreement (the &#8220;Investment Management Agreement&#8221;) between PIMCO and the Fund. PIMCO is located at 650&#160;Newport Center Drive, Newport Beach, California 92660. As of March&#160;31, 2022, PIMCO had approximately $2.05&#160;trillion of assets under management. As of March&#160;31, 2022, PIMCO had $1.94 trillion of third-party assets under management. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PIMCO is a majority owned subsidiary of Allianz Asset Management of America L.P. (&#8220;Allianz Asset Management&#8221;) with minority interests held by Allianz Asset Management of America LLC, and Allianz Asset Management U.S. Holding II LLC, each a Delaware limited liability company, and by certain current and former officers of PIMCO. Allianz Asset Management was organized as a limited partnership under Delaware law in 1987. Through various holding company structures, Allianz Asset Management is majority owned by Allianz SE. Allianz SE is a European based, multinational insurance and financial services holding company and a publicly traded German company. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The general partner of Allianz Asset Management has substantially delegated its management and control of Allianz Asset Management to a Management Board. The Management Board of Allianz Asset Management is comprised of Tucker&#160;J.&#160;Fitzpatrick. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As of the date of this Statement of Additional Information, there are no significant institutional shareholders of Allianz SE. Absent an SEC exemption or other regulatory relief, the Fund generally is precluded from effecting principal transactions with brokers that are deemed to be affiliated persons of the Fund or PIMCO, and the Fund&#8217;s ability to purchase securities being underwritten by an affiliated broker or a syndicate including an affiliated broker is subject to restrictions. Similarly, the Fund&#8217;s ability to utilize the affiliated brokers for agency transactions is subject to the restrictions of Rule <span style="white-space:nowrap">17e-1</span> under the 1940 Act. PIMCO does not believe that the restrictions on transactions with the affiliated brokers described above will materially adversely affect its ability to provide services to the Fund, the Fund&#8217;s ability to take advantage of market opportunities, or the Fund&#8217;s overall performance. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="text-decoration:underline">Legal Proceedings</span>. On May&#160;17, 2022, Allianz Global Investors U.S. LLC (&#8220;AGI U.S.&#8221;) pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO, or any personnel of PIMCO. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser and as the principal underwriter, to the Fund in the absence of SEC exemptive relief. PIMCO has received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.-registered investment companies, including the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Investment Management Agreement </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Pursuant to an investment management agreement between the Investment Manager and the Fund (the &#8220;Investment Management Agreement&#8221;), the Fund has agreed to pay the Investment Manager an annual fee, payable monthly, in an amount equal to 0.685% of the Fund&#8217;s average daily net asset value (including daily net assets attributable to any Preferred Shares) for the services rendered, for the facilities it provides and for certain expenses borne by the Investment Manager pursuant to the Investment Management Agreement. Average daily net asset value includes total assets of the Fund (including daily net assets attributable to any Preferred Shares) minus accrued liabilities. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">94 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%" />
 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Pursuant to the Investment Management Agreement, PIMCO shall provide to the Fund investment guidance and policy direction in connection with the management of the Fund, including oral and written research, analysis, advice and statistical and economic data and information. In addition, under the terms of the Investment Management Agreement, subject to the general supervision of the Board of Trustees, PIMCO shall provide or cause to be furnished all supervisory and administrative and other services reasonably necessary for the operation of the Fund under the unified management fee structure, including but not limited to the supervision and coordination of matters relating to the operation of the Fund, including any necessary coordination among the custodian, transfer agent, dividend disbursing agent, and recordkeeping agent (including pricing and valuation of the Fund), accountants, attorneys, auction agents and other parties performing services or operational functions for the Fund; the provision of adequate personnel, office space, communications facilities, and other facilities necessary for the effective supervision and administration of the Fund, as well as the services of a sufficient number of persons competent to perform such supervisory and administrative and clerical functions as are necessary for compliance with federal securities laws and other applicable laws; the maintenance of the books and records of the Fund; the preparation of all federal, state, local and foreign tax returns and reports for the Fund; the provision of administrative services to shareholders for the Fund including the maintenance of a shareholder information telephone number, the provision of certain statistical information and performance of the Fund, an internet website (if requested), and maintenance of privacy protection systems and procedures; the preparation and filing of such registration statements and other documents with such authorities as may be required to register and maintain the listing of the shares of the Fund; the taking of other such actions as may be required by applicable law (including establishment and maintenance of a compliance program for the Fund); and the preparation, filing and distribution of proxy materials, periodic reports to shareholders and other regulatory filings. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, under the Investment Management Agreement, PIMCO will procure, at its own expense, the following services, and will bear expenses associated with the following for the Fund: a custodian or custodians for the Fund to provide for the safekeeping of the Fund&#8217;s assets; a recordkeeping agent to maintain the portfolio accounting records for the Fund; a transfer agent for the Fund; a dividend disbursing agent and/or registrar for the Fund; all audits by the Fund&#8217;s independent public accountant (except fees to auditors associated with satisfying rating agency requirements for Preferred Shares or other securities issued by the Fund and other related requirements in the Fund&#8217;s organizational documents); 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 and mailing of the Fund&#8217;s prospectuses (although the Fund will bear such expenses in connection with the offerings made pursuant to the Prospectus as noted below), notices and proxy statements, press releases and reports to its Shareholders, the filing of reports with regulatory bodies, the maintenance of the Fund&#8217;s existence and qualification to do business, the expense of issuing, redeeming, registering and qualifying for sale, common shares with the federal and state securities authorities, and the expense of qualifying and listing Shares with any securities exchange or other trading system; legal services (except for extraordinary legal expenses); costs of printing certificates representing Shares of the Fund; the Fund&#8217;s pro rata portion of its fidelity bond and other insurance premiums; and association membership dues. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund (and not PIMCO) will be responsible for certain fees and expenses that are not covered by the unified fee under the Investment Management Agreement. These include fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; the salaries and other compensation or expenses, including travel expenses, of any of the Fund&#8217;s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; taxes and governmental fees, if any, levied against the Fund; brokerage fees and commissions, and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loan and other investments made by the Fund, subject to specific or general authorization by the Fund&#8217;s Board of Trustees (for example, <span style="white-space:nowrap">so-called</span> &#8220;broken-deal costs&#8221; (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">95 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%" />
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">
unconsummated investments))); expenses of the Fund&#8217;s securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; costs, including interest expenses, of borrowing money or engaging in other types of leverage financing, including, without limitation, through the use by the Fund of TOBs, reverse repurchase agreements, bank borrowings and credit facilities; costs, including dividend cost and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for Preferred Shares or other securities issued by the Fund and other related requirements in the Fund&#8217;s organizational documents) associated with the Fund&#8217;s issuance, offering, redemption and maintenance of Preferred Shares, commercial paper or other senior securities for the purpose of incurring leverage; fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests; dividend and interest expenses on short positions taken by the Fund; organizational and offering expenses of the Fund, including with respect to share offerings following the Fund&#8217;s initial offering, such as rights and shelf offerings (including expenses associated with offerings made pursuant to the Prospectus), and expenses associated with tender offers and other share repurchases and redemptions; extraordinary expenses including extraordinary legal expenses as may arise, including expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and agents with respect thereto; and expenses of the Fund which are capitalized in accordance with generally accepted accounting principles. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Because the fees received by the Investment Manager are based on the Fund&#8217;s average daily net asset value (including daily net assets attributable to any Preferred Shares), the Investment Manager has a financial incentive for the Fund to utilize Preferred Shares, which may create a conflict of interest between the Investment Manager, on the one hand, and the Common Shareholders, on the other hand. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A discussion regarding the basis for the Board&#8217;s most recent continuation of the Investment Management Agreement is available in the Fund&#8217;s annual report to shareholders for the fiscal year ended December&#160;31, 2021 Pursuant to the Investment Management Agreement, the Fund paid the Investment Manager the following amounts for the fiscal years ended December&#160;31, 2021, December&#160;31, 2020, and December&#160;31, 2019: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">


<tr>

<td style="width:75%"></td>

<td style="vertical-align:bottom;width:16%"></td>
<td></td>
<td></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">Fiscal Year</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="border-bottom:1.00px solid #000000;vertical-align:bottom"><span style="font-weight:bold">Management&#160;Fee&#160;Paid&#160;by&#160;Fund</span></td>
<td style="vertical-align:bottom">&#160;</td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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">December&#160;31, 2021</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">7,876,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&#160;31, 2020</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">7,756,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align: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">December&#160;31, 2019</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">7,759,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
</table> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PIMCO expects to earn a profit on the management fee paid by the Fund. Also, under the terms of the Investment Management Agreement, PIMCO, and not Common Shareholders, would benefit from any price decreases in third-party services, including decreases resulting from an increase in net assets. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Certain Terms of the Investment Management Agreement </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Investment Management Agreement was approved by the Trustees of the Fund (including all of the Trustees who are not &#8220;interested persons&#8221; of the Investment Manager). By its terms the Investment Management Agreement continues in force with respect to the Fund for an initial one year period, and continues in force from year to year thereafter, but only so long as its continuance is approved at least annually by (i)&#160;vote, cast in person at a meeting called for that purpose, of a majority of those Trustees who are not &#8220;interested persons&#8221; of the Investment Manager or the Fund, and (ii)&#160;by the full Board of Trustees or the vote of a majority of the outstanding shares of all classes of the Fund. The Investment Management Agreement automatically terminates on assignment. The Investment Management Agreement may be terminated on not less than 60 days&#8217; notice by the Investment Manager to the Fund or by the Fund to the Investment Manager. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Pursuant to the Investment Management Agreement, the Fund has agreed to pay PIMCO an annual management fee, payable on a monthly basis, at the annual rate of 0.685% of the Fund&#8217;s average daily &#8220;average </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">96 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%" />
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">
daily net asset.&#8221; Average daily net asset value includes total assets of the Fund (including daily net assets attributable to any Preferred Shares) minus accrued liabilities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Because the management fee received by PIMCO from the Fund is based on the average daily net asset value of the Fund (including daily net assets attributable to any Preferred Shares), PIMCO has a financial incentive for the Fund to utilize Preferred Shares, which may create a conflict of interest between PIMCO, on the one hand, and Common Shareholders, on the other hand. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Investment Management Agreement provides that neither the Investment Manager nor its members, officers, directors or employees shall be subject to any liability for, or any damages, expenses or losses incurred, in connection with any act or omission or mistake in judgment connected with or arising out of any services rendered under the Investment Management Agreement except by reason of willful misfeasance, bad faith or gross negligence in performance of the Investment Manager&#8217;s duties, or by reason of reckless disregard of the Investment Manager&#8217;s obligations and duties under the Investment Management Agreement. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Portfolio Managers </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold">Other Accounts Managed.</span> The portfolio managers who are jointly and primarily responsible for the <span style="white-space:nowrap"><span style="white-space:nowrap">day-to-day</span></span> management of the Fund also manage other registered investment companies, other pooled investment vehicles and other accounts, as indicated in the table below. The following table identifies, as of December&#160;31, 2021 (i) the number of other registered investment companies, pooled investment vehicles and other accounts managed by each portfolio manager (exclusive of the Fund); and (ii)&#160;the total assets of such other companies, vehicles and accounts, and the number and total assets of such companies, vehicles and accounts with respect to which the management fee is based on performance. The information includes amounts managed by a team, committee, or other group that includes the portfolio managers. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">


<tr>

<td style="width:46%"></td>

<td style="vertical-align:bottom;width:8%"></td>
<td></td>
<td></td>
<td></td>

<td style="vertical-align:bottom;width:8%"></td>
<td></td>
<td></td>
<td></td>

<td style="vertical-align:bottom;width:8%"></td>
<td></td>
<td></td>
<td></td>

<td style="vertical-align:bottom;width:8%"></td>
<td></td>
<td></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom"><span style="font-weight:bold">Portfolio Manager</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="border-bottom:1.00px solid #000000;vertical-align:bottom"><span style="font-weight:bold">Total&#160;Number&#160;of<br />Other&#160;Accounts</span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="border-bottom:1.00px solid #000000;vertical-align:bottom"><span style="font-weight:bold">Total&#160;Assets<br />of&#160;All&#160;Other<br />Accounts<br />(in&#160;$&#160;Millions)</span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="border-bottom:1.00px solid #000000;vertical-align:bottom"><span style="font-weight:bold">Number&#160;of&#160;Other<br />Accounts&#160;Paying<br />a&#160;Performance&#160;Fee</span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="border-bottom:1.00px solid #000000;vertical-align:bottom"><span style="font-weight:bold">Total&#160;Assets&#160;of<br />Other&#160;Accounts<br />Paying&#160;a<br />Performance&#160;Fee<br />(in&#160;$&#160;Millions)</span></td>
<td style="vertical-align:bottom">&#160;</td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top" colspan="16"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">David Hammer</p></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&#160;</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Registered Investment Companies</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:middle">&#160;</td>
<td style="white-space:nowrap;vertical-align:middle" align="right">23</td>
<td style="white-space:nowrap;vertical-align:middle">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:middle">$</td>
<td style="white-space:nowrap;vertical-align:middle" align="right">13,074.06</td>
<td style="white-space:nowrap;vertical-align:middle">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:middle">&#160;</td>
<td style="white-space:nowrap;vertical-align:middle" align="right">0</td>
<td style="white-space:nowrap;vertical-align:middle">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:middle">$</td>
<td style="white-space:nowrap;vertical-align:middle" align="right">0.00</td>
<td style="white-space:nowrap;vertical-align:middle">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Pooled Investment Vehicles</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:middle">&#160;</td>
<td style="white-space:nowrap;vertical-align:middle" align="right">9</td>
<td style="white-space:nowrap;vertical-align:middle">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:middle">$</td>
<td style="white-space:nowrap;vertical-align:middle" align="right">45,111.29</td>
<td style="white-space:nowrap;vertical-align:middle">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:middle">&#160;</td>
<td style="white-space:nowrap;vertical-align:middle" align="right">5</td>
<td style="white-space:nowrap;vertical-align:middle">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:middle">$</td>
<td style="white-space:nowrap;vertical-align:middle" align="right">44,556.23</td>
<td style="white-space:nowrap;vertical-align:middle">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Accounts</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">147</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">12,671.14</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">0</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">0.00</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
</table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Conflicts of Interest </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">From time to time, potential and actual conflicts of interest may arise between a portfolio manager&#8217;s management of the investments of the Fund, on the one hand, and the management of other accounts, on the other. Potential and actual conflicts of interest may also arise as a result of PIMCO&#8217;s other business activities and PIMCO&#8217;s possession of material <span style="white-space:nowrap">non-public</span> information (&#8220;MNPI&#8221;) about an issuer. Other accounts managed by a portfolio manager might have similar investment objectives or strategies as the Fund, track the same index as the Fund tracks or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Fund. The other accounts might also have different investment objectives or strategies than the Fund.&#160;Potential and actual conflicts of interest may also arise as a result of PIMCO serving as investment adviser to accounts that invest in the Fund.&#160;In this case, such conflicts of interest could in theory give rise to incentives for PIMCO to, among other things, vote proxies of the Fund in the manner beneficial to the investing account but detrimental to the Fund.&#160;Conversely, PIMCO&#8217;s duties to the Fund, as well as regulatory or other limitations applicable to the Fund, may affect the courses of action available to PIMCO-advised accounts (including the Fund) that invest in the Fund in a manner that is detrimental to such investing accounts. In addition, regulatory restrictions, actual or potential conflicts of interest or other considerations may cause PIMCO to restrict or prohibit participation in certain investments. Conflicts like those described herein may also occur between Clients, on the one hand, and PIMCO or its affiliates, on the other. These conflicts will not always be resolved in favor of the Client. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">97 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Because PIMCO is affiliated with Allianz SE, a large multi-national financial institution (together with its affiliates, &#8220;Allianz&#8221;), conflicts similar to those described below may occur between the Fund or other accounts managed by PIMCO and PIMCO&#8217;s affiliates or accounts managed by those affiliates. Those affiliates (or their clients), which generally operate autonomously from PIMCO, may take actions that are adverse to the Fund or other accounts managed by PIMCO. In many cases, PIMCO will not be in a position to mitigate those actions or address those conflicts, which could adversely affect the performance of the Fund or other accounts managed by PIMCO (each, a &#8220;Client,&#8221; and collectively, the &#8220;Clients&#8221;). In addition, because certain Clients (as defined below) are affiliates of PIMCO or have investors who are affiliates or employees of PIMCO, PIMCO may have incentives to resolve conflicts of interest in favor of these Clients over other Clients. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Knowledge and Timing of Fund Trades.</span></span> A potential conflict of interest may arise as a result of a portfolio manager&#8217;s <span style="white-space:nowrap"><span style="white-space:nowrap">day-to-day</span></span> management of the Fund. Because of their positions with the Fund, the portfolio managers know the size, timing and possible market impact of the Fund&#8217;s trades. It is theoretically possible that the portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Cross Trades.</span></span> A potential conflict of interest may arise in instances where the Fund buys an instrument from a Client or sells an instrument to a Client (each, a &#8220;cross trade&#8221;). Such conflicts of interest may arise, among other reasons, as a result of PIMCO representing the interests of both the buying party and the selling party in the cross trade or because the price at which the instrument is bought or sold through a cross trade may not be as favorable as the price that might have been obtained had the trade been executed in the open market. PIMCO effects cross trades when appropriate pursuant to procedures adopted under applicable rules and SEC guidance. Among other things, such procedures require that the cross trade is consistent with the respective investment policies and investment restrictions of both parties and is in the best interests of both the buying and selling accounts. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Investment Opportunities. </span></span>A potential conflict of interest may arise as a result of a portfolio manager&#8217;s management of a number of accounts with varying investment guidelines. Often, an investment opportunity may be suitable for one or more Clients, but may not be available in sufficient quantities for all accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by the Fund and another Client. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PIMCO seeks to allocate orders across eligible Client accounts with similar investment guidelines and investment styles fairly and equitably, taking into consideration relevant factors including, among others, applicable investment restrictions and guidelines, regulatory requirements, risk tolerances and available cash. As part of PIMCO&#8217;s trade allocation process, portions of new fixed income investment opportunities are distributed among Client account categories where the relevant portfolio managers seek to participate in the investment. Those portions are then further allocated among the Client accounts within such categories pursuant to PIMCO&#8217;s trade allocation policy. Portfolio managers managing quantitative strategies and specialized accounts, such as those focused on international securities, mortgage-backed securities, bank loans, or other specialized asset classes, will likely receive an increased distribution of new fixed income investment opportunities where the investment involves a quantitative strategy or specialized asset class that matches the investment objectives or focus of the Client account category. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Any particular allocation decision among Client accounts may be more or less advantageous to any one Client or group of Clients, and certain allocations will, to the extent consistent with PIMCO&#8217;s fiduciary obligations, deviate from a pro rata basis among Clients in order to address for example, differences in legal, tax, regulatory, risk management, concentration, exposure, Client guideline limitations and/or mandate or strategy considerations for the relevant Clients. PIMCO may determine that an investment opportunity or particular purchases or sales are appropriate for one or more Clients, but not appropriate for other Clients, or are appropriate or suitable for, or available to, Clients but in different sizes, terms, or timing than is appropriate or </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">98 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">
suitable for other Clients. For example, some Clients have higher risk tolerances than other Clients, such as private funds, which, in turn, allows PIMCO to allocate a wider variety and/or greater percentage of certain types of investments (which may or may not outperform other types of investments) to such Clients. Those Clients receiving an increased allocation as a result of the effect of their respective risk tolerance may be Clients that pay higher investment management fees or that pay incentive fees. In addition, certain Client account categories focusing on certain types of investments or asset classes will be given priority in new issue distribution and allocation with respect to the investments or asset classes that are the focus of their investment mandate. Legal, contractual, or regulatory issues and/or related expenses applicable to PIMCO or one or more Clients may result in certain Clients not receiving securities that may otherwise be appropriate for them or may result in PIMCO selling securities out of Client accounts even if it might otherwise be beneficial to continue to hold them. Additional factors that are taken into account in the distribution and allocation of investment opportunities to Client accounts include, without limitation: ability to utilize leverage and risk tolerance of the Client account; the amount of discretion and trade authority given to PIMCO by the Client; availability of other similar investment opportunities; the Client account&#8217;s investment horizon and objectives; hedging, cash and liquidity needs of the portfolio; minimum increments and lot sizes; and underlying benchmark factors. Given all of the foregoing factors, the amount, timing, structuring, or terms of an investment by a Client, including the Fund, may differ from, and performance may be lower than, investments and performance of other Clients, including those that may provide greater fees or other compensation (including performance-based fees or allocations) to PIMCO. PIMCO has also adopted additional procedures to complement the general trade allocation policy that are designed to address potential conflicts of interest due to the <span style="white-space:nowrap"><span style="white-space:nowrap">side-by-side</span></span> management of the Fund and certain pooled investment vehicles, including investment opportunity allocation issues. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">From time to time, PIMCO may take an investment position or action for one or more Clients that may be different from, or inconsistent with, an action or position taken for one or more other Clients having similar or differing investment objectives. These positions and actions may adversely impact, or in some instances may benefit, one or more affected Clients (including Clients that are PIMCO affiliates) in which PIMCO has an interest, or which pays PIMCO higher fees or a performance fee. For example, a Client may buy a security and another Client may establish a short position in that same security. The subsequent short sale may result in a decrease in the price of the security that the other Client holds. Similarly, transactions or investments by one or more Clients may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of another Client. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">When PIMCO implements for one Client a portfolio decision or strategy ahead of, or contemporaneously with, similar portfolio decisions or strategies of another Client, market impact, liquidity constraints or other factors could result in one or more Clients receiving less favorable trading results, the costs of implementing such portfolio decisions or strategies could be increased or such Clients could otherwise be disadvantaged. On the other hand, potential conflicts may also arise because portfolio decisions regarding a Client may benefit other Clients. For example, the sale of a long position or establishment of a short position for a Client may decrease the price of the same security sold short by (and therefore benefit) other Clients, and the purchase of a security or covering of a short position in a security for a Client may increase the price of the same security held by (and therefore benefit) other Clients. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Under certain circumstances, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment. In addition, to the extent permitted by applicable law, a Client may also engage in investment transactions that may result in other Clients being relieved of obligations, or that may cause other Clients to divest certain investments (<span style="font-style:italic">e.g.</span>, a Client may make a loan to, or directly or indirectly acquire securities or indebtedness of, a company that uses the proceeds to refinance or reorganize its capital structure, which could result in repayment of debt held by another Client). Such Clients (or groups of Clients) may have conflicting interests and objectives in connection with such investments, including with respect to views on the operations or activities of the issuer involved, the targeted returns from the investment and the timeframe for, and method of, exiting the investment. When making such investments, PIMCO may do so in a way that favors one Client over another Client, even if both Clients are </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">99 </p>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">
investing in the same security at the same time. Certain Clients may invest on a &#8220;parallel&#8221; basis (<span style="font-style:italic">i.e.</span>, proportionately in all transactions at substantially the same time and on substantially the same terms and conditions). In addition, other accounts may expect to invest in many of the same types of investments as another account. However, there may be investments in which one or more of such accounts does not invest (or invests on different terms or on a <span style="white-space:nowrap">non-pro</span> rata basis) due to factors such as legal, tax, regulatory, business, contractual or other similar considerations or due to the provisions of a Client&#8217;s governing documents. Decisions as to the allocation of investment opportunities among such Clients present numerous conflicts of interest, which may not be resolved in a manner that is favorable to a Client&#8217;s interests. To the extent an investment is not allocated pro rata among such entities, a Client could incur a disproportionate amount of income or loss related to such investment relative to such other Client. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, Clients may invest alongside one another in the same underlying investments or otherwise pursuant to a substantially similar investment strategy as one or more other Clients. In such cases, certain Clients may have preferential liquidity and information rights relative to other Clients holding the same investments, with the result that such Clients will be able to withdraw/redeem their interests in underlying investments in priority to Clients who may have more limited access to information or more restrictive withdrawal/redemption rights. Clients with more limited information rights or more restrictive liquidity may therefore be adversely affected in the event of a downturn in the markets. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Further, potential conflicts may be inherent in PIMCO&#8217;s use of multiple strategies. For example, conflicts will arise in cases where different Clients invest in different parts of an issuer&#8217;s capital structure, including circumstances in which one or more Clients may own private securities or obligations of an issuer and other Clients may own or seek to acquire private securities of the same issuer. For example, a Client may acquire a loan, loan participation or a loan assignment of a particular borrower in which one or more other Clients have an equity investment, or may invest in senior debt obligations of an issuer for one Client and junior debt obligations or equity of the same issuer for another Client. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PIMCO may also, for example, direct a Client to invest in a tranche of a structured finance vehicle, such as a CLO or CDO, where PIMCO is also, at the same or different time, directing another Client to make investments in a different tranche of the same vehicle, which tranche&#8217;s interests may be adverse to other tranches. PIMCO may also cause a Client to purchase from, or sell assets to, an entity, such as a structured finance vehicle, in which other Clients may have an interest, potentially in a manner that will have an adverse effect on the other Clients. There may also be conflicts where, for example, a Client holds certain debt or equity securities of an issuer, and that same issuer has issued other debt, equity or other instruments that are owned by other Clients or by an entity, such as a structured finance vehicle, in which other Clients have an interest. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In each of the situations described above, PIMCO may take actions with respect to the assets held by one Client that are adverse to the other Clients, for example, by foreclosing on loans, by putting an issuer into default, or by exercising rights to purchase or sell to an issuer, causing an issuer to take actions adverse to certain classes of securities, or otherwise. In negotiating the terms and conditions of any such investments, or any subsequent amendments or waivers or taking any other actions, PIMCO may find that the interests of a Client and the interests of one or more other Clients could conflict. In these situations, decisions over items such as whether to make the investment or take an action, proxy voting, corporate reorganization, how to exit an investment, or bankruptcy or similar matters (including, for example, whether to trigger an event of default or the terms of any workout) may result in conflicts of interest. Similarly, if an issuer in which a Client and one or more other Clients directly or indirectly hold different classes of securities (or other assets, instruments or obligations issued by such issuer or underlying investments of such issuer) encounters financial problems, decisions over the terms of any workout will raise conflicts of interests (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, a debt holder may be better served by a liquidation of the issuer in which it may be paid in full, whereas an equity or junior bond holder might prefer a reorganization that holds the potential to create value for the equity holders. In some cases PIMCO may refrain from taking certain actions or making certain investments on behalf of Clients in order to avoid or mitigate certain conflicts of interest or to </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">100 </p>



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prevent adverse regulatory or other effects on PIMCO, or may sell investments for certain Clients (in each case potentially disadvantaging the Clients on whose behalf the actions are not taken, investments not made, or investments sold). In other cases, PIMCO may not refrain from taking actions or making investments on behalf of certain Clients that have the potential to disadvantage other Clients. In addition, PIMCO may take actions or refrain from taking actions in order to mitigate legal risks to PIMCO or its affiliates or its Clients even if disadvantageous to a Client&#8217;s account. Moreover, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Additionally, certain conflicts may exist with respect to portfolio managers who make investment decisions on behalf of several different types of Clients. Such portfolio managers may have an incentive to allocate trades, time or resources to certain Clients, including those Clients who pay higher investment management fees or that pay incentive fees or allocations, over other Clients. These conflicts may be heightened with respect to portfolio managers who are eligible to receive a performance allocation under certain circumstances as part of their compensation. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">From time to time, PIMCO personnel may come into possession of MNPI which, if disclosed, might affect an investor&#8217;s decision to buy, sell or hold a security. Should a PIMCO employee come into possession of MNPI with respect to an issuer, he or she generally will be prohibited from communicating such information to, or using such information for the benefit of, Clients, which could limit the ability of Clients to buy, sell or hold certain investments, thereby limiting the investment opportunities or exit strategies available to Clients. In addition, holdings in the securities or other instruments of an issuer by PIMCO or its affiliates may affect the ability of a Client to make certain acquisitions of or enter into certain transactions with such issuer. PIMCO has no obligation or responsibility to disclose such information to, or use such information for the benefit of, any person (including Clients). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PIMCO maintains one or more restricted lists of companies whose securities are subject to certain trading prohibitions due to PIMCO&#8217;s business activities. PIMCO may restrict trading in an issuer&#8217;s securities if the issuer is on a restricted list or if PIMCO has MNPI about that issuer. In some situations, PIMCO may restrict Clients from trading in a particular issuer&#8217;s securities in order to allow PIMCO to receive MNPI on behalf of other Clients. A Client may be unable to buy or sell certain securities until the restriction is lifted, which could disadvantage the Client. PIMCO may also be restricted from making (or divesting of) investments in respect of some Clients but not others. In some cases PIMCO may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice relating to certain securities if a security is restricted due to MNPI or if PIMCO is seeking to limit receipt of MNPI. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PIMCO may conduct litigation or engage in other legal actions on behalf of one or more Clients. In such cases, Clients may be required to bear certain fees, costs, expenses and liabilities associated with the litigation. Other Clients that are or were investors in, or otherwise involved with, the subject investments may or may not (depending on the circumstances) be parties to such litigation actions, with the result that certain Clients may participate in litigation actions in which not all Clients with similar investments may participate, and such <span style="white-space:nowrap">non-participating</span> Clients may benefit from the results of such litigation actions without bearing or otherwise being subject to the associated fees, costs, expenses and liabilities. PIMCO, for example, typically does not pursue legal claims on behalf of its separate accounts. Furthermore, in certain situations, litigation or other legal actions pursued by PIMCO on behalf of a Client may be brought against or be otherwise adverse to a portfolio company or other investment held by a Client. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic"><span style="white-space:nowrap">Co-Investments.</span></span></span> The 1940 Act imposes significant limits on <span style="white-space:nowrap">co-investment</span> with affiliates of the Fund. PIMCO has applied for exemptive relief from the SEC that, if granted, would permit the Fund to, among other things, <span style="white-space:nowrap">co-invest</span> with certain affiliates. <span style="white-space:nowrap">Co-investment</span> transactions may give rise to conflicts of interest or perceived conflicts of interest among the Fund and its affiliates. If granted, the exemptive order will impose certain conditions that may limit or restrict the Fund&#8217;s ability to participate in an investment or participate in an investment to a lesser extent. An inability to receive the desired allocation to potential investments may affect the Fund&#8217;s ability to achieve the desired investment returns. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In the event investment opportunities are allocated among the Fund and its affiliates pursuant to <span style="white-space:nowrap">co-investment</span> exemptive relief, the Fund may not be able to structure its investment portfolio in the manner desired. Although PIMCO will endeavor to allocate investment opportunities in a fair and equitable manner, the Fund will generally not be permitted to <span style="white-space:nowrap">co-invest</span> in any issuer in which a fund managed by PIMCO or any of its downstream affiliates (other than the Fund and its downstream affiliates) currently has an investment. However, the Fund would be able to <span style="white-space:nowrap">co-invest</span> with funds managed by PIMCO or any of its downstream affiliates, subject to compliance with existing regulatory guidance, applicable regulations and its allocation procedures. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Pursuant to <span style="white-space:nowrap">co-investment</span> exemptive relief, if granted, the Fund will be able to invest in opportunities in which PIMCO and/or its affiliates has an investment, and PIMCO and/or its affiliates will be able to invest in opportunities in which the Fund has made an investment. From time to time, the Fund and its affiliates may make investments at different levels of an issuer&#8217;s capital structure or otherwise in different classes of an issuer&#8217;s securities. Such investments inherently give rise to conflicts of interest or perceived conflicts of interest between or among the various classes of securities that may be held by such entities. PIMCO has adopted procedures governing the <span style="white-space:nowrap">co-investment</span> in securities acquired in private placements with certain clients of PIMCO. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The foregoing is not a complete list of conflicts to which PIMCO or Clients may be subject. PIMCO seeks to review conflicts on a <span style="white-space:nowrap"><span style="white-space:nowrap">case-by-case</span></span> basis as they arise. Any review will take into consideration the interests of the relevant Clients, the circumstances giving rise to the conflict, applicable PIMCO policies and procedures, and applicable laws. Clients (and investors in the Fund) should be aware that conflicts will not necessarily be resolved in favor of their interests and may in fact be resolved in a manner adverse to their interests. PIMCO will attempt to resolve such matters fairly, but even so, matters may be resolved in favor of other Clients which pay PIMCO higher fees or performance fees or in which PIMCO or its affiliates have a significant proprietary interest. There can be no assurance that any actual or potential conflicts of interest will not result in a particular Client or group of Clients receiving less favorable investment terms in or returns from certain investments than if such conflicts of interest did not exist. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Conflicts like those described above may also occur between Clients, on the one hand, and PIMCO or its affiliates, on the other. These conflicts will not always be resolved in favor of the Client. In addition, because PIMCO is affiliated with Allianz, a large multi-national financial institution, conflicts similar to those described above may occur between clients of PIMCO and PIMCO&#8217;s affiliates or accounts managed by those affiliates. Those affiliates (or their clients), which generally operate autonomously from PIMCO, may take actions that are adverse to PIMCO&#8217;s Clients. In many cases PIMCO will have limited or no ability to mitigate those actions or address those conflicts, which could adversely affect Client performance. In addition, certain regulatory restrictions may prohibit PIMCO from using certain brokers or investing in certain companies (even if such companies are not affiliated with Allianz) because of the applicability of certain laws and regulations applicable to PIMCO, Allianz SE or their affiliates. An account&#8217;s willingness to negotiate terms or take actions with respect to an investment may also be, directly or indirectly, constrained or otherwise impacted to the extent Allianz SE, PIMCO, and/or their affiliates, directors, partners, managers, members, officers or personnel are also invested therein or otherwise have a connection to the subject investment (<span style="font-style:italic">e.g.</span>, serving as a trustee or board member thereof). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="font-style:italic">Performance Fees. </span></span>A portfolio manager may advise certain accounts with respect to which the management fee is based entirely or partially on performance. Performance fee arrangements may create a conflict of interest for the portfolio manager in that the portfolio manager may have an incentive to allocate the investment opportunities that he or she believes might be the most profitable to such other accounts instead of allocating them to the Fund. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities between the Fund and such other accounts on a fair and equitable basis over time. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certain service providers to the Fund are expected to be owned by or otherwise related to or affiliated with a Client, and in certain cases, such service providers are expected to be, or are owned by, employed by, or otherwise related to, PIMCO, Allianz SE, their affiliates and/or their respective employees, consultants and other </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">102 </p>



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personnel. PIMCO may, in its sole discretion, determine to provide, or engage or recommend an affiliate of PIMCO to provide, certain services to the Fund, instead of engaging or recommending one or more third parties to provide such services. Subject to the governance requirements of a particular fund and applicable law, PIMCO or its affiliates, as applicable, will receive compensation in connection with the provision of such services. As a result, PIMCO faces a conflict of interest when selecting or recommending service providers for the Fund. Fees paid to an affiliated service provider will be determined in PIMCO&#8217;s commercially reasonable discretion, taking into account the relevant facts and circumstances, and consistent with PIMCO&#8217;s responsibilities. Although PIMCO has adopted various policies and procedures intended to mitigate or otherwise manage conflicts of interest with respect to affiliated service providers, there can be no guarantee that such policies and procedures (which may be modified or terminated at any time in PIMCO&#8217;s sole discretion) will be successful. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Portfolio Manager Compensation </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PIMCO&#8217;s approach to compensation seeks to provide professionals with a Total Compensation Plan and process that is driven by PIMCO&#8217;s mission and values. Key Principles on Compensation Philosophy include: </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">PIMCO&#8217;s pay practices are designed to attract and retain high performers; </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">PIMCO&#8217;s pay philosophy embraces a corporate culture of rewarding strong performance, a strong work ethic, and meritocracy; </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">PIMCO&#8217;s goal is to ensure key professionals are aligned to PIMCO&#8217;s long-term success through equity participation; and </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">PIMCO&#8217;s &#8220;Discern and Differentiate&#8221; discipline guides total compensation levels. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Total Compensation Plan consists of three components. The compensation program for portfolio managers is designed to align with clients&#8217; interests, emphasizing each portfolio manager&#8217;s ability to generate long-term investment success for PIMCO&#8217;s clients. A portfolio manager&#8217;s compensation is not based solely on the performance of the Fund or any other account managed by that portfolio manager: </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Base Salary</span> &#8211; Base salary is determined based on core job responsibilities, positions/levels and market factors. Base salary levels are reviewed annually, when there is a significant change in job responsibilities or position, or a significant change in market levels. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Performance Bonus</span> &#8211; Performance bonuses are designed to reward risk-adjusted performance and contributions to PIMCO&#8217;s broader investment process. The compensation process is not formulaic and the following <span style="white-space:nowrap">non-exhaustive</span> list of qualitative and quantitative criteria are considered when determining the total compensation for portfolio managers: </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">Performance measured over a variety of longer- and shorter-term periods, including <span style="white-space:nowrap">5-</span> year, <span style="white-space:nowrap">4-year,</span> <span style="white-space:nowrap">3-year,</span> <span style="white-space:nowrap">2-year</span> and <span style="white-space:nowrap">1-year</span> dollar-weighted and account-weighted, <span style="white-space:nowrap">pre-tax</span> total and risk-adjusted investment performance as judged against the applicable benchmarks (which may include internal investment performance-related benchmarks) for each account managed by a portfolio manager (including the Fund) and relative to applicable industry peer groups; greatest emphasis is placed on <span style="white-space:nowrap">5-year</span> and <span style="white-space:nowrap">3-year</span> performance, followed by <span style="white-space:nowrap">1-year</span> performance; </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">Consistency of investment performance across portfolios of similar mandate and guidelines, rewarding low dispersion and consistency of outperformance; </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">Appropriate risk positioning and risk management mindset which includes consistency with PIMCO&#8217;s investment philosophy, the Investment Committee&#8217;s positioning guidance, absence of defaults, and appropriate alignment with client objectives; </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">Contributions to mentoring, coaching and/or supervising members of team; </p></td></tr></table>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">Collaboration, idea generation, and contribution of investment ideas in the context of PIMCO&#8217;s investment process, Investment Committee meetings, and <span style="white-space:nowrap"><span style="white-space:nowrap">day-to-day</span></span> management of portfolios; </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">With much lesser importance than the aforementioned factors: amount and nature of assets managed by the portfolio manager, contributions to asset retention, and client satisfaction. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PIMCO&#8217;s partnership culture further rewards strong long term risk adjusted returns with promotion decisions almost entirely tied to long term contributions to the investment process. <span style="white-space:nowrap">10-year</span> performance can also be considered, though not explicitly as part of the compensation process. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Deferred Compensation</span> &#8211; The Long Term Incentive Plan (&#8220;LTIP&#8221;) is awarded to key professionals. Employees who reach a total compensation threshold are delivered their annual compensation in a mix of cash and/or deferred compensation. PIMCO incorporates a progressive allocation of deferred compensation as a percentage of total compensation, which is in line with market practices. </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:justify">The LTIP provides participants with deferred cash awards that appreciate or depreciate based on PIMCO&#8217;s operating earnings over a rolling three-year period. The plan provides a link between longer term company performance and participant pay, further motivating participants to make a long term commitment to PIMCO&#8217;s success. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Eligibility to participate in LTIP is contingent upon continued employment at PIMCO and all other applicable eligibility requirements. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-style:italic">Profit Sharing Plan</span> &#8211; Portfolio managers who are Managing Directors of PIMCO receive compensation from a <span style="white-space:nowrap">non-qualified</span> profit sharing plan consisting of a portion of PIMCO&#8217;s net profits. Portfolio managers who are Managing Directors receive an amount determined by PIMCO&#8217;s Compensation Committee, based upon an individual&#8217;s overall contribution to the firm. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Securities Ownership </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">To the best of the Fund&#8217;s knowledge, the table below shows the dollar range of shares of the Fund beneficially owned as of December&#160;31, 2021 by each portfolio manager of the Fund. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td colspan="2" align="center" style="border-bottom:1.00px solid #000000;vertical-align:bottom"><span style="font-weight:bold">Dollar&#160;Range&#160;of&#160;Equity<br />Securities&#160;in&#160;the&#160;Fund</span></td>
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<td style="vertical-align: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">David Hammer</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">None</td>
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</table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Proxy Voting Policy and Procedures </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund has adopted the proxy voting policy and procedures of PIMCO when voting proxies on behalf of the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="text-decoration:underline">Policy Statement</span></span>: The proxy voting policy is intended to foster PIMCO&#8217;s compliance with its fiduciary obligations and applicable law; the policy applies to any voting or consent rights with respect to securities held in accounts over which PIMCO has discretionary voting authority. The Policy is designed in a manner reasonably expected to ensure that voting and consent rights are exercised in the best interests of PIMCO&#8217;s clients. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="text-decoration:underline">Overview</span></span>: PIMCO has adopted a written proxy<sup style="font-size:75%; vertical-align:top">1</sup> voting policy (&#8220;Proxy Policy&#8221;) as required by Rule <span style="white-space:nowrap">206(4)-6</span> under the Advisers Act. As a general matter, when PIMCO has proxy voting authority, PIMCO has a fiduciary obligation to monitor corporate events and to take appropriate action on client proxies that come to its attention. Each proxy is voted on a <span style="white-space:nowrap"><span style="white-space:nowrap">case-by-case</span></span> basis, taking into account relevant facts and circumstances. When considering client proxies, PIMCO may determine not to vote a proxy in limited circumstances. </p> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&#160;</p>
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<td style="width:2%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">1</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Proxies generally describe corporate action-consent rights (relative to fixed income securities) and proxy voting ballots (relative to fixed income or equity securities) as determined by the issuer or custodian. </p></td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">104 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold">Equity Securities.</span><span style="font-weight:bold"><sup style="font-size:75%; vertical-align:top">2</sup></span> PIMCO has retained an Industry Service Provider (&#8220;ISP&#8221;) to provide research and voting recommendations for proxies relating to equity securities in accordance with the ISP&#8217;s guidelines. By following the guidelines of an independent third party, PIMCO seeks to mitigate potential conflicts of interest PIMCO may have with respect to proxies covered by the ISP. PIMCO will follow the recommendations of the ISP unless: (i)&#160;the ISP does not provide a voting recommendation; or (ii)&#160;a portfolio manager decides to override the ISP&#8217;s voting recommendation. In either such case as described above, the Legal and Compliance department will review the proxy to determine whether a material conflict of interest, or the appearance of one, exists. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold">Fixed-Income Securities.</span> Fixed income securities can be processed as proxy ballots or corporate action-consents<sup style="font-size:75%; vertical-align:top">3</sup> at the discretion of the issuer/ custodian. When processed as proxy ballots, the ISP generally does not provide a voting recommendation and their role is limited to election processing and recordkeeping. When processed as corporate action-consents, the Legal and Compliance department will review all election forms to determine whether a conflict of interest, or the appearance of one, exists with respect to the PM&#8217;s consent election. PIMCO&#8217;s Credit Research and Portfolio Management Groups are responsible for issuing recommendations on how to vote proxy ballots and corporation action-consents with respect to fixed income securities. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold">Resolution of Potential Conflicts of Interest.</span> The Proxy Policy permits PIMCO to seek to resolve material conflicts of interest by pursuing any one of several courses of action. With respect to material conflicts of interest between PIMCO and a client account, the Proxy Policy permits PIMCO to either: (i)&#160;convene a working group to assess and resolve the conflict (the &#8220;Proxy Working Group&#8221;); or (ii)&#160;vote in accordance with protocols previously established by the Proxy Policy, the Proxy Working Group and/or other relevant procedures approved by PIMCO&#8217;s Legal and Compliance department with respect to specific types of conflicts. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PIMCO will supervise and periodically review its proxy voting activities and the implementation of the Proxy Policy. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify"><span style="font-weight:bold"><span style="text-decoration:underline"><span style="white-space:nowrap">Sub-Adviser</span> Engagement</span></span>: As an investment manager, PIMCO may exercise its discretion to engage a <span style="white-space:nowrap">Sub-Adviser</span> to provide portfolio management services to certain Funds. Consistent with its management responsibilities, the <span style="white-space:nowrap">Sub-Adviser</span> will assume the authority for voting proxies on behalf of PIMCO for these Funds. <span style="white-space:nowrap">Sub-Advisers</span> may utilize third parties to perform certain services related to their portfolio management responsibilities. As a fiduciary, PIMCO will maintain oversight of the investment management responsibilities performed by the <span style="white-space:nowrap">Sub-Adviser</span> and contracted third parties. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Information about how PIMCO voted the Fund&#8217;s proxies for the most recent twelve month period ended June 30th (Form <span style="white-space:nowrap">N-PX)</span> will be available no later than the following August 31st, without charge, upon request, by calling the Fund at (844) <span style="white-space:nowrap">33-PIMCO</span> <span style="white-space:nowrap"><span style="white-space:nowrap">(844-337-4626),</span></span> on the Fund&#8217;s website at www.pimco.com and on the SEC&#8217;s website at http://www.sec.gov. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_6">PORTFOLIO TRANSACTIONS AND BROKERAGE </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Investment Decisions and Portfolio Transactions </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Investment decisions for the Fund and for the other investment advisory clients of PIMCO are made with a view to achieving their respective investment objectives. Investment decisions are the product of many factors in </p> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&#160;</p>
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<td style="width:2%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">2</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">The term &#8220;equity securities&#8221; means common and preferred stock, including common and preferred shares issued by investment companies; it does not include debt securities convertible into equity securities. </p></td></tr></table>
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<td style="width:2%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">3</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Voting or consent rights shall not include matters which are primarily decisions to buy or sell investments, such as tender offers, exchange offers, conversions, put options, redemptions, and Dutch auctions. </p></td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">105 </p>



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addition to basic suitability for the particular client involved (including the Fund). Some securities considered for investments by the Fund also may be appropriate for other clients served by PIMCO. Thus, a particular security may be bought or sold for certain clients even though it could have been bought or sold for other clients at the same time, including accounts in which PIMCO, its affiliates and its employees may have a financial interest. If a purchase or sale of securities consistent with the investment policies of the Fund and one or more of these clients served by PIMCO is considered at or about the same time, transactions in such securities will be allocated among the Fund and other clients pursuant to PIMCO&#8217;s trade allocation policy, as applicable, that is designed to ensure that all accounts, including the Fund, are treated fairly, equitably, and in a <span style="white-space:nowrap">non-preferential</span> manner, such that allocations are not based upon fee structure or portfolio manager preference. PIMCO may acquire on behalf of its clients (including the Fund) securities or other financial instruments providing exposure to different aspects of the capital and debt structure of an issuer, including without limitation those that relate to senior and junior/subordinate obligations of such issuer. In certain circumstances, the interests of those clients exposed to one portion of the issuer&#8217;s capital and debt structure may diverge from those clients exposed to a different portion of the issuer&#8217;s capital and debt structure. PIMCO may advise some clients or take actions for them in their best interests with respect to their exposures to an issuer&#8217;s capital and debt structure that may diverge from the interests of other clients with different exposures to the same issuer&#8217;s capital and debt structure. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PIMCO may aggregate orders for the Fund with simultaneous transactions entered into on behalf of its other clients when, in its reasonable judgment, aggregation may result in an overall economic benefit to the Fund and the other clients in terms of pricing, brokerage commissions or other expenses. When feasible, PIMCO allocates trades prior to execution. When <span style="white-space:nowrap">pre-execution</span> allocation is not feasible, PIMCO promptly allocates trades following established and objective procedures. Allocations generally are made at or about the time of execution and before the end of the trading day. As a result, one account may receive a price for a particular transaction that is different from the price received by another account for a similar transaction on the same day. In general, trades are allocated among portfolio managers on a pro rata basis (to the extent a portfolio manager decides to participate fully in the trade), for further allocation by each portfolio manager among that manager&#8217;s eligible accounts. In allocating trades among accounts, portfolio managers generally consider a number of factors, including, but not limited to, each account&#8217;s deviation (in terms of risk exposure and/or performance characteristics) from a relevant model portfolio, each account&#8217;s investment objectives, restrictions and guidelines, its risk exposure, its available cash, and its existing holdings of similar securities. Once trades are allocated, they may be reallocated only in unusual circumstances due to recognition of specific account restrictions. In some cases, PIMCO may sell a security on behalf of a client, including the Fund, to a broker-dealer that thereafter may be purchased for the accounts of one or more other clients, including the Fund, from that or another broker-dealer. PIMCO has adopted procedures it believes are reasonably designed to obtain the best execution for the transactions by each account. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Brokerage and Research Services </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">There is generally no stated commission in the case of fixed-income securities, which are often traded in the OTC markets, but the price paid by the Fund usually includes an undisclosed dealer commission or <span style="white-space:nowrap">mark-up.</span> In underwritten offerings, the price paid by the Fund includes a disclosed, fixed commission or discount retained by the underwriter or dealer. Transactions on U.S. stock exchanges and other agency transactions involve the payment by the Fund of negotiated brokerage commissions. Such commissions vary among different brokers. Also, a particular broker may charge different commissions according to such factors as the difficulty and size of the transaction. Transactions in foreign securities generally involve the payment of fixed brokerage commissions, which are generally higher than those in the United States. Transactions in fixed income securities on certain foreign exchanges may involve commission payments. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PIMCO places all orders for the purchase and sale of portfolio securities, options, futures contracts, swap agreements and other instruments for the Fund and buys and sells such securities, options, futures, swap agreements and other instruments for the Fund through a substantial number of brokers and dealers. In so doing, PIMCO uses its best efforts to obtain for the Fund the best execution available, except to the extent it may be </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">106 </p>



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permitted to pay higher brokerage commissions as described below. In seeking best execution, PIMCO, having in mind the Fund&#8217;s best interests, considers all factors it deems relevant, including, by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker-dealer involved and the quality of service rendered by the broker-dealer in other transactions. Changes in the aggregate amount of brokerage commissions paid by the Fund from <span style="white-space:nowrap"><span style="white-space:nowrap">year-to-year</span></span> may be attributable to changes in the asset size of the Fund, the volume of the portfolio transactions effected by the Fund, the types of instruments in which the Fund invests, or the rates negotiated by PIMCO on behalf of the Fund. Although the Fund may use financial firms that sell Fund shares to effect transactions for the Fund&#8217;s portfolio, neither the Fund nor PIMCO will consider the sale of Fund shares as a factor when choosing financial firms to effect those transactions. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund did not pay any brokerage commissions during the fiscal years ended December&#160;31, 2021, December&#160;31, 2020 and December&#160;31, 2019. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PIMCO places orders for the purchase and sale of portfolio investments for the Fund&#8217;s account with brokers or dealers selected by it in its discretion. In effecting purchases and sales of portfolio securities for the account of the Fund, PIMCO will seek the best price and execution of the Fund&#8217;s orders. In doing so, the Fund may pay higher commission rates than the lowest available when PIMCO believes it is reasonable to do so in light of the value of the brokerage and research services provided by the broker effecting the transaction, as discussed below. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">It has for many years been a common practice in the investment advisory business for advisers of investment companies and other institutional investors to receive research and brokerage products and services (together, &#8220;services&#8221;) from broker-dealers that execute portfolio transactions for the clients of such advisers. Consistent with this practice, PIMCO may receive research services from many broker-dealers with which PIMCO places the Fund&#8217;s portfolio transactions. PIMCO also may receive research or research-related credits from brokers that are generated from underwriting commissions when purchasing new issues of fixed-income securities or other assets for the Fund. These services, which in some cases may also be purchased for cash, include such matters as general economic and security market reviews, industry and company reviews, evaluations of securities and recommendations as to the purchase and sale of securities and services related to the execution of securities transactions. Some of these services are of value to PIMCO in advising various of its clients (including the Fund), although not all of these services are necessarily useful and of value in managing the Fund. Conversely, research and brokerage services provided to the Fund by broker-dealers in connection with trades executed on behalf of other clients of PIMCO may be useful to PIMCO in managing the Fund, although not all of these services may be necessarily useful and of value to PIMCO in managing such other clients. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In reliance on the &#8220;safe harbor&#8221; provided by Section&#160;28(e) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), PIMCO may cause the Fund to pay broker-dealers which provide them with &#8220;brokerage and research services&#8221; (as defined in the Exchange Act) an amount of commission for effecting a securities transaction for the Fund in excess of the commission which another broker-dealer would have charged for effecting that transaction if PIMCO determines in good faith that the commission is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer viewed in terms of either a particular transaction or PIMCO&#8217;s overall responsibilities to the advisory accounts for which PIMCO exercises investment discretion. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PIMCO may place orders for the purchase and sale of exchanged-listed portfolio securities with a broker-dealer that is an affiliate of PIMCO where, in the judgment of PIMCO, such firm will be able to obtain a price and execution at least as favorable as other qualified broker-dealers. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Pursuant to rules of the SEC, a broker-dealer that is an affiliate of PIMCO may receive and retain compensation for effecting portfolio transactions for the Fund on a national securities exchange of which the broker-dealer is a member if the transaction is &#8220;executed&#8221; on the floor of the exchange by another broker which </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">107 </p>



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is not an &#8220;associated person&#8221; of the affiliated broker-dealer, and if there is in effect a written contract between PIMCO and the Fund expressly permitting the affiliated broker-dealer to receive and retain such compensation. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">SEC rules further require that commissions paid to such an affiliated broker dealer, or PIMCO by the Fund on exchange transactions not exceed &#8220;usual and customary brokerage commissions.&#8221; The rules define &#8220;usual and customary&#8221; commissions to include amounts which are &#8220;reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time.&#8221; </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund did not pay any commissions to affiliated brokers during the fiscal years ended December&#160;31, 2021, December&#160;31, 2020 and December&#160;31, 2019. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Holdings of Securities of the Fund&#8217;s Regular Broker and Dealer </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The following table lists the regular broker or dealer of the Fund whose securities the Fund acquired during the fiscal year ended December&#160;31, 2021, as well as the Fund&#8217;s holdings in such broker or dealer as of December&#160;31, 2021. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr>

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<td></td>
<td></td>
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<td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><span style="font-weight:bold">Broker or Dealer</span></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" align="center" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">Value&#160;of&#160;Securities<br />Held&#160;by&#160;the&#160;Fund&#160;as<br />of&#160;December&#160;31,&#160;2021&#160;($000)</span></td>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">State Street Bank&#160;&amp; Trust Co.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">21,501</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
</table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_7">DISTRIBUTIONS </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">See &#8220;Distributions&#8221; in the Prospectus for information relating to distributions to Fund shareholders. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For U.S. federal income tax purposes, the Fund is currently required to allocate each type of its income (such as ordinary income and net capital gain), if any, between and among Common Shares and each series of Preferred Shares in proportion to total distributions paid to each class for the tax year. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">While any Preferred Shares are outstanding, the Fund may not declare any cash dividend or other distribution on its Common Shares unless: (i)&#160;immediately after such transaction, the Fund would satisfy Moody&#8217;s Ratings Agency Preferred Shares Asset Coverage and 1940 Act Preferred Shares Asset Coverage would be satisfied (each as defined and described under &#8220;Description of Capital Structure &#8211; Rating Agency Guidelines and Asset Coverage&#8221; in the Prospectus); (ii) full cumulative dividends on the Preferred Shares due on or prior to the date of the transaction have been declared and paid or shall have been declared and sufficient funds for the payment thereof deposited with the auction agent for the Preferred Shares; and (iii)&#160;the Fund has redeemed the full number of Preferred Shares required to be redeemed by any provision for mandatory redemption contained in the Bylaws. See &#8220;Preferred Shares Redemption.&#8221; This latter limitation on the Fund&#8217;s ability to make distributions on its Common Shares could cause the Fund to incur income and excise tax and, under certain circumstances, impair the ability of the Fund to maintain its qualification for taxation as a RIC. See &#8220;Taxation.&#8221; </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Board of Trustees has declared a dividend of $0.059 per Common Share payable on August&#160;1, 2022. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_8">DESCRIPTION OF SHARES </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Common Shares </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s Declaration authorizes the issuance of an unlimited number of Common Shares. The Common Shares currently outstanding have been issued with a par value of $0.00001 per share. All Common Shares of the Fund have equal rights as to the payment of dividends and the distribution of assets upon liquidation of the Fund. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">108 </p>



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The Common Shares currently outstanding have been fully paid and, subject to matters discussed in &#8220;Anti-Takeover and Other Provisions in the Declaration of Trust&#8212;Shareholder Liability&#8221; below, are <span style="white-space:nowrap">non-assessable,</span> and have no <span style="white-space:nowrap">pre-emptive</span> or conversion rights or rights to cumulative voting. At any time when the Preferred Shares are outstanding, Common Shareholders will not be entitled to receive any distributions from the Fund unless all accrued dividends on the Preferred Shares have been paid, and unless asset coverage (as defined in the 1940 Act) with respect to the Preferred Shares would be at least 200% after giving effect to such distributions. See &#8220;Description of Capital Structure&#8221; in the Prospectus. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Common Shares are listed on the NYSE. The Fund intends to hold annual meetings of shareholders so long as the Common Shares are listed on a national securities exchange and such meetings are required as a condition to such listing. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Shares of <span style="white-space:nowrap">closed-end</span> investment companies may frequently trade at prices lower than net asset value, although they have during some periods traded at prices equal to or higher than net asset value and during other periods traded at prices lower than net asset value. There can be no assurance that Common Shares or shares of other similar funds will trade at a price higher than net asset value in the future. Net asset value will be reduced immediately following any offering of Preferred Shares by the cost of that offering paid by the Fund. Net asset value generally increases when interest rates decline, and decreases when interest rates rise, and these changes are likely to be greater in the case of a fund, such as the Fund, having a leveraged capital structure. Whether investors realize gains or losses upon the sale of Common Shares will not depend upon the Fund&#8217;s net asset value but will depend entirely upon whether the market price of the Common Shares at the time of sale is above or below the original purchase price for the shares. Since the market price of the Fund&#8217;s Common Shares will be determined by factors beyond the control of the Fund, the Fund cannot predict whether the Common Shares will trade at, below, or above net asset value or at, below or above the initial public offering price. Accordingly, the Common Shares are designed primarily for long-term investors, and investors in the Common Shares should not view the Fund as a vehicle for trading purposes. See &#8220;Repurchase of Common Shares; Conversion to <span style="white-space:nowrap">Open-End</span> Fund.&#8221; </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold" id="sai288652_9">Preferred Shares </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">See &#8220;Description of Capital Structure&#8221; in the Prospectus for information relating to the Preferred Shares. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As used in this Statement of Additional Information and in the Prospectus, unless otherwise noted, the Fund&#8217;s &#8220;net assets&#8221; include assets of the Fund attributable to any outstanding Preferred Shares, with no deduction for the liquidation preference of the Preferred Shares. Solely for financial reporting purposes, however, the Fund is required to exclude the liquidation preference of Preferred Shares from &#8220;net assets,&#8221; so long as the Preferred Shares have redemption features that are not solely within the control of the Fund. For all regulatory and tax purposes, the Fund&#8217;s Preferred Shares will be treated as stock (rather than indebtedness). </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_10">ANTI-TAKEOVER AND OTHER PROVISIONS IN THE DECLARATION OF TRUST AND BYLAWS </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Shareholder Liability </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Under Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the obligations of the Fund. However, the Declaration contains an express disclaimer of shareholder liability for acts or obligations of the Fund and requires that notice of such limited liability be given in each agreement, obligation or instrument entered into or executed by the Fund or the Trustees. The Declaration also provides for indemnification out of the Fund&#8217;s assets and property for all loss and expense of any shareholder held personally liable on account of being or having been a shareholder. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability should be limited to circumstances in which such disclaimer is inoperative or the Fund is unable to meet its obligations, and thus should be considered remote. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Anti-Takeover Provisions </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As described below, the Declaration and the Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund, convert the Fund to <span style="white-space:nowrap">open-end</span> status or to change the composition of its Board, and could have the effect of depriving shareholders of opportunities to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As described below, the Declaration grants special approval rights with respect to certain matters to members of the Board who qualify as &#8220;Continuing Trustees,&#8221; which term means a Trustee who either (i)&#160;has been a member of the Board of Trustees for a period of at least <span style="white-space:nowrap">thirty-six</span> months ( or since the commencement of the Trust&#8217;s operations, if less than <span style="white-space:nowrap">thirty-six</span> months) or (ii)&#160;was nominated to serve as a member of the Board, or designated as a Continuing Trustee, by a majority of the Continuing Trustees then members of the Board. 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 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 or share exchange, any shareholder proposal as to specific investment decisions made or to be with respect to the assets of the Fund or issuance or transfer by the Fund of the Fund&#8217;s shares having an aggregate fair market value of $1,000,000 or more (except for transactions in securities effected by the Trust or a series or class in the ordinary course of business), unless the transaction is authorized by both a majority of the Trustees and seventy-five percent (75%) of the Continuing Trustees (in which case no shareholder authorization would be required by the Declaration, but may be required in certain 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 of the Fund&#8217;s shares outstanding and entitled to vote on the matter to authorize a conversion of the Fund from a <span style="white-space:nowrap">closed-end</span> to an <span style="white-space:nowrap">open-end</span> investment company, unless the conversion is authorized by both a majority of the Trustees and seventy-five percent (75%) of the Continuing Trustees (in which case shareholders would have only the minimum voting rights required by the 1940 Act with respect to the conversion). Also, the Declaration provides that the Fund may be terminated at any time by vote or consent of at least seventy-five percent (75%) of the Fund&#8217;s shares entitled to vote or, alternatively, by vote or consent of both a majority of the Board and seventy-five percent (75%) of the Continuing Trustees upon written notice to shareholders of the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Trustees 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 required by the 1940 Act. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">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 party. These provisions also provide, however, the advantage of potentially requiring persons seeking control of the Fund to negotiate with its management regarding the price to be paid and facilitating the continuity of the Fund&#8217;s investment objective and policies. The Board has considered the foregoing anti-takeover provisions and concluded that they are in the best interests of the Fund and its shareholders, including Common Shareholders. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The foregoing is intended only as a summary and is qualified in its entirety by reference to the full text of the Declaration and the Bylaws, both of which are on file with the SEC. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Liability of Trustees </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Declaration provides that the obligations of the Fund are not binding upon the Trustees of the Fund individually, but only upon the assets and property of the Fund. The Declaration provides further that a Trustee or officer shall be liable for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or officer, and for nothing else, and shall not be liable for errors of judgment or mistakes of fact or law. No provision of the Declaration, however, shall limit or eliminate any duty under the federal securities laws (including any fiduciary duties of loyalty and care) that a Trustee or officer owes to the Fund with respect to claims asserted under the federal securities laws. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Forum for Adjudication of Disputes </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Bylaws provide that unless the Fund consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i)&#160;any action or proceeding brought on behalf of the Fund or one or more of the shareholders, (ii)&#160;any action asserting a claim of breach of a fiduciary duty owed by any Trustee, officer, other employee of the Fund, or the Fund&#8217;s investment adviser to the Fund or the Fund&#8217;s shareholders, (iii)&#160;any action asserting a breach of contract by the Fund, by any Trustee, officer or other employee of the Fund, or by the Fund&#8217;s investment adviser, (iv)&#160;any action asserting a claim arising pursuant to any provision of the Massachusetts Business Corporation Act, Chapter 182 of the Massachusetts General Laws or the Declaration or the Bylaws, (v)&#160;any action to interpret, apply, enforce or determine the validity of the Declaration or the Bylaws or any agreement contemplated by any provision of the 1940 Act, the Declaration or the Bylaws, or (vi)&#160;any action asserting a claim governed by the internal affairs doctrine shall be within the federal or state courts in the Commonwealth of Massachusetts (each, a &#8220;Covered Action&#8221;). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Bylaws further provide that if any Covered Action is filed in a court other than in a federal or state court sitting within the Commonwealth of Massachusetts (a &#8220;Foreign Action&#8221;) in the name of any shareholder, such shareholder shall be deemed to have consented to (i)&#160;the personal jurisdiction of the federal and state courts within The Commonwealth of Massachusetts in connection with any action brought in any such courts to enforce the preceding sentence (an &#8220;Enforcement Action&#8221;) and (ii)&#160;having service of process made upon such shareholder in any such Enforcement Action by service upon such shareholder&#8217;s counsel in the Foreign Action as agent for such shareholder. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Any person purchasing or otherwise acquiring or holding any interest in shares of beneficial interest of the Fund will be (i)&#160;deemed to have notice of and consented to the foregoing paragraph and (ii)&#160;deemed to have waived any argument relating to the inconvenience of the forum referenced above in connection with any action or proceeding described in the foregoing paragraph. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">This forum selection provision may limit a shareholder&#8217;s ability to bring a claim in a judicial forum that it finds favorable for disputes with Trustees, officers or 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 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 an action, the Fund may incur additional costs associated with resolving such action in other jurisdictions. This forum selection provision shall not apply to claims made under federal securities laws. The enforceability of exclusive forum provisions is questionable. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Derivative and Direct Claims of Shareholders </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A shareholder or group of shareholders 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 making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees. The Trustees shall consider such demand within 90 days of its 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 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 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. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A shareholder may not bring or maintain a direct action or claim for monetary damages against the Fund or the Trustees predicated upon an express or implied right of action under the Declaration, 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 bring such an action, unless such group of shareholders or shareholder has obtained authorization from the Trustees to bring the action. The requirement of authorization shall not be excused under any </p>
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circumstances, including claims of alleged interest on the part of the Trustees. The Trustees shall consider such request within 90 days of its receipt by the Fund. In their sole discretion, the Trustees may submit the matter to a vote of 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 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 shall be binding on all shareholders. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">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 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 of the Fund and its service providers, which may discourage such lawsuits with respect to such claims. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">These provisions in the Declaration regarding derivative and direct claims of shareholders shall not apply to claims made under federal securities laws. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_11">REPURCHASE OF COMMON SHARES; CONVERSION TO <span style="white-space:nowrap">OPEN-END</span> FUND </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund is a <span style="white-space:nowrap">closed-end</span> investment company and as such its shareholders will not have the right to cause the Fund to redeem their shares. Instead, the Fund&#8217;s Common Shares trade in the open market at a price that will be a function of several factors, including dividend levels and stability (which will in turn be affected by dividend and interest payments by the Fund&#8217;s portfolio holdings, regulations affecting the timing and character of Fund&#8217;s distributions, Fund expenses and other factors), portfolio credit quality, liquidity, call protection, market supply and demand, and similar factors relating to the Fund&#8217;s portfolio holdings. Shares of a <span style="white-space:nowrap">closed-end</span> investment company may frequently trade at prices lower than net asset value. The Fund&#8217;s Board will regularly monitor the relationship between the market price and net asset value of the Common Shares. If the Common Shares were to trade at a substantial discount to net asset value for an extended period of time, the Board may consider the repurchase of its Common Shares on the open market or in private transactions, the making of a tender offer for such shares or the conversion of the Fund to an <span style="white-space:nowrap">open-end</span> investment company. The Fund cannot assure you that the Board will decide to take or propose any of these actions, or that share repurchases or tender offers will actually reduce any market discount. The Fund has no present intention to repurchase its Common Shares and would do so only in the circumstances described in this section. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Notwithstanding the foregoing, at any time when the Preferred Shares are outstanding, the Fund may not purchase, redeem or otherwise acquire for consideration any of its Common Shares unless and only if: (i)&#160;immediately after such transaction, the Fund would satisfy Moody&#8217;s Ratings Agency Preferred Shares Asset Coverage, Fitch Preferred Shares Asset Coverage and 1940 Act Preferred Shares Asset Coverage (each as defined and described under &#8220;Description of Capital Structure&#8212;Rating Agency Guidelines and Asset Coverage&#8221; in the Prospectus); (ii) full cumulative dividends on the Preferred Shares due on or prior to the date of the transaction have been declared and paid or shall have been declared and sufficient funds for the payment thereof deposited with the auction agent for the Preferred Shares; and (iii)&#160;the Fund has redeemed the full number of Preferred Shares required to be redeemed by any provision for mandatory redemption contained in the Bylaws. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Subject to its investment limitations, the Fund may borrow to finance the repurchase of shares or to make a tender offer. Interest on any borrowings to finance share repurchase transactions or the accumulation of cash by the Fund in anticipation of share repurchases or tenders will reduce the Fund&#8217;s net income. Any share repurchase, tender offer or borrowing that might be approved by the Board would have to comply with the Exchange Act and the 1940 Act and the rules and regulations thereunder. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s Board may also from time to time consider submitting to the holders of the shares of beneficial interest of the Fund a proposal to convert the Fund to an <span style="white-space:nowrap">open-end</span> investment company. In determining whether to exercise its sole discretion to submit this issue to shareholders, the Board would consider all factors then relevant, including the relationship of the market price of the Common Shares to net asset value and the extent to </p>
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which the Fund&#8217;s capital structure is leveraged and the possibility of <span style="white-space:nowrap">re-leveraging,</span> the spread, if any, between the yields on securities in the Fund&#8217;s portfolio and interest and dividend charges on Preferred Shares issued by the Fund and general market and economic conditions. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Declaration requires the affirmative vote or consent of holders of at least seventy-five percent (75%) of each class of the Fund&#8217;s shares entitled to vote on the matter to authorize a conversion of the Fund from a <span style="white-space:nowrap">closed-end</span> to an <span style="white-space:nowrap">open-end</span> investment company, unless the conversion is authorized by both a majority of the Board and seventy-five percent (75%) of the Continuing Trustees (as defined above under &#8220;Anti-Takeover and Other Provisions in the Declaration of Trust and Bylaws&#8212;Anti-Takeover Provisions&#8221;). This seventy-five percent (75%) shareholder approval requirement is higher than is required under the 1940 Act. In the event that a conversion is approved by the Trustees and the Continuing Trustees as described above, the minimum shareholder vote required under the 1940 Act would be necessary to authorize the conversion. Currently, the 1940 Act would require approval of the holders of a &#8220;majority of the outstanding&#8221; Common Shares and Preferred Shares voting together as a single class, and the holders of a &#8220;majority of the outstanding&#8221; Preferred Shares, voting as a separate class, in order to authorize a conversion. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the Fund were to convert to an <span style="white-space:nowrap">open-end</span> company, it would be required to redeem all Preferred Shares then outstanding (required in turn that it liquidate a portion of its investment portfolio) and the Fund&#8217;s Common Shares likely would no longer be listed on the NYSE. In contrast to a <span style="white-space:nowrap">closed-end</span> investment company, shareholders of an <span style="white-space:nowrap">open-end</span> investment company may require the company to redeem their shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their net asset value, less any redemption charge that is in effect at the time of redemption. In addition, if the Fund were to convert to an <span style="white-space:nowrap">open-end</span> company, it would likely have to significantly reduce any leverage it is then employing and would not be able to invest more than 15% of its net assets in illiquid investments, either or both of which may necessitate a substantial repositioning of the Fund&#8217;s investment portfolio, which may in turn generate substantial transaction costs, which would be borne by Common Shareholders, and may adversely affect Fund performance and Fund dividends. Shareholders of an <span style="white-space:nowrap">open-end</span> investment company may require the company to redeem their shares on any business day (except in certain circumstances as authorized by or under the 1940 Act) at their net asset value, less such redemption charge, if any, as might be in effect at the time of redemption. In order to avoid maintaining large cash positions or liquidating favorable investments to meet redemptions, <span style="white-space:nowrap">open-end</span> companies typically engage in a continuous offering of their shares. <span style="white-space:nowrap">Open-end</span> companies are thus subject to periodic asset <span style="white-space:nowrap">in-flows</span> and <span style="white-space:nowrap">out-flows</span> that can complicate portfolio management. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The repurchase by the Fund of its shares at prices below net asset value will result in an increase in the net asset value of those shares that remain outstanding. However, there can be no assurance that share repurchases or tenders at or below net asset value will result in the Fund&#8217;s shares trading at a price equal to their net asset value. Nevertheless, 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 that the Fund may be converted to an <span style="white-space:nowrap">open-end</span> company, may reduce any spread between market price and net asset value that might otherwise exist. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, a purchase by the Fund of its Common Shares will decrease the Fund&#8217;s total assets. This would likely have the effect of increasing the Fund&#8217;s expense ratio. Any purchase by the Fund of its Common Shares at a time when Preferred Shares, TOBs or other forms of leverage are outstanding will increase the leverage applicable to the outstanding Common Shares then remaining. See the Prospectus under &#8220;Principal Risks of the Fund&#8212;Leverage Risk.&#8221; </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Before deciding whether to take any action if the Fund&#8217;s Common Shares trade below net asset value, the Board would consider all 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 on the Fund or its shareholders and market considerations. Based on these considerations, even if the Fund&#8217;s shares should trade at a discount, the Board may determine that, in the interest of the Fund and its shareholders, no action should be taken. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_12">TAXATION </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The following discussion of U.S. federal income tax consequences of investment in Common Shares of the Fund is based on the Code, U.S. Treasury regulations, and other applicable authority, as of the date of this Statement of Additional Information. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect. The following discussion is only a summary of some of the important U.S. federal income tax considerations generally applicable to investments in Common Shares of the Fund. This summary does not purport to be a complete description of the U.S. federal income tax considerations applicable to an investment in Common Shares of the Fund. There may be other tax considerations applicable to particular shareholders. For example, except as otherwise specifically noted herein, we have not described certain tax considerations that may be relevant to certain types of holders subject to special treatment under the U.S. federal income tax laws, including shareholders subject to the U.S. federal alternative minimum tax, insurance companies, <span style="white-space:nowrap">tax-exempt</span> organizations, pension plans and trusts, RICs, dealers in securities, shareholders holding Common Shares through <span style="white-space:nowrap">tax-advantaged</span> accounts (such as 401(k) plans or individual retirement accounts), financial institutions, shareholders holding Common Shares as part of a hedge, straddle, or conversion transaction, entities that are not organized under the laws of the United States or a political subdivision thereof, and persons who are neither citizens nor residents of the United States. This summary assumes that investors hold Common Shares as capital assets (within the meaning of the Code). Shareholders should consult their own tax advisors regarding their particular situation and the possible application of U.S. federal, state, local, <span style="white-space:nowrap">non-U.S.</span> or other tax laws, and any proposed tax law changes. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Taxation of the Fund </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund has elected, and intends each year to qualify and be eligible to be treated, as a RIC under Subchapter M of the Code. In order to qualify for the special tax treatment accorded RICs and their shareholders, the Fund must, among other things: (a)&#160;derive at least 90% of its gross income for each taxable year from (i)&#160;dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and (ii)&#160;net income derived from interests in &#8220;qualified publicly traded partnerships&#8221; (as defined below); (b) diversify its holdings so that, at the end of each quarter of the Fund&#8217;s taxable year, (i)&#160;at least 50% of the value of the Fund&#8217;s total assets consists of cash and cash items, U.S. government securities, securities of other RICs, and other securities limited in 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% of the outstanding voting securities of such issuer, and (ii)&#160;not more than 25% of the value of the Fund&#8217;s total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, (x)&#160;in the securities (other than those of the U.S. government or other RICs) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (y)&#160;in the securities of one or more qualified publicly traded partnerships (as defined below); and (c)&#160;distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid&#8212;generally, taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and any net <span style="white-space:nowrap">tax-exempt</span> interest income for such year. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, for purposes of the 90% gross income requirement described in paragraph (a)&#160;above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the RIC. However, 100% of the net income derived from an interest in a &#8220;qualified publicly traded partnership&#8221; (a partnership (x)&#160;the interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof and (y)&#160;that derives less than 90% of its income from the qualifying income described in paragraph (a)(i) above) will be treated as qualifying income. In general, such entities will be treated as partnerships for U.S. federal income tax purposes because they meet the passive income requirement under </p>
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Code section 7704(c)(2). In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For purposes of the diversification test in (b)&#160;above, the term &#8220;outstanding voting securities of such issuer&#8221; will include the equity securities of a qualified publicly traded partnership. Also, for purposes of the diversification test in (b)&#160;above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the IRS with respect to issuer identification for a particular type of investment may adversely affect the Fund&#8217;s ability to meet the diversification test in (b)&#160;above. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the Fund qualifies as a RIC that is accorded special tax treatment, the Fund will not be subject to U.S. federal income tax on income or gains distributed in a timely manner to Common Shareholders in the form of dividends (including Capital Gain Dividends, as defined below). If the Fund were to fail to meet the income, diversification, or distribution tests described above, the Fund could in some cases cure such failure, including by paying a fund-level tax, paying interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such failure for any year, or were otherwise to fail to qualify as a RIC accorded special tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net <span style="white-space:nowrap">tax-exempt</span> income and net long-term capital gains, would be taxable to Common Shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate shareholders and may be eligible to be treated as &#8220;qualified dividend income&#8221; in the case of shareholders taxed as individuals, provided, in both cases, that the shareholder meets certain holding period and other requirements in respect of the Fund&#8217;s Common Shares (as described below). In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before <span style="white-space:nowrap">re-qualifying</span> as a RIC that is accorded special tax treatment. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund intends to distribute to its shareholders, at least annually, all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), its net <span style="white-space:nowrap">tax-exempt</span> income and its net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards). Any taxable income including any net capital gain retained by the Fund will be subject to tax at the Fund level at regular corporate rates. In the case of net capital gain, the Fund is permitted to designate the retained amount as undistributed capital gain in a timely notice to its shareholders who would then, in turn, (i)&#160;be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their share of such undistributed amount, and (ii)&#160;be entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on a properly filed U.S. tax return to the extent the credit exceeds such liabilities. If the Fund makes this designation, for U.S. federal income tax purposes, the tax basis of Common Shares owned by a shareholder of the Fund will be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder&#8217;s gross income under clause (i)&#160;of the preceding sentence and the tax deemed paid by the shareholder under clause (ii)&#160;of the preceding sentence. The Fund is not required to, and there can be no assurance that the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As described under &#8220;Use of Leverage&#8221; in the Prospectus, if at any time when Preferred Shares or other senior securities are outstanding the Fund does not meet applicable asset coverage requirements, it will be required to suspend distributions to Common Shareholders until the requisite asset coverage is restored. Any such suspension may cause the Fund to pay a U.S. federal income and excise tax on undistributed income or gains and may, in certain circumstances, prevent the Fund from qualifying for treatment as a RIC. The Fund may repurchase or otherwise retire Preferred Shares or other senior securities, as applicable, in an effort to comply with the distribution requirement applicable to RICs. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Capital losses in excess of capital gains (&#8220;net capital losses&#8221;) are not permitted to be deducted against the Fund&#8217;s net investment income. Instead, potentially subject to certain limitations, the Fund may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether the Fund retains or distributes such gains. If the Fund incurs or has incurred net capital losses, those losses will be carried forward to one or more subsequent taxable years without expiration. Any such carryforward losses will retain their character as short-term or long-term. The Fund&#8217;s available capital loss carryforwards, if any, will be set forth in its annual shareholder report for each fiscal year. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In determining its net capital gain, including in connection with determining the amount available to support a Capital Gain Dividend (as defined below), its taxable income and its earnings and profits, a RIC generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion, if any, of the taxable year after October&#160;31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to such portion of the taxable year) or late-year ordinary loss (generally, the sum of its (i)&#160;net ordinary loss from the sale, exchange or other taxable disposition of property, attributable to the portion, if any, of the taxable year after October&#160;31, and its (ii)&#160;other net ordinary loss attributable to the portion, if any, of the taxable year after December 31) as if incurred in the succeeding taxable year. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the Fund were to fail to distribute in a calendar year at least an amount equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income recognized for the <span style="white-space:nowrap">one-year</span> period ending on October&#160;31 of such year (or November&#160;30 or December&#160;31 of that year if the Fund is permitted to elect and so elects), plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts. For purposes of the required excise tax distribution, a RIC&#8217;s ordinary gains and losses from the sale, exchange, or other taxable disposition of property that would otherwise be taken into account after October&#160;31 (or November&#160;30 of that year if the RIC makes the election described above) generally are treated as arising on January&#160;1 of the following calendar year; in the case of a RIC with a December&#160;31 year end that makes the election described above, no such gains or losses will be so treated. Also, for these purposes, the Fund will be treated as having distributed any amount on which it is subject to corporate income tax for the taxable year ending within the calendar year. The Fund intends generally to make distributions sufficient to avoid imposition of the 4% excise tax, although there can be no assurance that it will be able to or will do so. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Fund Distributions </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund intends to make monthly distributions. Unless a shareholder elects otherwise, all distributions will be automatically reinvested in additional Common Shares of the Fund pursuant to the Fund&#8217;s Dividend Reinvestment Plan (see &#8220;Dividend Reinvestment Plan&#8221; in the Prospectus). A shareholder whose distributions are reinvested in Common Shares under the Dividend Reinvestment Plan will be treated for U.S. federal income tax purposes as having received an amount in distribution equal to either (i)&#160;if newly issued Common Shares are issued under the Dividend Reinvestment Plan, generally the fair market value of the newly issued Common Shares issued to the shareholder or (ii)&#160;if reinvestment is made through open-market purchases under the Dividend Reinvestment Plan, the amount of cash allocated to the shareholder for the purchase of Common Shares on its behalf in the open market. For U.S. federal income tax purposes, all distributions are generally taxable in the manner described below, whether a shareholder takes them in cash or they are reinvested pursuant to the Dividend Reinvestment Plan in additional shares of the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">For U.S. federal income tax purposes, distributions of investment income other than exempt-interest dividends (described below) are generally taxable as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned (or is deemed to have owned) the investments that generated the gains, rather than how long a shareholder has owned his or her Common Shares. In general, the Fund will recognize long-term capital gain or loss on investments it has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on investments it has owned (or is deemed to have owned) for one year or less. </p>
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Tax rules can alter the Fund&#8217;s holding period in investments and thereby affect the tax treatment of gain or loss in respect of such investments. Distributions of net capital gain that are properly reported by the Fund as capital gain dividends (&#8220;Capital Gain Dividends&#8221;) will be taxable to shareholders as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates relative to ordinary income. Distributions of net short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to shareholders as ordinary income. The IRS and the Department of the Treasury have issued regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting &#8220;applicable partnership interests&#8221; under Section&#160;1061 of the Code. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Distributions of investment income reported by the Fund as &#8220;qualified dividend income&#8221; received by an individual will be taxed at the reduced rates applicable to net capital gain. In order for some portion of the dividends received by the Fund shareholder to be qualified dividend income, the Fund must meet holding period and other requirements with respect to some portion of the dividend-paying stocks in its portfolio and the shareholder must meet holding period and other requirements with respect to the Fund&#8217;s shares. In general, a dividend will not be treated as qualified dividend income (at either the Fund or shareholder level)&#160;(1) if the dividend is received with respect to any share of stock held for fewer than 61 days during the <span style="white-space:nowrap">121-day</span> period beginning on the date which is 60 days before the date on which such share becomes <span style="white-space:nowrap">ex-dividend</span> with respect to such dividend (or, in the case of certain preferred stock, 91 days during the <span style="white-space:nowrap">181-day</span> period beginning 90 days before such date), (2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, (3)&#160;if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest, or (4)&#160;if the dividend is received from a foreign corporation that is (a)&#160;not eligible for the benefits of a comprehensive income tax treaty with the United States (with the exception of dividends paid on stock of such a foreign corporation readily tradable on an established securities market in the United States) or (b)&#160;treated as a passive foreign investment company. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, distributions of investment income reported by the Fund as derived from qualified dividend income will be treated as qualified dividend income by a shareholder taxed as an individual provided the shareholder meets the holding period and other requirements described above with respect to the Fund&#8217;s shares. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, dividends of net investment income received by corporate shareholders of the Fund will qualify for the dividends-received deduction generally available to corporations only to the extent of the amount of eligible dividends received by the Fund from domestic corporations for the taxable year if certain holding period and other requirements are met at both the shareholder and Fund levels. The Fund does not expect a significant portion of distributions to be eligible for the dividends-received deduction. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">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 described below, are treated as qualified REIT dividends in the hands of <span style="white-space:nowrap">non-corporate</span> shareholders. <span style="white-space:nowrap">Non-corporate</span> shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a &#8220;section 199A dividend&#8221; is any dividend or portion thereof that is attributable to certain dividends received by a RIC from REITs, to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the <span style="white-space:nowrap">91-day</span> period beginning 45 days before the shares become <span style="white-space:nowrap">ex-dividend,</span> and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Any distribution of income that is attributable to (i)&#160;income received by the Fund in lieu of dividends with respect to securities on loan pursuant to a securities lending transaction or (ii)&#160;dividend income received by the Fund on securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as a loan by the Fund, will not constitute qualified dividend income </p>
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to <span style="white-space:nowrap">non-corporate</span> shareholders and will not be eligible for the dividends-received deduction for corporate shareholders. Similarly, any distribution of income that is attributable to (i)&#160;income received by the Fund in lieu of <span style="white-space:nowrap">tax-exempt</span> interest with respect to securities on loan or <span style="white-space:nowrap">(ii)&#160;tax-exempt</span> interest received by the Fund on <span style="white-space:nowrap">tax-exempt</span> securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as a loan by the Fund, will not constitute an exempt-interest dividend to shareholders. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">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 each such class proportionate amounts of each type of its income (such as ordinary income and capital gains) based upon the percentage of total dividends distributed to each class for the tax year. Accordingly, as applicable, the Fund intends each tax year to allocate Capital Gain Dividends for each tax year between and among its Common Shares and each series of its Preferred Shares in proportion to the total dividends paid to each class with respect to such tax year. Dividends qualifying for the dividends received deduction, as qualified dividend income or as exempt-interest dividends will be allocated between and among Common Shares and each series of Preferred Shares separately from dividends that do not so qualify, in each case in proportion to the total dividends paid to each share class for the Fund&#8217;s tax year. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, &#8220;net investment income&#8221; generally includes, among other things, (i)&#160;distributions paid by the Fund of net investment income (other than exempt-interest dividends, described below) and capital gains as described above, and (ii)&#160;any net gain from the sale, exchange or other taxable disposition of Fund shares. Common Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If, in and with respect to any taxable year, the Fund makes a distribution in excess of its current and accumulated &#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 basis in his or her Common Shares, and thereafter as capital gain. A return of capital is not taxable, but it reduces a shareholder&#8217;s basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of such shares. Where one or more such distributions occur in and with respect to any taxable year of the Fund, the available earnings and profits will be allocated first to the distributions made to the holders of Preferred Shares, and only thereafter to distributions made to holders of Common Shares. As a result, the holders of Preferred Shares will receive a disproportionate share of the distributions, if any, treated as dividends, and the holders of the Common Shares will receive a disproportionate share of the distributions, if any, treated as a return of capital. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A distribution by the Fund will be treated as paid on December&#160;31 of any calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year. Such distributions will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As required by federal law, detailed federal tax information with respect to each calendar year will be furnished to shareholders early in the succeeding year. Dividends and distributions on Common Shares are generally subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund&#8217;s realized income and gains, even though such dividends and distributions may economically represent a return of a particular shareholder&#8217;s investment. Such distributions are likely to occur in respect of Common Shares purchased at a time when the Fund&#8217;s net asset value reflects unrealized gains or income or gains that are realized but not yet distributed. Such realized income and gains may be required to be distributed even when the Fund&#8217;s net asset value also reflects unrealized losses. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the Fund holds, directly or indirectly, one or more Build America Bonds issued before January&#160;1, 2011, or other tax credit bonds issued on or before December&#160;31, 2017, on one or more applicable dates during a taxable </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">118 </p>



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year, it is possible that the Fund will elect to permit its shareholders to claim a tax credit on their income tax returns equal to each shareholder&#8217;s proportionate share of tax credits from the applicable bonds that otherwise would be allowed to the Fund. In such a case, a shareholder will be deemed to receive a distribution of money with respect to its Fund shares equal to the shareholder&#8217;s proportionate share of the amount of such credits and be allowed a credit against the shareholder&#8217;s U.S. federal income tax liability equal to the amount of such deemed distribution, subject to certain limitations imposed by the Code on the credits involved. Even if the Fund is eligible to pass through tax credits to shareholders, the Fund may choose not to do so. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If for any taxable year the Fund were not a &#8220;publicly offered&#8221; RIC within the meaning of Code Section&#160;67(c)(2)(B), certain of the Fund&#8217;s direct and indirect expenses would be subject to special &#8220;pass-through&#8221; rules. Very generally, pursuant to Treasury Department regulations, expenses of a RIC that is not &#8220;publicly offered,&#8221; except those specific to its status as a RIC or separate entity (e.g., registration fees or transfer agency fees), are subject to special &#8220;pass-through&#8221; rules. These expenses (which include direct and certain indirect advisory fees) are treated as additional dividends to certain Fund shareholders (generally including other RICs that are not &#8220;publicly offered,&#8221; individuals and entities that compute their taxable income in the same manner as an individual) and, under current law, are not deductible by those shareholders that are individuals (or entities that compute their taxable income in the same manner as an individual). </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Exempt-Interest Dividends </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund will be qualified to pay exempt-interest dividends to its shareholders if, at the close of each quarter of the Fund&#8217;s taxable year, at least 50% of the total value of the Fund&#8217;s assets consists of obligations the interest on which is exempt from federal income tax under Section&#160;103(a) of the Code. Distributions that the Fund reports as exempt-interest dividends are treated as interest excludable from shareholders&#8217; gross income for federal income tax purposes but may be taxable for federal AMT purposes and for state and local purposes. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Part or all of the interest on indebtedness, if any, incurred or continued by a shareholder to purchase or carry shares of the Fund paying exempt-interest dividends is not deductible. The portion of interest that is not deductible is equal to the total interest paid or accrued on the indebtedness, multiplied by the percentage of the Fund&#8217;s total distributions (not including distributions from net long-term capital gains) paid to the shareholder that are exempt-interest dividends. Under rules used by the IRS to determine when borrowed funds are considered used for the purpose of purchasing or carrying particular assets, the purchase of shares may be considered to have been made with borrowed funds even though such funds are not directly traceable to the purchase of shares. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A shareholder who receives Social Security or railroad retirement benefits should consult his or her tax adviser to determine what effect, if any, an investment in the Fund may have on the federal taxation of such benefits. Exempt-interest dividends generally are included in income for purposes of determining the amount of benefits that are taxable. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, exempt-interest dividends, if any, attributable to interest received on certain private activity obligations and certain industrial development bonds will not be <span style="white-space:nowrap">tax-exempt</span> to any shareholders who are &#8220;substantial users&#8221; of the facilities financed by such obligations or bonds or who are &#8220;related persons&#8221; of such substantial users. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund will notify its shareholders in a written statement of the portion of distributions for the taxable year that constitutes exempt-interest dividends. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Exempt-interest dividends may be taxable for purposes of the federal AMT. For individual shareholders, exempt-interest dividends that are derived from interest on private activity bonds that are issued after August&#160;7, 1986 (other than a &#8220;qualified 501(c)(3) bond,&#8221; as such term is defined in the Code) generally must be included in an individual&#8217;s tax base for purposes of calculating the shareholder&#8217;s liability for U.S. federal AMT. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Sales, Exchanges or Repurchases of Shares </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The sale, exchange or repurchase of Fund shares may give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of Fund shares treated as a sale or exchange for U.S. federal income tax purposes will be treated as long-term capital gain or loss if the shares have been held for more than 12 months. Otherwise, such gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Fund shares held for six months or less (i)&#160;will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by the shareholder with respect to the shares and (ii)&#160;generally will be disallowed to the extent of any exempt-interest dividends received by the shareholder with respect to the shares. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed under the Code&#8217;s &#8220;wash sale&#8221; rule if other substantially identical shares of the Fund are purchased within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In the event that the Fund repurchases a shareholder&#8217;s Common Shares (as described in the Prospectus), such repurchase generally will be treated as a sale or exchange of the shares by a shareholder provided that (i)&#160;the shareholder tenders, and the Fund repurchases, all of such shareholder&#8217;s shares (and such shareholder does not hold and is not deemed to hold any Preferred Shares), thereby reducing the shareholder&#8217;s percentage ownership of the Fund, whether directly or by attribution under Section&#160;318 of the Code, to 0%, (ii) the shareholder meets numerical safe harbors under the Code with respect to percentage voting interest and reduction in ownership of the Fund following completion of the tender offer, or (iii)&#160;the tender offer otherwise results in a &#8220;meaningful reduction&#8221; of the shareholder&#8217;s ownership percentage interest in the Fund, which determination depends on a particular shareholder&#8217;s facts and circumstances. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If a tendering shareholder&#8217;s proportionate ownership of the Fund (determined after applying the ownership attribution rules under Section&#160;318 of the Code) is not reduced to the extent required under the tests described above, such shareholder will be deemed to receive a distribution from the Fund under Section&#160;301 of the Code with respect to the shares held (or deemed held under Section&#160;318 of the Code) by the shareholder after the tender offer (a &#8220;Section&#160;301 distribution&#8221;). The amount of this distribution will equal the price paid by the Fund to such shareholder for the shares sold, and will be taxable as a dividend (<span style="font-style:italic">i.e.</span>, as ordinary income) to the extent of the Fund&#8217;s current or accumulated earnings and profits allocable to such distribution, with the excess treated as a return of capital reducing the shareholder&#8217;s tax basis in the shares held after the tender offer, and thereafter as capital gain. In the event a repurchase is treated as a Section&#160;301 distribution, any Fund shares held by a shareholder thereafter will be subject to basis adjustments in accordance with the provisions of the Code. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Provided that no tendering shareholder is treated as receiving a Section&#160;301 distribution as a result of selling Common Shares pursuant to a particular tender offer, shareholders who do not sell shares pursuant to that tender offer will not realize constructive distributions on their shares as a result of other shareholders selling shares in the tender offer. In the event that any tendering shareholder is deemed to receive a Section&#160;301 distribution, it is possible that shareholders whose proportionate ownership of the Fund increases as a result of that tender offer, including shareholders who do not tender any shares, will be deemed to receive a constructive distribution under Section&#160;305(c) of the Code in an amount equal to the increase in their percentage ownership of the Fund as a result of the tender offer. Such constructive distribution will be treated as a dividend to the extent of current or accumulated earnings and profits allocable to it. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Use of the Fund&#8217;s cash to repurchase shares may adversely affect the Fund&#8217;s ability to satisfy the distribution requirements for treatment as a RIC described above. The Fund may also recognize income in connection with the sale of portfolio securities to fund share purchases, in which case the Fund would take any such income into account in determining whether such distribution requirements have been satisfied. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the Fund were to repurchase Common Shares on the open market, such repurchase would similarly result in a percentage increase in the interests of remaining shareholders. In such a case, a selling shareholder would likely have no specific knowledge that he or she is selling his or her shares to the Fund. It is therefore less likely that shareholders whose percentage share interests in the Fund increase as a result of any such open-market sale will be treated as having received a taxable distribution from the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The foregoing discussion does not address the tax treatment of tendering shareholders who do not hold their shares as a capital asset. Such shareholders should consult their own tax advisors on the specific tax consequences to them of participating or not participating in the tender offer. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Issuer Deductibility of Interest </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A portion of the interest paid or accrued on certain high-yield discount obligations owned by the Fund may not, and interest paid on debt obligations, if any, that are considered for tax purposes to be payable in the equity of the 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 the interest paid or accrued on certain high-yield discount obligations is not deductible, that portion will be treated as a dividend paid by the issuer for purposes of the corporate dividends received deduction. In such cases, if the issuer of the high-yield discount obligations is a domestic corporation, dividend payments by the Fund may be eligible for the dividends-received deduction to the extent attributable to the deemed dividend portion of such accrued interest. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Original Issue Discount, <span style="white-space:nowrap"><span style="white-space:nowrap">Payment-in-Kind</span></span> Securities, Market Discount, Preferred Securities, and Commodity-Linked Notes </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and <span style="white-space:nowrap">zero-coupon</span> debt obligations with a fixed maturity date of more than one year from the date of issuance) will be treated as debt obligations that are issued originally at a discount. Generally, the amount of the original issue discount (&#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 of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. Increases in the principal amount of an inflation-indexed bond will generally be treated as OID. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired by the Fund in the secondary market may be treated as having &#8220;market discount.&#8221; Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its &#8220;revised issue price&#8221;) over the purchase price of such obligation. Generally, (i)&#160;any gain recognized on the disposition of, and any partial payment of principal on, a debt obligation having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the &#8220;accrued market discount&#8221; on such debt obligation, (ii)&#160;alternatively, the Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount on such debt obligations in the Fund&#8217;s income (as ordinary income) and thus distribute it over the term of the debt obligations, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligations, and (iii)&#160;the rate at which the market discount accrues, and thus is included in the Fund&#8217;s income, will depend upon which of the permitted accrual methods the Fund elects. The Fund reserves the right to revoke such an election at any time pursuant to applicable IRS procedures. In the case of higher-risk securities, the amount of market discount may be unclear. See &#8220;Higher-Risk Securities.&#8221; </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">From time to time, a substantial portion of the Fund&#8217;s investments in loans and other debt obligations could be treated as having OID and/or market discount, which, in some cases could be significant. To generate sufficient cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A portion of the OID accrued on certain high yield discount obligations may not be deductible to the issuer and will instead be treated as a dividend paid by the issuer for purposes of the dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by the Fund may be eligible for the dividends-received deduction to the extent attributable to the deemed dividend portion of such OID. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Some debt obligations with a fixed maturity date of one year or less from the date of issuance may be treated as having OID or, in certain cases, &#8220;acquisition discount&#8221; (very generally, the excess of the stated redemption price over the purchase price). The Fund will be required to include the OID or acquisition discount in income (as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. The rate at which OID or acquisition discount accrues, and thus is included in the Fund&#8217;s income, will depend upon which of the permitted accrual methods the Fund elects. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Some preferred securities may include provisions that permit the issuer, at its discretion, to defer the payment of distributions for a stated period without any adverse consequences to the issuer. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the Fund owns a preferred security that is deferring the payment of its distributions, the Fund may be required to report income for U.S. federal income tax purposes to the extent of any such deferred distributions even though the Fund has not yet actually received the cash distribution. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, <span style="white-space:nowrap"><span style="white-space:nowrap">pay-in-kind</span></span> obligations will, and commodity-linked notes may, give rise to income that is required to be distributed and is taxable even though the Fund receives no interest payment in cash on the security during the year. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the Fund holds the foregoing kinds of obligations, or other obligations subject to special rules under the Code, the Fund may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by disposition of portfolio securities, if necessary (including when it is not advantageous to do so). The Fund may realize gains or losses from such dispositions, including short-term capital gains taxable as ordinary income. In the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution than they might otherwise receive in the absence of such transactions. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Higher-Risk Securities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest in debt obligations that are in the lowest rating categories or are unrated, including debt obligations of issuers not currently paying interest or who are in default. Investments in debt obligations that are at risk of or in default present special tax issues for the Fund. Tax rules are not entirely clear about issues such as whether or to what extent the Fund should recognize market discount on a debt obligation; when the Fund may cease to accrue interest, OID or market discount; when and to what extent the Fund may take deductions for bad debts or worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by the Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to federal income or excise tax. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Securities Purchased at a Premium </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Very generally, where the Fund purchases a bond at a price that exceeds the redemption price at maturity (<span style="font-style:italic">i.e.</span>, at a premium), the Fund may elect to amortize the premium over the remaining term of the bond which election would apply to all bonds (other than bonds the interest on which is excludible from gross income for U.S. federal income tax purposes) held by the Fund. In the case of a taxable bond, if the Fund makes such election, which election is irrevocable without consent of the IRS, the Fund reduces the current taxable income </p>
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from the bond by the amortized premium and reduces its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds, the Fund is permitted to deduct any remaining premium allocable to a prior period. If the Fund does not elect to take bond premium into account currently, it will recognize a capital loss when the bond matures. In the case of a <span style="white-space:nowrap">tax-exempt</span> bond, tax rules require the Fund to reduce its tax basis by the amount of amortized premium. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Catastrophe Bonds </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The proper tax treatment of income or loss realized by the retirement or sale of certain catastrophe bonds is unclear. The Fund will report such income or loss as capital or ordinary income or loss in a manner consistent with any IRS position on the subject following the publication of such a position. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Passive Foreign Investment Companies </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Equity investments by the Fund in certain &#8220;passive foreign investment companies&#8221; (&#8220;PFICs&#8221;) could subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the PFIC or on proceeds received from the disposition of shares in the PFIC. This tax cannot be eliminated by making distributions to Fund shareholders. However, the Fund may elect to treat a PFIC as a &#8220;qualified electing fund&#8221; (<span style="font-style:italic">i.e.</span>, make a &#8220;QEF election&#8221;), in which case the Fund will be required to include its share of the company&#8217;s income and net capital gains annually, regardless of whether it receives any distribution from the company. Under Treasury Regulations, any such income 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 extent derived with respect to the Fund&#8217;s business of investing in stock, securities or currencies. The Fund also may 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 sold and repurchased its holdings in those PFICs on the last day of the Fund&#8217;s taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and <span style="white-space:nowrap"><span style="white-space:nowrap">mark-to-market</span></span> elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by the Fund to avoid taxation. Making either of these elections therefore may require the Fund to sell other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund&#8217;s total return. Because it is not always possible to identify a foreign corporation as a PFIC, the Fund may incur the tax and interest charges described above in some instances. Dividends paid by PFICs will not be eligible to be treated as &#8220;qualified dividend income.&#8221; </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Certain Investments in REITs </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Any investment by the Fund in equity securities of REITs may result in the Fund&#8217;s receipt of cash in excess of the REIT&#8217;s earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Investments in REIT equity securities also may require the Fund to accrue and to distribute income not yet received. To generate sufficient cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">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 described above, are treated as qualified REIT dividends in the hands of <span style="white-space:nowrap">non-corporate</span> shareholders. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Foreign Currency Transactions </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign </p>
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currency concerned. Any such net gains could require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and potentially require the recharacterization of prior ordinary income distributions, and may accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned in subsequent taxable years. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Options, Futures, and Forward Contracts, Swap Agreements, and other Derivatives </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, option premiums received by the Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (<span style="font-style:italic">e.g.</span>, through a closing transaction). If a call option written by the Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a)&#160;the sum of the strike price and the option premium received by the Fund minus (b)&#160;the Fund&#8217;s basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by the Fund pursuant to the exercise of a put option written by it, the Fund will generally subtract the premium received for purposes of computing its cost basis in the stock purchased. Gain or loss arising in respect of a termination of the Fund&#8217;s obligation under an option other than through the exercise of the option will be short-term capital gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by the Fund expires unexercised, the Fund generally will recognize short-term capital gain equal to the premium received. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s options activities may include transactions constituting straddles for U.S. federal income tax purposes, that is, that trigger the U.S. federal income tax straddle rules contained primarily in Section&#160;1092 of the Code. Such straddles include, for example, positions in a particular security, or an index of securities, and one or more options that offset the former position, including options that are &#8220;covered&#8221; by the Fund&#8217;s long position in the subject security. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Very generally, where applicable, Section&#160;1092 requires (i)&#160;that losses be deferred on positions deemed to be offsetting positions with respect to &#8220;substantially similar or related property&#8221; to the extent of unrealized gain in the latter, and (ii)&#160;that the holding period of such a straddle position that has not already been held for the long-term holding period be terminated and begin anew once the position is no longer part of a straddle. Options on single stocks that are not &#8220;deep in the money&#8221; may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are &#8220;in the money&#8221; although not &#8220;deep in the money&#8221; will be suspended during the period that such calls are outstanding. Thus, the straddle rules and the rules governing qualified covered calls could cause gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute &#8220;qualified dividend income&#8221; or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or to fail to qualify for the dividends received deduction, as the case may be. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The tax treatment of certain positions entered into by the Fund, including regulated futures contracts, certain foreign currency positions and certain listed <span style="white-space:nowrap">non-equity</span> options, will be governed by section 1256 of the Code (&#8220;section 1256 contracts&#8221;). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses (&#8220;60/40&#8221;), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, section 1256 contracts held by the Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are <span style="white-space:nowrap"><span style="white-space:nowrap">&#8220;marked-to-market&#8221;</span></span> with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Derivatives, Hedging, and Other Transactions </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition to the special rules described above in respect of futures and options transactions, the Fund&#8217;s transactions in other derivatives instruments (<span style="font-style:italic">e.g.</span>, forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions may be subject to one or more special tax rules (<span style="font-style:italic">e.g.</span>, notional principal contract, constructive sale, straddle, wash sale and short sale rules). These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund&#8217;s securities, thereby affecting, among other things, whether capital gains and losses are treated as short-term or long-term. These rules could, therefore, affect the amount, timing and/or character of distributions to shareholders. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a RIC and avoid a fund-level tax. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Commodities and Commodity-Linked Instruments </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s investments in commodities and commodity-linked instruments, if any, will potentially be limited by 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 from commodities and certain commodity-linked instruments do not constitute qualifying income to a RIC for purposes of the 90% gross income test described above. In addition, the tax treatment of some other commodity-linked instruments in which the Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a RIC. If the Fund were to treat income or gain from a particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying income, and, together with any other nonqualifying income, caused the Fund&#8217;s nonqualifying income to exceed 10% of its 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 the Fund level. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><span style="white-space:nowrap">Book-Tax</span> Differences </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Certain of the Fund&#8217;s investments in derivative instruments and foreign currency-denominated instruments, and any of the Fund&#8217;s transactions in foreign currencies and hedging activities, are likely to produce a difference between its book income and the sum of its taxable income and net <span style="white-space:nowrap">tax-exempt</span> income (if any). If such a difference arises, and the Fund&#8217;s book income is less than the sum of its taxable income and net <span style="white-space:nowrap">tax-exempt</span> income, the Fund could be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment and to avoid an entity-level tax. In the alternative, if the Fund&#8217;s book income exceeds the sum of its taxable income (including realized capital gains) and net <span style="white-space:nowrap">tax-exempt</span> income (if any), the distribution (if any) of such excess generally will be treated as (i)&#160;a dividend to the extent of the Fund&#8217;s remaining earnings and profits (including earnings and profits arising from <span style="white-space:nowrap">tax-exempt</span> income), (ii) thereafter, as a return of capital to the extent of the recipient&#8217;s basis in its shares and (iii)&#160;thereafter, as gain from the sale or exchange of a capital asset. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Short Sales </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the Fund participates in a short sale and, on the date of such short sale, the Fund either (i)&#160;does not hold securities substantially identical to those sold short or (ii)&#160;has held such substantially identical securities for one year or less, the character of gain or loss realized on such a short sale generally will be short-term. If the Fund participates in a short sale and, on the date of such short sale, the Fund has held substantially identical securities for more than one year, the character of gain realized on such short sale will be determined by reference to the </p>
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Fund&#8217;s holding period in the property actually used to close the short sale; the character of loss realized on such short sale generally will be long term, regardless of the holding period of the securities actually used to close such short sale. Because net short-term capital gain (after reduction by any long-term capital loss) is generally taxed at ordinary income rates, the Fund&#8217;s short sale transactions can increase the percentage of the Fund&#8217;s gains that are taxable to shareholders as ordinary income. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Mortgage-Related Securities </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may invest directly or indirectly in REMICs (including by investing in residual interests in CMOs with respect to which an election to be treated as a REMIC is in effect) or equity interests in TMPs. Under a notice issued by the IRS in October 2006 and U.S. Treasury Regulations that have yet to be issued but may apply retroactively, a portion of the Fund&#8217;s income (including income allocated to the Fund from a REIT or other pass-through entity) that is 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 inclusion&#8221;&#8212;will be subject to U.S. federal income tax in all events. This notice also provides, and the regulations are expected to provide, that &#8220;excess inclusion income&#8221; of a RIC, such as the Fund, will be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related interest directly. As a result, the Fund may not be a suitable investment for charitable remainder trusts (&#8220;CRTs&#8221;), as noted below. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, excess inclusion income allocated to shareholders (i)&#160;cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income (&#8220;UBTI&#8221;) to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or other <span style="white-space:nowrap">tax-exempt</span> entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a U.S. federal income tax return, to file such a tax return and pay tax on such income and (iii)&#160;in the case of a <span style="white-space:nowrap">non-U.S.</span> shareholder, will not qualify for any reduction in U.S. federal withholding tax. A shareholder will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><span style="white-space:nowrap">Non-U.S.</span> Taxation </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Income, proceeds and gains received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments. Tax treaties between certain countries and the United States may reduce or eliminate such taxes. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">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 foreign corporations, including for this purpose foreign governments, the Fund will be permitted to make an election under the Code that will allow shareholders a deduction or credit for foreign taxes paid by the Fund. In such a case, shareholders will include in gross income from foreign sources their <span style="font-style:italic">pro rata</span> shares of such taxes. A shareholder&#8217;s ability to claim an offsetting foreign tax credit or deduction in respect of such foreign taxes is subject to certain limitations imposed by the Code, which may result in the shareholders not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. If the Fund does not qualify for or chooses not to make such an election, shareholders will not be entitled separately to claim a credit or deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund&#8217;s taxable income. Even if the Fund elects to pass through to its shareholders foreign tax credits or deductions, <span style="white-space:nowrap">tax-exempt</span> shareholders and those who invest in the Fund through <span style="white-space:nowrap">tax-advantaged</span> accounts (including those who invest through individual retirement accounts or other <span style="white-space:nowrap">tax-advantaged</span> retirement plans) will not benefit from any such tax credit or deduction. Shareholders generally are not expected to be entitled to claim a credit or deduction with respect to foreign taxes incurred by the Fund. This will decrease the Fund&#8217;s yield on securities subject to such taxes. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><span style="white-space:nowrap">Tax-Exempt</span> Shareholders </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Income of a RIC that would be UBTI if earned directly by a <span style="white-space:nowrap">tax-exempt</span> entity will not generally be attributed as UBTI to a <span style="white-space:nowrap">tax-exempt</span> shareholder of the RIC. Notwithstanding this &#8220;blocking&#8221; effect, a <span style="white-space:nowrap">tax-exempt</span> shareholder could realize UBTI by virtue of its investment in the Fund if shares in the Fund constitute debt-financed property in the hands of the <span style="white-space:nowrap">tax-exempt</span> shareholder within the meaning of Code Section&#160;514(b). A <span style="white-space:nowrap">tax-exempt</span> shareholder may also recognize UBTI if the Fund recognizes &#8220;excess inclusion income&#8221; derived from direct or indirect investments in residual interests in REMICs or equity interests in TMPs as described above, if the amount of such income recognized by the Fund exceeds the Fund&#8217;s investment company taxable income (after taking into account deductions for dividends paid by the Fund). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In addition, special tax consequences apply to CRTs that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, if a CRT, as defined in Section&#160;664 of the Code, realizes any UBTI for a taxable year, a 100% excise tax is imposed on such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI solely as a result of investing in a RIC that recognizes &#8220;excess inclusion income.&#8221; Rather, if at any time during any taxable year a CRT (or one of certain other <span style="white-space:nowrap">tax-exempt</span> shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a RIC that recognizes &#8220;excess 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 year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the 1940 Act, the Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder&#8217;s distributions for the year by the amount of the tax that relates to such shareholder&#8217;s interest in the Fund. CRTs and other <span style="white-space:nowrap">tax-exempt</span> shareholders are urged to consult their tax advisors concerning the consequences of investing in the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><span style="white-space:nowrap">Non-U.S.</span> Shareholders </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Distributions by the Fund to shareholders that are not &#8220;United States persons&#8221; within the meaning of the Code (&#8220;foreign shareholders&#8221;) properly reported by the Fund as (1)&#160;Capital Gain Dividends, (2)&#160;short-term capital gain dividends, (3)&#160;interest-related dividends, each as defined and subject to certain conditions described below, or (4)&#160;exempt-interest dividends generally are not subject to withholding of U.S. federal income tax (except that exempt-interest dividends may be subject to backup withholding). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In general, the Code defines (1) &#8220;short-term capital gain dividends&#8221; as distributions of net short-term capital gains in excess of net long-term capital losses and (2) &#8220;interest-related dividends&#8221; as distributions from U.S. source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign shareholder, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to shareholders. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A)&#160;distributions to an individual foreign shareholder who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B)&#160;distributions attributable to gain that is effectively connected with the conduct by the foreign shareholder of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests as described below. If the Fund invests in a RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign shareholders. The exception to withholding for interest-related dividends does not apply to distributions to a foreign shareholder (A)&#160;that has not provided a satisfactory statement that the beneficial owner is not a United States person, (B)&#160;to the extent that the dividend is attributable to certain interest on an obligation if the foreign shareholder is the issuer or is a 10% shareholder of the issuer, (C)&#160;that is within certain foreign countries that have inadequate information exchange with the United States, or (D)&#160;to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign shareholder and the foreign shareholder is a controlled foreign corporation. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund is permitted to report such part of its dividends as interest-related or short-term capital gain dividends as are eligible, but is not required to do so. In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders. Foreign shareholders should contact their intermediaries regarding the application of withholding rules to their accounts. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Distributions by the Fund to foreign shareholders other than Capital Gain Dividends, short-term capital gain dividends, interest-related dividends, and exempt-interest dividends (<span style="font-style:italic">e.g.</span>, dividends attributable to dividend and foreign-source interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A foreign shareholder is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of the Fund unless (i)&#160;such gain is effectively connected with the conduct by the foreign shareholder of a trade or business within the United States, (ii)&#160;in the case of a foreign shareholder that is an individual, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met, or (iii)&#160;the special rules relating to gain attributable to the sale or exchange of &#8220;U.S. real property interests&#8221; (&#8220;USRPIs&#8221;) apply to the foreign shareholder&#8217;s sale of shares of the Fund (as described below). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Foreign shareholders with respect to whom income from the Fund is effectively connected with a trade or business conducted by the foreign shareholder within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in shares of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a foreign shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States. More generally, foreign shareholders who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisors. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Special rules would apply if the Fund were a qualified investment entity (&#8220;QIE&#8221;) because it is either a &#8220;U.S. real property holding corporation&#8221; (&#8220;USRPHC&#8221;) or would be a USRPHC but for the operation of certain exceptions to the definition thereof. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation&#8217;s USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or, very generally, an entity that has been a USRPHC in the last five years. A RIC that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and RICs that are QIEs, <span style="white-space:nowrap"><span style="white-space:nowrap">not-greater-than-10%</span></span> interests in publicly traded classes of stock in REITs and <span style="white-space:nowrap"><span style="white-space:nowrap">not-greater-than-5%</span></span> interests in publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of determining whether the Fund is a QIE. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If an interest in the Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share repurchase by a <span style="white-space:nowrap">greater-than-5%</span> foreign shareholder or any foreign shareholder if shares of the Fund are not considered regularly traded on an established securities market, in which case such foreign shareholder generally would also be required to file a U.S. tax return and pay any additional taxes due in connection with the repurchase. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">If the Fund were a QIE, under a special &#8220;look-through&#8221; rule, any distributions by the Fund to a foreign shareholder (including, in certain cases, distributions made by the Fund in repurchase of its shares) attributable directly or indirectly to (i)&#160;distributions received by the Fund from a lower-tier RIC or REIT that the Fund is </p>
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required to treat as USRPI gain in its hands, or (ii)&#160;gains realized by the Fund on the disposition of USRPIs would retain their character as gains realized from USRPIs in the hands of the Fund&#8217;s foreign shareholders, and would be subject to U.S. withholding tax. In addition, such distributions could result in the foreign shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a foreign shareholder, including the rate of such withholding and character of such distributions (<span style="font-style:italic">e.g.</span>, as ordinary income or USRPI gain), would vary depending upon the extent of the foreign shareholder&#8217;s current and past ownership of the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund generally does not expect that it will be a QIE. Foreign shareholders should consult their tax advisers and, if holding shares through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Fund. Foreign shareholders also may be subject to &#8220;wash sale&#8221; rules to prevent the avoidance of the <span style="white-space:nowrap">tax-filing</span> and -payment obligations discussed above through the sale and repurchase of Fund shares. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">In order for a foreign shareholder to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a foreign shareholder must comply with special certification and filing requirements relating to its <span style="white-space:nowrap">non-U.S.</span> status (including, in general, furnishing an IRS Form <span style="white-space:nowrap">W-8BEN,</span> <span style="white-space:nowrap"><span style="white-space:nowrap">W-8BEN-E</span></span> or substitute form). Foreign shareholders should consult their tax advisors in this regard. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding Fund shares through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding Fund shares through foreign entities should consult their tax advisers about their particular situation. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A foreign shareholder may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above. A beneficial holder of shares who is a <span style="white-space:nowrap">non-U.S.</span> person may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal tax on income referred to above. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Backup Withholding </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund is generally required to withhold and remit to the U.S. Treasury a percentage of taxable distributions and proceeds of share repurchases, if any, paid to any individual shareholder who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding. The backup withholding rules may also apply to distributions that are properly reported as exempt-interest dividends. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder&#8217;s U.S. federal income tax liability, provided the appropriate information is furnished to the IRS. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Tax Shelter Reporting Regulations </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Under U.S. Treasury regulations, if a shareholder recognizes a loss of $2&#160;million or more for an individual shareholder or $10&#160;million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer&#8217;s treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">129 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Other Reporting and Withholding Requirements </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, &#8220;FATCA&#8221;) generally require the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an &#8220;IGA&#8221;) between the United States and a foreign government. If a shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends. The IRS and the U.S. Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share repurchases or Capital Gain Dividends the Fund pays. If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (<span style="font-style:italic">e.g.</span>, short-term capital gain dividends and interest-related dividends). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Shareholders that are U.S. persons and own, directly or indirectly, more than 50% of the Fund could be required to report annually their &#8220;financial interest&#8221; in the Fund&#8217;s foreign financial accounts, if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Shareholders should consult a tax advisor, and persons investing in the Fund through an intermediary should contact their intermediary, regarding the applicability to them of this reporting requirement. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Each prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor&#8217;s own situation, including investments through an intermediary. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Shares Purchased Through <span style="white-space:nowrap">Tax-Qualified</span> Plans </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Special tax rules apply to investments through defined contribution plans and other <span style="white-space:nowrap">tax-qualified</span> plans. Shareholders should consult their tax advisers to determine the suitability of shares of the Fund as an investment through such plans and the precise effect of an investment on their particular tax situation. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_13">PERFORMANCE RELATED AND COMPARATIVE INFORMATION </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund may quote certain performance-related information and may compare certain aspects of its portfolio and structure to other substantially similar <span style="white-space:nowrap">closed-end</span> funds as categorized by Broadridge Financial Solutions, Inc. (&#8220;Broadridge&#8221;), Morningstar Inc. or other independent services. Comparison of the Fund to an alternative investment should be made with consideration of differences in features and expected performance. The Fund may obtain data from sources or reporting services, such as Bloomberg Financial and Broadridge, that the Fund believes to be generally accurate. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund, in its advertisements, may refer to pending legislation from time to time and the possible effect of such legislation on investors, investment strategy and related matters. At any time in the future, yields and total return may be higher or lower than past yields and there can be no assurance that any historical results will continue. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Past performance is not indicative of future results. At the time Common Shareholders sell their shares, they may be worth more or less than their original investment. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_14">CUSTODIAN, TRANSFER AGENT AND DIVIDEND DISBURSEMENT AGENT </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The custodian of the assets of the Fund is State Street Bank and Trust Company, 801 Pennsylvania Avenue, Kansas City, MO&#160;64105. The custodian performs custodial and fund accounting services as well as <span style="white-space:nowrap">sub-administrative</span> services on behalf of the Fund. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">130 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">American Stock Transfer&#160;&amp; Trust Company, LLC, 6201 15th Avenue, Brooklyn, New York 11219, serves as the Fund&#8217;s transfer agent, registrar, dividend disbursement agent and shareholder servicing agent, as well as agent for the Fund&#8217;s Dividend Reinvestment Plan. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_15">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">PricewaterhouseCoopers LLP (&#8220;PwC&#8221;) 1100 Walnut Street, Suite 1300, Kansas City, Mo 64106 serves as independent the registered public accounting firm for the Fund. PwC provides audit services, tax and other audit related services to the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_16">COUNSEL </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">Ropes&#160;&amp; Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199, passes upon certain legal matters in connection with shares offered by the Fund, and also acts as counsel to the Fund. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_17">REGISTRATION STATEMENT </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A Registration Statement on <span style="white-space:nowrap">Form&#160;N-2,&#160;including</span> any amendments thereto (the &#8220;Registration Statement&#8221;), relating to the Common Shares of the Fund offered hereby, has been filed by the Fund with the SEC, Washington, D.C. The Prospectus and this Statement of Additional Information are parts of, but do not contain all of the information set forth in, the Registration Statement, including any exhibits and schedules thereto. For further information with respect to the Fund and the Common Shares offered or to be offered hereby, reference is made to the Fund&#8217;s Registration Statement. Statements contained in the Prospectus and this Statement of Additional Information as to the contents of any contract or other document referred to are not necessarily complete and in each instance reference is made to the copy of such contract or other document filed as an exhibit to the Registration Statement, each such statement being qualified in all respects by such reference. Copies of all or any part of the Registration Statement may be obtained from the SEC upon the payment of certain fees prescribed by the SEC. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_18">FINANCIAL STATEMENTS </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The Fund&#8217;s financial statements appearing in the Fund&#8217;s annual shareholder report for the year ended December&#160;31, 2021 are incorporated by reference in this Statement of Additional Information and have been so incorporated in reliance upon the reports of PwC, independent registered public accounting firm for the Fund, which report is included in such annual shareholder reports. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The annual shareholder reports are available upon request and without charge by writing to the Fund at c/o Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_19">INCORPORATION BY REFERENCE </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">As noted above, this statement of additional information is part of a registration statement filed with the SEC. The Fund is permitted to &#8220;incorporate by reference&#8221; the information filed with the SEC, which means that the Fund can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this statement of additional information, and later information that the Fund files with the SEC will automatically update and supersede this information. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">The documents listed below, and any reports and other documents subsequently filed with the SEC pursuant to Rule 30(b)(2) under the 1940 Act and Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the termination of the offering will be incorporated by reference into this statement of additional information and deemed to be part of the registration statement from the date of the filing of such reports and documents: </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%;vertical-align:top" align="left">(1)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">the Fund&#8217;s prospectus, dated August&#160;10, 2022, filed with this statement of additional information; </p></td></tr></table>
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<td style="width:5%;vertical-align:top" align="left">(2)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">the Fund&#8217;s <a href="http://www.sec.gov/Archives/edgar/data/0001170299/000119312522067398/d116844dncsr.htm">Annual Report</a> on Form <span style="white-space:nowrap">N-CSR,</span> filed on March&#160;7, 2022; and </p></td></tr></table>
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<td style="width:5%;vertical-align:top" align="left">(3)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">the Fund&#8217;s Description of Shares on <a href="http://www.sec.gov/Archives/edgar/data/0001170299/000092701602003304/d8a12b.txt">Form <span style="white-space:nowrap">8-A</span></a>, filed on June&#160;19, 2002 </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">You may obtain copies of any information incorporated by reference into this statement of additional information, at no charge, by calling <span style="white-space:nowrap"><span style="white-space:nowrap">toll-free&#160;(844)-337-4626&#160;or</span></span> by 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 filed pursuant to Section&#160;30(b)(2) of the 1940 Act and Sections 13 and 15(d) of the Exchange Act, as well as the Prospectus and this Statement of Additional Information, are available on the Fund&#8217;s website http://www.pimco.com/prospectuses. In addition, the SEC maintains a website at www.sec.gov, free of charge, that contains these reports, the Fund&#8217;s proxy and information statements, and other information relating to the Fund. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">132 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center" id="sai288652_20">APPENDIX A </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Procedures for Shareholders to Submit Nominee Candidates for the Pimco Sponsored <span style="white-space:nowrap">Closed-End</span> Funds </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman;text-align:justify">A Fund shareholder must follow the following procedures in order to properly submit a nominee recommendation for the Committee&#8217;s consideration. </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%;vertical-align:top" align="left">1.</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The shareholder/stockholder must submit any such recommendation (a &#8220;Shareholder Recommendation&#8221;) in writing to the Fund, to the attention of the Secretary, at the address of the principal executive offices of the Fund. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%;vertical-align:top" align="left">2.</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Shareholder Recommendation must be delivered to or mailed and received at the principal executive offices of the Fund not less than forty-five (45)&#160;calendar days nor more than seventy-five (75)&#160;calendar days prior to the date of the Board or shareholder meeting at which the nominee would be elected. </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:5%;vertical-align:top" align="left">3.</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">The Shareholder Recommendation must include: (i)&#160;a statement in writing setting forth (A)&#160;the name, age, date of birth, business address, residence address and nationality of the person recommended by the shareholder (the &#8220;candidate&#8221;); (B) the class and number of all shares of the Fund owned of record or beneficially by the candidate, as reported to such shareholder by the candidate; (C)&#160;any other information regarding the candidate called for with respect to director nominees by paragraphs (a), (d), (e) and (f)&#160;of Item 401 of Regulation S-K or paragraph (b)&#160;of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), adopted by the Securities and Exchange Commission (or the corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange Commission or any successor agency applicable to the Fund); (D) any other information regarding the candidate that would be required to be disclosed if the candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of Directors/Trustees or directors pursuant to Section&#160;14 of the Exchange Act and the rules and regulations promulgated thereunder; and (E)&#160;whether the recommending shareholder believes that the candidate is or will be an &#8220;interested person&#8221; of the Fund (as defined in the Investment Company Act of 1940, as amended) and, if not an &#8220;interested person,&#8221; information regarding the candidate that will be sufficient for the Fund to make such determination; (ii)&#160;the written and signed consent of the candidate to be named as a nominee and to serve as a Director/Trustee if elected; (iii)&#160;the recommending shareholder&#8217;s name as it appears on the Fund&#8217;s books; (iv)&#160;the class and number of all shares of the Fund owned beneficially and of record by the recommending shareholder; and (v)&#160;a description of all arrangements or understandings between the recommending shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder. In addition, the Committee may require the candidate to furnish such other information as it may reasonably require or deem necessary to determine the eligibility of such candidate to serve on the Board. </p></td></tr></table>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">A-1 </p>



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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">PART C&#8212;OTHER INFORMATION </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"><span style="font-weight:bold">Item&#160;25:</span></td>
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<td style="vertical-align:bottom;white-space:nowrap"><span style="font-weight:bold">Financial Statements and Exhibits</span></td></tr>
</table> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Included in Part A: </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial highlights for: the fiscal years ended December 31, 2021, 2020, 2019, 2018, 2017 and 2016; the fiscal period ended December&#160;31, 2015; and fiscal years ended May 31, 2015, 2014, 2013 and 2012. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-weight:bold">Incorporated into Part B by reference to Registrant&#8217;s most recent </span><a href="http://www.sec.gov/Archives/edgar/data/0001170299/000119312522067398/d116844dncsr.htm">Certified Shareholder Report on Form <span style="white-space:nowrap">N-CSR,</span> filed March&#160;7, 2022</a> (File <span style="white-space:nowrap">No.&#160;811-21076)</span> </p> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schedule of Investments as of December&#160;31, 2021 </p> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Statement of Assets and Liabilities as of December&#160;31, 2021 </p> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Statement of Operations for the fiscal year ended December&#160;31, 2021 </p> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Statements of Changes in Net Assets for the years ended December&#160;31, 2021 and 2020 </p> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Statement of Cash Flows for the fiscal year December&#160;31, 2021 </p> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to Financial Statements </p> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Report of Independent Registered Public Accounting Firm dated February&#160;25, 2022 </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:96%"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom" colspan="3">Exhibits:</td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">a.1</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1170299/000092701602002094/dex99a.txt">Agreement and Declaration of Trust dated March&#160;29, 2002. (1) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">a.2</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1170299/000092701602003368/dex99a2.txt">Amended and Restated Agreement and Declaration of Trust dated June&#160;18, 2002. (2) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">a.3</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d288652dex99a3.htm">Notice of Change of Trustees and Principal Address dated September&#160;5, 2014.* </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">a.4</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d288652dex99a4.htm">Notice of Change of Trustees dated January&#160;16, 2019.* </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">a.5</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d288652dex99a5.htm">Notice of Change of Trustees dated January&#160;8, 2020.* </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">a.6</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d288652dex99a6.htm">Notice of Change of Trustees dated July&#160;9, 2020.* </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">a.7</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d288652dex99a7.htm">Notice of Change of Trustees dated January&#160;29, 2021.* </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">a.8</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d288652dex99a8.htm">Notice of Change of Trustees dated June&#160;30, 2021.* </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">a.9</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d288652dex99a9.htm">Notice of Change of Trustees dated January&#160;5, 2022.* </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">a.10</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d288652dex99a10.htm">Notice of Change of Trustees dated July&#160;18, 2022.* </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">b.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d288652dex99b.htm">Amended and Restated Bylaws of Registrant dated July&#160;14, 2021.* </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">c.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">None.</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">d.1</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Article III (Shares) and Article V (Shareholders&#8217; Voting Powers and Meetings) of the Form of Amended and Restated Agreement and Declaration of Trust (see a. above).</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">d.2</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Article 10 (Shareholders&#8217; Voting Powers and Meetings) of the Amended and Restated Bylaws of Registrant (see b. above).</td></tr>
</table>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%" />

<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">


<tr>

<td style="width:3%"></td>

<td style="vertical-align:bottom;width:1%"></td>
<td style="width:96%"></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">d.3</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1170299/000092701602003368/dex99d3.txt">Form of Share Certificate of the Common Shares. (2) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">d.4</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1170299/000092701602003950/dex99d4.txt">Form of Specimen Certificates representing the Registrant&#8217;s Auction Preferred &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares. (3) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">e.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1170299/000092701602003368/dex99e.txt">Terms and Conditions of Dividend Reinvestment Plan. (2) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">f.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">None.</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">g.1</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99g1.htm">Investment Management Agreement between Registrant and Pacific Investment Management Company LLC dated September&#160;5, 2014. (4) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">g.2</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99g2.htm">Amendment to Investment Management Agreement between Registrant and Pacific Investment Management Company LLC dated March&#160;25, 2022. (4) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">h.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d288652dex99h.htm">Sales Agreement between Registrant and JonesTrading Institutional Services LLC dated August&#160;10, 2022.* </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">i.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">None.</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">j.1</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1170299/000092701602003368/dex99j.txt">Custodian Agreement between Registrant and State Street Bank and Trust Company. (2) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">j.2</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99j2.htm">Amendment to Custodian Agreement between Registrant and State Street Bank&#160;&amp; Trust Co. dated September&#160;5, 2014. (4) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">k.1</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99k1.htm">Transfer Agency Services Agreement between Registrant and American Stock Transfer&#160;&amp; Trust Company, LLC dated as of April&#160;19, 2016. (4) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">k.2</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1170299/000092701602003368/dex99k2.txt">Organizational and Offering Expenses Agreement between Registrant and Pacific Investment Management Company LLC. (2) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">k.3</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99k3.htm">Amended and Restated Support Services Agreement between Registrant and PIMCO Investments LLC. (4) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">k.4</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99k4.htm">Amendment to Transfer Agency and Registrar Services Agreement dated December&#160;15, 2020. (4) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">k.5</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99k5.htm">Amendment to Transfer Agency and Registrar Services Agreement dated December&#160;9, 2021. (4) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">l.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d288652dex99l.htm">Opinion and consent of Ropes&#160;&amp; Gray LLP.* </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">m.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">None.</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">n.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d288652dex99n.htm">Consent of Registrant&#8217;s independent registered public accounting firm.* </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">o.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">None.</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">p.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1170299/000092701602003368/dex99p.txt">Subscription Agreement of PIMCO Fund Advisors LLC, dated June&#160;18, 2002. (2) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">q.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">None.</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">r.1</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99r1.htm">Code of Ethics of Registrant. (4) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">r.2</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99r2.htm">Code of Ethics of Pacific Investment Management Company LLC. (4) </a></td></tr>
</table>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%" />

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<td style="width:96%"></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">r.3</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99r3.htm">Code of Ethics Pursuant to Section&#160;406 of the Sarbanes-Oxley Act of 2002 for Principal Executive and Senior Financial Officers. (4) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <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.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d288652dexfilingfees.htm">Filing Fee Table.* </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">t.1</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99t1.htm">Powers of Attorney for Sarah E. Cogan, Deborah A. DeCotis, David N. Fisher, Joseph B. Kittredge, Jr., John C. Maney, William B. Ogden, IV, Alan Rappaport, and Grace Vandecruze. (4) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">t.2</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99t2.htm">Power of Attorney for Eric D. Johnson. (4) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">t.3</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99t3.htm">Power of Attorney for Bijal Parikh. (4) </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">t.4</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d288652dex99t4.htm">Power of Attorney for Kathleen McCartney.* </a></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">u.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d288652dex99u.htm">Certified Resolution of the Board of Trustees of Registrant.* </a></td></tr></table> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:21%">&#160;</p>
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<td style="width:3%"></td>

<td style="vertical-align:bottom;width:1%"></td>
<td style="width:96%"></td></tr>

<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(1)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Incorporated by reference to the Registrant&#8217;s Initial Registration Statement on Form <span style="white-space:nowrap">N-2,</span> File Nos. <span style="white-space:nowrap">333-86282</span> and <span style="white-space:nowrap">811-21076</span> (filed on April&#160;15, 2002).</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(2)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Incorporated by reference to <span style="white-space:nowrap">Pre-Effective</span> Amendment No.&#160;2 to the Registrant&#8217;s Initial Registration Statement on Form <span style="white-space:nowrap">N-2,</span> File Nos. <span style="white-space:nowrap">333-86282</span> and <span style="white-space:nowrap">811-21076</span> (filed on June&#160;25, 2002).</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(3)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Incorporated by reference to <span style="white-space:nowrap">Pre-Effective</span> Amendment No.&#160;1 to the Registrant&#8217;s Registration Statement on Form <span style="white-space:nowrap">N-2,</span> File Nos. <span style="white-space:nowrap">333-91744</span> and <span style="white-space:nowrap">811-21076</span> (filed on August&#160;12, 2002).</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(4)</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Incorporated by reference to PIMCO High Income Fund&#8217;s Registration Statement on Form <span style="white-space:nowrap">N-2,</span> File Nos. <span style="white-space:nowrap">333-265327</span> and <span style="white-space:nowrap">811-21311</span> (filed on May&#160;31, 2022).</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Filed herewith.</td></tr>
</table> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;26:</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Marketing Arrangements </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reference is made to the sales agreement for the Registrant&#8217;s common shares filed herewith and the section entitled &#8220;Plan of Distribution&#8221; contained in the Registrant&#8217;s Prospectus, filed as Part A of the Registrant&#8217;s Registration Statement incorporated herein by reference. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;27:</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other Expenses of Issuance and Distribution </p></td></tr></table> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:bottom;width:1%"></td>
<td></td>
<td></td>
<td></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission Fees</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">$27,810</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial Industry Regulatory Authority, Inc. Fees</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">$0.00</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Printing and Engraving Expenses</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">$15,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legal Fees</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$200,000</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New York Stock Exchange Fees</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">$128,065</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounting Expenses</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">$46,950</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transfer Agent Fees</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">$0.00</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Marketing Expenses</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">$0.00</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous Expenses</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">$0.00</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
<tr style="font-size:1px">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&#160;</p></td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&#160;</p></td>
<td>&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom" align="right">$418,300</td>
<td style="white-space:nowrap;vertical-align:bottom">&#160;</td></tr>
</table> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:9%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;28:</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Persons Controlled by or under Common Control with Registrant </p></td></tr></table>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%" />
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;29:</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Number of Holders of Securities </p></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At July&#160;22, 2022: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr>

<td style="width:98%"></td>

<td style="vertical-align:bottom;width:1%"></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Title of Class</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td align="center" style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><span style="font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Number&#160;of&#160;Record&#160;Holders&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Shares, par value $0.00001</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">162</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align: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">Preferred Shares</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center">45</td></tr>
</table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;30:</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Indemnification </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reference is made to Article VIII, Sections 1 through 5, of the Registrant&#8217;s Amended and Restated Agreement and Declaration of Trust, which is incorporated by reference herein. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Trust&#8217;s Amended and Restated Agreement and Declaration of Trust, its Amended and Restated Bylaws or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and, therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by trustees, officers or controlling persons of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustees, officers or controlling persons in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;31:</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Business and Other Connections of Investment Adviser </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pacific Investment Management Company LLC (&#8220;PIMCO&#8221;) is an investment adviser registered under the Advisers Act. The list required by this Item 31 of officers and directors of PIMCO, together with any information as to any business, profession, vocation, or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated herein by reference from Form ADV filed by PIMCO pursuant to the Advisers Act (SEC File <span style="white-space:nowrap">No.&#160;801-48187).</span></p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;32:</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Location of Accounts and Records </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The account books and other documents required to be maintained by the Registrant pursuant to Section&#160;31(a) of the Investment Company Act of 1940 and the rules thereunder will be maintained at the offices of Pacific Investment Management Company LLC, 1633 Broadway, New York, NY 10019 or the Registrant&#8217;s custodian, State Street Bank and Trust Company, 801 Pennsylvania Avenue, Kansas City, Missouri 64105. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;33:</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Management Services </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;34:</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Undertakings </p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top">1.</td>
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<td style="vertical-align:bottom;white-space:nowrap">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Not applicable.</td></tr>
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<td style="vertical-align:bottom;white-space:nowrap">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Not applicable.</td></tr>
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<td style="vertical-align:bottom;white-space:nowrap">The Registrant undertakes:</td></tr>
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<td style="width:3%;vertical-align:top" align="left">(a)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement: </p></td></tr></table> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:3%;vertical-align:top" align="left">(1)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">to include any prospectus required by Section&#160;10(a)(3) of the Securities Act; </p></td></tr></table> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:3%;vertical-align:top" align="left">(2)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">to reflect in the prospectus any facts or events after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement; and </p></td></tr></table> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:3%;vertical-align:top" align="left">(3)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Provided, however,</span> that paragraphs a(1), a(2), and a(3) of this section do not apply to the extent the information required to be included in a post-effective amendment by those paragraphs is </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section&#160;13 or Section&#160;15(d) of the Exchange Act that are incorporated by reference into the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:3%;vertical-align:top" align="left">(b)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">that, for the purpose of determining any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; </p></td></tr></table> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:3%;vertical-align:top" align="left">(c)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering; and </p></td></tr></table> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:3%;vertical-align:top" align="left">(d)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">that, for purposes of determining liability under the Securities Act to any purchaser: </p></td></tr></table> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:2%;vertical-align:top" align="left">(1)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">if the Registrant is subject to Rule 430B: </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi)&#160;under the Securities Act for the purpose of providing the information required by Section&#160;10 (a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2) if the Registrant is subject to Rule 430C: each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any </p>


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statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:3%;vertical-align:top" align="left">(e)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities: </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:3%;vertical-align:top" align="left">(1)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act; </p></td></tr></table> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:3%;vertical-align:top" align="left">(2)</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant; </p></td></tr></table> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:3%;vertical-align:top" align="left">(3)</td>
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<td style="width:3%;vertical-align:top" align="left">(4)</td>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">NOTICE </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:justify">A copy of the Amended and Restated Agreement and Declaration of Trust of PIMCO Municipal Income Fund II (the &#8220;Fund&#8221;), together with all amendments thereto, is on file with the Secretary of State of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Fund by any officer of the Fund as an officer and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees of the Fund or shareholders of the Fund individually, but are binding only upon the assets and property of the Fund. </p>


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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">SIGNATURES </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston in the State of Massachusetts on the 10th day of August, 2022. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p><div>
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<td style="vertical-align:top" colspan="5">PIMCO MUNICIPAL INCOME FUND II</td></tr>
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<td style="vertical-align:top">By:</td>
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<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="text-decoration:underline">Eric D. Johnson*</span></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Name:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap">Eric D. Johnson</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Title:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap">President</td></tr>
</table></div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the date indicated. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0">


<tr>

<td style="width:30%"></td>

<td style="vertical-align:bottom;width:1%"></td>
<td style="width:57%"></td>

<td style="vertical-align:bottom;width:1%"></td>
<td style="width:11%"></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><span style="font-weight:bold">Name</span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="font-weight:bold">Capacity</span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="font-weight:bold">Date</span></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Eric D. Johnson*</p></td>
<td style="vertical-align:bottom" rowspan="2">&#160;</td>
<td rowspan="2" style="vertical-align:top;white-space:nowrap">President (Principal Executive Officer)</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">August&#160;10,&#160;2022</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Eric D. Johnson</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Bijal Parikh*</p></td>
<td style="vertical-align:bottom" rowspan="2">&#160;</td>
<td rowspan="2" style="vertical-align:top;white-space:nowrap">Treasurer (Principal Financial&#160;&amp; Accounting Officer)</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">August&#160;10,&#160;2022</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Bijal Parikh</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Sarah E. Cogan*</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">Trustee</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">August&#160;10,&#160;2022</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Sarah E. Cogan</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Deborah A. DeCotis*</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">Trustee</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">August&#160;10,&#160;2022</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Deborah A. DeCotis</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">David N. Fisher*</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">Trustee</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">August&#160;10,&#160;2022</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">David Fisher</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Joseph B. Kittredge, Jr.*</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">Trustee</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">August&#160;10,&#160;2022</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Joseph B. Kittredge, Jr.</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Kathleen McCartney*</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">Trustee</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">August&#160;10,&#160;2022</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Kathleen McCartney</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">John C. Maney*</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">Trustee</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">August&#160;10,&#160;2022</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">John C. Maney</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">William B. Ogden, IV*</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">Trustee</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">August&#160;10,&#160;2022</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">William B. Ogden, IV</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Alan Rappaport*</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">Trustee</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">August&#160;10,&#160;2022</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Alan Rappaport</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Grace Vandercruze*</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">Trustee</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;white-space:nowrap">August&#160;10,&#160;2022</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">Grace Vandercruze</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td></tr>
</table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:40%;border:0">


<tr>

<td style="width:11%"></td>

<td style="vertical-align:bottom"></td>
<td style="width:10%"></td>

<td style="vertical-align:bottom;width:1%"></td>
<td style="width:77%"></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*By:</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><span style="text-decoration:underline">/s/ David C. Sullivan</span></p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">David C. Sullivan</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">as <span style="white-space:nowrap"><span style="white-space:nowrap">attorney-in-fact</span></span></p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" colspan="3">&#160;*Pursuant to power of attorney.</td></tr>
</table>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%" />
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">INDEX OF EXHIBITS </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">


<tr>

<td></td>

<td style="vertical-align:bottom;width:3%"></td>
<td style="width:91%"></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"><span style="font-weight:bold">Exhibit</span></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><span style="font-weight:bold">Exhibit Name</span></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">a.3</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><a href="d288652dex99a3.htm">Notice of Change of Trustees and Principal Address dated September&#160;5, 2014. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">a.4</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><a href="d288652dex99a4.htm">Notice of Change of Trustees dated January&#160;16, 2019. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">a. 5</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><a href="d288652dex99a5.htm">Notice of Change of Trustees dated January&#160;8, 2020. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">a. 6</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><a href="d288652dex99a6.htm">Notice of Change of Trustees dated July&#160;9, 2020. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">a. 7</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><a href="d288652dex99a7.htm">Notice of Change of Trustees dated January&#160;29, 2021. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">a. 8</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><a href="d288652dex99a8.htm">Notice of Change of Trustees dated June&#160;30, 2021. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">a. 9</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><a href="d288652dex99a9.htm">Notice of Change of Trustees dated January&#160;5, 2022. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">a.10</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><a href="d288652dex99a10.htm">Notice of Change of Trustees dated July&#160;18, 2022. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">b.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><a href="d288652dex99b.htm">Amended and Restated Bylaws of Registrant dated July&#160;14, 2021. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">h</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><a href="d288652dex99h.htm">Sales Agreement between Registrant and JonesTrading Institutional Services LLC dated August&#160;10, 2022. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">l.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><a href="d288652dex99l.htm">Opinion and Consent of Ropes&#160;&amp; Gray LLP. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">n.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><a href="d288652dex99n.htm">Consent of Registrant&#8217;s independent registered public accounting firm. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">s.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><a href="d288652dexfilingfees.htm">Filing Fee Table </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">t.4</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><a href="d288652dex99t4.htm">Power of Attorney for Kathleen McCartney. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top">u.</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"><a href="d288652dex99u.htm">Certified Resolution of the Board of Trustees of Registrant. </a></td></tr>
</table>
</body></html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.3
<SEQUENCE>2
<FILENAME>d288652dex99a3.htm
<DESCRIPTION>EX-99.A.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.a.3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO MUNICIPAL INCOME FUND II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF CHANGE OF TRUSTEE AND PRINCIPAL ADDRESS </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS, </B>PIMCO Municipal Income Fund II (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:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS, </B>the Board nominated and appointed Craig A. Dawson as a Trustee of the Trust, effective at the close of
business on September&nbsp;5, 2014; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> effective at the close of business on September&nbsp;5, 2014, the principal
address of the Trust has changed to c/o Pacific Investment Management Company, LLC, 1633 Broadway, New York, New York 10019; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>NOW,
THEREFORE, </B>as a result of the foregoing Trustee nomination and appointment, the eight&nbsp;(8) Trustees of the Trust are: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="83%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Craig A. Dawson</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Deborah A. DeCotis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Bradford K. Gallagher</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">James A. Jacobson</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Hans W. Kertess</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">John C. Maney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">William B. Ogden, IV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Alan Rappaport</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>New York, New York 10019</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">In addition, as a result of the foregoing change of address, the principal address of the Trust is c/o Pacific
Investment Management Company, LLC, 1633 Broadway, New York, New York 10019. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this <U>5th</U> day of
September,&nbsp;2014, by the undersigned who affirms that the statements made herein are true under the penalties of perjury. </P> <P STYLE="font-size:16pt;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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Ryan Leshaw, Assistant Secretary</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.4
<SEQUENCE>3
<FILENAME>d288652dex99a4.htm
<DESCRIPTION>EX-99.A.4
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.a.4</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO MUNICIPAL INCOME FUND II </B></P>
<P STYLE="margin-top:12pt; 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:24pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS, </B>PIMCO Municipal Income Fund II (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:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> Craig A. Dawson resigned as a Trustee of the Trust, effective January&nbsp;1, 2019; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS, </B>the Board nominated and appointed Sarah E. Cogan as a Trustee of the Trust, effective January&nbsp;1, 2019; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> the Board nominated and appointed David N. Fisher as a Trustee of the Trust, effective January&nbsp;1, 2019; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> the Shareholders of the Trust elected T. Matthew Buffington to replace Hans W. Kertess as a Preferred Shares Trustee of the
Trust, effective December&nbsp;19, 2018; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> the Board nominated and appointed Hans W. Kertess as a Trustee of the Trust,
effective December&nbsp;20, 2018; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>NOW, THEREFORE, </B>as a result of the foregoing Trustee resignation, election and nominations and
appointments, the ten (10)&nbsp;Trustees of the Trust are: </P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="81%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">T. Matthew Buffington</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>641 Lexington Avenue, 13<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor</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" NOWRAP>New York, New York 10022</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Sarah E. Cogan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Deborah A. DeCotis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">David N. Fisher</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Bradford K. Gallagher</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">James A. Jacobson</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Hans W. Kertess</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>New York, New York 10019</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="81%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">John C. Maney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">William B. Ogden, IV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Alan Rappaport</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>New York, New York 10019</TD></TR>
</TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this <U>16th</U> day of January, 2019,
by the undersigned who affirms that the statements made herein are true under the penalties of perjury. </P> <P STYLE="font-size:16pt;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/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT>
Kit&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit, 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;
PIMCO Municipal Income Fund II </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.5
<SEQUENCE>4
<FILENAME>d288652dex99a5.htm
<DESCRIPTION>EX-99.A.5
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.a.5</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO MUNICIPAL INCOME FUND II </B></P>
<P STYLE="margin-top:12pt; 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:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS, </B>PIMCO Municipal Income Fund II (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:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> Bradford K. Gallagher resigned as a Trustee of the Trust, effective December&nbsp;31, 2019; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> the preferred shareholders of the Trust elected Derrick A. Clark to replace James A. Jacobson as a Trustee of the Trust,
effective December&nbsp;17, 2019; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> the Board nominated and appointed James A. Jacobson as a Trustee of the Trust,
effective December&nbsp;17, 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>NOW, THEREFORE, </B>as a result of the foregoing Trustee resignation, election, nomination and
appointment, the ten (10)&nbsp;Trustees of the Trust are: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="81%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">T. Matthew Buffington</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">641 Lexington Avenue, 13<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor</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 10022</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Derrick A. Clark</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">450 Park Avenue, Suite 25</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 10022</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Sarah E. Cogan</P></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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Deborah A. DeCotis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">David N. Fisher</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">James A. Jacobson</P></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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Hans W. Kertess</P></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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">John C. Maney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">William B. Ogden, IV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Alan Rappaport</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this <U>8th</U> day of January, 2020,
by the undersigned who affirms that the statements made herein are true under the penalties of perjury. </P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<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 Municipal Income Fund II </P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.6
<SEQUENCE>5
<FILENAME>d288652dex99a6.htm
<DESCRIPTION>EX-99.A.6
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.a.6</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO MUNICIPAL INCOME FUND II </B></P>
<P STYLE="margin-top:12pt; 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:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> PIMCO Municipal Income Fund II (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:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> the Board nominated and appointed Joseph B. Kittredge, Jr. as a Trustee of the Trust, effective as of
June&nbsp;12, 2020; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>NOW, THEREFORE, </B>as a result of the foregoing Trustee nomination and appointment, the eleven&nbsp;(11) Trustees
of the Trust are: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="81%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">T. Matthew Buffington</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>641 Lexington Avenue, 13<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor,</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" NOWRAP>New York, New York 10022</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Derrick A. Clark</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>450 Park Avenue, Suite 25,</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" NOWRAP>New York, New York 10022</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Sarah E. Cogan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Deborah A. DeCotis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">David N. Fisher</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">James A. Jacobson</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Hans W. Kertess</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Joseph B. Kittredge, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">John C. Maney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">William B. Ogden, IV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Alan Rappaport</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>New York, New York 10019</TD></TR>
</TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this <U>9th</U> day of July, 2020, by
the undersigned who affirms that the statements made herein are true under the penalties of perjury. </P> <P STYLE="font-size:16pt;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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<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 Municipal Income Fund II (PML) </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.7
<SEQUENCE>6
<FILENAME>d288652dex99a7.htm
<DESCRIPTION>EX-99.A.7
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.a.7</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO MUNICIPAL INCOME FUND II </B></P>
<P STYLE="margin-top:12pt; 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:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> PIMCO Municipal Income Fund II (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:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> James A. Jacobson resigned as a Trustee of the Trust, effective as of December&nbsp;31, 2020; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>NOW, THEREFORE, </B>as a result of the foregoing Trustee resignation, the ten (10)&nbsp;Trustees of the Trust are: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="81%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">T. Matthew Buffington</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>641 Lexington Avenue, 13<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor,</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" NOWRAP>New York, New York 10022</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Derrick A. Clark</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>641 Lexington Avenue, 13<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor,</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" NOWRAP>New York, New York 10022</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Sarah E. Cogan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Deborah A. DeCotis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">David N. Fisher</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Hans W. Kertess</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Joseph B. Kittredge, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">John C. Maney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">William B. Ogden, IV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Alan Rappaport</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>New York, New York 10019</TD></TR>
</TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this <U>29</U><U><SUP
STYLE="font-size:75%; vertical-align:top">th</SUP></U> day of January, 2021, by the undersigned who affirms that the statements made herein are true under the penalties of perjury. </P>
<P STYLE="font-size:16pt;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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<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 Municipal Income Fund II (PML) </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.8
<SEQUENCE>7
<FILENAME>d288652dex99a8.htm
<DESCRIPTION>EX-99.A.8
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.a.8</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO MUNICIPAL INCOME FUND II </B></P>
<P STYLE="margin-top:12pt; 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:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> PIMCO Municipal Income Fund II (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:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> the Board nominated and appointed Grace Vandecruze as a Trustee of the Trust, effective as of
June&nbsp;30, 2021; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>NOW, THEREFORE, </B>as a result of the foregoing Trustee nomination and appointment, the eleven&nbsp;(11)
Trustees of the Trust are: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="81%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">T. Matthew Buffington</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>641 Lexington Avenue, 13<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor,</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" NOWRAP>New York, New York 10022</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Derrick A. Clark</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>450 Park Avenue, Suite 25,</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" NOWRAP>New York, New York 10022</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Sarah E. Cogan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Deborah A. DeCotis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">David N. Fisher</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Hans W. Kertess</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Joseph B. Kittredge, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">John C. Maney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">William B. Ogden, IV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Alan Rappaport</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Grace Vandecruze</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>New York, New York 10019</TD></TR>
</TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this <U>30</U><U><SUP
STYLE="font-size:75%; vertical-align:top">th</SUP></U> day of June, 2021, by the undersigned who affirms that the statements made herein are true under the penalties of perjury. </P>
<P STYLE="font-size:16pt;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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<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 Municipal Income Fund II (PML) </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.9
<SEQUENCE>8
<FILENAME>d288652dex99a9.htm
<DESCRIPTION>EX-99.A.9
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.a.9</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO MUNICIPAL INCOME FUND II </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:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> PIMCO Municipal Income Fund II (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:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> Derrick A. Clark resigned as a Trustee of the Trust, effective as of December&nbsp;3, 2021; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> T. Matthew Buffington&#146;s term as a Trustee of the Trust expired on December&nbsp;17, 2021; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> Hans W. Kertess resigned as a Trustee of the Trust, effective as of December&nbsp;31, 2021; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>NOW, THEREFORE, </B>as a result of the foregoing Trustee resignation, the eight (8)&nbsp;Trustees of the Trust&nbsp;are: </P>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="81%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Sarah E. Cogan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Deborah A. DeCotis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">David N. Fisher</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Joseph B. Kittredge, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">John C. Maney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">William B. Ogden, IV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Alan Rappaport</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">E. Grace Vandecruze</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>New York, New York 10019</TD></TR>
</TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this <U>5</U><U><SUP
STYLE="font-size:75%; vertical-align:top">th</SUP></U> day of January, 2022, by the undersigned who affirms that the statements made herein are true under the penalties of perjury. </P>
<P STYLE="font-size:16pt;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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<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 Municipal Income Fund II (PML) </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.10
<SEQUENCE>9
<FILENAME>d288652dex99a10.htm
<DESCRIPTION>EX-99.A.10
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.a.10</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO MUNICIPAL INCOME FUND II </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:8%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> PIMCO Municipal Income Fund II (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:8%; 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:8%; font-size:12pt; font-family:Times New Roman"><B>NOW, THEREFORE, </B>as a result of the foregoing Trustee nomination and appointment, the nine&nbsp;(9) Trustees of
the Trust are: </P> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="81%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Sarah E. Cogan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Deborah A. DeCotis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">David N. Fisher</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Joseph B. Kittredge, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">John C. Maney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">William B. Ogden, IV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Alan Rappaport</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">E. Grace Vandecruze</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>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" NOWRAP>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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Kathleen McCartney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <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>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this <U>18</U><U><SUP
STYLE="font-size:75%; vertical-align:top">th</SUP></U> day of July, 2022, by the undersigned who affirms that the statements made herein are true under the penalties of perjury. </P>
<P STYLE="font-size:16pt;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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<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 Municipal Income Fund II (PML) </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.B
<SEQUENCE>10
<FILENAME>d288652dex99b.htm
<DESCRIPTION>EX-99.B
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.b</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>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 MUNICIPAL INCOME FUND II </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 July&nbsp;14, 2021) </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; 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:8%; font-size:12pt; font-family:Times New Roman">1.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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:8%; font-size:12pt; font-family:Times New Roman">1.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreement and Declaration of Trust</U>. These 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 Municipal Income Fund II, 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:8%; font-size:12pt; font-family:Times New Roman">2.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">2.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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:8%; font-size:12pt; font-family:Times New Roman">2.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">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> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">2.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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:8%; font-size:12pt; font-family:Times New Roman">3.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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:8%; font-size:12pt; font-family:Times New Roman">3.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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;Independent Trustees&#148;), and otherwise in accordance with Rule 38a-1 (or any successor rule) under the 1940 Act, as such rule may be amended from time to time (&#147;Rule 38a-1&#148;). Vacancies in any
office may be filled at any time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">3.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 38a-1. 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:8%; font-size:12pt; font-family:Times New Roman">3.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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:8%; font-size:12pt; font-family:Times New Roman">3.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Chairman of the Trustees</U>. There shall be an office of the Chairman of the Trustees, which shall serve of 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 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">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. 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:8%; font-size:12pt; font-family:Times New Roman">3.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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:8%; font-size:12pt; font-family:Times New Roman">3.7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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, sub-adviser 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:8%; font-size:12pt; font-family:Times New Roman">3.8
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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:8%; font-size:12pt; font-family:Times New Roman">3.9 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 38a-1, 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:8%; font-size:12pt; font-family:Times New Roman">3.10 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-3- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">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:8%; font-size:12pt; font-family:Times New Roman">4.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 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:8%; 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:8%; 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, Article 2, Section&nbsp;2.3 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 e-mail) 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:8%; font-size:12pt; font-family:Times New Roman">5.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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:8%; font-size:12pt; font-family:Times New Roman">6.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-4- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="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:8%; font-size:12pt; font-family:Times New Roman">7.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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:8%; font-size:12pt; font-family:Times New Roman">8.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 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:8%; font-size:12pt; font-family:Times New Roman">9.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Share Certificates</U>. Except as provided in Article 11 hereof and Exhibit 1 hereto,
each Shareholder shall be entitled to a certificate stating the number of Shares 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:8%; 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:8%; font-size:12pt; font-family:Times New Roman">9.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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:8%; font-size:12pt; font-family:Times New Roman">9.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">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:8%; font-size:12pt; font-family:Times New Roman">9.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Discontinuance of Issuance of Certificates</U>. Notwithstanding anything to the
contrary in this Article 9, 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:8%; font-size:12pt; font-family:Times New Roman">10.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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, Article 11 hereto and Exhibit 1 hereto, (ii)&nbsp;with respect to any Manager or sub-adviser 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, Article 11 hereto and Exhibit 1
hereto, (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, Article 11 hereto and Exhibit 1 hereto (for the avoidance of any doubt, 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)&nbsp;of Article IX, Section&nbsp;4 of the Declaration of Trust), (v)&nbsp;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, Article 11
hereto and Exhibit 1 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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-6- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">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. For purposes of this Article 10, all preferred shares of beneficial interest of the Trust issued and outstanding, including,
without limitation, the APS and the RVMTP Shares, shall be treated as a single class. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">10.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 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 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 Section&nbsp;10.2, no matter shall be properly before any annual or special meeting of Shareholders and no business shall be transacted thereat unless in
accordance with Section&nbsp;10.6 of these Bylaws. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">10.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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%)&nbsp;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%)&nbsp;(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:8%; font-size:12pt; font-family:Times New Roman">10.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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:8%; font-size:12pt; font-family:Times New Roman">10.5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 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:8%; font-size:12pt; font-family:Times New Roman">10.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Advance Notice of Shareholder Nominees for Trustees and Other Shareholder Proposals</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(a) As
used in this Section&nbsp;10.6, 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 Section&nbsp;10.2 of these
Bylaws, and the term &#147;special meeting&#148; refers to </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">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:8%; font-size:12pt; font-family:Times New Roman">(b) 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 Section&nbsp;10.6. Only persons who are nominated in accordance with the procedures set forth in
this Section&nbsp;10.6 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 Section&nbsp;10.6, 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:8%; font-size:12pt; font-family:Times New Roman">(c) 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 Section&nbsp;10.2 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 Section&nbsp;10.6(c) by a Shareholder of record entitled to vote at the meeting or by a Shareholder (a
&#147;Beneficial Owner&#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 Section&nbsp;10.6(c) is delivered to the Secretary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; 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;Shareholder Notice&#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</U> <U>further</U>, <U>however</U>, if and only if the annual meeting is not 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>)&nbsp;business day following the
date such Other Annual Meeting Date is first publicly announced or disclosed. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; 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)&nbsp;any other information regarding each such
person required by paragraphs (a), (d), (e)&nbsp;and (f)&nbsp;of Item&nbsp;401 of Regulation S-K or paragraph (b)&nbsp;of Item&nbsp;22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;), adopted by the Securities and Exchange Commission (or the corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange Commission or any successor agency applicable to the Trust); (D)&nbsp;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 Section&nbsp;10.6(c) 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:8%; 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)&nbsp;a representation that the Shareholder
intends to appear in person or by proxy at the Shareholder 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, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-10- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">evidence establishing such Beneficial Owner&#146;s indirect ownership of, and entitlement to vote, Shares at the
meeting of Shareholders. As used in this Section&nbsp;10.6, Shares &#147;beneficially owned&#148; shall mean all Shares which such person is deemed to beneficially own pursuant to Rules 13d-3 and 13d-5 under the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(d) 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 Section&nbsp;10.2 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 Section&nbsp;10.6(c) 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
(10th)&nbsp;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:8%; font-size:12pt; font-family:Times New Roman">(e) For purposes of this Section&nbsp;10.6, 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:8%; font-size:12pt; font-family:Times New Roman">(f) 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 Section&nbsp;10.6. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(g) 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 determine (i)&nbsp;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 Section&nbsp;10.6
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:8%; font-size:12pt; font-family:Times New Roman">(h) Notwithstanding anything to the contrary in this
Section&nbsp;10.6 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 Section&nbsp;10.6 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">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>Statement
Creating Five Series of Auction Preferred Shares </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">Auction Preferred Shares, Series A: 4,040 shares of beneficial interest of Preferred
Shares, par value $0.00001 per share, liquidation preference $25,000 per share plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) thereon, is hereby designated &#147;Auction Preferred Shares, Series A.&#148;
Each share of Auction Preferred Shares, Series A (sometimes referred to herein as &#147;Series A APS&#148;) may be issued on a date to be determined by the Board of Trustees of the Trust or pursuant to their delegated authority; have an Initial
Dividend Rate and an Initial Dividend Payment Date as shall be determined in advance of the issuance thereof by the Board of Trustees of the Trust or pursuant to their delegated authority; and have such other preferences, voting powers, limitations
as to dividends, qualifications and terms and conditions of redemption as are set forth in these Bylaws. The Series A APS shall constitute a separate series of Preferred Shares of the Trust, and each share of Series A APS shall be identical. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">Auction Preferred Shares, Series B: 4,040 shares of beneficial interest of Preferred Shares, par value $0.00001 per share, liquidation
preference $25,000 per share plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) thereon, is hereby designated &#147;Auction Preferred Shares, Series B.&#148; Each share of Auction Preferred Shares, Series B
(sometimes referred to herein as &#147;Series B APS&#148;) may be issued on a date to be determined by the Board of Trustees of the Trust or pursuant to their delegated authority; have an Initial Dividend Rate and an Initial Dividend Payment Date as
shall be determined in advance of the issuance thereof by the Board of Trustees of the Trust or pursuant to their delegated authority; and have such other preferences, voting powers, limitations as to dividends, qualifications and terms and
conditions of redemption as are set forth in these Bylaws. The Series B APS shall constitute a separate series of Preferred Shares of the Trust, and each share of Series B APS shall be identical. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">Auction Preferred Shares, Series C: 4,040 shares of beneficial interest of Preferred Shares, par value $0.00001 per share, liquidation
preference $25,000 per share plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) thereon, is hereby designated &#147;Auction Preferred Shares, Series C.&#148; Each share of Auction Preferred Shares, Series C
(sometimes referred to herein as &#147;Series C APS&#148;) may be issued on a date to be determined by the Board of Trustees of the Trust or pursuant to their delegated authority; have an Initial Dividend Rate and an Initial Dividend Payment Date as
shall be determined in advance of the issuance thereof by the Board of Trustees of the Trust or pursuant to their delegated authority; and have such other preferences, voting powers, limitations as to dividends, qualifications and terms and
conditions of redemption as are set forth in these Bylaws. The Series C APS shall </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">constitute a separate series of Preferred Shares of the Trust, and each share of Series C APS shall be identical.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">Auction Preferred Shares, Series D: 4,040 shares of beneficial interest of Preferred Shares, par value $0.00001 per share, liquidation
preference $25,000 per share plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) thereon, is hereby designated &#147;Auction Preferred Shares, Series D.&#148; Each share of Auction Preferred Shares, Series D
(sometimes referred to herein as &#147;Series D APS&#148;) may be issued on a date to be determined by the Board of Trustees of the Trust or pursuant to their delegated authority; have an Initial Dividend Rate and an Initial Dividend Payment Date as
shall be determined in advance of the issuance thereof by the Board of Trustees of the Trust or pursuant to their delegated authority; and have such other preferences, voting powers, limitations as to dividends, qualifications and terms and
conditions of redemption as are set forth in these Bylaws. The Series D APS shall constitute a separate series of Preferred Shares of the Trust, and each share of Series D APS shall be identical. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">Auction Preferred Shares, Series E: 4,040 shares of beneficial interest of Preferred Shares, par value $0.00001 per share, liquidation
preference $25,000 per share plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) thereon, is hereby designated &#147;Auction Preferred Shares, Series E.&#148; Each share of Auction Preferred Shares, Series E
(sometimes referred to herein as &#147;Series E APS&#148;) may be issued on a date to be determined by the Board of Trustees of the Trust or pursuant to their delegated authority; have an Initial Dividend Rate and an Initial Dividend Payment Date as
shall be determined in advance of the issuance thereof by the Board of Trustees of the Trust or pursuant to their delegated authority; and have such other preferences, voting powers, limitations as to dividends, qualifications and terms and
conditions of redemption as are set forth in these Bylaws. The Series E APS shall constitute a separate series of Preferred Shares of the Trust, and each share of Series E APS shall be identical. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">These Bylaws and the RVMTP Shares Statement (as defined below) attached as Exhibit 1 hereto are intended such that the APS and the RVMTP
Shares are in parity with each other, such that neither shall have a preference or priority over the other with respect to the payment of dividends and the distribution of assets of the Trust upon dissolution, liquidation, or winding up of the
affairs of the Trust and shall be interpreted accordingly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">Unless otherwise provided, defined terms used in this Article 11 apply only to
the APS and defined terms used in Exhibit 1 hereto apply only to the RVMTP Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">11.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. (a)&nbsp;Unless the context or use indicates another or different meaning or intent, in Article 11 of these Bylaws the following terms have the following meanings, whether used in the singular
or plural: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;&#145;AA&#146; Composite Commercial Paper Rate,&#148; on any Valuation Date, means (i)&nbsp;the Interest Equivalent of
the rate on commercial paper placed on behalf of issuers whose corporate bonds </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">are rated &#147;AA&#148; by S&amp;P or &#147;Aa&#148; by Moody&#146;s or the equivalent of such rating by another
Rating Agency, as such rate is made available on a discount basis or otherwise by the Federal Reserve Bank of New York for the Business Day immediately preceding such date, or (ii)&nbsp;in the event that the Federal Reserve Bank of New York does not
make available such a rate, then the arithmetic average of the Interest Equivalent of the rate on commercial paper placed on behalf of such issuers, as quoted on a discount basis or otherwise by UBS Warburg LLC or Merrill Lynch, Pierce,
Fenner&nbsp;&amp; Smith Incorporated or their respective successors that are Commercial Paper Dealers, to the Auction Agent for the close of business on the Business Day immediately preceding such date. If one of the Commercial Paper Dealers does
not quote a rate required to determine the &#147;AA&#148; Composite Commercial Paper Rate, the &#147;AA&#148; Composite Commercial Paper Rate will be determined on the basis of the quotation or quotations furnished by any Substitute Commercial Paper
Dealer or Substitute Commercial Paper Dealers selected by the Trust to provide such rate or rates not being supplied by the Commercial Paper Dealer. If the number of Dividend Period days shall be (i)&nbsp;7 or more but fewer than 49 days, such rate
shall be the Interest Equivalent of the 30-day rate on such commercial paper; (ii)&nbsp;49 or more but fewer than 70 days, such rate shall be the Interest Equivalent of the 60-day rate on such commercial paper; (iii)&nbsp;70 or more days but fewer
than 85 days, such rate shall be the arithmetic average of the Interest Equivalent on the 60-day and 90-day rates on such commercial paper; (iv)&nbsp;85 or more days but fewer than 99 days, such rate shall be the Interest Equivalent of the 90-day
rate on such commercial paper; (v)&nbsp;99 or more days but fewer than 120 days, such rate shall be the arithmetic average of the Interest Equivalent of the 90-day and 120-day rates on such commercial paper; (vi)&nbsp;120 or more days but fewer than
141 days, such rate shall be the Interest Equivalent of the 120-day rate on such commercial paper; (vii)&nbsp;141 or more days but fewer than 162 days, such rate shall be the arithmetic average of the Interest Equivalent of the 120-day and 180-day
rates on such commercial paper; and (viii)&nbsp;162 or more days but fewer than 183 days, such rate shall be the Interest Equivalent of the 180-day rate on such commercial paper. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Accountant&#146;s Confirmation&#148; has the meaning set forth in Section&nbsp;11.7(c) of these Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Adviser&#148; means the Trust&#146;s investment adviser which initially shall be Pacific Investment Management Company LLC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Affiliate&#148; means any Person, other than UBS Warburg LLC or its successors, known to the Auction Agent to be controlled by, in
control of, or under common control with, the Trust. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Agent Member&#148; means a member of the Securities Depository that will act
on behalf of a Beneficial Owner of one or more APS or on behalf of a Potential Beneficial Owner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Applicable Percentage&#148; has
the meaning set forth in Section&nbsp;11.10(a)(vii) of these Bylaws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Applicable Rate&#148; means the rate per annum at which cash
dividends are payable on the APS for any Dividend Period. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;APS&#148; means the Series A APS, the Series B APS, the Series C APS, the Series D APS and
the Series E APS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;APS Basic Maintenance Amount,&#148; as of any Valuation Date, means the dollar amount equal to the sum of (i)(A)
the product of the number of shares of APS Outstanding on such date multiplied by $25,000 (plus the product of the number of shares of any other series of Preferred Shares Outstanding on such date multiplied by the liquidation preference of such
shares), plus any redemption premium applicable to APS (or other Preferred Shares) then subject to redemption; (B)&nbsp;the aggregate amount of dividends that will have accumulated at the respective Applicable Rates (whether or not earned or
declared) to (but not including) the first respective Dividend Payment Dates for each series of APS Outstanding that follow such Valuation Date (plus the aggregate amount of dividends, whether or not earned or declared, that will have accumulated in
respect of other Outstanding Preferred Shares to (but not including) the first respective dividend payment dates for such other shares that follow such Valuation Date); (C)&nbsp;the aggregate amount of dividends that would accumulate on shares of
each series of APS Outstanding from such first respective Dividend Payment Date therefor through the 49th day after such Valuation Date, at the Maximum Applicable Rate (calculated as if such Valuation Date were the Auction Date for the Dividend
Period commencing on such Dividend Payment Date) for a 7-Day Dividend Period of shares of such series to commence on such Dividend Payment Date, assuming, solely for purposes of the foregoing, that if on such Valuation Date the Trust shall have
delivered a Notice of Special Dividend Period to the Auction Agent with respect to shares of such series, such Maximum Applicable Rate shall be the higher of (a)&nbsp;the Maximum Applicable Rate for the Special Dividend Period of shares of such
series to commence on such Dividend Payment Date and (b)&nbsp;the Maximum Applicable Rate for a 7-Day Rate Period of shares of such series to commence on such Dividend Payment Date, multiplied by the Moody&#146;s Volatility Factor applicable to a
7-Day Dividend Period, or, in the event the Trust shall have delivered a Notice of Special Dividend Period to the Auction Agent with respect to shares of such series designating a Special Dividend Period consisting of 49 days or more, the
Moody&#146;s Volatility Factor applicable to a Special Dividend Period of that length (plus the aggregate amount of dividends that would accumulate at the maximum dividend rate or rates on any other Preferred Shares Outstanding from such respective
dividend payment dates through the 49th day after such Valuation Date, as established by or pursuant to the respective statements establishing and fixing the rights and preferences of such other Preferred Shares) (except that (1)&nbsp;if such
Valuation Date occurs during a Non-Payment Period (or, in the case of Preferred Shares other than APS, a period similar to a Non-Payment Period), the dividend for purposes of calculation would accumulate at the then current Non-Payment Period Rate
(or similar rate for Preferred Shares other than APS) and (2)&nbsp;for those days during the period described in this subparagraph (C)&nbsp;in respect of which the Applicable Rate in effect immediately prior to such Dividend Payment Date will remain
in effect (or, in the case of Preferred Shares other than APS, in respect of which the dividend rate or rates in effect immediately prior to such respective dividend payment dates will remain in effect), the dividend for purposes of calculation
would accumulate at such Applicable Rate (or other rate or rates, as the case may be) in respect of those days); (D)&nbsp;the amount of anticipated expenses of the Trust for the 90 days subsequent to such Valuation
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-15- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Date; (E)&nbsp;the amount of the Trust&#146;s Maximum Potential Gross-up Dividend Liability in respect of shares
of APS (and similar amounts payable in respect of other Preferred Shares) as of such Valuation Date; and (F)&nbsp;any current liabilities as of such Valuation Date to the extent not reflected in any of (i)(A) through (i)(E) (including, without
limitation, any payables for Municipal Obligations purchased as of such Valuation Date and any liabilities incurred for the purpose of clearing securities transactions) less (ii)&nbsp;the value (i.e., the face value of cash, short-term Municipal
Obligations rated MIG-1, VMIG-1 or P-1, and short-term securities that are the direct obligation of the U.S. government, provided in each case that such securities mature on or prior to the date upon which any of (i)(A) through (i)(F) become
payable, otherwise the Moody&#146;s Discounted Value) of any of the Trust&#146;s assets irrevocably deposited by the Trust for the payment of any of (i)(A) through (i)(F). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;APS Basic Maintenance Cure Date,&#148; with respect to the failure by the Trust to satisfy the APS Basic Maintenance Amount (as required
by Section&nbsp;11.7(a) of these Bylaws) as of a given Valuation Date, means the tenth Business Day following such Valuation Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;APS Basic Maintenance Report&#148; means a report signed by any of the President, Treasurer, any Senior Vice President or any Vice
President of the Trust which sets forth, as of the related Valuation Date, the assets of the Trust, the Market Value and the Discounted Value thereof (seriatim and in aggregate), and the APS Basic Maintenance Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Auction&#148; means a periodic operation of the Auction Procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Auction Agent&#148; means Deutsche Bank Trust Company Americas unless and until another commercial bank, trust company or other
financial institution appointed by a resolution of the Board of Trustees of the Trust or a duly authorized committee thereof enters into an agreement with the Trust to follow the Auction Procedures for the purpose of determining the Applicable Rate
and to act as transfer agent, registrar, dividend disbursing agent and redemption agent for the APS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Auction Date&#148; has the
meaning set forth in Section&nbsp;11.10(a)(ii) of these Bylaws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Auction Procedures&#148; means the procedures for conducting
Auctions set forth in Section 11.10 of these Bylaws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Beneficial Owner&#148; means a customer of a Broker-Dealer who is listed on
the records of that Broker-Dealer (or, if applicable, the Auction Agent) as a holder of APS or a Broker-Dealer that holds APS for its own account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Broker-Dealer&#148; means any broker-dealer, or other entity permitted by law to perform the functions required of a Broker-Dealer
pursuant to Section&nbsp;11.10 of these Bylaws, that has been selected by the Trust and has entered into a Broker-Dealer Agreement with the Auction Agent that remains effective. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-16- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Broker-Dealer Agreement&#148; means an agreement between the Auction Agent and a
Broker-Dealer pursuant to which such Broker-Dealer agrees to follow the procedures specified in Section&nbsp;11.10 of these Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Business Day&#148; means a day on which the New York Stock Exchange is open for trading and which is not a Saturday, Sunday or other day
on which banks in New York City are authorized or obligated by law to close. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Closing Transactions&#148; has the meaning set forth
in Section&nbsp;11.8(a) of these Bylaws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Code&#148; means the Internal Revenue Code of 1986, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Commercial Paper Dealers&#148; means UBS Warburg LLC, Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and such other commercial
paper dealer or dealers as the Trust may from time to time appoint or, in lieu thereof, their respective affiliates or successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Common Shares&#148; means the shares of beneficial interest designated as common shares, no par value, of the Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Cure Date&#148; has the meaning set forth in Section&nbsp;11.4(a)(ii) of these Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Date of Original Issue&#148; means, with respect to any share of APS, the date on which the Trust first issues such share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Declaration of Trust&#148; means the Amended and Restated Agreement and Declaration of Trust of the Trust dated June&nbsp;18, 2002, as
from time to time amended and supplemented. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Deposit Securities&#148; means cash and Municipal Obligations rated at least A2 (having
a remaining maturity of 12 months or less), P-1, VMIG-1 or MIG-1 by Moody&#146;s or A (having a remaining maturity of 12 months or less), A-1+ or SP-1+ by S&amp;P. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Discount Factor&#148; means a Moody&#146;s Discount Factor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Discounted Value&#148; of any asset of the Trust means, with respect to a Moody&#146;s Eligible Asset, the quotient of the Market Value
thereof divided by the applicable Moody&#146;s Discount Factor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Dividend Payment Date,&#148; with respect to APS, has the meaning
set forth in Section 11.2(b)(i) of these Bylaws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Dividend Period&#148; means the Initial Dividend Period, any 7-Day Dividend Period
and any Special Dividend Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Eligible Assets&#148; means Moody&#146;s Eligible Assets. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-17- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Existing Holder&#148; means a Broker-Dealer, or any such other Person that may be permitted
by the Trust, that is listed as the holder of record of APS in the Share Books. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Extension Period&#148; has the meaning set forth in
Section&nbsp;11.2(c)(iii) of these Bylaws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Federal Tax Rate Increase&#148; has the meaning set forth under the definition of
&#147;Moody&#146;s Volatility Factor&#148; below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Forward Commitment&#148; has the meaning set forth in Section&nbsp;11.8(d) of
these Bylaws. &#147;Gross-Up Dividend&#148; has the meaning set forth in Section&nbsp;11.2(e) of these Bylaws. &#147;Holder&#148; means a Person identified as a holder of record of APS in the Share Register. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Independent Accountant&#148; means a nationally recognized accountant, or firm of accountants, that is, with respect to the Trust, an
independent public accountant or firm of independent public accountants under the Securities Act of 1933, as amended, and serving as such for the Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Initial Dividend Payment Date&#148; means, with respect to a series of APS, the Initial Dividend Payment Date as determined by the Board
of Trustees of the Trust or pursuant to their delegated authority with respect to such series. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Initial Dividend Period&#148; has
the meaning set forth in Section&nbsp;11.2(c)(i) of these Bylaws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Initial Dividend Rate&#148; means, with respect to a series of
APS, the rate per annum applicable to the Initial Dividend Period for such series of APS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Interest Equivalent&#148; means a yield
on a 360-day basis of a discount basis security which is equal to the yield on an equivalent interest-bearing security. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Issue Type
Category&#148; means, with respect to a Municipal Obligation acquired by the Trust, for purposes of calculating Moody&#146;s Eligible Assets as of any Valuation Date, one of the following categories into which such Municipal Obligation falls based
upon a good faith determination by the Trust: health care issues (including issues related to teaching and non-teaching hospitals, public or private, and elder-care facilities, including nursing homes); housing issues (including issues related to
single- and multi-family housing projects); educational facilities issues (including issues related to public and private schools); student loan issues; resource recovery issues; transportation issues (including issues related to mass transit,
airports and highways); industrial development bond issues (including issues related to pollution control facilities); utility issues (including issues related to the provision of gas, water, sewers and electricity); general obligation issues; lease
obligations (including certificates of participation); escrowed bonds; issues backed by tobacco settlement funds; and other issues (&#147;Other Issues&#148;) not falling within one of the aforementioned categories. The general obligation issue
category </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-18- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">includes any issue that is directly or indirectly guaranteed by any state or any political subdivision of a
state. Utility issues are included in the general obligation issue category if the issue is directly or indirectly guaranteed by a state or any political subdivision of a state. Municipal Obligations in the utility issue category will be classified
within one of the three following sub-categories: (i)&nbsp;electric, gas and combination issues (if the combination issue includes an electric issue); (ii)&nbsp;water and sewer utilities and combination issues (if the combination issues does not
include an electric issue); and (iii)&nbsp;irrigation, resource recovery, solid waste and other utilities. Municipal Obligations in the transportation issue category will be classified within one of the two following sub-categories: (i)&nbsp;streets
and highways, toll roads, bridges and tunnels, airports and multi-purpose port authorities (multiple revenue streams generated by toll roads, airports, real estate, bridges); (ii)&nbsp;mass transit, parking seaports and others. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Long Term Dividend Period&#148; means a Special Dividend Period consisting of a specified period of one whole year or more but not
greater than five years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Liens&#148; shall have the meaning set forth in the definition of &#147;Moody&#146;s Eligible Asset&#148;
below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Mandatory Redemption Price&#148; means $25,000 per share of APS plus an amount equal to accumulated but unpaid dividends
(whether or not earned or declared) to the date fixed for redemption, but excluding Gross-up Dividends. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Marginal Tax Rate&#148;
means the maximum marginal regular federal individual income tax rate applicable to an individual&#146;s or a corporation&#146;s ordinary income, whichever is greater. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Market Value&#148; of any asset of the Trust shall be the market value thereof determined by the Pricing Service. Market Value of any
asset shall include any interest accrued thereon. The Pricing Service shall value portfolio securities at the quoted bid prices or the mean between the quoted bid and asked price or the yield equivalent when quotations are not readily available.
Securities for which quotations are not readily available shall be valued at fair value as determined by the Pricing Service using methods which include consideration of: yields or prices of securities of comparable quality, type of issue, coupon,
maturity and rating; indications as to value from dealers; and general market conditions. The Pricing Service may employ electronic data processing techniques and/or a matrix system to determine valuations. In the event the Pricing Service is unable
to value a security, the security shall be valued at the lower of two dealer bids obtained by the Trust from dealers who are members of the National Association of Securities Dealers, Inc. and who make a market in the security, at least one of which
shall be in writing. Futures contracts and options are valued at closing prices for such instruments established by the exchange or board of trade on which they are traded, or if market quotations are not readily available, are valued at fair value
on a consistent basis using methods determined in good faith by the Board of Trustees of the Trust. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-19- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Maximum Applicable Rate,&#148; with respect to APS, has the meaning set forth in Section
11.10(a)(vii) of these Bylaws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Maximum Potential Gross-Up Dividend Liability&#148; means, as of any Valuation Date, the aggregate
amount of Gross-Up Dividends that would be due if the Trust were to make Retroactive Taxable Allocations, with respect to any fiscal year, estimated based upon dividends paid and the amount of undistributed realized net capital gains and other
taxable income earned by the Trust, as of the end of the calendar month immediately preceding such Valuation Date and assuming such Gross-Up Dividends are fully taxable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Moody&#146;s&#148; means Moody&#146;s Investors Service, Inc. or its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Moody&#146;s Discount Factor&#148; shall mean, for purposes of determining the Discounted Value of any Moody&#146;s Eligible Asset, the
percentage determined by reference to the rating on such asset and the shortest Exposure Period set forth opposite such rating that is the same length as or is longer than the Moody&#146;s Exposure Period, in accordance with the table set forth
below: </P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="52%"></TD>

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

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

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

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

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

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

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

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:10pt ;BORDER:1px solid #000000; padding-left:8pt"><U>Exposure Period</U></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><U>Aaa*</U>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><U>Aa*</U>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><U>A*</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><U>Baa*</U>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><U>Other**</U>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><U><FONT STYLE="white-space:nowrap">(V)MIG-1***</FONT></U>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><U>SP-1+****</U>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><U>Unrated*****</U>&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="padding-bottom:10pt ;BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">7 weeks</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">151%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">159%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">166%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">173%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">187%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">136%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">148%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">225%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="padding-bottom:10pt ;BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">8 weeks or less but greater
than seven weeks.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">154</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">161</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">168</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">176</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">190</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">137</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">149</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">231</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="padding-bottom:10pt ;BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">9 weeks or less but greater
than eight weeks</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">158</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">163</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">170</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">177</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">192</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">138</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">150</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">240</TD></TR>
</TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">Moody&#146;s rating. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">Municipal Obligations not rated by Moody&#146;s but rated BBB by S&amp;P. </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">Municipal Obligations rated MIG-1 or VMIG-1, which do not mature or have a demand feature at par exercisable in
30 days and which do not have a long-term rating. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">****</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">Municipal Obligations not rated by Moody&#146;s but rated SP-1+ by S&amp;P, which do not mature or have a demand
feature at par exercisable in 30 days and which do not have a long-term rating. </P></TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">*****</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">Municipal Obligations rated less than Baa3 or not rated by Moody&#146;s and less than BBB or not rated by
S&amp;P, not to exceed 10% of Moody&#146;s Eligible Assets. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Notwithstanding the foregoing, (i)&nbsp;except as provided in clause
(ii)&nbsp;below, the Moody&#146;s Discount Factor for short-term Municipal Obligations will be 115%, so long as such Municipal Obligations are rated at least MIG-1, VMIG-l or P-1 by Moody&#146;s and mature or have a demand feature at par exercisable
in 30 days or less, or 125%, as long as such Municipal Obligations are rated at least A-1+/AA or SP-1+/AA by S&amp;P and mature or have a demand feature at par </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-20- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">exercisable in 30 days or less, (ii)&nbsp;the Moody&#146;s Discount Factor for residual interest municipal bonds
and structured notes shall be the product of (x)&nbsp;the percentage determined by reference to the rating on the security underlying such residual interest municipal bond multiplied by (y)&nbsp;1.25 (provided that the trust in which such residual
interest municipal bond is held may be terminated within five business days), and (iii)&nbsp;except as provided in clause (ii)&nbsp;above, no Moody&#146;s Discount Factor will be applied to cash, Receivables for Municipal Obligations Sold, or
futures, options and similar instruments (to the extent such securities are Moody&#146;s Eligible Assets); provided, however, that for purposes of determining the Moody&#146;s Discount Factor applicable to a Municipal Obligation, any Municipal
Obligation (excluding any short-term Municipal Obligation) not rated by Moody&#146;s but rated by S&amp;P shall be deemed to have a Moody&#146;s rating which is one full rating category lower than its S&amp;P rating. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Moody&#146;s Eligible Asset&#148; shall mean cash, Receivables for Municipal Obligations Sold, futures and options (to the extent
entered into in Moody&#146;s Hedging Transactions) and similar instruments (including residual interest municipal bonds (provided that the trust in which such residual interest municipal bond is held may be terminated within five business days) and
structured notes), or a Municipal Obligation that (i)&nbsp;pays interest in cash, (ii)&nbsp;does not have its Moody&#146;s rating, as applicable, suspended by Moody&#146;s, and (iii)&nbsp;is part of an issue of Municipal Obligations of at least
$5,000,000, except that the minimum issue size is $10,000,000 for Municipal Obligations rated below A by Moody&#146;s <FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#400080">and</FONT><FONT STYLE="font-family:Times New Roman">
Municipal Obligations within the healthcare Issuer Type Category and, in the case of residual interests municipal bonds, the minimum issue size of the Municipal Obligation underlying the residual interest municipal bond is $10,000,000. For purposes
of the foregoing, an &#147;issue&#148; of a residual interest municipal bond shall be interpreted to refer to all similar securities issued by the trust in which the residual interest municipal bond is held and not only to the particular securities
issued to the Trust. Except for general obligation bonds, Municipal Obligations issued by any one issuer and rated BBB or lower or not rated by S&amp;P and rated Ba or B or not rated by Moody&#146;s (&#147;Other Securities&#148;) may comprise no
more than 4% of total Moody&#146;s Eligible Assets; such Other Securities, if any, together with any Municipal Obligations issued by the same issuer and rated Baa by Moody&#146;s or A by S&amp;P, may comprise no more than 6% of total Moody&#146;s
Eligible Assets; such Other Securities, Baa and A-rated Municipal Obligations, if any, together with any Municipal Obligations issued by the same issuer and rated A by Moody&#146;s or AA by S&amp;P, may comprise no more than 10% of total
Moody&#146;s Eligible Assets; and such Other Securities, Baa, A and AA-rated Municipal Obligations, if any, together with any Municipal Obligations issued by the same issuer and rated Aa by Moody&#146;s or AAA by S&amp;P, may comprise no more than
20% of total Moody&#146;s Eligible Assets. For purposes of the foregoing sentence, any Municipal Obligation backed by the guaranty, letter of credit or insurance issued by a third party shall be deemed to be issued by such third party if the
issuance of such third party credit is the sole determinant of the rating on such Municipal Obligation. Other Securities falling within a particular Issue Type Category may comprise no more than 12% of total Moody&#146;s Eligible Assets; such Other
Securities, if any, together with any Municipal Obligations falling within a particular Issue Type Category and rated Baa by Moody&#146;s or A by S&amp;P, may comprise no more than 20% of total Moody&#146;s Eligible Assets; such Other Securities,
Baa and A-rated Municipal </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-21- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
Obligations, if any, together with any Municipal Obligations falling within a particular Issue Type Category and rated A by Moody&#146;s or AA by S&amp;P, may comprise no more than 40% of total
Moody&#146;s Eligible Assets; and such Other Securities, Baa, A and AA-rated Municipal Obligations, if any, together with any Municipal Obligations falling within a particular Issue Type Category and rated Aa by Moody&#146;s or AAA by S&amp;P, may
comprise no more than 60% of total Moody&#146;s Eligible Assets. For purposes of this definition, a Municipal Obligation shall be deemed to be rated BBB by S&amp;P if rated BBB-, BBB or BBB+ by S&amp;P. Notwithstanding any other provision of this
definition, in no event may (i)&nbsp;student loan Municipal Obligations comprise more than 10% of Moody&#146;s Eligible Assets; (ii)&nbsp;resource recovery Municipal Obligations comprise more than 10% of Moody&#146;s Eligible Assets; and
(iii)&nbsp;Other Issues comprise more than 10% of Moody&#146;s Eligible Assets. For purposes of applying the foregoing requirements, Municipal Obligations rated MIG-1, VMIG-1 or P-1 or, if not rated by Moody&#146;s, rated A-1+/AA or SP-1+/AA by
S&amp;P, shall be considered to have a long-term rating of A. When the Trust sells a Municipal Obligation and agrees to repurchase such Municipal Obligation at a future date, such Municipal Obligation shall be valued at its Discounted Value for
purposes of determining Moody&#146;s Eligible Assets, and the amount of the repurchase price of such Municipal Obligation shall be included as a liability for purposes of calculating the APS Basic Maintenance Amount. When the Trust purchases a
Moody&#146;s Eligible Asset and agrees to sell it at a future date, such Eligible Asset shall be valued at the amount of cash to be received by the Trust upon such future date, provided that the counterparty to the transaction has a long-term debt
rating of at least A2 from Moody&#146;s and the transaction has a term of no more than 30 days, otherwise such Eligible Asset shall be valued at the Discounted Value of such Eligible Asset. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">Notwithstanding the foregoing, an asset will not be considered a Moody&#146;s Eligible Asset to the extent it is (i)&nbsp;subject to any
material lien, mortgage, pledge, security interest or security agreement of any kind (collectively, &#147;Liens&#148;), except for (A)&nbsp;Liens which are being contested in good faith by appropriate proceedings and which Moody&#146;s has indicated
to the Trust will not affect the status of such asset as a Moody&#146;s Eligible Asset, (B)&nbsp;Liens for taxes that are not then due and payable or that can be paid thereafter without penalty, (C)&nbsp;Liens to secure payment for services rendered
or cash advanced to the Trust by its investment manager or portfolio manager, the Trust&#146;s custodian, transfer agent or registrar or the Auction Agent and (D)&nbsp;Liens arising by virtue of any repurchase agreement; (ii)&nbsp;deposited
irrevocably for the payment of any liabilities for purposes of determining the APS Basic Maintenance Amount; or (iii)&nbsp;held in a margin account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Moody&#146;s Exposure Period&#148; means the period commencing on a given Valuation Date and ending 49 days thereafter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Moody&#146;s Hedging Transactions&#148; has the meaning set forth in Section&nbsp;11.8(a) of these Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Moody&#146;s Volatility Factor&#148; means as of any Valuation Date, (i)&nbsp;in the case of any 7-Day Dividend Period, any Special
Dividend Period of 28 days or fewer, or any Special Dividend </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-22- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Period of 57 days or more, a multiplicative factor equal to 275% , except as otherwise provided in the last
sentence of this definition; (ii)&nbsp;in the case of any Special Dividend Period of more than 28 but fewer than 36 days, a multiplicative factor equal to 203%; (iii)&nbsp;in the case of any Special Dividend Period of more than 35 but fewer than 43
days, a multiplicative factor equal to 217%; (iv)&nbsp;in the case of any Special Dividend Period of more than 42 but fewer than 50 days, a multiplicative factor equal to 226%; and (v)&nbsp;in the case of any Special Dividend Period of more than 49
but fewer than 57 days, a multiplicative factor equal to 235%. If, as a result of the enactment of changes to the Code, the Marginal Tax Rate will increase, such increase being rounded up to the next five percentage points (the &#147;Federal Tax
Rate Increase&#148;), until the effective date of such increase, the Moody&#146;s Volatility Factor in the case of any Dividend Period described in (i)&nbsp;above in this definition instead shall be determined by reference to the following table:
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="85%"></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">Federal Tax Rate Increase</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">Volatility<BR>Factor</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="4" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;5%</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">295%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">10%</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">317%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">15%</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">341%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">20%</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">369%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">25%</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">400%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">30%</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">436%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">35%</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">477%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">40%</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">525%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Municipal Obligations&#148; means municipal obligations, including municipal bonds and short-term
municipal obligations, the interest from which is exempt from federal income taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Municipal Index&#148; means the Bond Buyer
Municipal Bond Index or any successor index approved by Moody&#146;s. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;1940 Act&#148; means the Investment Company Act of 1940, as
amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;1940 Act APS Asset Coverage&#148; means asset coverage, as defined in section 18(h) of the 1940 Act, of
at least 200% with respect to all Outstanding senior securities of the Trust which are shares of beneficial interest, including APS and VMTP Shares (or such other asset coverage as may in the future be specified in or under the 1940 Act as the
minimum asset coverage for senior securities which are shares of beneficial interest of a closed-end investment company as a condition of paying dividends on its common shares). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;1940 Act Cure Date,&#148; with respect to the failure by the Trust to maintain the 1940 Act APS Asset Coverage (as required by these
Bylaws) as of the last Business Day of each month, means the last Business Day of the following month. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-23- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Non-Call Period&#148; has the meaning set forth under the definition of &#147;Specific
Redemption Provisions.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Non-Payment Period&#148; means a period commencing on and including a Dividend Payment Date or
redemption date for which the Trust shall fail to (i)&nbsp;declare, prior to the close of business on the second Business Day preceding such Dividend Payment Date, for payment on or (to the extent permitted by Section&nbsp;11.2(c)(i) of these
Bylaws) within three Business Days after such Dividend Payment Date to the Holders as of 12:00 noon, New York City time, on the Business Day preceding such Dividend Payment Date, the full amount of any dividend on APS payable on such Dividend
Payment Date, provided, however, that if the Trust is not able to make such declaration in compliance with the foregoing because an unforeseen event or unforeseen events causes or cause a day that otherwise would have been a Business Day not to be a
Business Day, then the Trust may make such declaration on the Business Day immediately preceding the Dividend Payment Date, if possible, or, if not possible, on the Dividend Payment Date, and in such case the Trust shall not be deemed to have failed
to declare a dividend otherwise required to be declared, or (ii)&nbsp;deposit, irrevocably in trust, in same-day funds, with the Auction Agent by 12:00 noon, New York City time, (A)&nbsp;on such Dividend Payment Date the full amount of any cash
dividend on such shares payable (if declared) on such Dividend Payment Date or (B)&nbsp;on any such redemption date for any shares of APS called for redemption, the Mandatory Redemption Price per share of such APS or, in the case of an optional
redemption, the Optional Redemption Price per share, and ending on and including the Business Day on which, by 12:00 noon, New York City time, all unpaid cash dividends and unpaid redemption prices shall have been so deposited or shall have
otherwise been made available to Holders in same-day funds; provided that, a Non-Payment Period shall not end unless the Trust shall have given at least five days&#146; but no more than 30 days&#146; written notice of such deposit or availability to
the Auction Agent, all Existing Holders (at their addresses appearing in the Share Books) and the Securities Depository. Notwithstanding the foregoing, the failure by the Trust to deposit funds as provided for by clauses (ii)(A) or (ii)(B) above
within three Business Days after any Dividend Payment Date or redemption date, as the case may be, in each case to the extent contemplated by Section 11.2(c)(i) of these Bylaws, shall not constitute a &#147;Non-Payment Period.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Non-Payment Period Rate&#148; means, initially, 200% of the applicable Reference Rate (or 275% of such rate if the Trust has provided
notification to the Auction Agent prior to the Auction establishing the Applicable Rate for any dividend that net capital gains or other taxable income will be included in such dividend the APS), provided that the Board of Trustees of the Trust
shall have the authority to adjust, modify, alter or change from time to time the initial Non-Payment Period Rate if the Board of Trustees of the Trust determines and Moody&#146;s (and any Substitute Rating Agency in lieu of Moody&#146;s in the
event Moody&#146;s shall not rate the APS) advise the Trust in writing that such adjustment, modification, alteration or change will not adversely affect its then current ratings on the APS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Normal Dividend Payment Date&#148; has the meaning set forth in Section&nbsp;11.2(b)(i) of these Bylaws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-24- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Notice of Redemption&#148; means any notice with respect to the redemption of shares of APS
pursuant to Section&nbsp;11.4 of these Bylaws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Notice of Revocation&#148; has the meaning set forth in Section&nbsp;11.2(c)(iii) of
these Bylaws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Notice of Special Dividend Period&#148; has the meaning set forth in Section&nbsp;11.2(c)(iii) of these Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Optional Redemption Price&#148; means $25,000 per share plus an amount equal to accumulated but unpaid dividends (whether or not earned
or declared) to the date fixed for redemption plus any applicable redemption premium attributable to the designation of a Premium Call Period, but excluding Gross-up Dividends. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Other Issues&#148; has the meaning set forth in the definition of &#147;Issue Type Category.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Other Securities&#148; has the meaning set forth in the definition of &#147;Moody&#146;s Eligible Asset.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Outstanding&#148; means, as of any date (i)&nbsp;with respect to APS, shares of APS theretofore issued by the Trust except, without
duplication, (A)&nbsp;any shares of APS theretofore canceled or delivered to the Auction Agent for cancellation, or redeemed by the Trust, or as to which a Notice of Redemption shall have been given and Deposit Securities shall have been deposited
in trust or segregated by the Trust pursuant to Section&nbsp;11.4(c) hereto and (B)&nbsp;any shares of APS as to which the Trust or any Affiliate (other than an Affiliate that is a Broker-Dealer) thereof shall be a Beneficial Owner, provided that
shares of APS held by an Affiliate shall be deemed outstanding for purposes of calculating the APS Basic Maintenance Amount and (ii)&nbsp;with respect to other Preferred Shares, has the equivalent meaning. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Parity Shares&#148; means the APS and each other outstanding series of Preferred Shares the holders of which, together with the holders
of the APS, shall be entitled to the receipt of dividends or of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in proportion to the full respective preferential amounts to which they are entitled, without
preference or priority one over the other. For the avoidance of doubt, the RVMTP Shares and each series thereof are Parity Shares along with the APS for these purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Person&#148; means and includes an individual, a partnership, a trust, an unincorporated association, a joint venture or other entity or
a government or any agency or political subdivision thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Potential Beneficial Owner&#148; means a customer of a Broker-Dealer
or a Broker-Dealer that is not a Beneficial Owner of APS but that wishes to purchase such shares, or that is a Beneficial Owner that wishes to purchase additional APS. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-25- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Potential Holder&#148; means any Broker-Dealer or any such other Person as may be permitted
by the Trust, including any Existing Holder, who may be interested in acquiring APS (or, in the case of an Existing Holder, additional APS). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Preferred Shares&#148; means preferred shares of beneficial interest of the Trust, and includes APS, the RVMTP Shares and any other
shares of beneficial interest hereafter authorized and issued by the Trust of a class having priority over any other class as to distribution of assets or payments of dividends. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Premium Call Period&#148; has the meaning set forth under the definition of &#147;Specific Redemption Provisions.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Pricing Service&#148; means Standard&nbsp;&amp; Poor&#146;s/J.J. Kenny or any pricing service designated by the Board of Trustees of the
Trust for purposes of determining whether the Trust has Moody&#146;s Eligible Assets with an aggregate Discounted Value that equals or exceeds the APS Basic Maintenance Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Quarterly Valuation Date&#148; means the last Business Day of the last month of each fiscal quarter of the Trust in each fiscal year of
the Trust, commencing November&nbsp;29, 2002. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Rating Agency&#148; means a nationally recognized statistical rating organization.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Receivables for Municipal Obligations Sold&#148; shall mean for purposes of calculation of Moody&#146;s Eligible Assets as of any
Valuation Date, no more than the aggregate of the following: (i)&nbsp;the book value of receivables for Municipal Obligations sold as of or prior to such Valuation Date if such receivables are due within five business days of such Valuation Date,
and if the trades which generated such receivables are (x)&nbsp;settled through clearing house firms with respect to which the Fund has received prior written authorization from Moody&#146;s or (y)&nbsp;with counterparties having a Moody&#146;s
long-term debt rating of at least Baa3; and (ii)&nbsp;the Moody&#146;s Discounted Value of Municipal Obligations sold as of or prior to such Valuation Date which generated receivables, if such receivables are due within five business days of such
Valuation Date but do not comply with either of the conditions specified in (i)&nbsp;above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Reference Rate&#148; means:
(i)&nbsp;with respect to a Dividend Period or a Short Term Dividend Period having 28 or fewer days, the higher of the applicable &#147;AA&#148; Composite Commercial Paper Rate and the Taxable Equivalent of the Short-Term Municipal Obligation Rate,
(ii)&nbsp;with respect to any Short Term Dividend Period having more than 28 but fewer than 183 days, the applicable &#147;AA&#148; Composite Commercial Paper Rate, (iii)&nbsp;with respect to any Short Term Dividend Period having 183 or more but
fewer than 364 days, the applicable U.S. Treasury Bill Rate and (iv)&nbsp;with respect to any Long Term Dividend Period, the applicable U.S. Treasury Note Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Request for Special Dividend Period&#148; has the meaning set forth in Section&nbsp;11.2(c)(iii) of these Bylaws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-26- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Response&#148; has the meaning set forth in Section&nbsp;11.2(c)(ii) of these Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Retroactive Taxable Allocation&#148; has the meaning set forth in Section&nbsp;11.2(e) of these Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Right&#148; has the meaning set forth in Section&nbsp;11.2(e) of these Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;RVMTP Shares&#148; shall mean Remarketable Variable Rate MuniFund Term Preferred Shares, $0.00001 par value per share, liquidation
preference $100,000 per share plus an amount equal to accumulated but unpaid dividends thereon (whether or not earned or declared), of the Trust. The preferences, voting powers, restrictions, limitations as to dividends, qualifications, and terms
and conditions of redemption of each series of RVMTP Shares are set forth in the RVMTP Shares Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;RVMTP Shares
Statement&#148; shall mean the Amended and Restated Statement Establishing and Fixing the Rights and Preferences of RVMTP Shares, together with the appendices thereto, attached as Exhibit 1 to these Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;S&amp;P&#148; means Standard&nbsp;&amp; Poor&#146;s, a division of The McGraw-Hill Companies, Inc., or its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Securities Depository&#148; means The Depository Trust Company and its successors and assigns or any successor securities depository
selected by the Trust as securities depository for the APS that agrees to follow the procedures required to be followed by such securities depository in connection with the APS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Service&#148; means the United States Internal Revenue Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Series A APS&#148; means the Auction Preferred Shares, Series A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Series B APS&#148; means the Auction Preferred Shares, Series B. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Series C APS&#148; means the Auction Preferred Shares, Series C. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Series D APS&#148; means the Auction Preferred Shares, Series D. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Series E APS&#148; means the Auction Preferred Shares, Series E. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;7-Day Dividend Period&#148; means a Dividend Period consisting of seven days. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Share Books&#148; means the books maintained by the Auction Agent setting forth at all times a current list, as determined by the
Auction Agent, of Existing Holders of the APS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Share Register&#148; means the register of Holders maintained on behalf of the Trust
by the Auction Agent in its capacity as transfer agent and registrar for the APS. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-27- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Short Term Dividend Period&#148; means a Special Dividend Period consisting of a specified
number of days, evenly divisible by seven and not fewer than fourteen nor more than 364. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Special Dividend Period&#148; means a
Short Term Dividend Period or a Long Term Dividend Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Specific Redemption Provisions&#148; means, with respect to a Special
Dividend Period either, or both of, (i)&nbsp;a period (a &#147;Non-Call Period&#148;) determined by the Board of Trustees of the Trust, after consultation with the Auction Agent and the Broker-Dealers, during which the APS subject to such Dividend
Period shall not be subject to redemption at the option of the Trust and (ii)&nbsp;a period (a &#147;Premium Call Period&#148;), consisting of a number of whole years and determined by the Board of Trustees of the Trust, after consultation with the
Auction Agent and the Broker-Dealers, during each year of which the APS subject to such Dividend Period shall be redeemable at the Trust&#146;s option at a price per share equal to $25,000 plus accumulated but unpaid dividends plus a premium
expressed as a percentage of $25,000, as determined by the Board of Trustees of the Trust after consultation with the Auction Agent and the Broker-Dealers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Subsequent Dividend Period&#148; has the meaning set forth in Section&nbsp;11.2(c)(i) of these Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Substitute Commercial Paper Dealers&#148; means such substitute commercial paper dealer or dealers as the Trust may from time to time
appoint or, in lieu of any thereof, their respective affiliates or successors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Substitute Rating Agency&#148; means a Rating Agency
selected by UBS Warburg LLC and Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, or their respective affiliates and successors, after consultation with the Trust, to act as the substitute Rating Agency to determine the credit ratings of
the APS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Sufficient Clearing Bids&#148; has the meaning set forth in Section&nbsp;11.10(a)(xv) of these Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Taxable Equivalent of the Short-Term Municipal Obligations Rate&#148; on any date means 90% of the quotient of (A)&nbsp;the per annum
rate expressed on an interest equivalent basis equal to the S&amp;P Municipal Bond 7 Day High Grade Rate Index or any successor index (the &#147;S&amp;P 7 Day Index&#148;), made available for the Business Day immediately preceding such date but in
any event not later than 8:30 A.M., New York City time, on such date by S&amp;P Dow Jones Indices or any successor thereto, based upon evaluations at par of short-term bonds the interest on which is excludable for regular federal income tax purposes
under the Code of &#147;high grade&#148; component issuers selected by S&amp;P Dow Jones Indices or any such successor from time to time in its discretion, which component issuers shall include, without limitation, issuers of general obligation
bonds but shall exclude any bonds the interest on which constitutes an item of tax preference for purposes of the federal alternative minimum tax for individuals, divided by (B)&nbsp;1.00 minus the Marginal Tax Rate (expressed as a decimal);
provided, however, that if the S&amp;P </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-28- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
7 Day Index is not made so available by 8:30 A.M., New York City time, on such date by S&amp;P </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Dow
Jones Indices or any successor, the Taxable Equivalent of the Short-Term Municipal Obligation Rate shall mean the quotient of (A)&nbsp;the per annum rate expressed on an interest equivalent basis equal to the most recent S&amp;P 7 Day Index so made
available for any preceding Business Day, divided by (B)&nbsp;1.00 minus the Marginal Tax Rate (expressed as a decimal). The Trust may not utilize a successor index to the S&amp;P 7 Day Index unless Moody&#146;s provides the Trust with written
confirmation that the use of such successor index will not adversely affect the then-current Moody&#146;s rating of the APS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Treasury Bonds&#148; means United States Treasury Bonds or Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;U.S. Treasury Bill Rate&#148; on any date means (i)&nbsp;the Interest Equivalent of the rate on the actively traded Treasury Bill with a
maturity most nearly comparable to the length of the related Dividend Period, as such rate is made available on a discount basis or otherwise by the Federal Reserve Bank of New York in its Composite 3:30 P.M. Quotations for U.S. Government
Securities report for such Business Day, or (ii)&nbsp;if such yield as so calculated is not available, the Alternate Treasury Bill Rate on such date. For purposes of determining the &#147;U.S. Treasury Bill Rate&#148; the &#147;Alternate Treasury
Bill Rate&#148; on any date means the Interest Equivalent of the yield as calculated by reference to the arithmetic average of the bid price quotations of the actively traded Treasury Bill with a maturity most nearly comparable to the length of the
related Dividend Period, as determined by bid price quotations as of any time on the Business Day immediately preceding such date, obtained from at least three recognized primary U.S. Government securities dealers selected by the Auction Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;U.S. Treasury Note Rate&#148; on any date means (i)&nbsp;the yield as calculated by reference to the bid price quotation of the actively
traded, current coupon Treasury Note with a maturity most nearly comparable to the length of the related Dividend Period, as such bid price quotation is published on the Business Day immediately preceding such date by the Federal Reserve Bank of New
York in its Composite 3:30 P.M. Quotations for U.S. Government Securities report for such Business Day, or (ii)&nbsp;if such yield as so calculated is not available, the Alternate Treasury Note Rate on such date. For purposes of determining the U.S.
Treasury Note Rate, the &#147;Alternate Treasury Note Rate&#148; on any date means the yield as calculated by reference to the arithmetic average of the bid price quotations of the actively traded, current coupon Treasury Note with a maturity most
nearly comparable to the length of the related Dividend Period, as determined by the bid price quotations as of any time on the Business Day immediately preceding such date, obtained from at least three recognized primary U.S. Government securities
dealers selected by the Auction Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Valuation Date&#148; means, for purposes of determining whether the Trust is maintaining the
APS Basic Maintenance Amount, the last Business Day of each week commencing with the Date of Original Issue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">&#147;Voting Period&#148;
has the meaning set forth in Section&nbsp;11.5(b) of these Bylaws. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(b) The foregoing definitions of Accountant&#146;s Confirmation, APS Basic Maintenance Amount,
APS Basic Maintenance Cure Date, APS Basic Maintenance Report, Closing Transactions, Deposit Securities, Discounted Value, Forward Commitment, Independent Accountant, Market Value, Maximum Applicable Rate, Maximum Potential Gross-Up Dividend
Liability, Moody&#146;s Discount Factor, Moody&#146;s Eligible Asset, Moody&#146;s Exposure Period, Moody&#146;s Hedging Transactions, Moody&#146;s Volatility Factor, Municipal Index, 1940 Act APS Asset Coverage, 1940 Act Cure Date, Treasury Bonds
and Valuation Date (and any terms defined within such definitions) have been determined by the Board of Trustees of the Trust in order to obtain a &#147;Aaa&#148; rating from Moody&#146;s on the APS on their Date of Original Issue; and the Board of
Trustees of the Trust shall have the authority, without shareholder approval, to amend, alter or repeal from time to time the foregoing definitions and the restrictions and guidelines set forth thereunder if Moody&#146;s or any Substitute Rating
Agency advises the Trust in writing that such amendment, alteration or repeal will not adversely affect its then current rating on the APS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">11.2 &nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends</U>. (a)&nbsp;The Holders of a particular series of APS shall be entitled to receive, when, as and
if declared by the Board of Trustees of the Trust, out of funds legally available therefor, cumulative dividends each consisting of (i)&nbsp;cash at the Applicable Rate, (ii)&nbsp;a Right to receive cash as set forth in Section&nbsp;11.2(e) below,
and (iii)&nbsp;any additional amounts as set forth in Section&nbsp;11.2(f) below, and no more, payable on the respective dates set forth below. Dividends on the shares of each series of APS so declared and payable shall be paid (i)&nbsp;in
preference to and in priority over any dividends declared and payable on the Common Shares, and (ii)&nbsp;to the extent permitted under the Code and to the extent available, out of net tax-exempt income earned on the Trust&#146;s investments. To the
extent permitted under the Code, dividends on APS will be designated as exempt-interest dividends. For the purposes of this section, the term &#147;net tax-exempt income&#148; shall exclude capital gains of the Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(b) (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends on shares of each series of APS shall accumulate from the Date of Original Issue and shall
be payable, when, as and if declared by the Board of Trustees of the Trust, out of funds legally available therefor, commencing on the Initial Dividend Payment Date. Following the Initial Dividend Payment Date for a series of APS, dividends on that
series of APS will be payable, at the option of the Trust, either (i)&nbsp;with respect to any 7-Day Dividend Period and any Short Term Dividend Period of 35 or fewer days, on the day next succeeding the last day thereof, or (ii)&nbsp;with respect
to any Short Term Dividend Period of more than 35 days and with respect to any Long Term Dividend Period, monthly on the first Business Day of each calendar month during such Short Term Dividend Period or Long Term Dividend Period and on the day
next succeeding the last day thereof (each such date referred to in clause (i)&nbsp;or (ii)&nbsp;being herein referred to as a &#147;Normal Dividend Payment Date&#148;), except that if such Normal Dividend Payment Date is not a Business Day, then
the Dividend Payment Date shall be the first Business Day next succeeding such Normal Dividend Payment Date. Although any particular Dividend Payment Date may not occur on the originally scheduled date because of the exceptions discussed above, the
next succeeding Dividend Payment Date, subject to such exceptions, will occur on the next following originally scheduled date. If for any reason a Dividend Period for a series of APS is scheduled to begin on the same day and end on the same day as a
Dividend </P>
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Period for another series of APS, then the last day of such Dividend Period for such other series of APS shall be the second Business Day next succeeding such scheduled day unless the Trust
obtains the opinion of tax counsel referred to in this paragraph. Subject to the limitation in the next sentence, if for any reason a Dividend Payment Date cannot be fixed as described above, then the Board of Trustees of the Trust shall fix the
Dividend Payment Date. However, no Dividend Period of any series of APS shall be co-extensive with any Dividend Period of any other series of APS unless the Trust has received an opinion of tax counsel that having such coextensive periods will not
affect the deductibility, for federal income tax purposes, of dividends paid on the different series of APS. The Board of Trustees of the Trust before authorizing a dividend may change a Dividend Payment Date if such change does not adversely affect
the contract rights of the Holders of APS set forth in the Declaration of Trust or the Bylaws. The Initial Dividend Period, 7-Day Dividend Periods and Special Dividend Periods with respect to a series of APS are hereinafter sometimes referred to as
&#147;Dividend Periods.&#148; Each dividend payment date determined as provided above is hereinafter referred to as a &#147;Dividend Payment Date.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(ii) Each dividend shall be paid to the Holders as they appear in the Stock Register as of 12:00 noon, New York City time, on the Dividend
Payment Date. Dividends in arrears for any past Dividend Period may be declared and paid at any time, without reference to any regular Dividend Payment Date, to the Holders as they appear on the Stock Register on a date, not exceeding 15 days prior
to the payment date therefor, as may be fixed by the Board of Trustees of the Trust. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(c) (i)&nbsp;&nbsp;&nbsp;&nbsp;During the period
from and including the Date of Original Issue to but excluding the Initial Dividend Payment Date for a series of APS (the &#147;Initial Dividend Period&#148;), the Applicable Rate for such series of APS shall be the Initial Dividend Rate. Commencing
on the Initial Dividend Payment Date for a series of APS, the Applicable Rate on that series for each subsequent dividend period (hereinafter referred to as a &#147;Subsequent Dividend Period&#148;), which Subsequent Dividend Period shall commence
on and include a Dividend Payment Date and shall end on and include the calendar day prior to the next Dividend Payment Date (or last Dividend Payment Date in a Dividend Period if there is more than one Dividend Payment Date), shall be equal to the
rate per annum that results from implementation of the Auction Procedures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">For a series of APS, the Applicable Rate for such series for
each Dividend Period commencing during a Non-Payment Period shall be equal to the Non-Payment Period Rate; and each Dividend Period, commencing after the first day of, and during, but not after the end of, a Non-Payment Period shall be a 7-Day
Dividend Period. Except in the case of the willful failure of the Trust to pay a dividend on a Dividend Payment Date or to redeem any shares of APS on the date set for such redemption, any amount of any dividend due on any Dividend Payment Date (if,
prior to the close of business on the second Business Day preceding such Dividend Payment Date, the Trust has declared such dividend payable on such Dividend Payment Date to the Holders of such shares of APS as of 12:00 noon, New York City time, on
the Business Day preceding such Dividend Payment Date) or redemption price with respect to any shares of APS </P>
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not paid to such Holders when due may be paid to such Holders in the same form of funds by 12:00 noon, New York City time, on any of the first three Business Days after such Dividend Payment Date
or due date, as the case may be, provided that, such amount is accompanied by a late charge calculated for such period of non-payment at the Non-Payment Period Rate applied to the amount of such non-payment based on the actual number of days
comprising such period (excluding any days that would have been Business Days but for the occurrence of any unforeseen event or unforeseen events that caused such days not to be Business Days) divided by 365, and in such case such period shall not
constitute a Non-Payment Period; provided, however, that the Trust shall not be required to pay any late charge if it declares a dividend on the Dividend Payment Date or the Business Day immediately preceding such Dividend Payment Date in accordance
with clause (i)&nbsp;of the definition of &#147;Non-Payment Period&#148; and deposits payment for such dividend as contemplated by clause (ii)(A) of the definition of &#147;Non-Payment Period&#148; on or before the second Business Day succeeding the
day on which the dividend was declared. In the case of a willful failure of the Trust to pay a dividend on a Dividend Payment Date or to redeem any shares of APS on the date set for such redemption, the preceding sentence shall not apply and the
Applicable Rate for the Dividend Period commencing during the Non-Payment Period resulting from such failure shall be the Non-Payment Period Rate. For the purposes of the foregoing, payment to a person in same-day funds on any Business Day at any
time shall be considered equivalent to payment to such person in New York Clearing House (next-day) funds at the same time on the preceding Business Day, and any payment made after 12:00 noon, New York City time, on any Business Day shall be
considered to have been made instead in the same form of funds and to the same person before 12:00 noon, New York City time, on the next Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(ii) The amount of cash dividends per share of any series of APS payable (if declared) on the Initial Dividend Payment Date, each 7-Day
Dividend Period and each Dividend Payment Date of each Short Term Dividend Period shall be computed by multiplying the Applicable Rate for such Dividend Period by a fraction, the numerator of which will be the number of days in such Dividend Period
or part thereof that such share was outstanding and the denominator of which will be 365, multiplying the amount so obtained by $25,000, and rounding the amount so obtained to the nearest cent. During any Long Term Dividend Period, the amount of
cash dividends per share of a series of APS payable (if declared) on any Dividend Payment Date shall be computed by multiplying the Applicable Rate for such Dividend Period by a fraction, the numerator of which will be such number of days in such
part of such Dividend Period that such share was outstanding and for which dividends are payable on such Dividend Payment Date and the denominator of which will be 360, multiplying the amount so obtained by $25,000, and rounding the amount so
obtained to the nearest cent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Trust may, at its sole option and to the extent permitted by law, by
telephonic and written notice (a &#147;Request for Special Dividend Period&#148;) to the Auction Agent and to each Broker-Dealer, request that the next succeeding Dividend Period for a series of APS be a number of days (other than seven), evenly
divisible by seven and not fewer than fourteen nor more than 364 in the case of a Short Term Dividend Period or one whole year or more but not greater than </P>
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five years in the case of a Long Term Dividend Period, specified in such notice, provided that the Trust may not give a Request for Special Dividend Period for a Dividend Period of greater than
28 days (and any such request shall be null and void) unless, for any Auction occurring after the initial Auction, Sufficient Clearing Bids were made in the last occurring Auction and unless full cumulative dividends, any amounts due with respect to
redemptions, and any Gross-Up Dividends payable prior to such date have been paid in full. Such Request for Special Dividend Period, in the case of a Short Term Dividend Period, shall be given on or prior to the second Business Day but not more than
seven Business Days prior to an Auction Date for a series of APS and, in the case of a Long Term Dividend Period, shall be given on or prior to the second Business Day but not more than 28 days prior to an Auction Date for a series of APS. Upon
receiving such Request for Special Dividend Period, the Broker-Dealer(s) shall jointly determine the Optional Redemption Price of the APS during such Special Dividend Period and the Specific Redemption Provisions and shall give the Trust and the
Auction Agent written notice (a &#147;Response&#148;) of such determination by no later than the second Business Day prior to such Auction Date. In making such determination the Broker-Dealer(s) will consider (1)&nbsp;existing short-term and
long-term market rates and indices of such short-term and long-term rates, (2)&nbsp;existing market supply and demand for short-term and long-term securities, (3)&nbsp;existing yield curves for short-term and long-term securities comparable to the
APS, (4)&nbsp;industry and financial conditions which may affect the APS, (5)&nbsp;the investment objective of the Trust, and (6)&nbsp;the Dividend Periods and dividend rates at which current and potential beneficial holders of the APS would remain
or become beneficial holders. After providing the Request for Special Dividend Period to the Auction Agent and each Broker-Dealer as set forth above, the Trust may by no later than the second Business Day prior to such Auction Date give a notice (a
&#147;Notice of Special Dividend Period&#148;) to the Auction Agent, the Securities Depository and each Broker-Dealer which notice will specify (i)&nbsp;the duration of the Special Dividend Period, (ii)&nbsp;the Optional Redemption Price as
specified in the related Response and (iii)&nbsp;the Specific Redemption Provisions, if any, as specified in the related Response. The Trust also shall provide a copy of such Notice of Special Dividend Period to Moody&#146;s. The Trust shall not
give a Notice of Special Dividend Period and, if the Trust has given a Notice of Special Dividend Period, the Trust is required to give telephonic and written notice of its revocation (a &#147;Notice of Revocation&#148;) to the Auction Agent, each
Broker-Dealer, and the Securities Depository on or prior to the Business Day prior to the relevant Auction Date if (x)&nbsp;either the 1940 Act APS Asset Coverage is not satisfied or the Trust shall fail to maintain Moody&#146;s Eligible Assets with
an aggregate Discounted Value at least equal to the APS Basic Maintenance Amount, on each of the two Valuation Dates immediately preceding the Business Day prior to the relevant Auction Date on an actual basis and on a pro forma basis giving effect
to the proposed Special Dividend Period (using as a pro forma dividend rate with respect to such Special Dividend Period the dividend rate which the Broker-Dealers shall advise the Trust is an approximately equal rate for securities similar to the
APS with an equal dividend period) or (y)&nbsp;sufficient funds for the payment of dividends payable on the immediately succeeding Dividend Payment Date have not been irrevocably deposited with the Auction Agent by the close of business on the third
Business Day preceding the Auction Date immediately preceding such Dividend Payment Date. The Trust also shall provide a copy of such Notice of Revocation to Moody&#146;s. If the Trust is prohibited from </P>
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giving a Notice of Special Dividend Period as a result of any of the factors enumerated in clause (x)&nbsp;or (y)&nbsp;above or if the Trust gives a Notice of Revocation with respect to a Notice
of Special Dividend Period for any series of APS, the next succeeding Dividend Period will be a 7-Day Dividend Period. In addition, in the event Sufficient Clearing Bids are not made in an Auction, or if an Auction is not held for any reason, such
next succeeding Dividend Period will be a 7-Day Dividend Period and the Trust may not again give a Notice of Special Dividend Period for the APS (and any such attempted notice shall be null and void) until Sufficient Clearing Bids have been made in
an Auction with respect to a 7-Day Dividend Period. If an Auction is not held because an unforeseen event or unforeseen events cause a day that otherwise would have been a Dividend Payment Date or an Auction Date not to be a Business Day, then the
length of the Dividend Period relating to such Dividend Payment Date shall be extended by seven days (or a multiple thereof if necessary because of such unforeseen event or events) (an &#147;Extension Period&#148;), the Applicable Rate for such
Extension Period shall be the Applicable Rate for the Dividend Period so extended and the Dividend Payment Date for such Dividend Period shall be the first Business Day next succeeding the end of such Extension Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(d) (i)&nbsp;Holders shall not be entitled to any dividends, whether payable in cash, property or shares on APS, in excess of full cumulative
dividends as herein provided (except for Gross-up Dividends as provided in Section&nbsp;11.2(e) hereof). Except for the late charge payable pursuant to Section&nbsp;11.2(c)(i) hereof, no interest, or sum of money in lieu of interest, shall be
payable in respect of any dividend payment on the shares of APS that may be in arrears. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(ii) For so long as any share of APS is
Outstanding, the Trust shall not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, Common Shares or other
shares of beneficial interest, if any, ranking junior to the shares of APS as to dividends or upon liquidation) in respect of the Common Shares or any other shares of beneficial interest of the Trust ranking junior to or on a parity with the shares
of APS as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any shares of the Common Shares or any other such junior shares (except by conversion into or exchange for shares of the
Trust ranking junior to the shares of APS as to dividends and upon liquidation) or any other such Parity Shares (except by conversion into or exchange for stock of the Trust ranking junior to or on a parity with the shares of APS as to dividends and
upon liquidation), unless (A)&nbsp;immediately after such transaction, the Trust shall have Moody&#146;s Eligible Assets with an aggregate Discounted Value equal to or greater than the APS Basic Maintenance Amount and the Trust shall maintain the
1940 Act APS Asset Coverage, (B)&nbsp;full cumulative dividends on shares of APS due on or prior to the date of the transaction have been declared and paid or shall have been declared and sufficient funds for the payment thereof deposited with the
Auction Agent, (C)&nbsp;any Gross-up Dividend required to be paid pursuant to Section&nbsp;11.2(e) below on or before the date of such declaration or payment has been paid and (D)&nbsp;the Trust has redeemed the full number of APS required to be
redeemed by any provision for mandatory redemption contained herein. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(e) Each dividend shall consist of (i)&nbsp;cash at the Applicable Rate, (ii)&nbsp;an
uncertificated right (a &#147;Right&#148;) to receive a Gross-up Dividend (as defined below), and (iii)&nbsp;any additional amounts as set forth in Section&nbsp;11.2(f) below. Each Right shall thereafter be independent of the share or shares of APS
on which the dividend was paid. The Trust shall cause to be maintained a record of each Right received by the respective Holders. A Right may not be transferred other than by operation of law. If the Trust retroactively allocates any net capital
gains or other income subject to regular federal income taxes to shares of APS solely by reason of the fact that such allocation is made as a result of the redemption of all or a portion of the outstanding shares of APS or the liquidation of the
Trust (the amount of such allocation referred to herein as a &#147;Retroactive Taxable Allocation&#148;), the Trust will, if it has not given advance notice thereof to the Auction Agent as described in Section&nbsp;11.2(f) hereof, within 90 days
(and generally within 60 days) after the end of the Trust&#146;s fiscal year for which a Retroactive Taxable Allocation is made, provide notice thereof to the Auction Agent and to each holder of a Right applicable to such shares of APS (initially as
nominee of The Depository Trust Company) during such fiscal year at such holder&#146;s address as the same appears or last appeared on the Stock Books of the Trust. The Trust will, within 30 days after such notice is given to the Auction Agent, pay
to the Auction Agent (who will then distribute to such holders of Rights), out of funds legally available therefor, an amount equal to the aggregate Gross-up Dividends with respect to all Retroactive Taxable Allocations made to such holders during
the fiscal year in question. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">A &#147;Gross-Up Dividend&#148; means payment to a present or former Holder of shares of APS of an amount
which, giving effect to the Retroactive Taxable Allocation, if any, made to such Holder with respect to the fiscal year in question, would cause such Holder&#146;s after-tax return (taking into account both the Retroactive Taxable Allocation and the
Gross-up Dividend) to be equal to the after-tax return such holder would have received if there had been no Retroactive Taxable Allocation. Such Gross-up Dividend shall be calculated (i)&nbsp;without consideration being given to the time value of
money; (ii)&nbsp;assuming that no holder of shares of APS is subject to the federal alternative minimum tax with respect to dividends received from the Trust; and (iii)&nbsp;assuming that each Retroactive Taxable Allocation would be taxable in the
hands of each holder of APS at the greater of: (x)&nbsp;the maximum marginal regular federal individual income tax rate applicable to ordinary income or capital gains depending on the taxable character of the distribution (including any surtax); or
(y)&nbsp;the maximum marginal regular federal corporate income tax rate applicable to ordinary income or capital gains depending on the taxable character of the distribution (disregarding in both (x)&nbsp;and (y)&nbsp;the effect of any state or
local taxes and the phase out of, or provision limiting, personal exemptions, itemized deductions, or the benefit of lower tax brackets). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(f) Except as provided below, whenever the Trust is aware that it will include any net capital gains or other income subject to regular
federal income taxes in any dividend on shares of APS, the Trust will notify the Auction Agent of the amount to be so included at least five Business Days prior to the Auction Date on which the Applicable Rate for such dividend is to be established.
The Trust may also include such income in a dividend on shares of a series of APS without giving advance notice thereof if it increases the dividend by an additional amount </P>
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calculated as if such income were the subject of a Retroactive Taxable Allocation and the additional amount were a Gross-up Dividend, provided that the Trust will notify the Auction Agent of the
additional amounts to be included in such dividend at least five Business Days prior to the applicable Dividend Payment Date. The Trust shall not be required to pay Gross-up Dividends with respect to any net capital gain or other taxable income
determined by the Internal Revenue Service to be allocable in a manner different from that allocated by the Trust. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(g) No fractional
shares of APS shall be issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(h) Solely for purposes of the proviso in clause (i)&nbsp;under the definition of &#147;Non-Payment
Period,&#148; the second parenthetical in the second sentence of the second paragraph of Section 11.2(c)(i) of these Bylaws and the last sentence of Section&nbsp;11.2(c)(iii) of these Bylaws, any day on which banks in New York City generally are
closed, for any reason, while the New York Stock Exchange remains open for trading and any day which otherwise would be a Business Day as defined in these Bylaws on which the Auction Agent is closed for business, for any reason, shall be considered
a day which is not a Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(i) The shares of a series of APS shall rank on a parity with each other, with shares of any other
series of APS and with shares of any other class of Preferred Shares or series thereof (including any RVMTP Shares) as to the payment of dividends and as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the
Trust. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">11.3 &nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation Rights</U>. Upon any liquidation, dissolution or winding up of the Trust, whether
voluntary or involuntary, the Holders shall be entitled to receive, out of the assets of the Trust available for distribution to shareholders, before any distribution or payment is made upon any Common Shares or any other shares of beneficial
interest ranking junior in right of payment upon liquidation to the APS, the sum of $25,000 per share plus accumulated but unpaid dividends (whether or not earned or declared) thereon to the date of distribution, and after such payment the Holders
will be entitled to no other payments other than Gross-up Dividends as provided in Section&nbsp;11.2(e) hereof. If upon any liquidation, dissolution or winding up of the Trust, the amounts payable with respect to the APS and any other Outstanding
class or series of Preferred Shares (including any RVMTP Shares) of the Trust ranking on a parity with the APS as to payment upon liquidation are not paid in full, the Holders and the holders of such other class or series will share ratably in any
such distribution of assets in proportion to the respective preferential amounts to which they are entitled. In this regard, the provisions of this Section&nbsp;11.3 shall be applied consistently with Section&nbsp;2.3 of Exhibit 1 hereto relating to
the RVMTP Shares such that the Holders and the holders of RVMTP Shares are treated on a parity with one another with respect to any such distribution. After payment of the full amount of the liquidating distribution to which they are entitled, the
Holders will not be entitled to any further participation in any distribution of assets by the Trust except for any Gross-up Dividends. A consolidation, merger or statutory share exchange of the Trust with or into any other Trust or entity or a
sale, whether for cash, shares of stock, securities or properties, of all or substantially all or any part of </P>
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the assets of the Trust shall not be deemed or construed to be a liquidation, dissolution or winding up of the Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">11.4 &nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption</U>. (a)&nbsp;Shares of APS shall be redeemable by the Trust as provided below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(i) To the extent permitted under the 1940 Act and Massachusetts law, upon giving a Notice of Redemption, the Trust at its option may redeem
shares of any series of APS, in whole or in part, out of funds legally available therefor, at the Optional Redemption Price per share, on any Dividend Payment Date; provided that no share of APS may be redeemed at the option of the Trust during
(A)&nbsp;the Initial Dividend Period with respect to a series of shares or (B)&nbsp;a Non-Call Period to which such share is subject. In addition, holders of APS which are redeemed shall be entitled to receive Gross-Up Dividends to the extent
provided herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(ii) The Trust shall redeem, out of funds legally available therefor, at the Mandatory Redemption Price per share,
shares of APS and other Preferred Shares to the extent permitted under the 1940 Act and Massachusetts law, on a date fixed by the Board of Trustees of the Trust, if the Trust fails to maintain Moody&#146;s Eligible Assets with an aggregate
Discounted Value equal to or greater than the APS Basic Maintenance Amount as provided in Section&nbsp;11.7(a) or to satisfy the 1940 Act APS Asset Coverage as provided in Section&nbsp;6 and such failure is not cured on or before the APS Basic
Maintenance Cure Date or the 1940 Act Cure Date (herein collectively referred to as a &#147;Cure Date&#148;), as the case may be. In addition, holders of APS so redeemed shall be entitled to receive Gross-Up Dividends to the extent provided herein.
The number of APS and other Preferred Shares to be redeemed shall be equal to the lesser of (i)&nbsp;the minimum number of APS the redemption of which, if deemed to have occurred immediately prior to the opening of business on the Cure Date,
together with all shares of other Preferred Shares subject to redemption or retirement, would result in the Trust having Moody&#146;s Eligible Assets with an aggregate Discounted Value equal to or greater than the APS Basic Maintenance Amount or
satisfaction of the 1940 Act APS Asset Coverage, as the case may be, on such Cure Date (provided that, if there is no such minimum number of shares of APS and shares of other Preferred Shares (including any RVMTP Shares) the redemption of which
would have such result, all shares of APS and shares of other Preferred Shares, including RVMTP Shares, then Outstanding shall be redeemed), and (ii)&nbsp;the maximum number of shares of APS, together with all shares of other Preferred Shares,
including RVMTP Shares, subject to redemption or retirement, that can be redeemed out of funds expected to be legally available therefor on such redemption date. In determining the number of APS and other Preferred Shares required to be redeemed in
accordance with the foregoing, the Trust shall allocate the number required to be redeemed which would result in the Trust having Moody&#146;s Eligible Assets with an aggregate Discounted Value equal to or greater than the APS Basic Maintenance
Amount or satisfaction of the 1940 Act APS Asset Coverage, as the case may be, on a pro rata basis among shares of APS of all series and other Preferred Shares, including RVMTP Shares, based upon the proportion that the aggregate liquidation
preference of the outstanding APS and other Preferred Shares of any series bears to the aggregate liquidation preference of all outstanding series of APS and other </P>
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Preferred Shares, subject to redemption pursuant to provisions similar to those contained in this Section&nbsp;11.4(a)(ii); provided that, shares of APS which may not be redeemed at the option of
the Trust due to the designation of a Non-Call Period applicable to such shares (A)&nbsp;will be subject to mandatory redemption only to the extent that other shares are not available to satisfy the number of shares required to be redeemed and
(B)&nbsp;will be selected for redemption in an ascending order of outstanding number of days in the Non-Call Period (with shares with the lowest number of days to be redeemed first) and by lot in the event of shares having an equal number of days in
such Non-Call Period. The Trust shall effect such redemption on a Business Day which is not later than 35 days after such Cure Date, except that if the Trust does not have funds legally available for the redemption of all of the required number of
APS and other Preferred Shares, including RVMTP Shares, which are subject to mandatory redemption or the Trust otherwise is unable to effect such redemption on or prior to 35 days after such Cure Date, the Trust shall redeem those APS and other
Preferred Shares, including RVMTP Shares, which it is unable to redeem on the earliest practicable date on which it is able to effect such redemption out of funds legally available therefor. For the avoidance of doubt, Sections 2.6(a) and 2.6(b) of
Exhibit 1 hereto contain additional mandatory redemption provisions relating to the RVMTP Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(b) Notwithstanding any other provision
of this Section&nbsp;11.4, no shares of APS may be redeemed pursuant to Section&nbsp;11.4(a)(i) of these Bylaws (i)&nbsp;unless all dividends in arrears on all remaining outstanding shares of Parity Shares shall have been or are being
contemporaneously paid or declared and set apart for payment and (ii)&nbsp;if redemption thereof would result in the Trust&#146;s failure to maintain Moody&#146;s Eligible Assets with an aggregate Discounted Value equal to or greater than the APS
Basic Maintenance Amount. In the event that less than all the outstanding shares of a series of APS are to be redeemed and there is more than one Holder, the shares of that series of APS to be redeemed shall be selected by lot or such other method
as the Trust shall deem fair and equitable. For the avoidance of doubt, Section&nbsp;2.6(d)(v) of Exhibit 1 hereto contains additional provisions relating to prohibitions on redemption of the RVMTP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(c) Whenever shares of APS are to be redeemed, the Trust, not less than 17 nor more than 30 days prior to the date fixed for redemption, shall
mail a notice (&#147;Notice of Redemption&#148;) by first-class mail, postage prepaid, to each Holder of APS to be redeemed and to the Auction Agent. The Notice of Redemption shall set forth (i)&nbsp;the redemption date, (ii)&nbsp;the amount of the
redemption price, (iii)&nbsp;the aggregate number of APS of such series to be redeemed, (iv)&nbsp;the place or places where APS of such series are to be surrendered for payment of the redemption price, (v)&nbsp;a statement that dividends on the
shares to be redeemed shall cease to accumulate on such redemption date (except that holders may be entitled to Gross-up Dividends) and (vi)&nbsp;the provision of these Bylaws pursuant to which such shares are being redeemed. No defect in the Notice
of Redemption or in the mailing or publication thereof shall affect the validity of the redemption proceedings, except as required by applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">If the Notice of Redemption shall have been given as aforesaid and, concurrently or thereafter, the Trust shall have deposited in trust with
the Auction Agent, or segregated in an </P>
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account at the Trust&#146;s custodian bank for the benefit of the Auction Agent, Deposit Securities (with a right of substitution) having an aggregate Discounted Value equal to the redemption
payment for the APS as to which such Notice of Redemption has been given with irrevocable instructions and authority to pay the redemption price to the Holders of such shares, then upon the date of such deposit or, if no such deposit is made, then
upon such date fixed for redemption (unless the Trust shall default in making the redemption payment), all rights (including without limitation voting rights) of the Holders of such shares as shareholders of the Trust by reason of the ownership of
such shares will cease and terminate (except their right to receive the redemption price in respect thereof and any Gross-up Dividends, but without interest), and such shares shall no longer be deemed Outstanding. The Trust shall be entitled to
receive, from time to time, from the Auction Agent the interest, if any, on such Deposit Securities deposited with it and the Holders of any shares so redeemed shall have no claim to any of such interest. In case the Holder of any shares so called
for redemption shall not claim the redemption payment for his shares within one year after the date of redemption, the Auction Agent shall, upon demand, pay over to the Trust such amount remaining on deposit and the Auction Agent shall thereupon be
relieved of all responsibility to the Holder of such shares called for redemption and such Holder thereafter shall look only to the Trust for the redemption payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">11.5 &nbsp;&nbsp;&nbsp;&nbsp;<U>Voting Rights</U>. (a)&nbsp;<U>General</U>. Except as otherwise provided in the Declaration of Trust or
Bylaws, each Holder of APS shall be entitled to one vote for each share held on each matter submitted to a vote of all shareholders of the Trust, and the holders of outstanding shares of Preferred Shares, including APS and RVMTP Shares, and of
shares of Common Shares shall vote together as a single class; provided that the holders of outstanding shares of Preferred Shares, including APS and RVMTP Shares, shall be entitled, as a class, to the exclusion of the holders of all other
securities and classes of capital stock of the Trust, to elect two trustees of the Trust. Subject to Section&nbsp;11.5(b) hereof, the holders of outstanding shares of beneficial interest of the Trust, including the holders of outstanding shares of
Preferred Shares, including APS and RVMTP Shares, voting as a single class, shall elect the balance of the trustees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(b) <U>Right to
Elect Majority of Board of Trustees of the Trust</U>. During any period in which any one or more of the conditions described below shall exist (such period being referred to herein as a &#147;Voting Period&#148;), the number of trustees constituting
the Board of Trustees of the Trust shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the holders of shares of Preferred Shares, including APS and RVMTP Shares, would constitute a
majority of the Board of Trustees of the Trust as so increased by such smallest number; and the holders of Preferred Shares, including APS and RVMTP Shares, shall be entitled, voting separately as one class (to the exclusion of the holders of all
other securities and classes of shares of beneficial interest of the Trust), to elect such smallest number of additional trustees, together with the two trustees that such holders are in any event entitled to elect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">A Voting Period shall commence: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(i) if at any time accumulated dividends (whether or not earned or declared, and whether or not
funds are then legally available in an amount sufficient therefor) on the outstanding APS equal to at least two full years&#146; dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the
Auction Agent for the payment of such accumulated dividends; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(ii) if at any time holders of any Preferred Shares, including the
holders of APS, are entitled to elect a majority of the trustees of the Trust under the 1940 Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">Upon the termination of a Voting
Period, the voting rights described in this Section&nbsp;11.5(b) shall cease, subject always, however, to the reverting of such voting rights in the Holders upon the further occurrence of any of the events described in Section&nbsp;11.5(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(c) &nbsp;&nbsp;&nbsp;&nbsp;<U>Right to Vote with Respect to Certain Other Matters</U>. So long as any shares of APS are outstanding, the
Trust shall not, without the affirmative vote of the holders of a majority of the shares of Preferred Shares Outstanding at the time, voting separately as one class: (i)&nbsp;authorize, create or issue any class or series of shares of beneficial
interest ranking prior to the APS or any other series of Preferred Shares (including the RVMTP Shares) with respect to payment of dividends or the distribution of assets on liquidation; provided, however, that no vote is required to authorize the
issuance of another series of APS or another class of Preferred Shares (including the RVMTP Shares) that is substantially identical in all respects to the APS, or (ii)&nbsp;amend, alter or repeal the provisions of the Declaration of Trust or Bylaws,
whether by merger, consolidation or otherwise, so as to adversely affect any of the contract rights expressly set forth in the Declaration of Trust or Bylaws of holders of APS or any other Preferred Shares (including the RVMTP Shares). To the extent
permitted under the 1940 Act, in the event shares of more than one series of APS are outstanding, the Trust shall not approve any of the actions set forth in clause (i)&nbsp;or (ii)&nbsp;which adversely affects the contract rights expressly set
forth in the Declaration of Trust or Bylaws of a Holder of a series of APS differently than those of a Holder of any other series of APS without the affirmative vote of the holders of at least a majority of the APS of each series adversely affected
and Outstanding at such time (each such adversely affected series voting separately as a class). Unless a higher percentage is provided for under the Declaration of Trust, the affirmative vote of the holders of a majority of the outstanding shares
of Preferred Shares, including APS and RVMTP Shares, voting together as a single class, will be required to approve any plan of reorganization (including bankruptcy proceedings) adversely affecting such shares or any action requiring a vote of
security holders under Section&nbsp;13(a) of the 1940 Act. To the extent permitted under the 1940 Act, in the event shares of more than one series of APS are outstanding, with respect to any action requiring Shareholder approval pursuant to the
operation of Section&nbsp;2 or Section&nbsp;3 of Article V of the Declaration of Trust, the affirmative vote of at least seventy-five percent of the APS of each series Outstanding at such time (each such series voting separately as a class) shall
also be required. The class (and where applicable, series) vote of holders of Preferred Shares, including APS and RVMTP Shares, described above will in each case be in addition to a separate vote of the requisite percentage of Common Shares and
Preferred Shares, including APS and RVMTP Shares, voting together as a single class necessary </P>
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to authorize the action in question. For the avoidance of doubt, Sections 2.7(c)(i) and 2.9of Exhibit 1 hereto contains related requirements with respect to the RVMTP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(d) <U>Voting Procedures</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(i) As soon as practicable after the accrual of any right of the holders of Preferred Shares to elect additional trustees as described in
Section&nbsp;11.5(b) above, the Trust shall call a special meeting of such holders and instruct the Auction Agent and any other registrar for Preferred Shares to mail a notice of such special meeting to such holders, such meeting to be held not less
than 10 nor more than 20 days after the date of mailing of such notice. If the Trust fails to send such notice to the Auction Agent and any other applicable registrar, or if the Trust does not call such a special meeting, it may be called by any
such holder on like notice. The record date for determining the holders entitled to notice of and to vote at such special meeting shall be the close of business on the fifth Business Day preceding the day on which such notice is mailed. At any such
special meeting and at each meeting held during a Voting Period, such holders, voting together as a class (to the exclusion of the holders of all other securities and classes of shares of beneficial interest of the Trust), shall be entitled to elect
the number of directors prescribed in Section&nbsp;11.5(b) above. At any such meeting or adjournment thereof in the absence of a quorum, a majority of such holders present in person or by proxy shall have the power to adjourn the meeting without
notice, other than by an announcement at the meeting, to a date not more than 120 days after the original record date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(ii) Except as
otherwise required by applicable law, for purposes of determining any rights of the Holders to vote on any matter or the number of shares required to constitute a quorum, whether such right is created by these Bylaws, by the other provisions of the
Declaration of Trust, by statute or otherwise, a share of APS which is not Outstanding shall not be counted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(iii) The terms of office of
all persons who are trustees of the Trust at the time of a special meeting of Holders and holders of other Preferred Shares to elect trustees shall continue, notwithstanding the election at such meeting by the Holders and such other holders of the
number of trustees that they are entitled to elect, and the persons so elected by the Holders and such other holders, together with the two incumbent trustees elected by the Holders and such other holders of Preferred Shares and the remaining
incumbent trustees elected by the holders of the Common Shares and Preferred Shares, shall constitute the duly elected trustees of the Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(iv) Simultaneously with the expiration of a Voting Period, the terms of office of the additional trustees elected by the Holders and holders
of other Preferred Shares pursuant to Section&nbsp;11.5(b) above shall terminate, the remaining trustees shall constitute the trustees of the Trust and the voting rights of the Holders and such other holders to elect additional trustees pursuant to
Section&nbsp;11.5(b) above shall cease, subject to the provisions of the last sentence of Section&nbsp;11.5(b). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(e) <U>Exclusive Remedy</U>. Unless otherwise required by law, the Holders of APS shall not have
any rights or preferences other than those specifically set forth herein. The Holders of APS shall have no preemptive rights or rights to cumulative voting. In the event that the Trust fails to pay any dividends on the APS, the exclusive remedy of
the Holders shall be the right to vote for trustees pursuant to the provisions of this Section&nbsp;11.5. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">11.6
&nbsp;&nbsp;&nbsp;&nbsp;<U>1940 Act APS Asset Coverage</U>. The Trust shall maintain, as of the last Business Day of each month in which any APS are outstanding, the 1940 Act APS Asset Coverage. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">11.7 &nbsp;&nbsp;&nbsp;&nbsp;<U>APS Basic Maintenance Amount</U>. (a)&nbsp;The Trust shall maintain, on each Valuation Date, and shall verify
to its satisfaction that it is maintaining on such Valuation Date Moody&#146;s Eligible Assets having an aggregate Discounted Value equal to or greater than the APS Basic Maintenance Amount. Upon any failure to maintain the required Discounted
Value, the Trust will use its best efforts to alter the composition of its portfolio to retain a Discounted Value at least equal to the APS Basic Maintenance Amount on or prior to the APS Basic Maintenance Cure Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(b) On or before 5:00 p.m., New York City time, on the third Business Day after a Valuation Date on which the Trust fails to satisfy the APS
Basic Maintenance Amount, the Trust shall complete and deliver to the Auction Agent and Moody&#146;s a complete APS Basic Maintenance Report as of the date of such failure, which will be deemed to have been delivered to such recipient if the
recipient receives a copy or telecopy, telex or other electronic transcription thereof and on the same day the Trust mails to the recipient for delivery on the next Business Day the complete APS Basic Maintenance Report. The Trust will deliver an
APS Basic Maintenance Report to the Auction Agent and Moody&#146;s, on or before 5:00 p.m., New York City time, on the third Business Day after a Valuation Date on which the Trust cures its failure to maintain Moody&#146;s Eligible Assets with an
aggregate Discounted Value equal to or greater than the APS Basic Maintenance Amount or on which the Trust fails to maintain Moody&#146;s Eligible Assets with an aggregate Discounted Value which exceeds the APS Basic Maintenance Amount by 5% or
more. The Trust will also deliver an APS Basic Maintenance Report to the Auction Agent and Moody&#146;s as of each Quarterly Valuation Date on or before the third Business Day after such date. Additionally, on or before 5:00 p.m., New York City
time, on the third Business Day after the first day of a Special Dividend Period, the Trust will deliver an APS Basic Maintenance Report to Moody&#146;s and the Auction Agent. The Trust shall also provide Moody&#146;s with an APS Basic Maintenance
Report when specifically requested by Moody&#146;s. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(c) Within twenty Business Days after the date of delivery of an APS Basic
Maintenance Report in accordance with Section&nbsp;11.7(b) above relating to a Quarterly Valuation Date (except as described in the following sentence), the Independent Accountant will confirm in writing to the Auction Agent and Moody&#146;s,
(i)&nbsp;the mathematical accuracy of the calculations reflected in such Report, (ii)&nbsp;that, in such Report, the Trust correctly determined the assets of the Trust which constitute Moody&#146;s Eligible Assets at such Quarterly Valuation Date in
accordance with these Bylaws, (iii)&nbsp;that, in such Report, the Trust determined whether the Trust had, at such Quarterly </P>
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Valuation Date in accordance with these Bylaws, Moody&#146;s Eligible Assets with an aggregate Discounted Value at least equal to the APS Basic Maintenance Amount, (iv)&nbsp;with respect to the
S&amp;P or Fitch ratings on portfolio securities of the Trust, the issuer name, issue size and coupon rate, if any, listed in such Report, that the Independent Accountant has verified such information in reference to third-party information sources
(such as Reuters or Bloomberg) and the Independent Accountant shall provide a listing in its letter of any differences, (v)&nbsp;with respect to the Moody&#146;s ratings on portfolio securities of the Trust, the issuer name, issue size and coupon
rate, if any, listed in such Report, that the Independent Accountant has verified such information in reference to third-party information sources (such as Reuters or Bloomberg) and (vi)&nbsp;that the Independent Accountant has compared the prices
in such Report to the prices in the applicable pricing appraisal report provided by the custodian of the Trust&#146;s assets to the Trust for purposes of valuing securities in the Trust&#146;s portfolio and verified that such information agrees (in
the event such information does not agree, the Independent Accountant will provide a listing in its letter of such differences) (such confirmation is herein called the &#147;Accountant&#146;s Confirmation&#148;). Notwithstanding the foregoing
sentence, the Independent Accountant will provide the confirmation described in the foregoing sentence with respect to APS Basic Maintenance Reports delivered pursuant to the third sentence of Section&nbsp;11.7(b) above only for such APS Basic
Maintenance Reports relating to the last fiscal quarter of each fiscal year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(d) Within twenty Business Days after the date of delivery
to the Auction Agent and Moody&#146;s of an APS Basic Maintenance Report in accordance with Section&nbsp;11.7(b) above relating to the APS Basic Maintenance Cure Date with respect to such failure, the Trust shall cause the Independent Accountant to
provide to the Auction Agent and Moody&#146;s an Accountant&#146;s Confirmation as to such APS Basic Maintenance Report. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(e) If any
Accountant&#146;s Confirmation delivered pursuant to subparagraph (c)&nbsp;or (d)&nbsp;of this Section&nbsp;11.7 shows that an error was made in the APS Basic Maintenance Report for a particular Valuation Date for which such Accountant&#146;s
Confirmation as required to be delivered, or shows that a lower aggregate Discounted Value for the aggregate of all Moody&#146;s Eligible Assets of the Trust was determined by the Independent Accountant, the calculation or determination made by such
Independent Accountant shall be final and conclusive and shall be binding on the Trust, and the Trust shall accordingly amend and deliver the APS Basic Maintenance Report to the Auction Agent and promptly following receipt by the Trust of such
Accountant&#146;s Confirmation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(f) On or before 5:00 p.m., New York City time, on the first Business Day after the Date of Original
Issue of the APS, the Trust will complete and deliver to Moody&#146;s an APS Basic Maintenance Report as of the close of business on such Date of original issue. Also, on or before 5:00 p.m., New York City time, on the first Business Day after
shares of Common Shares are repurchased by the Trust, the Trust will complete and deliver to Moody&#146;s an APS Basic Maintenance Report as of the close of business on such date that Common Shares are repurchased. </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">-43- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">11.8&nbsp;&nbsp;&nbsp;&nbsp; <U>Certain Other Restrictions</U>. (a)&nbsp;For so long as any APS
are rated by Moody&#146;s, the Trust will not buy or sell financial futures contracts, write, purchase or sell call options on financial futures contracts or purchase put options on financial futures contracts or write call options (except covered
call options) on portfolio securities unless it receives written confirmation from Moody&#146;s that engaging in such transactions would not impair the ratings then assigned to the APS by Moody&#146;s, except that the Trust may purchase or sell
exchange-traded financial futures contracts based on the Municipal Index or Treasury Bonds, and purchase, write or sell exchange-traded put options on such financial futures contracts, the Municipal Index or Treasury Bonds, and purchase, write or
sell exchange-traded call options on such financial futures contracts, the Municipal Index or Treasury Bonds (collectively &#147;Moody&#146;s Hedging Transactions&#148;), subject to the following limitations: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(i) the Trust will not engage in any Moody&#146;s Hedging Transaction based on the Municipal Index (other than transactions
that terminate a futures contract or option held by the Trust by the Trust&#146;s taking the opposite position thereto (&#147;Closing Transactions&#148;)) that would cause the Trust at the time of such transaction to own or have sold: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(A) outstanding financial futures contracts based on the Municipal Index exceeding in number 10% (or such higher percentage
as Moody&#146;s may approve) of the average number of daily traded financial futures contracts based on the Municipal Index in the 30 days preceding the time of effecting such transaction as reported by The Wall Street Journal; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(B) outstanding financial futures contracts based on the Municipal Index having a Market Value exceeding 50% (or such higher
percentage as Moody&#146;s may approve) of the Market Value of all Municipal Obligations constituting Moody&#146;s Eligible Assets owned by the Trust (other than Moody&#146;s Eligible Assets already subject to a Moody&#146;s Hedging Transaction);
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(ii) the Trust will not engage in any Moody&#146;s Hedging Transaction based on Treasury Bonds (other than Closing
Transactions) that would cause the Trust at the time of such transaction to own or have sold: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(A) outstanding financial
futures contracts based on Treasury Bonds with such contracts having an aggregate Market Value exceeding 20% (or such higher percentage as Moody&#146;s may approve) of the aggregate Market Value of Moody&#146;s Eligible Assets owned by the Trust and
rated Aa or higher by Moody&#146;s (or, if not rated by Moody&#146;s but rated by S&amp;P, rated AAA by S&amp;P); or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(B)
outstanding financial futures contracts based on Treasury Bonds with such contracts having an aggregate Market Value exceeding 80% of the aggregate Market Value of all Municipal Obligations constituting Moody&#146;s Eligible Assets owned by the
Trust (other than Moody&#146;s Eligible Assets already subject to a Moody&#146;s Hedging </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">-44- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:12%; font-size:12pt; font-family:Times New Roman">Transaction) and rated Baa or A by Moody&#146;s (or, if not rated by Moody&#146;s but rated by
S&amp;P, rated A or AA by S&amp;P) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman">(for purposes of the foregoing clauses (i)&nbsp;and (ii), the Trust shall be deemed to own the number
of financial futures contracts that underlie any outstanding options written by the Trust); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(iii) the Trust will engage
in Closing Transactions to close out any outstanding financial futures contract based on the Municipal Index if the amount of open interest in the Municipal Index as reported by The Wall Street Journal is less than 5,000 (or such lower number as
Moody&#146;s may approve); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(iv) the Trust will engage in a Closing Transaction to close out any outstanding financial
futures contract by no later than the fifth Business Day of the month in which such contract expires and will engage in a Closing Transaction to close out any outstanding option on a financial futures contract by no later than the first Business Day
of the month in which such option expires; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(v) the Trust will engage in Moody&#146;s Hedging Transactions only with
respect to financial futures contracts or options thereon having the next settlement date or the settlement date immediately thereafter; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(vi) the Trust (A)&nbsp;will not engage in options and futures transactions for leveraging or speculative purposes, except
that an option or futures transaction shall not for these purposes be considered a leveraged position or speculative so long as the combination of the Fund&#146;s non-derivative positions, together with the relevant option or futures transaction,
produces a synthetic investment position, or the same economic result, that could be achieved by an investment, consistent with the Fund&#146;s investment objective and policies, in a security that is not an option or futures transaction, and
(B)&nbsp;will not write any call options or sell any financial futures contracts for the purpose of hedging the anticipated purchase of an asset prior to completion of such purchase; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(vii) while the Trust may use options and futures transactions for hedging and risk management purposes, it will not enter
into an option or futures transaction unless, after giving effect thereto, the Trust would continue to have Moody&#146;s Eligible Assets with an aggregate Discounted Value equal to or greater than the APS Basic Maintenance Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(b) For purposes of determining whether the Trust has Moody&#146;s Eligible Assets with an aggregate Discounted Value that equals or exceeds
the APS Basic Maintenance Amount, the Discounted Value of Moody&#146;s Eligible Assets that the Trust is obligated to deliver or receive pursuant to an outstanding futures contract or option shall be as follows: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-45- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(i) assets subject to call options written by the Trust that are either
exchange-traded and &#147;readily reversible&#148; or that expire within 49 days after the date as of which such valuation is made shall be valued at the lesser of (A)&nbsp;Discounted Value and (B)&nbsp;the exercise price of the call option written
by the Trust; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(ii) assets subject to call options written by the Trust not meeting the requirements of clause (i)&nbsp;of
this sentence shall have no value; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(iii) assets subject to put options written by the Trust shall be valued at the lesser
of (A)&nbsp;the exercise price and (B)&nbsp;the Discounted Value of the assets subject to the option; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(iv) futures
contracts shall be valued at the lesser of (A)&nbsp;settlement price and (B)&nbsp;the Discounted Value of the assets subject to the futures contract, provided that, if a contract matures within 49 days after the date as of which such valuation is
made, where the Trust is the seller the contract may be valued at the settlement price and where the Trust is the buyer the contract may be valued at the Discounted Value of the assets subject to the futures contract; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(v) where delivery may be made to the Trust with any security of a class of securities, the Trust shall assume that it will
take delivery of the security with the lowest Discounted Value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(c) For purposes of determining whether the Trust has Moody&#146;s
Eligible Assets with an aggregate Discounted Value that equals or exceeds the APS Basic Maintenance Amount, the following amounts shall be subtracted from the aggregate Discounted Value of the Moody&#146;s Eligible Assets held by the Trust to the
extent the relevant asset is a Moody&#146;s Eligible Asset: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(i) 10% of the exercise price of a written call option; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(ii) the exercise price of any written put option; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(iii) where the Trust is the seller under a financial futures contract, 10% of the settlement price of the financial futures
contract; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(iv) where the Trust is the purchaser under a financial futures contract, any amounts payable by the Trust
under such financial futures contract; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(v) the settlement price of the underlying financial futures contract if the Trust
writes put options on a financial futures contract; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(vi) 105% of the Market Value of the underlying financial futures
contract if the Trust writes call options on a financial futures contract and does not own the underlying contract. </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">-46- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(d) For so long as any APS are rated by Moody&#146;s, the Trust will not enter into any
&#147;Forward Commitment,&#148; herein defined as any contract to purchase securities for a fixed price at a future date beyond customary settlement time (other than such contracts that constitute Moody&#146;s Hedging Transactions), except that the
Trust may enter into Forward Commitments subject to the following limitations: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(i) for each Forward Commitment, the Trust
will maintain with its custodian (A)&nbsp;cash, cash equivalents or short-term, fixed-income securities rated P-1, MIG-1 or VMIG-1 by Moody&#146;s or A-1 by S&amp;P and maturing in one year or less with a fair market value that equals or exceeds the
amount by which the Trust&#146;s obligations under any Forward Commitments to which it is from time to time a party exceed obligations to the Trust arising from securities sales by the Trust that are scheduled to settle at a future date, or
(B)&nbsp;long-term, fixed-income securities with a then current market value that equals or exceeds the amount by which the Trust&#146;s obligations under any Forward Commitments to which it is from time to time a party exceed obligations to the
Trust arising from securities sales by the Trust that are scheduled to settle on a future date, or (C)&nbsp;a combination of assets described in (A)&nbsp;and (B)&nbsp;above that in the aggregate equals or exceeds the amount by which the Trust&#146;s
obligations under any Forward Commitments to which it is from time to time a party exceed obligations to the Trust arising from securities sales by the Trust that are scheduled to settle on a future date; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(ii) the Trust will not enter into a Forward Commitment unless, after giving effect thereto, the Trust would continue to have
Moody&#146;s Eligible Assets with an aggregate Discounted Value equal to or greater than the APS Basic Maintenance Amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">For purposes of determining
whether the Trust has Moody&#146;s Eligible Assets with an aggregate Discounted Value that equals or exceeds the APS Basic Maintenance Amount, the Discounted Value of all Forward Commitments to which the Trust is a party and of all securities
deliverable to the Trust pursuant to such Forward Commitments shall be zero. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(e) For so long as APS are Outstanding and rated by
Moody&#146;s, the Trust, unless it has received written confirmation from Moody&#146;s that such action would not impair the ratings then assigned to the APS by Moody&#146;s, will not: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(i) borrow money except for the purpose of clearing transactions in portfolio securities (which borrowings under any
circumstances shall be limited to an amount equal to 5% of the Market Value of the Trust&#146;s assets at the time of such borrowings and which borrowings shall be repaid within 60 days and not be extended or renewed and shall not cause the
aggregate Discounted Value of Moody&#146;s Eligible Assets to be less than the APS Basic Maintenance Amount); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(ii) engage
in short sales of securities; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(iii) lend any securities; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-47- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(iv) issue any class or series of shares of beneficial interest ranking prior to
or on a parity with the APS with respect to the payment of dividends or the distribution of assets upon dissolution, liquidation or winding up of the Trust; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(v) merge or consolidate into or with any other corporation or entity; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(vi) change the Trust&#146;s Pricing Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">11.9&nbsp;&nbsp;&nbsp;&nbsp; <U>Notice</U>. All notices or communications, unless otherwise specified in these Bylaws, shall be sufficiently
given if in writing and delivered in person or mailed by first-class mail, postage prepaid. Notice shall be deemed given on the earlier of the date received or the date seven days after which such notice is mailed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">11.10&nbsp;&nbsp;&nbsp;&nbsp; <U>Auction Procedures</U>. (a)&nbsp;<U>Certain Definitions</U>. As used in this Section&nbsp;11.10, the
following terms shall have the following meanings, unless the context otherwise requires: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(i) &#147;APS&#148; means the
shares of APS being auctioned pursuant to this Section&nbsp;11.10. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(ii) &#147;Auction Date&#148; means the first Business
Day preceding the first day of a Dividend Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(iii) &#147;Available APS&#148; has the meaning specified in
Section&nbsp;11.10(d)(i) below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(iv) &#147;Bid&#148; has the meaning specified in Section&nbsp;11.10(b)(i) below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(v) &#147;Bidder&#148; has the meaning specified in Section&nbsp;11.10(b)(i) below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(vi) &#147;Hold Order&#148; has the meaning specified in Section&nbsp;11.10(b)(i) below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(vii) &#147;Maximum Applicable Rate&#148; for any Dividend Period will be the Applicable Percentage of the Reference Rate. The
Auction Agent will round each applicable Maximum Applicable Rate to the nearest one-thousandth (0.001) of one percent per annum, with any such number ending in five ten-thousandths of one percent being rounded upwards to the nearest one-thousandth
(0.001) of one percent. The Auction Agent will not round the applicable Reference Rate as part of its calculation of the Maximum Applicable Rate. The &#147;Applicable Percentage&#148; shall be the percentage determined based on (i)&nbsp;the credit
rating assigned on such date to such shares by Moody&#146;s (or, if Moody&#146;s shall not make such rating available, the equivalent of such rating by a Substitute Rating Agency) and (ii)&nbsp;whether the Trust has provided notification to the
Auction Agent prior to the Auction establishing the Applicable Rate for any dividend that net capital gains or other taxable income will be included in such dividend on shares of APS as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="64%"></TD>

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

<TD VALIGN="bottom" WIDTH="20%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;Percentage&nbsp;of&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;&nbsp;Percentage&nbsp;of&nbsp;&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-48- </P>


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

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<TR>

<TD WIDTH="66%"></TD>

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

<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:12pt; font-family:Times New Roman; ">Moody&#146;s Credit Ratings on APS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Reference&nbsp;Rate&nbsp;-</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:12pt; font-family:Times New Roman; " ALIGN="center">No&nbsp;Notification</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Reference&nbsp;Rate&nbsp;-</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:12pt; font-family:Times New Roman; " ALIGN="center">Notification</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Aa3 or higher</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">110%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">150%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">A</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">125%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">160%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Baa</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">150%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">250%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Below Baa</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">200%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">275%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">The Trust shall take all reasonable action necessary to enable Moody&#146;s to provide a rating for each
series of APS. If Moody&#146;s shall not make such a rating available, UBS Warburg LLC or its affiliates and successors, after consultation with the Trust, shall select another Rating Agency to act as a Substitute Rating Agency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(viii) &#147;Order&#148; has the meaning specified in Section&nbsp;11.10(b)(i) below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(ix) &#147;Sell Order&#148; has the meaning specified in Section&nbsp;11.10(b)(i) below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(x) &#147;Submission Deadline&#148; means 1:00 p.m., New York City time, on any Auction Date or such other time on any Auction
Date as may be specified by the Auction Agent from time to time as the time by which each Broker-Dealer must submit to the Auction Agent in writing all Orders obtained by it for the Auction to be conducted on such Auction Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(xi) &#147;Submitted Bid&#148; has the meaning specified in Section&nbsp;11.10(d)(i) below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(xii) &#147;Submitted Hold Order&#148; has the meaning specified in Section&nbsp;11.10(d)(i) below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(xiii) &#147;Submitted Order&#148; has the meaning specified in Section&nbsp;11.10(d)(i) below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(xiv) &#147;Submitted Sell Order&#148; has the meaning specified in Section&nbsp;11.10(d)(i) below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(xv) &#147;Sufficient Clearing Bids&#148; has the meaning specified in Section&nbsp;11.10(d)(i) below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(xvi) &#147;Winning Bid Rate&#148; has the meaning specified in Section&nbsp;11.10(d)(i) below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(b) <U>Orders by Beneficial Owners, Potential Beneficial Owners, Existing Holders and Potential Holders</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(i) Unless otherwise permitted by the Trust, Beneficial Owners and Potential Beneficial Owners may only participate in
Auctions through their Broker-Dealers. Broker-Dealers will submit the Orders of their respective customers who are Beneficial </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">-49- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman">
Owners and Potential Beneficial Owners to the Auction Agent, designating themselves as Existing Holders in respect of shares subject to Orders submitted or deemed submitted to them by Beneficial
Owners and as Potential Holders in respect of shares subject to Orders submitted to them by Potential Beneficial Owners. A Broker-Dealer may also hold shares of APS in its own account as a Beneficial Owner. A Broker-Dealer may thus submit Orders to
the Auction Agent as a Beneficial Owner or a Potential Beneficial Owner and therefore participate in an Auction as an Existing Holder or Potential Holder on behalf of both itself and its customers. On or prior to the Submission Deadline on each
Auction Date: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(A) each Beneficial Owner may submit to its Broker-Dealer information as to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(1) the number of Outstanding shares, if any, of APS held by such Beneficial Owner which such Beneficial Owner desires to
continue to hold without regard to the Applicable Rate for the next succeeding Dividend Period for such shares; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(2) the
number of Outstanding shares, if any, of APS held by such Beneficial Owner which such Beneficial Owner desires to continue to hold, provided that the Applicable Rate for the next succeeding Dividend Period for such shares shall not be less than the
rate per annum specified by such Beneficial Owner; and/or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(3) the number of Outstanding shares, if any, of APS held by
such Beneficial Owner which such Beneficial Owner offers to sell without regard to the Applicable Rate for the next succeeding Dividend Period; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(B) each Broker-Dealer, using a list of Potential Beneficial Owners that shall be maintained in good faith for the purpose of
conducting a competitive Auction, shall contact Potential Beneficial Owners, including Persons that are not Beneficial Owners, on such list to determine the number of Outstanding shares, if any, of APS which each such Potential Beneficial Owner
offers to purchase, provided that the Applicable Rate for the next succeeding Dividend Period shall not be less than the rate per annum specified by such Potential Beneficial Owner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">For the purposes hereof, the communication by a Beneficial Owner or Potential Beneficial Owner to a Broker-Dealer, or the
communication by a Broker-Dealer acting for its own account to the Auction Agent, of information referred to in clause (A)&nbsp;or (B)&nbsp;of this Section&nbsp;11.10(b)(i) is hereinafter referred to as an &#147;Order&#148; and each Beneficial Owner
and each Potential Beneficial Owner placing an Order, including a Broker-Dealer acting in such capacity for its own account, is hereinafter referred to as a &#147;Bidder&#148;; an Order containing the information referred to in clause (A)(1) of this
Section&nbsp;11.10(b)(i) is hereinafter referred to as a &#147;Hold Order&#148;; an Order containing the information referred to in clause (A)(2) or (B)&nbsp;of this Section&nbsp;11.10(b)(i) is hereinafter referred to as a &#147;Bid&#148;; and an
Order containing the information referred to in clause (A)(3) of this Section&nbsp;11.10(b)(i) is hereinafter referred to as a &#147;Sell Order&#148;. </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">-50- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:12%; font-size:12pt; font-family:Times New Roman">
Inasmuch as a Broker-Dealer participates in an Auction as an Existing Holder or a Potential Holder only to represent the interests of a Beneficial Owner or Potential Beneficial Owner, whether it
be its customers or itself, all discussion herein relating to the consequences of an Auction for Existing Holders and Potential Holders also applies to the underlying beneficial ownership interests represented. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(ii) (A)&nbsp;A Bid by an Existing Holder shall constitute an irrevocable offer to sell: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(1) the number of Outstanding shares of APS specified in such Bid if the Applicable Rate determined on such Auction Date
shall be less than the rate per annum specified in such Bid; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(2) such number or a lesser number of Outstanding shares
of APS to be determined as set forth in Section&nbsp;11.10(e)(i)(D) if the Applicable Rate determined on such Auction Date shall be equal to the rate per annum specified therein; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(3) a lesser number of Outstanding shares of APS to be determined as set forth in Section&nbsp;11.10(e)(ii)(C) if such
specified rate per annum shall be higher than the Maximum Applicable Rate and Sufficient Clearing Bids do not exist. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(B)
A Sell Order by an Existing Holder shall constitute an irrevocable offer to sell: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(1) the number of Outstanding shares
of APS specified in such Sell Order; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(2) such number or a lesser number of Outstanding shares of APS to be determined
as set forth in Section&nbsp;11.10(e)(ii)(C) if Sufficient Clearing Bids do not exist. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(C) A Bid by a Potential Holder
shall constitute an irrevocable offer to purchase: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(1) the number of Outstanding shares of APS specified in such Bid if
the Applicable Rate determined on such Auction Date shall be higher than the rate per annum specified in such Bid; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(2) such number or a lesser number of Outstanding shares of APS to be determined as set forth in Section&nbsp;11.10(e)(i)(E)
if the Applicable Rate determined on such Auction Date shall be equal to the rate per annum specified therein. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(c) <U>Submission of
Orders by Broker-Dealers to Auction Agent</U>. </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">-51- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(i) Each Broker-Dealer shall submit in writing or through the Auction
Agent&#146;s auction processing system to the Auction Agent prior to the Submission Deadline on each Auction Date all Orders obtained by such Broker-Dealer, designating itself (unless otherwise permitted by the Trust) as an Existing Holder in
respect of shares subject to Orders submitted or deemed submitted to it by Beneficial Owners and as a Potential Holder in respect of shares subject to Orders submitted to it by Potential Beneficial Owners, and specifying with respect to each Order:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(A) the name of the Bidder placing such Order (which shall be the Broker-Dealer unless otherwise permitted by the
Trust); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(B) the aggregate number of Outstanding shares of APS that are the subject of such Order; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(C) to the extent that such Bidder is an Existing Holder: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(1) the number of Outstanding shares, if any, of APS subject to any Hold Order placed by such Existing Holder; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(2) the number of Outstanding shares, if any, of APS subject to any Bid placed by such Existing Holder and the rate per annum
specified in such Bid; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(3) the number of Outstanding shares, if any, of APS subject to any Sell Order placed by such
Existing Holder; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(D) to the extent such Bidder is a Potential Holder, the rate per annum specified in such Potential
Holder&#146;s Bid. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(ii) If any rate per annum specified in any Bid contains more than three figures to the right of the
decimal point, the Auction Agent shall round such rate up to the next highest one-thousandth (.001) of 1%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(iii) If an
Order or Orders covering all of the Outstanding shares of APS held by an Existing Holder are not submitted to the Auction Agent prior to the Submission Deadline, the Auction Agent shall deem a Hold Order (in the case of an Auction relating to a
Special Dividend Period of 91 days or less) or a Sell Order (in the case of an Auction relating to a Special Dividend Period of longer than 91 days) to have been submitted on behalf of such Existing Holder covering the number of Outstanding shares
of APS held by such Existing Holder and not subject to Orders submitted to the Auction Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(iv) If one or more Orders
on behalf of an Existing Holder covering in the aggregate more than the number of Outstanding shares of APS held by such Existing Holder are submitted to the Auction Agent, such Order shall be considered valid as follows and in the following order
of priority: </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">-52- </P>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(A) any Hold Order submitted on behalf of such Existing Holder shall be
considered valid up to and including the number of Outstanding shares of APS held by such Existing Holder; provided that if more than one Hold Order is submitted on behalf of such Existing Holder and the number of shares of APS subject to such Hold
Orders exceeds the number of Outstanding shares of APS held by such Existing Holder, the number of shares of APS subject to each of such Hold Orders shall be reduced pro rata so that such Hold Orders, in the aggregate, will cover exactly the number
of Outstanding shares of APS held by such Existing Holder; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(B) any Bids submitted on behalf of such Existing Holder
shall be considered valid, in the ascending order of their respective rates per annum if more than one Bid is submitted on behalf of such Existing Holder, up to and including the excess of the number of Outstanding shares of APS held by such
Existing Holder over the number of shares of APS subject to any Hold Order referred to in Section&nbsp;11.10(c)(iv)(A) above (and if more than one Bid submitted on behalf of such Existing Holder specifies the same rate per annum and together they
cover more than the remaining number of shares that can be the subject of valid Bids after application of Section&nbsp;11.10(c)(iv)(A) above and of the foregoing portion of this Section </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">11.10(c)(iv)(B) to any Bid or Bids specifying a lower rate or rates per annum, the number of shares subject to each of such
Bids shall be reduced pro rata so that such Bids, in the aggregate, cover exactly such remaining number of shares); and the number of shares, if any, subject to Bids not valid under this Section&nbsp;11.10(c)(iv)(B) shall be treated as the subject
of a Bid by a Potential Holder; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(C) any Sell Order shall be considered valid up to and including the excess of the
number of Outstanding shares of APS held by such Existing Holder over the number of shares of APS subject to Hold Orders referred to in Section&nbsp;11.10(c)(iv)(A) and Bids referred to in Section&nbsp;11.10(c)(iv)(B); provided that if more than one
Sell Order is submitted on behalf of any Existing Holder and the number of shares of APS subject to such Sell Orders is greater than such excess, the number of shares of APS subject to each of such Sell Orders shall be reduced pro rata so that such
Sell Orders, in the aggregate, cover exactly the number of shares of APS equal to such excess. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(v) If more than one Bid
is submitted on behalf of any Potential Holder, each Bid submitted shall be a separate Bid with the rate per annum and number of shares of APS therein specified. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(vi) Any Order submitted by a Beneficial Owner as a Potential Beneficial Owner to its Broker-Dealer, or by a Broker-Dealer to
the Auction Agent, prior to the Submission Deadline on any Auction Date shall be irrevocable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(vii) The Trust shall not
be responsible for a Broker-Dealer&#146;s failure to act in accordance with the instructions of Beneficial Owners or Potential Beneficial Owners or failure to comply with the provisions of this Section&nbsp;11.10. </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">-53- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(d) <U>Determination of Sufficient Clearing Bids, Winning Bid Rate and Applicable Rate</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(i) Not earlier than the Submission Deadline on each Auction Date, the Auction Agent shall assemble all Orders submitted or
deemed submitted to it by the Broker-Dealers (each such Order as submitted or deemed submitted by a Broker-Dealer being hereinafter referred to individually as a &#147;Submitted Hold Order&#148;, a &#147;Submitted Bid&#148; or a &#147;Submitted Sell
Order&#148;, as the case may be, or as a &#147;Submitted Order&#148;) and shall determine: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(A) the excess of the total
number of Outstanding shares of APS over the number of Outstanding shares of APS that are the subject of Submitted Hold Orders (such excess being hereinafter referred to as the &#147;Available APS&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(B) from the Submitted Orders whether the number of Outstanding shares of APS that are the subject of Submitted Bids by
Potential Holders specifying one or more rates per annum equal to or lower than the Maximum Applicable Rate exceeds or is equal to the sum of: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(1) the number of Outstanding shares of APS that are the subject of Submitted Bids by Existing Holders specifying one or more
rates per annum higher than the Maximum Applicable Rate, and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(2) the number of Outstanding shares of APS that are
subject to Submitted Sell Orders (if such excess or such equality exists (other than because the number of Outstanding shares of APS in clause (1)&nbsp;above and this clause (2)&nbsp;are each zero because all of the Outstanding shares of APS are the
subject of Submitted Hold Orders), such Submitted Bids by Potential Holders being hereinafter referred to collectively as &#147;Sufficient Clearing Bids&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(C) if Sufficient Clearing Bids exist, the lowest rate per annum specified in the Submitted Bids (the &#147;Winning Bid
Rate&#148;) that if: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(1) each Submitted Bid from Existing Holders specifying the Winning Bid Rate and all other
Submitted Bids from Existing Holders specifying lower rates per annum were rejected, thus entitling such Existing Holders to continue to hold the shares of APS that are the subject of such Submitted Bids, and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(2) each Submitted Bid from Potential Holders specifying the Winning Bid Rate and all other Submitted Bids from Potential
Holders specifying lower rates per annum were accepted, thus entitling the Potential Holders to purchase the shares of APS that are the subject of such Submitted Bids, would result in the number of shares subject to all Submitted Bids specifying the
Winning Bid Rate or a lower rate per annum being at least equal to the Available APS. </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">-54- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(ii) Promptly after the Auction Agent has made the determinations pursuant to
Section&nbsp;11.10(d)(i), the Auction Agent shall advise the Trust of the Maximum Applicable Rate and, based on such determinations, the Applicable Rate for the next succeeding Dividend Period as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(A) if Sufficient Clearing Bids exist, that the Applicable Rate for the next succeeding Dividend Period shall be equal to the
Winning Bid Rate; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(B) if Sufficient Clearing Bids do not exist (other than because all of the Outstanding shares of APS
are the subject of Submitted Hold Orders), that the Applicable Rate for the next succeeding Dividend Period shall be equal to the Maximum Applicable Rate; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(C) if all of the Outstanding shares of APS are the subject of Submitted Hold Orders, that the Dividend Period next
succeeding the Auction shall automatically be the same length as the immediately preceding Dividend Period and the Applicable Rate for the next succeeding Dividend Period shall be equal to 40% of the Reference Rate (or 60% of such rate if the Trust
has provided notification to the Auction Agent prior to the Auction establishing the Applicable Rate for any dividend pursuant to Section&nbsp;11.2(f) hereof that net capital gains or other taxable income will be included in such dividend on shares
of APS) on the date of the Auction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(e) <U>Acceptance and Rejection of Submitted Bids and Submitted Sell Orders and Allocation of
Shares</U>. Based on the determinations made pursuant to Section&nbsp;11.10(d)(i), the Submitted Bids and Submitted Sell Orders shall be accepted or rejected and the Auction Agent shall take such other action as set forth below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(i) If Sufficient Clearing Bids have been made, subject to the provisions of Section 11.10(e)(iii) and
Section&nbsp;11.10(e)(iv), Submitted Bids and Submitted Sell Orders shall be accepted or rejected in the following order of priority and all other Submitted Bids shall be rejected: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(A) the Submitted Sell Orders of Existing Holders shall be accepted and the Submitted Bid of each of the Existing Holders
specifying any rate per annum that is higher than the Winning Bid Rate shall be accepted, thus requiring each such Existing Holder to sell the Outstanding shares of APS that are the subject of such Submitted Sell Order or Submitted Bid; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(B) the Submitted Bid of each of the Existing Holders specifying any rate per annum that is lower than the Winning Bid Rate
shall be rejected, thus entitling each such Existing Holder to continue to hold the Outstanding shares of APS that are the subject of such Submitted Bid; </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">-55- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(C) the Submitted Bid of each of the Potential Holders specifying any rate per
annum that is lower than the Winning Bid Rate shall be accepted; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(D) the Submitted Bid of each of the Existing Holders
specifying a rate per annum that is equal to the Winning Bid Rate shall be rejected, thus entitling each such Existing Holder to continue to hold the Outstanding shares of APS that are the subject of such Submitted Bid, unless the number of
Outstanding shares of APS subject to all such Submitted Bids shall be greater than the number of Outstanding shares of APS (&#147;Remaining Shares&#148;) equal to the excess of the Available APS over the number of Outstanding shares of APS subject
to Submitted Bids described in Section 11.10(e)(i)(B) and Section&nbsp;11.10(e)(i)(C), in which event the Submitted Bids of each such Existing Holder shall be accepted, and each such Existing Holder shall be required to sell Outstanding shares of
APS, but only in an amount equal to the difference between (1)&nbsp;the number of Outstanding shares of APS then held by such Existing Holder subject to such Submitted Bid and (2)&nbsp;the number of shares of APS obtained by multiplying (x)&nbsp;the
number of Remaining Shares by (y)&nbsp;a fraction the numerator of which shall be the number of Outstanding shares of APS held by such Existing Holder subject to such Submitted Bid and the denominator of which shall be the sum of the number of
Outstanding shares of APS subject to such Submitted Bids made by all such Existing Holders that specified a rate per annum equal to the Winning Bid Rate; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(E) the Submitted Bid of each of the Potential Holders specifying a rate per annum that is equal to the Winning Bid Rate
shall be accepted but only in an amount equal to the number of Outstanding shares of APS obtained by multiplying (x)&nbsp;the difference between the Available APS and the number of Outstanding shares of APS subject to Submitted Bids described in
Section&nbsp;11.10(e)(i)(B), Section&nbsp;11.10(e)(i)(C) and Section&nbsp;11.10(e)(i)(D) by (y)&nbsp;a fraction the numerator of which shall be the number of Outstanding shares of APS subject to such Submitted Bid and the denominator of which shall
be the sum of the number of Outstanding shares of APS subject to such Submitted Bids made by all such Potential Holders that specified rates per annum equal to the Winning Bid Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(ii) If Sufficient Clearing Bids have not been made (other than because all of the Outstanding shares of APS are subject to
Submitted Hold Orders), subject to the provisions of Section&nbsp;11.10(e)(iii), Submitted Orders shall be accepted or rejected as follows in the following order of priority and all other Submitted Bids shall be rejected: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(A) the Submitted Bid of each Existing Holder specifying any rate per annum that is equal to or lower than the Maximum
Applicable Rate shall be rejected, thus entitling such Existing Holder to continue to hold the Outstanding shares of APS that are the subject of such Submitted Bid; </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">-56- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(B) the Submitted Bid of each Potential Holder specifying any rate per annum
that is equal to or lower than the Maximum Applicable Rate shall be accepted, thus requiring such Potential Holder to purchase the Outstanding shares of APS that are the subject of such Submitted Bid; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:12%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(C) the Submitted Bids of each Existing Holder specifying any rate per annum that is higher than the Maximum Applicable Rate
shall be accepted and the Submitted Sell Orders of each Existing Holder shall be accepted, in both cases only in an amount equal to the difference between (1)&nbsp;the number of Outstanding shares of APS then held by such Existing Holder subject to
such Submitted Bid or Submitted Sell Order and (2)&nbsp;the number of shares of APS obtained by multiplying (x)&nbsp;the difference between the Available APS and the aggregate number of Outstanding shares of APS subject to Submitted Bids described
in Section&nbsp;11.10(e)(ii)(A) and Section&nbsp;11.10(e)(ii)(B) by (y)&nbsp;a fraction the numerator of which shall be the number of Outstanding shares of APS held by such Existing Holder subject to such Submitted Bid or Submitted Sell Order and
the denominator of which shall be the number of Outstanding shares of APS subject to all such Submitted Bids and Submitted Sell Orders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(iii) If, as a result of the procedures described in Section&nbsp;11.10(e), any Existing Holder would be entitled or required
to sell, or any Potential Holder would be entitled or required to purchase, a fraction of a share of APS on any Auction Date, the Auction Agent shall, in such manner as in its sole discretion it shall determine, round up or down the number of shares
of APS to be purchased or sold by any Existing Holder or Potential Holder on such Auction Date so that each Outstanding share of APS purchased or sold by each Existing Holder or Potential Holder on such Auction Date shall be a whole share of APS.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(iv) If, as a result of the procedures described in Section&nbsp;11.10(e), any Potential Holder would be entitled or
required to purchase less than a whole share of APS on any Auction Date, the Auction Agent shall, in such manner as in its sole discretion it shall determine, allocate shares of APS for purchase among Potential Holders so that only whole shares of
APS are purchased on such Auction Date by any Potential Holder, even if such allocation results in one or more of such Potential Holders not purchasing any shares of APS on such Auction Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(v) Based on the results of each Auction, the Auction Agent shall determine, with respect to each Broker-Dealer that submitted
Bids or Sell Orders on behalf of Existing Holders or Potential Holders, the aggregate number of Outstanding shares of APS to be purchased and the aggregate number of the Outstanding shares of APS to be sold by such Potential Holders and Existing
Holders and, to the extent that such aggregate number of Outstanding shares to be purchased and such aggregate number of Outstanding shares to be sold differ, the Auction Agent shall determine to which other Broker-Dealer or
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-57- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman">
Broker-Dealers acting for one or more purchasers such Broker-Dealer shall deliver, or from which other Broker-Dealer or Broker-Dealers acting for one or more sellers such Broker-Dealer shall
receive, as the case may be, Outstanding shares of APS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(f) <U>Miscellaneous</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(i) The Trust may interpret the provisions of this Section&nbsp;11.10 to resolve any inconsistency or ambiguity, remedy any
formal defect or make any other change or modification that does not substantially adversely affect the rights of Beneficial Owners of APS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(ii) A Beneficial Owner or an Existing Holder (A)&nbsp;may sell, transfer or otherwise dispose of shares of APS only pursuant
to a Bid or Sell Order in accordance with the procedures described in this Section&nbsp;11.10 or to or through a Broker-Dealer or to such other persons as may be permitted by the Trust, provided that in the case of all transfers other than pursuant
to Auctions such Beneficial Owner or Existing Holder, its Broker-Dealer, if applicable, or its Agent Member advises the Auction Agent of such transfer and (B)&nbsp;except as otherwise required by law, shall have the ownership of the shares of APS
held by it maintained in book entry form by the Securities Depository in the account of its Agent Member, which in turn will maintain records of such Beneficial Owner&#146;s beneficial ownership. The Trust may not submit an Order in any Auction.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:12pt; font-family:Times New Roman">(iii) All of the Outstanding shares of APS of a series shall be registered in the name of the nominee of the Securities
Depository unless otherwise required by law or unless there is no Securities Depository. If there is no Securities Depository, at the Trust&#146;s option and upon its receipt of such documents as it deems appropriate, any shares of APS may be
registered in the Stock Register in the name of the Beneficial Owner thereof and such Beneficial Owner thereupon will be entitled to receive certificates therefor and required to deliver certificates therefor upon transfer or exchange thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">11.11 <U>Securities Depository; Stock Certificates</U>. (a)&nbsp;If there is a Securities Depository, all of the shares of APS of each series
shall be issued to the Securities Depository and registered in the name of the Securities Depository or its nominee. Certificates may be issued as necessary to represent shares of APS. All such certificates shall bear a legend to the effect that
such certificates are issued subject to the provisions restricting the transfer of shares of APS contained in these Bylaws. Unless the Trust shall have elected, during a Non-Payment Period, to waive this requirement, the Trust will also issue
stop-transfer instructions to the Auction Agent for the shares of APS. Except as provided in paragraph (b)&nbsp;below, the Securities Depository or its nominee will be the Holder, and no Beneficial Owner shall receive certificates representing its
ownership interest in such shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">(b) If the Applicable Rate applicable to all shares of APS of a series shall be the Non-Payment Period
Rate or there is no Securities Depository, the Trust may at its option issue one or more new certificates with respect to such shares (without the legend referred to in </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">-58- </P>


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Section&nbsp;11.11(a)) registered in the names of the Beneficial Owners or their nominees and rescind the stop-transfer instructions referred to in Section&nbsp;11.11(a) with respect to such
shares. </P> <P STYLE="margin-top:12pt; 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>Amended and Restated Statement Establishing and Fixing the Rights and Preferences of the Remarketable Variable Rate MuniFund Term Preferred
Shares </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>General</U>. The RVMTP Shares Statement is attached to these Bylaws as Exhibit 1,
which is hereby incorporated by reference into and made a part of these Bylaws. These Bylaws and the RVMTP Shares Statement are intended such that the APS and the RVMTP Shares are in parity with each other, such that neither shall have a preference
or priority over the other with respect to the payment of dividends and the distribution of assets of the Trust upon dissolution, liquidation, or winding up of the affairs of the Trust, and shall be interpreted accordingly. Unless otherwise
provided, defined terms used in Article 11 hereto apply only to the APS and defined terms used in the RVMTP Shares Statement apply only to the RVMTP Shares. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 13 </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:8%; font-size:12pt; font-family:Times New Roman">13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>General</U>. Except to the extent that the Declaration of Trust or applicable
law requires a vote or consent of Shareholders or a higher vote or consent by the Trustees and/or the Continuing Trustees, these Bylaws may be amended, changed, altered or repealed, in whole or part, only by resolution of a majority of the Trustees
and a majority of the Continuing Trustees then in office at any meeting of the Trustees, or by one or more writings signed by such Trustees and Continuing Trustees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Article 11</U>. Without limiting the provisions of Section&nbsp;13.1, the Board of Trustees of the
Trust may, by resolution duly adopted, without shareholder approval (except as otherwise required by Article 11 or required by applicable law), amend Article 11 to (a)&nbsp;reflect any amendments hereto which the Board of Trustees of the Trust is
entitled to adopt pursuant to the terms of Article 11 without shareholder approval or (b)&nbsp;add additional series of APS or additional shares of a series of APS (and terms relating thereto) to the series and shares of APS described herein. Each
such additional series and all such additional APS shall be governed by the terms of Article&nbsp;11. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">13.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>RVMTP Shares Statement</U>. Without limiting the provisions of Section&nbsp;13.1, the Board of
Trustees may, by resolution duly adopted, without shareholder approval (except as otherwise required by the RVMTP Shares Statement or required by applicable law), amend the Exhibit 1 hereto to (a)&nbsp;reflect any amendments hereto which the Board
of Trustees is entitled to adopt pursuant to the terms of the RVMTP Shares Statement without shareholder approval or (b)&nbsp;add additional series of RVMTP Shares or additional shares of a series of RVMTP Shares (and terms relating thereto) to the
series and shares of RVMTP Shares described therein. Each such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-59- </P>


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additional series and all such additional RVMTP Shares shall be governed by the terms of the RVMTP Shares Statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-60- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit 1</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>Amended and Restated Statement Establishing and Fixing the Rights and Preferences of the Remarketable Variable Rate MuniFund Term
Preferred Shares</U> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-61- </P>


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 <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:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO MUNICIPAL INCOME FUND II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED STATEMENT ESTABLISHING AND FIXING THE RIGHTS AND PREFERENCES OF REMARKETABLE VARIABLE RATE MUNIFUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>TERM PREFERRED SHARES </B></P>

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


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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_1">RECITALS</A></P></TD>
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<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;1</TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_2">&nbsp;DEFINITIONS</A></P></TD>
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<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;1</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_3">Definitions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;1</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_4">Interpretation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>15</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_5">Liability of Officers, Trustees and Shareholders</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>15</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-3.60em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_6">&nbsp;
TERMS APPLICABLE TO ALL SERIES OF REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED SHARES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>15</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_7">Number of Shares; Ranking</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>15</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_8">Dividends and Distributions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>16</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_9">Liquidation Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>22</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_10">Coverage &amp; Leverage Tests</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>23</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_11">Mandatory Tender and Remarketing</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>25</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_12">Redemption</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>28</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_13">Voting Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>39</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_14">Rating Agencies</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>44</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_15">Issuance of Additional Preferred Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>44</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_16">Status of Redeemed or Repurchased RVMTP Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>45</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_17">Distributions with respect to Taxable Allocations</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>45</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_18">Term Redemption Liquidity Account and Liquidity
Requirement</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>46</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_19">Global Certificate</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>48</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_20">Notice</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>49</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_21">Termination</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>49</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_22">Appendices</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>49</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_23">Actions on Other than Business Days</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>49</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_24">Modification</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>49</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_25">Transfers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>49</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.20</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#exb288652_26">No Additional Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>50</TD></TR>
</TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO MUNICIPAL INCOME FUND II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED STATEMENT ESTABLISHING AND FIXING THE RIGHTS AND PREFERENCES OF REMARKETABLE VARIABLE RATE MUNIFUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>TERM PREFERRED SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO Municipal Income Fund II (the &#147;<U>Fund</U>&#148;), a Massachusetts business trust, certifies that: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="exb288652_1"></A>RECITALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>FIRST</B>: The Fund is authorized under Article III of the Fund&#146;s Agreement and Declaration of Trust, as amended
(which, as hereafter restated or amended from time to time, is herein called the &#147;<U>Declaration</U>&#148;), to issue an unlimited number of Preferred Shares (as defined below), par value $0.00001 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECOND</B>: Pursuant to the authority expressly vested in the Board of Trustees of the Fund by Article III of the
Declaration, effective August&nbsp;23, 2018, the Board of Trustees, by resolution, authorized the issuance of Preferred Shares, $0.00001 par value per share, of the Fund, such shares initially classified as Variable Rate MuniFund Term Preferred
Shares (&#147;<U>VMTP</U>&#148;) and issued in one or more series (each such series, a &#147;<U>Series</U>&#148;) on September&nbsp;18, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>THIRD</B>: Pursuant to the authority expressly vested in the Board of Trustees of the Fund by Article III of the
Declaration, effective June&nbsp;30, 2021, the Board of Trustees, by resolution, authorized the redesignation of the VMTP of the Fund as Remarketable Variable Rate MuniFund Term Preferred Shares (&#147;<U>RVMTP</U>&#148;). The date of such
Redesignation, the &#147;<U>Redesignation Date</U>&#148;. The terms related to a Series may be set forth in this Statement through an Appendix (as defined below) attached hereto or in a separate Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>FOURTH</B>: The number of shares, preferences, voting powers, restrictions, limitations as to dividends, qualifications,
and terms and conditions of redemption, of each Series of RVMTP subject to this Statement, as now or hereafter authorized by the Board of Trustees, are set forth in this Statement, as modified, amended or supplemented from time to time in an
appendix to this Statement (each, an &#147;<U>Appendix</U>&#148; and collectively, the &#147;<U>Appendices</U>&#148;) specifically relating to such Series as now or hereafter authorized by the Board of Trustees (each such Series being referred to
herein as a &#147;<U>Series of RVMTP Shares</U>,&#148; &#147;<U>RVMTP Shares of a Series</U>&#148; or a &#147;<U>Series,</U>&#148; and shares of all such Series subject to this Statement being referred to herein individually as a &#147;<U>RVMTP
Share</U>&#148; and collectively as the &#147;<U>RVMTP Shares</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="exb288652_2"></A>DEFINITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_3"></A>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Definitions</U>. Unless the context or use
indicates another or different meaning or intent and except with respect to any Series as specifically provided in the Appendix applicable to such Series, each of the following terms when used in this Statement shall have the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">meaning ascribed to it below, whether such term is used in the singular or plural and regardless
of tense: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>1940 Act</U>&#148; means the Investment Company Act of 1940, as amended, and the rules and
regulations thereunder, or any successor statute. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>1940 Act Asset Coverage</U>&#148; means &#147;asset
coverage,&#148; as defined for purposes of Section&nbsp;18(h) of the 1940 Act, of at least 200% with respect to all outstanding senior securities of the Fund which are stocks for purposes of the 1940 Act, including all outstanding RVMTP Shares and
Auction Preferred Shares (or such other asset coverage as may in the future be specified in or under the 1940 Act or by rule, regulation or order of the United States Securities and Exchange Commission as the minimum asset coverage for senior
securities which are shares of stock of a closed-end investment company), determined on the basis of values calculated as of a time within 48 hours (only including Business Days) next preceding the time of such determination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>1940 Act Asset Coverage Cure Date</U>&#148; means, with respect to the failure by the Fund to maintain the 1940 Act
Asset Coverage (as required by this Statement) as of the last Business Day of each month, the last Business Day of the following month. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Additional Amount Payment</U>&#148; means a payment to a Holder of an amount which, when combined with the amount of
the portion of any dividend to which a Taxable Allocation relates, and after imposition of U.S. federal income tax, taking into account the assumptions in the immediately following sentence, equals the after tax dollar amount of the dividend that
would have been received by such Holder if no Taxable Allocation had been made with respect to such dividend. Such Additional Amount Payment shall be calculated (i)&nbsp;without consideration being given to the time value of money;
(ii)&nbsp;assuming that no Holder is subject to the federal alternative minimum tax with respect to dividends received from the Fund; and (iii)&nbsp;assuming that each Taxable Allocation and each Additional Amount Payment (except to the extent such
Additional Amount Payment is reported as an exempt-interest dividend for purposes of Section&nbsp;852(b)(5) of the Code) would be taxable, (x)&nbsp;in the case of the Purchaser (or (1)&nbsp;any entity taxed as a corporation that (i)&nbsp;joins in
filing a consolidated federal corporate income tax return with the Purchaser, or (ii)&nbsp;is otherwise an affiliate of the Purchaser and is taxed as a corporation (excluding any such entity that is taxed as a regulated investment company under
Subchapter M of the Code), or (2)&nbsp;any entity that is a direct or indirect wholly-owned subsidiary of one or more of the entities described in clause (1)&nbsp;(each of the entities described in clauses (1)&nbsp;or (2), a &#147;<U>Corporate
Affiliate</U>&#148;)) at the maximum marginal regular federal corporate income tax rate applicable to ordinary income or net capital gain, as applicable, in effect at the time such Additional Amount Payment is paid, disregarding in each case the
effect of any state or local taxes, or (y)&nbsp;in the case of any other Holder at the greater of (A)&nbsp;the rate expressed in clause (x), or (B)&nbsp;the maximum marginal regular federal individual income tax rate applicable to ordinary income or
net capital gain, as applicable, in effect at the time such Additional Amount Payment is paid, disregarding in each case the effect of any state or local taxes, assuming that section 1411 of the Code is applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Adviser</U>&#148; means Pacific Investment Management Company LLC, a
Delaware limited liability company, or such other entity as shall be then serving as the investment adviser of the Fund, and shall include, as appropriate, any sub-adviser duly appointed by the Adviser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Agent Member</U>&#148; means a Person with an account at the Securities Depository that holds one or more RVMTP
Shares through the Securities Depository, directly or indirectly, for a Designated Owner and that will be authorized and instructed, directly or indirectly, by a Designated Owner to disclose information to the Remarketing Settlement Agent, if any,
and/or the Calculation and Paying Agent with respect to such Designated Owner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Appendices</U>&#148; and
&#147;<U>Appendix</U>&#148; shall have the respective meanings as set forth in the Recitals of this Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Applicable Multiplier</U>&#148; means, with respect to any Rate Period for any Series of RVMTP Shares, the
percentage set forth opposite the applicable credit rating most recently assigned to such Series by the Rating Agency in the table below on the Rate Determination Date for such Rate Period: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Long-Term Ratings*</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Fitch</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;Applicable&nbsp;Multiplier&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">AAA&nbsp;to&nbsp;AA-</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:3pt ;">100%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">A+ to A-</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:3pt ;">115%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">BBB+&nbsp;to&nbsp;BBB-</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:3pt ;">140%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">*And/or the equivalent ratings of any other Rating Agency then rating the RVMTP Shares utilizing the highest
of the ratings of the Rating Agencies then rating the RVMTP Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Applicable Spread</U>&#148; means, with
respect to any Rate Period for any Series of RVMTP Shares, the percentage per annum set forth opposite the applicable credit rating most recently assigned to such Series by the Rating Agency in the table below on the Rate Determination Date for such
Rate Period: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Long-Term Ratings*</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Fitch</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;Applicable
Spread**&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">AAA to AA-</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:3pt ;">0.92%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">A+ to A-</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:3pt ;">1.12%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:3pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">BBB+&nbsp;to&nbsp;BBB-</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:3pt ;">1.92%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">*And/or the equivalent ratings of any other Rating Agency then rating the RVMTP Shares utilizing the highest
of the ratings of the Rating Agencies then rating the RVMTP Shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">**Unless an Increased Rate Period is in effect and is continuing, in which case the Applicable
Spread shall be 5.92%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Auction Preferred Shares</U>&#148; means the Auction Preferred Shares of the Fund, the
preferences, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption as set forth in the Auction Preferred Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Auction Preferred Statement</U>&#148; means Article 11 (Statement Creating Five Series of Auction Preferred Shares)
of the Amended and Restated Bylaws of the Fund as of June&nbsp;30, 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Banks</U>&#148; shall have the meaning
as set forth in <U>Section&nbsp;2.19(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Below Investment Grade</U>&#148; means, with respect to any Series
of RVMTP Shares and as of any date, the following ratings with respect to each Rating Agency (to the extent it is a Rating Agency on such date): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lower than BBB-, in the case of Fitch; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lower than an equivalent long-term credit rating to that set forth
in clause (i), in the case of any Other Rating Agency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Board of Trustees</U>&#148; means the Board of Trustees
of the Fund or any duly authorized committee thereof as permitted by applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Business Day</U>&#148;
means any day (a)&nbsp;other than a day on which commercial banks in The City of New York, New York are required or authorized by law or executive order to close and (b)&nbsp;on which the New York Stock Exchange is not closed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>By-Laws</U>&#148; means the By-Laws of the Fund as amended or restated from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Calculation and Paying Agent</U>&#148; means, with respect to any Series, The Bank of New York Mellon and its
successors or any other calculation and paying agent appointed by the Fund with respect to such Series. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Calculation and Paying Agent Agreement</U>&#148; means, with respect to any Series, the Calculation and Paying Agent
Agreement dated September&nbsp;18, 2018 by and among the Calculation and Paying Agent, the Fund and certain other Persons, and as the same may be amended, restated or modified from time to time, or any similar agreement between the Fund and any
other calculation and paying agent appointed by the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Closed-End Funds</U>&#148; shall have the meaning as
set forth in <U>Section&nbsp;2.19(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Code</U>&#148; means the Internal Revenue Code of 1986, as amended.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Common Shares</U>&#148; means the common shares of beneficial interest,
par value $0.00001 per share, of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Conditional Acceptance</U>&#148; shall have the meaning as set forth
in <U>Section&nbsp;2.6(a)(ii)(B)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Corporate Affiliate</U>&#148; shall have the meaning as set forth in the
definition of &#147;Additional Amount Payment&#148; in this <U>Section&nbsp;1.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Custodian</U>&#148; means
a bank, as defined in Section&nbsp;2(a)(5) of the 1940 Act, that has the qualifications prescribed in paragraph 1 of Section&nbsp;26(a) of the 1940 Act, or such other entity as shall be providing custodian services to the Fund as permitted by the
1940 Act or any rule, regulation, or order thereunder, and shall include, as appropriate, any similarly qualified sub-custodian duly appointed by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Custodian Agreement</U>&#148; means any Custodian Agreement by and between the Custodian and the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Date of Original Issuance</U>&#148; means, with respect to any Series, the date specified as the Date of Original
Issuance for such Series in the Appendix for such Series. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Declaration</U>&#148; shall have the meaning as set
forth in the Recitals of this Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Default</U>&#148; shall mean a Dividend Default or a Redemption
Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Deposit Securities</U>&#148; means, as of any date, any United States dollar-denominated security or
other investment of a type described below that either (i)&nbsp;is a demand obligation payable to the holder thereof on any Business Day or (ii)&nbsp;has a maturity date, mandatory redemption date or mandatory payment date, on its face or at the
option of the holder, preceding the relevant Redemption Date, Dividend Payment Date or other payment date in respect of which such security or other investment has been deposited or set aside as a Deposit Security: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cash or any cash equivalent; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any U.S. Government Obligation; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any Municipal Security that has a credit rating from at least one
NRSRO that is the highest applicable rating generally ascribed by such NRSRO to Municipal Securities with substantially similar terms as of the date of this Statement (or such rating&#146;s future equivalent or, if not rated, as determined by PIMCO
to be of comparable quality), including (A)&nbsp;any such Municipal Security that has been pre-refunded by the issuer thereof with the proceeds of such refunding having been irrevocably deposited in trust or escrow for the repayment thereof and
(B)&nbsp;any such fixed or variable rate Municipal Security that qualifies as an eligible security under Rule 2a-7 under the 1940 Act; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
investment in any money market fund registered under the 1940 Act that qualifies under Rule 2a-7 under the 1940 Act, or similar investment vehicle described in Rule 12d1-1(b)(2) under the 1940 Act, that invests principally in Municipal Securities or
U.S. Government Obligations or any combination thereof; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(5)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any letter of credit from a bank or other financial institution that has a credit rating from at least one NRSRO that is the highest applicable rating generally ascribed by such NRSRO to bank deposits
or short-term debt of similar banks or other financial institutions as of the date of this Statement (or such rating&#146;s future equivalent or, if not rated, as determined by PIMCO to be of comparable quality). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Designated Owner</U>&#148; means a Person in whose name RVMTP Shares of any Series are recorded as beneficial owner
of such RVMTP Shares by the Securities Depository, an Agent Member or other securities intermediary on the records of such Securities Depository, Agent Member or securities intermediary, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Designated Owner Term Extension Request</U>&#148; shall have the meaning as set forth in
<U>Section&nbsp;2.6(a)(ii)(A)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Dividend Default</U>&#148; shall have the meaning as set forth
in&nbsp;<U>Section&nbsp;2.2(g)(i)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Dividend Payment Date</U>&#148; means, with respect to any Series, the
first Business Day of each calendar month that any shares of such Series are outstanding; <U>provided</U>, <U>however</U>, that with respect to any Series for which the first Dividend Period, as specified in the Appendix relating to such Series, is
longer than one month, the first Dividend Payment Date for such Series shall be the first Business Day of the calendar month immediately following the end of such Dividend Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Dividend Period</U>&#148; means, with respect to any Series, the Dividend Period for such Series set forth in the
Appendix for such Series. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Dividend Rate</U>&#148; means, with respect to any Rate Period for a Series of RVMTP
Shares and subject to the adjustment described in <U>Section&nbsp;2.11(a)</U>, the greater of (i)&nbsp;the sum of the Index Rate for such Rate Period <U>plus</U> the Applicable Spread for such Rate Period plus the Failed Remarketing Spread (if
applicable) and (ii)&nbsp;the sum of (a)&nbsp;the product of the Index Rate for such Rate Period <U>multiplied by</U> the Applicable Multiplier for such Rate Period <U>plus</U> (b)&nbsp;0.92% <U>plus</U> (c)&nbsp;the Failed Remarketing Spread (if
applicable); <U>provided</U>, <U>however</U>, that with respect to any Increased Rate Period, the Dividend Rate shall mean the Increased Rate for such Increased Rate Period; and <U>provided</U> <U>further</U> that the Dividend Rate for any Rate
Period shall in no event exceed the Maximum Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Early Term Redemption Date</U>&#148; means, with respect to
any Series, the date specified as the Early Term Redemption Date (if any) in the Appendix for such Series. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Effective Leverage Ratio</U>&#148; shall have the meaning as set forth
in <U>Section&nbsp;2.4(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Effective Leverage Ratio Cure Date</U>&#148; shall have the meaning as set forth
in <U>Section&nbsp;2.6(b)(ii)(A).</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Electronic Means</U>&#148; means email transmission, facsimile
transmission or other similar electronic means of communication providing evidence of transmission (but excluding online communications systems covered by a separate agreement) acceptable to the sending party and the receiving party, in any case if
operative as between any two parties, or, if not operative, by telephone (promptly confirmed by any other method set forth in this definition), which, in the case of notices to the Calculation and Paying Agent and the Custodian, shall be sent by
such means to each of its representatives set forth in the Calculation and Paying Agent Agreement and the Custodian Agreement, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Exchange Act</U>&#148; means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations
thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Failed Early Term Redemption Date Remarketing</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;2.5(c)(i)</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Failed Special Terms Period Remarketing</U>&#148; shall have the meaning set
forth in <U>Section&nbsp;2.5(c)(ii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Failed Remarketing Spread</U>&#148; means (a)&nbsp;in the case of a
Failed Special Terms Period Remarketing, (i)&nbsp;for so long as two or more Failed Special Terms Period Remarketings have not occurred, 0.05%, and (ii)&nbsp;following the second occurrence of a Failed Special Terms Period Remarketing, 0.10%
multiplied by the number of Failed Special Terms Period Remarketings that have occurred after the first Failed Special Terms Period Remarketing, and (b)&nbsp;in the case of a Failed Early Term Redemption Date Remarketing: (i)&nbsp;0.75% for the
first 59 days following the applicable Early Term Redemption Date, (ii)&nbsp;1.00% for the 60th to the 89th day following such Early Term Redemption Date, (iii)&nbsp;1.25% for the 90th to the 119th day following such Early Term Redemption Date,
(iv)&nbsp;1.50% for the 120th to the 149th day following such Early Term Redemption Date, and (v)&nbsp;1.75% for the 150th day following such Early Term Redemption Date to the date of the associated mandatory redemption of the RVMTP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Fitch</U>&#148; means Fitch Ratings, a part of the Fitch Group, and any successor or successors thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Fund</U>&#148; shall have the meaning as set forth in the Preamble to this Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Holder</U>&#148; means, with respect to the RVMTP Shares of any Series or any other security issued by the Fund, a
Person in whose name such security is registered in the registration books of the Fund maintained by the Calculation and Paying Agent or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Holder Term Extension Request</U>&#148; shall have the meaning as set
forth in <U>Section&nbsp;2.6(a)(iii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Increased Rate</U>&#148; means, with respect to any Increased Rate
Period for a Series of RVMTP Shares, the Index Rate for such Increased Rate Period plus an Applicable Spread of 5.92%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Increased Rate Period</U>&#148; shall have the meaning as set forth in <U>Section&nbsp;2.2(g)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Index Rate</U>&#148; means, with respect to any Rate Period for a Series of RVMTP Shares, the SIFMA Municipal Swap
Index made available by 3:00 p.m., New York City time, as determined on the Rate Determination Date relating to such Rate Period or, except as otherwise provided in the definition of &#147;SIFMA Municipal Swap Index&#148; if such index is not made
available by 5:00 p.m., New York City time, on such date, the SIFMA Municipal Swap Index as determined on the previous Rate Determination Date; provided, however, if the SIFMA Municipal Swap Index is less than zero (0), the SIFMA Municipal Swap
Index will be deemed to be zero (0)&nbsp;for purposes of the determination of the &#147;Index Rate&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Initial Rate Period</U>&#148; means, with respect to the RVMTP Shares of any Series, the period commencing on and
including the Date of Original Issuance thereof and ending on, and including, the next succeeding calendar day that is a Wednesday (or if such Wednesday is not a Business Day, the next succeeding Business Day). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Liquidation Preference</U>&#148; means, with respect to any Series, the amount specified as the liquidation
preference per share for that Series in the Appendix for such Series. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Liquidity Account Initial Date</U>&#148;
means, with respect to any Series, the date designated as the Liquidity Account Initial Date in the Appendix for such Series. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Liquidity Account Investments</U>&#148; means Deposit Securities or any other security or investment owned by the
Fund that is rated not less than A3 by Moody&#146;s, A- by Standard&nbsp;&amp; Poor&#146;s, A- by Fitch or an equivalent rating by any other NRSRO (or any such rating&#146;s future equivalent) or if not rated, determined by the Adviser to be of
comparable quality. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Liquidity Requirement</U>&#148; shall have the meaning as set forth in
<U>Section&nbsp;2.12(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Mandatory 1940 Act Asset Coverage Redemption Price</U>&#148; shall have the
meaning as set forth in <U>Section&nbsp;2.6(b)(i)(A)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Mandatory Tender</U>&#148; means, in connection with
a Remarketing, the required tender of all RVMTP Shares of a particular Series (except to the extent affirmatively retained by any applicable Holder of RVMTP Shares of such Series pursuant to <U>Section&nbsp;2.5(a)(iv))</U> to the Remarketing
Settlement Agent for purchase on the applicable Mandatory Tender Date </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Mandatory Tender Date</U>&#148; shall have the meaning as set forth in
<U>Section&nbsp;2.5(a)(iii)(C)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Mandatory Tender Event</U>&#148; shall have the meaning as set forth in
<U>Section&nbsp;2.5(a)(i)(C)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Mandatory Tender Redemption Date</U>&#148; shall have the meaning as set
forth in <U>Section&nbsp;2.6(a)(iv)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Mandatory Tender Redemption Price</U>&#148; shall have the meaning as
set forth in <U>Section&nbsp;2.6(a)(iv)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Market Value</U>&#148; of any asset of the Fund means, for
securities for which market quotations are readily available, the market value thereof determined on the basis of official closing prices or the last reported sales prices on the valuation date, or if no sales are reported on the valuation date,
based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Fund&#146;s approved pricing services, quotation reporting systems and other third-party sources. Investments for which market quotes or
market based valuations are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Maximum Rate</U>&#148; means 15%&nbsp;per annum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Moody&#146;s</U>&#148; means Moody&#146;s Investors Service, Inc. and any successor or successors thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Municipal Securities</U>&#148; means municipal securities as described under the heading &#147;Portfolio
Contents&#148; in the prospectus or other offering document for a Series of RVMTP Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>No Adverse Effect
Opinion</U>&#148; means an opinion of independent counsel nationally recognized for having expertise in the taxation of regulated investment companies to the effect that the requested action, if undertaken, will not have an adverse effect on any of
the opinions of counsel delivered in connection with the issuance of the RVMTP Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Notice of Mandatory
Tender</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.5(a)(ii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Notice of
Redemption</U>&#148; shall have the meaning as set forth in <U>Section&nbsp;2.6(d)(i)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Notice of Special
Terms Period</U>&#148; shall have the meaning as set forth in <U>Section&nbsp;2.2(h)(iii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Notice of
Taxable Allocation</U>&#148; shall have the meaning as set forth in <U>Section&nbsp;2.11(a)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>NRSRO</U>&#148; means (a)&nbsp;each of Fitch, Moody&#146;s and
Standard&nbsp;&amp; Poor&#146;s so long as such Person is a nationally recognized statistical rating organization within the meaning of Section&nbsp;3(a)(62) of the Exchange Act and (b)&nbsp;any other nationally recognized statistical rating
organization within the meaning of Section&nbsp;3(a)(62) of the Exchange Act that is not an &#147;affiliated person&#148; (as defined in Section&nbsp;2(a)(3) of the 1940 Act) of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Optional Redemption Date</U>&#148; shall have the meaning as set forth in Section&nbsp;2.6(c)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Optional Redemption Premium</U>&#148; means, with respect to any Series, the premium payable by the Fund upon the
redemption of RVMTP Shares of such Series at the option of the Fund, as set forth in the Appendix for such Series. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Optional Redemption Price</U>&#148; shall have the meaning as set forth in Section&nbsp;2.6(c)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Other Rating Agency</U>&#148; means each Rating Agency, if any, other than Fitch, Standard&nbsp;&amp; Poor&#146;s,
or Moody&#146;s then providing a rating for the RVMTP Shares pursuant to the request of the Fund and with the consent of the Holders of a majority of the RVMTP Shares, which shall not be unreasonably withheld by such Holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Outstanding</U>&#148; means, as of any date with respect to RVMTP Shares of any Series, the number of RVMTP Shares
of such Series theretofore issued by the Fund except (without duplication): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any RVMTP Shares of such Series theretofore exchanged, cancelled, retired or redeemed or delivered to the Calculation and Paying Agent for cancellation or redemption in accordance with the terms hereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any RVMTP Shares of such Series as to which the Fund shall has given
a Notice of Redemption and irrevocably deposited with the Calculation and Paying Agent sufficient Deposit Securities to redeem such shares in accordance with Section&nbsp;2.6 hereof; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any RVMTP Shares of such Series as to which the Fund is the Holder or
the Designated Owner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Person</U>&#148; means and includes an individual, a partnership, a trust, a corporation,
a limited liability company, an unincorporated association, a joint venture or other entity or a government or any agency or political subdivision thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>PIMCO Person</U>&#148; means the Adviser or any affiliated person (as defined in Section&nbsp;2(a)(3) of the 1940
Act) of the Adviser (other than the Fund, in the case of a redemption or purchase </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
of the RVMTP Shares which are to be cancelled within ten (10)&nbsp;calendar days of purchase by the Fund). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Preferred Shares</U>&#148; means the authorized preferred shares of beneficial interest of the Fund, including RVMTP
Shares of each Series, Auction Preferred Shares, shares of any other series of preferred shares of beneficial interest now or hereafter issued by the Fund, and any other shares of beneficial interest hereafter authorized and issued by the Fund of a
class having priority over another class as to distribution of assets or payments of dividends. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Pro Rata
Allocation</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.6(b)(i)(A)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Purchase
Agreement</U>&#148; means (i)&nbsp;with respect to the initial Series of RVMTP Shares issued pursuant to this Statement, the Purchase Agreement to be dated as of September&nbsp;18, 2018 between the Fund and the Purchaser, in any case, as such
agreement may be amended, restated, or modified from time to time, including, without limitation, the amendment and restatement of such Purchase Agreement dated as of July&nbsp;14, 2021 and (ii)&nbsp;with respect to any subsequent Series of RVMTP
Shares issued pursuant to this Statement, the purchase agreement or other similar agreement for the RVMTP Shares of such Series (if any) specified in the Appendix for such Series, in any case, as such agreement may be amended, restated, or modified
from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Purchaser</U>&#148; means, Wells Fargo Municipal Capital Strategies, LLC, a wholly-owned
subsidiary of Wells Fargo&nbsp;&amp; Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Rate Determination Date</U>&#148; means, with respect to the
Initial Rate Period for any Series of RVMTP Shares, the calendar day immediately preceding the Date of Original Issuance of such Series, and with respect to any Subsequent Rate Period for any Series of RVMTP Shares, the last calendar day of the
immediately preceding Rate Period for such Series or, if such calendar day is not a Business Day, the next succeeding Business Day; <U>provided</U>, <U>however</U>, that the next succeeding Rate Determination Date will be determined without regard
to any prior extension of a Rate Determination Date to a Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Rate Period</U>&#148; means, with
respect to any Series of RVMTP Shares, the Initial Rate Period and any Subsequent Rate Period of the RVMTP Shares of such Series. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>R</U><U>ating Agency</U>&#148; means, as of any date and in respect of a Series of RVMTP Shares, (i)&nbsp;any of
Fitch, Moody&#146;s, or Standard&nbsp;&amp; Poor&#146;s, to the extent it maintains a rating on the RVMTP Shares of such Series on such date and has not been replaced as a Rating Agency in accordance with <U>Section&nbsp;2.8</U> and (ii)&nbsp;any
Other Rating Agency designated as a Rating Agency on such date in accordance with <U>Section&nbsp;2.8</U>. In the event that at any time any Rating Agency (i)&nbsp;ceases to be a Rating Agency for purposes of any Series of RVMTP Shares and such
Rating Agency has been replaced by an Other Rating Agency in accordance with <U>Section&nbsp;2.8</U>, any references to any credit rating of the replaced Rating Agency in this Statement or any Appendix shall be deleted for purposes hereof as
provided below and shall be deemed instead to be references to the equivalent </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
credit rating of the Other Rating Agency that has replaced such Rating Agency as of the most recent date on which such replacement Other Rating Agency published credit ratings for such Series of
RVMTP Shares or (ii)&nbsp;designates a new rating definition for any credit rating of such Rating Agency with a corresponding replacement rating definition for such credit rating of such Rating Agency, any references to such replaced rating
definition of such Rating Agency contained in this Statement or any Appendix shall instead be deemed to be references to such corresponding replacement rating definition. In the event that at any time the designation of any Rating Agency as a Rating
Agency for purposes of any Series of RVMTP Shares is terminated in accordance with <U>Section&nbsp;2.8</U>, any rating of such terminated Rating Agency, to the extent it would have been taken into account in any of the provisions of this Statement
or the Appendix for such Series, shall be disregarded, and only the ratings of the then-designated Rating Agencies for such Series shall be taken into account for purposes of this Statement and such Appendix. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Rating Agency Guidelines</U>&#148; means the guidelines of any Rating Agency, as they may be modified from time to
time, compliance with which is required to cause such Rating Agency to continue to issue a rating with respect to a Series of RVMTP Shares for so long as such Series is Outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Ratings Event</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.2(g)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Redesignation Date</U>&#148; shall be the date specified as the Redesignation Date for such Series in the Appendix
for such Series. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Redemption Date</U>&#148; means, with respect to a redemption pursuant to
<U>Section&nbsp;2.6(a)(i), (b)&nbsp;or (c)</U>, the date fixed for redemption as stated in the Notice of Redemption with respect to such redemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Redemption Default</U>&#148; shall have the meaning as set forth in <U>Section&nbsp;2.2(g)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Redemption Price</U>&#148; shall mean the Term Redemption Price, the Mandatory 1940 Act Asset Coverage Redemption
Price, the Mandatory Tender Redemption Price, or the Optional Redemption Price, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Remarketing</U>&#148; means the offering of RVMTP Shares for resale as described in <U>Section&nbsp;2.5(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Remarketing Purchase Price</U>&#148; means, with respect to the RVMTP Shares subject to a Remarketing, a price per
share equal to the Liquidation Preference per share plus an amount equal to all unpaid dividends and other distributions on such RVMTP Shares accumulated from and including the Date of Original Issuance of such RVMTP Shares to (but excluding) the
Mandatory Tender Date for such RVMTP Shares (whether or not earned or declared by the Fund, but excluding interest thereon). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">12 </P>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Remarketing Settlement Agent</U>&#148; means the entity appointed as
such by the Fund with respect to a Remarketing of any Series of the RVMTP Shares and any additional or successor entities appointed by the Fund pursuant to a Remarketing Settlement Agent Agreement with the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Remarketing Settlement Agent Agreement</U>&#148; means the Remarketing Settlement Agent Agreement, if any, with
respect to the RVMTP Shares, between the Fund and the Remarketing Settlement Agent and any other party thereto, as amended, modified or supplemented from time to time, or any similar agreement with a successor Remarketing Settlement Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>RVMTP</U>&#148; shall have the meaning as set forth in the Recitals of this Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>RVMTP Shares</U>&#148; shall have the meaning as set forth in the Recitals of this Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>RVMTP Shares of a Series</U>&#148; shall have the meaning as set forth in the Recitals of this Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Securities Act</U>&#148; means the U.S. Securities Act of 1933, as amended, and the rules and regulations
thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Securities Depository</U>&#148; shall mean The Depository Trust Company and its successors and
assigns or any other securities depository selected by the Fund that agrees to follow the procedures required to be followed by such securities depository as set forth in this Statement with respect to the RVMTP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Series</U>&#148; and &#147;<U>Series of RVMTP Shares</U>&#148; shall have the meanings as set forth in the Recitals
of this Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>SIFMA Municipal Swap Index</U>&#148; means the Securities Industry and Financial Markets
Association Municipal Swap Index, or such other weekly, high-grade index comprised of seven-day, tax-exempt variable rate demand notes produced by Municipal Market Data, Inc. or its successor, or as otherwise designated by the Securities Industry
and Financial Markets Association; <U>provided</U>, <U>however</U>, that if such index is no longer produced by Municipal Market Data, Inc. or its successor, then SIFMA Municipal Swap Index shall mean (i)&nbsp;the S&amp;P Municipal Bond 7 Day High
Grade Rate Index produced by Standard&nbsp;&amp; Poor&#146;s Financial Services LLC or its successors or (ii)&nbsp;if the S&amp;P Municipal Bond 7 Day High Grade Rate Index is no longer produced, such other reasonably comparable index selected in
good faith by the Board of Trustees of the Fund and consented to in writing by Holders of greater than 50% of RVMTP Shares, which shall not be unreasonably withheld by such Holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Special Terms Period</U>&#148; shall have the meaning as set forth in <U>Section&nbsp;2.2(h)(i)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Standard&nbsp;&amp; Poor&#146;s</U>&#148; means Standard&nbsp;&amp;
Poor&#146;s Ratings Services, a Standard&nbsp;&amp; Poor&#146;s Financial Services LLC business, and any successor or successors thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Statement</U>&#148; means this Amended and Restated Statement Establishing and Fixing the Rights and Preferences of
Remarketable Variable Rate MuniFund Term Preferred Shares, as it may be amended from time to time in accordance with its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Subsequent Rate Period</U>&#148; means, with respect to any Series of RVMTP Shares, the period consisting of seven
calendar days, but adjusted in each case to reflect any changes when the regular calendar day that is a Rate Determination Date is not a Business Day, from, and including, the first calendar day following the Initial Rate Period of such Series to,
and including, the next Rate Determination Date for such Series and any period thereafter from, and including, the first calendar day following a Rate Determination Date for shares of such Series to, and including, the next succeeding Rate
Determination Date for shares of such Series. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Tax Event</U>&#148; shall have the meaning as set forth in
<U>Section&nbsp;2.2(g)(i)(E)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Taxable Allocation</U>&#148; means, with respect to any Series, the
characterization of all or a portion of any dividend paid in respect of such Series as net capital gains or other income taxable for regular federal individual income tax purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Term Redemption Amount</U>&#148; shall have the meaning as set forth in <U>Section&nbsp;2.12(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Term Redemption Date</U>&#148; means, with respect to any Series, the date specified as the Term Redemption Date in
the Appendix for such Series, as such date may be extended in accordance with <U>Section&nbsp;2.6(a)</U> or as may otherwise be agreed in writing by the Fund and the Holders of 100% of the Outstanding RVMTP Shares of such Series. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Term Redemption Liquidity Account</U>&#148; shall have the meaning as set forth in <U>Section&nbsp;2.12(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Term Redemption Price</U>&#148; shall have the meaning as set forth in <U>Section&nbsp;2.6(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>U.S. Government Obligations</U>&#148; means direct obligations of the United States or of its agencies or
instrumentalities that are entitled to the full faith and credit of the United States and that, other than United States Treasury Bills, provide for the periodic payment of interest and the full payment of principal at maturity or call for
redemption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Voting Period</U>&#148; shall have the meaning as set forth in <U>Section&nbsp;2.7(b)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">With respect to any Series, any additional definitions specifically set forth in the Appendix relating to such Series and any
amendments to any definitions specifically set forth in the Appendix relating to such Series, as such Appendix may be amended from time to time, shall be incorporated herein and made part hereof by reference thereto, but only with respect to such
Series. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">14 </P>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_4"></A>1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Interpretation</U>. The headings preceding the text of Sections included in this Statement are for convenience only and shall not be deemed part of this Statement or be given any effect in interpreting this Statement. The use of the masculine,
feminine or neuter gender or the singular or plural form of words herein shall not limit any provision of this Statement. The use of the terms &#147;including&#148; or &#147;include&#148; shall in all cases herein mean &#147;including, without
limitation&#148; or &#147;include, without limitation,&#148; respectively. Reference to any Person includes such Person&#146;s successors and assigns to the extent such successors and assigns are permitted by the terms of any applicable agreement,
and reference to a Person in a particular capacity excludes such Person in any other capacity or individually. Reference to any agreement (including this Statement), document or instrument means such agreement, document or instrument as amended or
modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof. Except as otherwise expressly set forth herein, reference to any law means such law as amended, modified, codified, replaced or
re-enacted, in whole or in part, including rules, regulations, enforcement procedures and any interpretations promulgated thereunder. Underscored references to Sections shall refer to those portions of this Statement. The use of the terms
&#147;hereunder,&#148; &#147;hereof,&#148; &#147;hereto&#148; and words of similar import shall refer to this Statement as a whole and not to any particular Article, Section or clause of this Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unless otherwise provided, defined terms used in this Statement apply only to the RVMTP Shares and defined terms used in the
Auction Preferred Statement apply only to the Auction Preferred Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_5"></A>1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Liability of Officers, Trustees and Shareholders</U>. A
copy of the Declaration is on file with the Secretary of the Commonwealth of Massachusetts, and notice hereby is given that this Statement is executed on behalf of the Fund by an officer of the Fund in his or her capacity as an officer of the Fund
and not individually and that the obligations of the Fund under or arising out of this Statement are not binding upon any of the trustees, officers or shareholders individually but are binding only upon the assets and properties of the Fund. All
persons extending credit to, contracting with or having a claim against the Fund must look solely to the Fund&#146;s assets and property for the enforcement of any claims against the Fund as none of the Fund&#146;s officers, agents or shareholders,
whether past, present or future, assume any personal liability for obligations entered on behalf of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="exb288652_6"></A>TERMS APPLICABLE TO ALL SERIES OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Except for such changes and amendments hereto with respect to a Series of RVMTP Shares that are specifically contemplated by
the Appendix relating to such Series, each Series of RVMTP Shares subject to this Statement shall have the following terms: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_7"></A>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Number of Shares; Ranking</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">15 </P>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The number of authorized
shares constituting any Series of RVMTP Shares shall be as set forth with respect to such Series in the Appendix hereto relating to such Series. No fractional RVMTP Shares shall be issued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The RVMTP Shares of each Series shall rank on a parity with RVMTP
Shares of each other Series and with shares of any other series of Preferred Shares (including any Auction Preferred Shares) as to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up of the affairs of
the Fund. The RVMTP Shares of each Series shall have preference with respect to the payment of dividends and as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund over the Common Shares as set forth
herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Holder of RVMTP Shares shall have, solely by reason
of being such a Holder, any pre-emptive or other right to acquire, purchase or subscribe for any RVMTP Shares or Common Shares or other securities of the Fund which it may hereafter issue or sell. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_8"></A>2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Dividends and Distributions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Holders of RVMTP Shares of any Series shall be entitled to
receive, when, as and if declared by, or under authority granted by, the Board of Trustees, out of funds legally available therefor in accordance with the Declaration, this Statement, and applicable law, and in preference to dividends and other
distributions on Common Shares, cumulative cash dividends and other distributions on each share of such Series at the Dividend Rate for such Series, calculated as set forth herein, and no more. Dividends and other distributions on the RVMTP Shares
of any Series shall accumulate from the Date of Original Issuance with respect to such Series. The amount of dividends per share payable on RVMTP Shares of a Series on any Dividend Payment Date shall equal the sum of the dividends accumulated but
not yet paid for each Rate Period (or part thereof) in the related Dividend Period. The amount of dividends per share of a Series accumulated for each such Rate Period (or part thereof) shall be computed by (i)&nbsp;multiplying the Dividend Rate in
effect for RVMTP Shares of such Series for such Rate Period (or part thereof) by a fraction, the numerator of which shall be the actual number of calendar days in such Rate Period (or part thereof) and the denominator of which shall be the actual
number of calendar days in the year in which such Rate Period (or such part thereof) occurs (365 or 366) and (ii)&nbsp;multiplying the product determined pursuant to clause (i)&nbsp;by the Liquidation Preference for a share of such Series. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends on RVMTP Shares of each Series with respect to any Dividend
Period shall be declared to the Holders of such shares as their names shall appear on the registration books of the Fund at the close of business on each calendar day in such Dividend Period and shall be paid as provided in
<U>Section&nbsp;2.2(f)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No full dividends or other distributions shall be declared or paid on shares of a Series of RVMTP Shares for any Dividend Period or part thereof unless full cumulative dividends and other distributions
due through the most recent dividend payment dates therefor for all outstanding Preferred Shares (including shares of other Series of RVMTP Shares and the Auction Preferred Shares) ranking on a parity with such Series of RVMTP Shares have been or
contemporaneously are declared and paid through the most recent dividend payment dates therefor. If full cumulative dividends or other distributions due have not been declared and paid on all such outstanding Preferred Shares of any series, any
dividends and other distributions being declared and paid on RVMTP Shares of a Series will be declared and paid as nearly pro rata as possible in proportion to the respective amounts of dividends and other distributions accumulated but unpaid on the
shares of each such series of Preferred Shares (including, without limitation, the Auction Preferred Shares) on the relevant dividend payment date for such series. Subject to <U>Section&nbsp;2.11</U> hereof and Section&nbsp;2.3 of the Purchase
Agreement, no Holders of RVMTP Shares shall be entitled to any dividends or other distributions, whether payable in cash, property or shares, in excess of full cumulative dividends and other distributions as provided in this
<U>Section&nbsp;2.2(c)(i)</U> on such RVMTP Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For so
long as any RVMTP Shares are Outstanding, the Fund shall not: (x)&nbsp;declare or pay any dividend or other distribution (other than a dividend or distribution paid in Common Shares) in respect of the Common Shares, (y)&nbsp;call for redemption,
redeem, purchase or otherwise acquire for consideration any Common Shares, or (z)&nbsp;pay any proceeds of the liquidation of the Fund in respect of the Common Shares, unless, in each case, (A)&nbsp;immediately thereafter, the Fund shall have 1940
Act Asset Coverage, in each case after deducting the amount of such dividend or distribution or redemption or purchase price or liquidation proceeds, (B)&nbsp;all cumulative dividends and other distributions on all RVMTP Shares and all other series
of Preferred Shares ranking on a parity with the RVMTP Shares (including the Auction Preferred Shares) due on or prior to the date the applicable dividend, distribution, redemption, purchase or acquisition shall have been declared and paid (or shall
have been declared and Deposit Securities (in the case of the RVMTP Shares) or other sufficient securities or funds (in the case of other Preferred Shares, as applicable) for the payment thereof shall have been deposited irrevocably with the paying
agent for such Preferred Shares) and (C)&nbsp;the Fund shall have deposited Deposit Securities pursuant to and in accordance with the requirements of <U>Section&nbsp;2.6(d)(ii)</U> hereof with respect to Outstanding RVMTP Shares of any Series to be
redeemed pursuant to <U>Section&nbsp;2.6(a)</U> or <U>Section&nbsp;2.6(b)</U> hereof for which a Notice of Redemption shall have been given or shall have been required to be given in accordance with the terms hereof on or prior to the date of the
applicable dividend, distribution, redemption, purchase or acquisition. For the avoidance of doubt, Section&nbsp;11.2(d) of the Auction Preferred Statement contains </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">17 </P>


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additional provisions that restrict the declaration and payment of dividends and other distributions with respect to Common Shares and parity shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any dividend payment made on RVMTP Shares of a Series shall first
be credited against the dividends and other distributions accumulated with respect to the earliest Dividend Period for such Series for which dividends and distributions have not been paid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not later than 12:00 noon, New York City time, on the Dividend
Payment Date for a Series of RVMTP Shares, the Fund shall deposit with the Calculation and Paying Agent Deposit Securities having an aggregate Market Value on such date sufficient to pay the dividends and other distributions, if any, that are
payable on such Dividend Payment Date in respect of such Series. The Fund may direct the Calculation and Paying Agent with respect to the investment or reinvestment of any such Deposit Securities so deposited prior to the Dividend Payment Date,
provided that such investment consists exclusively of Deposit Securities and provided further that the proceeds of any such investment will be available as same-day funds at the opening of business on such Dividend Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Deposit Securities deposited with the Calculation and Paying
Agent for the payment of dividends payable on a Series of RVMTP Shares shall be held in trust for the payment of such dividends by the Calculation and Paying Agent for the benefit of the Holders of such Series entitled to the payment of such
dividends pursuant to <U>Section&nbsp;2.2(f)</U>. Any moneys paid to the Calculation and Paying Agent in accordance with the foregoing but not applied by the Calculation and Paying Agent to the payment of dividends, including interest earned on such
moneys while so held, will, to the extent permitted by law, be repaid to the Fund as soon as possible after the date on which such moneys were to have been so applied, upon request of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and any distributions made pursuant to
<U>Section&nbsp;2.11(a)</U> on RVMTP Shares of a Series shall be paid on each Dividend Payment Date for such Series, out of funds legally available therefor under applicable law, when, as and if declared by the Board of Trustees, or under authority
granted by, and pursuant to <U>Section&nbsp;2.2(a)</U> hereof, to the Holders of shares of such Series as their names appear on the registration books of the Fund at the close of business on the calendar day immediately preceding such Dividend
Payment Date (or if such calendar day is not a Business Day, the next preceding Business Day). Dividends and any distributions made pursuant to <U>Section&nbsp;2.11(a)</U> in arrears on RVMTP Shares of a Series for any past Dividend Period may be
declared and paid at any time, without reference to any regular Dividend Payment Date, to the Holders of shares of such Series as their names appear on the registration books of the Fund on such date, not exceeding fifteen&nbsp;(15) calendar days
preceding the payment date thereof, as may be fixed by the Board of Trustees. No interest or sum of money in lieu of interest will be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">18 </P>


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payable in respect of any dividend payment or payments or other distributions on RVMTP Shares of any Series which may be in arrears. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Increased Rate </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Dividend Rate on a Series of RVMTP Shares shall be adjusted to
the Increased Rate for each Increased Rate Period (as hereinafter defined). Subject to the cure provisions of Section&nbsp;2.2(g)(iii), a Rate Period with respect to a Series of RVMTP Shares shall be deemed to be an &#147;Increased Rate Period&#148;
if on the first calendar day of such Rate Period, (A)&nbsp;the Fund has failed to deposit with the Calculation and Paying Agent by 12:00 noon, New York City time, on a Dividend Payment Date for such Series, Deposit Securities that will provide funds
available to the Calculation and Paying Agent on such Dividend Payment Date sufficient to pay the full amount of any dividend on such Series payable on such Dividend Payment Date (a &#147;Dividend Default&#148;) and such Dividend Default has not
ended as contemplated by Section&nbsp;2.2(g)(ii); (B)&nbsp;the Fund has failed to deposit with the Calculation and Paying Agent by 12:00 noon, New York City time, on an applicable Redemption Date for such Series, Deposit Securities that will provide
funds available to the Calculation and Paying Agent on such Redemption Date sufficient to pay the full amount of the Redemption Price payable in respect of such Series on such Redemption Date (a &#147;Redemption Default&#148;) and such Redemption
Default has not ended as contemplated by Section&nbsp;2.2(g)(ii); (C)&nbsp;any Rating Agency has withdrawn the credit rating required to be maintained with respect to such Series pursuant to Section&nbsp;2.8 other than due to the Rating Agency
ceasing to rate tax-exempt closed-end management investment companies generally and such withdrawal is continuing; (D)&nbsp;a Ratings Event (as defined below) has occurred and is continuing with respect to such Series; or (E)&nbsp;(i)&nbsp;a court
or other applicable governmental authority has made a final determination that for U.S. federal income tax purposes the RVMTP Shares do not qualify as equity in the Fund and such determination has not been repealed, revoked or rescinded and
(ii)&nbsp;such determination results from an act or failure to act on the part of the Fund (a &#147;Tax Event&#148;). A &#147;Ratings Event&#148; shall be deemed to exist with respect to any Series of RVMTP Shares at any time such RVMTP Shares have
a long-term credit rating from at least one-half of the Rating Agencies designated at such time that is Below Investment Grade. For the avoidance of doubt, no determination by any court or other applicable governmental authority that requires the
Fund to make an Additional Amount Payment in respect of a Taxable Allocation shall be deemed to be a Tax Event hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the cure provisions of <U>Section&nbsp;2.2(g)(iii)</U>,
a Dividend Default or a Redemption Default on a Series of RVMTP Shares shall end on the Business Day on which, by 12:00 noon, New York City time, an amount </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">19 </P>


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equal to all accumulated but unpaid dividends on such Series and any unpaid Redemption Price on such Series shall have been deposited irrevocably in trust in same-day funds with the Calculation
and Paying Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Increased Rate Period for a Series of
RVMTP Shares with respect to any Dividend Default or Redemption Default on such Series shall be deemed to have commenced if the amount of any dividend or any Redemption Price due in respect of such Series (if such Default is not solely due to the
willful failure of the Fund) is deposited irrevocably in trust, in same-day funds, with the Calculation and Paying Agent by 12:00 noon, New York City time, on a Business Day that is not later than three (3)&nbsp;Business Days after the applicable
Dividend Payment Date or Redemption Date for such Series with respect to which such Default occurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designation of Special Terms Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:25%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Right to Declare a Special Terms Period</U>. The Fund, acting in
its sole and absolute discretion but otherwise subject to the terms of this Statement, may designate a &#147;<U>Special Terms Period</U>&#148; with respect any Series of RVMTP Shares (which, for the avoidance of doubt, shall apply to all RVMTP
Shares of such Series), during which period, such terms may differ from those provided in this Statement and may include, without limitation, changes to the Dividend Rate, Dividend Payment Dates, redemption provisions (including, without limitation,
the Term Redemption Date or the Early Term Redemption Date), required Effective Leverage Ratio, and Additional Amount Payment provisions; provided that such special terms shall not, in any event, affect the parity ranking of such Series of RVMTP
Shares relative to any other Series of RVMTP Shares, the Auction Preferred Shares or any other series of Preferred Shares of the Fund then outstanding as to the payment of dividends and the distribution of assets upon dissolution, liquidation or
winding up of the affairs of the Fund. The effectiveness of any change to the terms of the RVMTP Shares pursuant to the exercise by the Fund of its option to designate a Special Terms Period with respect to any Series of RVMTP Shares shall be
subject to the filing of an amendment to the terms of such RVMTP Shares that has been approved by the Board of Trustees and approved by 100% of the Holders of the affected Series of RVMTP Shares in the manner set forth in <U>Section&nbsp;2.7(a)</U>.
For the avoidance of doubt, (A)&nbsp;the terms of any such Special Terms Period that may be designated pursuant to the foregoing sentence shall amend and/or replace the applicable provisions of this Statement (and/or the relevant Appendix for the
affected Series) that are in effect at the time such Special Terms Period is declared and (B)&nbsp;subject to <U>Section&nbsp;2.5(a)</U>, the terms of the Statement that were in effect at the most recent time during which no Special Terms Period was
in effect will automatically continue to be in effect immediately following the end of a Special Terms Period unless a subsequent Special Terms Period has been declared that will take effect immediately following the prior
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">20 </P>


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Special Terms Period, if the Holders of the RVMTP Shares have made an election to retain the RVMTP Shares with respect to the Mandatory Tender Date corresponding to the final date of such Special
Terms Period and/or the RVMTP Shares of any Holders that have not made such election, if any, are Remarketed pursuant to <U>Section&nbsp;2.5(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:25%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Length of and Preconditions for Special Terms Period</U>. Any
Special Terms Period shall commence on a designated Thursday and end on the earlier of a designated Wednesday or the applicable Redemption Date or Mandatory Tender Redemption Date, as the case may be. A designation of a Special Terms Period shall be
effective only if (1)&nbsp;notice thereof shall have been given to the Holders of the affected Series of RVMTP Shares in accordance with <U>Section&nbsp;2.2(h)(ii)<B>Error! Reference source not found.</B></U> and <U>(iii)</U>, (2)&nbsp;full
cumulative dividends and any amounts due with respect to redemptions payable on the affected Series of RVMTP Shares prior to such date have been paid in full, (3)&nbsp;such designation of a Special Terms Period shall not become effective prior to 12
months subsequent to the Date of Original Issuance of the affected Series of RVMTP Shares, (4)&nbsp;all of the Outstanding RVMTP Shares of the affected Series shall be subject to such Special Terms Period, and (5)&nbsp;all of the Outstanding RVMTP
Shares of the affected Series that are subject to Remarketing in connection with the redemption triggered by the declaration of the Special Terms Period are successfully Remarketed (except to the extent any applicable Holders of such affected Series
of RVMTP Shares have affirmatively elected to retain their RVMTP Shares of such Series for the Special Terms Period). Any failure to satisfy the preconditions to a Special Terms Period shall result in such Special Terms Period not becoming
effective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:25%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notice of Special Terms Period</U>. If the Fund
proposes to designate a Special Terms Period, not less than 20 Business Days (or such lesser number of days as may be agreed to from time to time by the Holders of the affected Series of RVMTP Shares and the Remarketing Settlement Agent) nor more
than 30 Business Days prior to the date the Fund proposes to designate as the first day of such Special Terms Period, a notice (a &#147;<U>Notice of Special Terms Period</U>&#148;) shall be sent by the Fund or its designee by Electronic Means (or by
first-class mail, postage prepaid, where the RVMTP Shares of the affected Series are in physical form outside the book-entry system of the Securities Depository) to the Holders of the affected Series of RVMTP Shares, with copies provided by the Fund
to the Remarketing Settlement Agent and the Calculation and Paying Agent via Electronic Means and by the Fund or its designee to the initial Holder of the affected Series of RVMTP Shares in accordance with the notice provisions in the Purchase
Agreement. Each such notice shall state (A)&nbsp;that the Fund has exercised its option to propose a Special Terms Period with respect to such Series of RVMTP Shares, (B)&nbsp;the Rate Determination Date immediately prior to the first day of such
Special Terms Period, (C)&nbsp;that such Special Terms Period shall not commence unless the conditions precedent thereto in <U>Section&nbsp;2.2(h)(ii)</U> are satisfied, (D)&nbsp;a description of the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">21 </P>


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special terms to be applicable to such Series of RVMTP Shares and (E)&nbsp;the date upon which such Series of RVMTP Shares shall be subject to Remarketing pursuant to
<U>Section&nbsp;2.5(b)1.5.(b)</U> (except to the extent affirmatively retained by any applicable Holder of RVMTP Shares of such Series pursuant to <U>Section&nbsp;2.5(a)(iv))</U>. The Fund may provide in any Notice of Special Terms Period that such
Special Terms Period is subject to one or more additional conditions precedent, in which case the special terms of such Special Terms Period shall not become effective unless each such additional condition has been satisfied or the Fund has waived
each such condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_9"></A>2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Liquidation
Rights</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The RVMTP Shares shall rank on parity with each
other, with shares of any other Series of RVMTP Shares, and with shares of any other class or series of Preferred Shares (including the Auction Preferred Shares) as to distribution of assets upon dissolution, liquidation, or winding-up of the
affairs of the Fund. In this regard, the provisions of this <U>Section&nbsp;2.3</U> shall be applied consistently with Section&nbsp;11.3 of the Auction Preferred Statement and with all other Preferred Shares such that Holders of the RVMTP Shares and
holders of the Auction Preferred Shares and any other Preferred Shares are treated on parity with one another with respect to any such distribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any liquidation, dissolution or winding up of the
affairs of the Fund, whether voluntary or involuntary, the Holders of RVMTP Shares shall be entitled to receive out of the assets of the Fund available for distribution to shareholders, after satisfying claims of creditors but before any
distribution or payment shall be made in respect of the Common Shares, a liquidation distribution equal to the Liquidation Preference for such shares, plus an amount equal to all unpaid dividends and other distributions on such shares accumulated to
(but excluding) the date fixed for such distribution or payment on such shares (whether or not earned or declared by the Fund, but without interest thereon), and such Holders shall be entitled to no further participation in any distribution or
payment in connection with any such liquidation, dissolution or winding up. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, upon any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the assets of the Fund available for distribution among the Holders of all Outstanding RVMTP Shares
and any other outstanding Preferred Shares ranking on a parity with the RVMTP Shares (including, without limitation, the Auction Preferred Shares) shall be insufficient to permit the payment in full to such Holders of the Liquidation Preference of
such RVMTP Shares plus accumulated and unpaid dividends and other distributions on such shares as provided in <U>Section&nbsp;2.3(b)</U> above and the amounts due upon liquidation with respect to such other Preferred Shares, then such available
assets shall be distributed among the Holders of such RVMTP Shares and such other Preferred Shares ratably in proportion to the respective preferential liquidation </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">22 </P>


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amounts to which they are entitled. In connection with any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, unless and until the Liquidation
Preference on each Outstanding RVMTP Share plus accumulated and unpaid dividends and other distributions on such shares as provided in <U>Section&nbsp;2.3(b)</U> above have been paid in full to the Holders of such shares, no dividends, distributions
or other payments will be made on, and no redemption, purchase or other acquisition by the Fund will be made by the Fund in respect of, the Common Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the sale of all or substantially all of the property or
business of the Fund, nor the merger, consolidation or reorganization of the Fund into or with any other business or statutory trust, corporation or other entity, nor the merger, consolidation or reorganization of any other business or statutory
trust, corporation or other entity into or with the Fund shall be a dissolution, liquidation or winding up, whether voluntary or involuntary, for the purpose of this <U>Section&nbsp;2.3</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_10"></A>2.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Coverage&nbsp;&amp; Leverage Tests</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>1940 Act Asset Coverage Requirement</U>. The Fund shall
maintain 1940 Act Asset Coverage as of the close of business on the last Business Day of each month in which any RVMTP Shares of any Series are Outstanding. If the Fund shall fail to maintain such 1940 Act Asset Coverage as of any time as of which
such compliance is required to be determined as aforesaid, the provisions of <U>Section&nbsp;2.6(b)(i)</U> shall be applicable, which provisions to the extent complied with shall constitute the sole remedy for the Fund&#146;s failure to comply with
the provisions of this <U>Section&nbsp;2.4(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation of 1940 Act Asset Coverage</U>. For purposes of determining whether the requirements of <U>Section&nbsp;2.4(a)</U> are satisfied, (i)&nbsp;no RVMTP Shares of any Series or other Preferred Shares
shall be deemed to be Outstanding for purposes of any computation required by <U>Section&nbsp;2.4(a)</U> if, prior to or concurrently with such determination, sufficient Deposit Securities (in the case of the RVMTP Shares) or other sufficient
securities or funds (in the case of other Preferred Shares, as applicable), in each case in accordance with the terms of such Series or other Preferred Shares, to pay the full redemption price for such Series or other Preferred Shares (or the
portion thereof to be redeemed) have been deposited in trust with the paying agent for such Series or other Preferred Shares and the requisite notice of redemption for such Series or other Preferred Shares (or the portion thereof to be redeemed) has
been given, and (ii)&nbsp;the Deposit Securities or other sufficient securities or funds, as applicable that have been deposited with the applicable paying agent shall not be included as assets of the Fund for purposes of such computation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective Leverage Ratio Requirement</U>. Unless the Fund receives
the prior written consent of all Holders, for so long as RVMTP Shares of any Series are </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">23 </P>


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Outstanding, the Effective Leverage Ratio shall not exceed 50% as of the close of business on any Business Day; <U>provided</U>, <U>however</U>, in the event that the Fund&#146;s Effective
Leverage Ratio exceeds 50% as of the close of business on any Business Day solely by reason of fluctuations in the market value of the Fund&#146;s portfolio securities, the Effective Leverage Ratio shall not exceed 51% as of the close of business on
such Business Day. If the Effective Leverage Ratio shall exceed the applicable percentage provided in the preceding sentence as of any time as of which such compliance is required to be determined as aforesaid, the provisions of
<U>Section&nbsp;2.6(b)(ii)</U> shall be applicable, which provisions to the extent complied with shall constitute the sole remedy for the Fund&#146;s failure to comply with the provisions of this <U>Section&nbsp;2.4(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation of Effective Leverage Ratio</U>. For purposes of
determining whether the requirements of <U>Section&nbsp;2.4(c)</U> are satisfied, the &#147;<U>Effective Leverage Ratio</U>&#148; on any date shall mean the quotient of: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sum of (A)&nbsp;the aggregate liquidation preference of the
Fund&#146;s &#147;senior securities&#148; (as that term is defined in the 1940 Act) that are stock for purposes of the 1940 Act, excluding, without duplication, (1)&nbsp;any such senior securities for which the Fund has issued a notice of redemption
and either has delivered Deposit Securities or sufficient securities or funds (as applicable in accordance with the terms of such senior securities) to the paying agent for such senior securities or otherwise has adequate Deposit Securities or
sufficient securities or funds on hand for the purpose of such redemption (as applicable in accordance with the terms of such senior securities) and (2)&nbsp;any such senior securities that are to be redeemed with net proceeds from the sale of the
RVMTP Shares, for which the Fund has delivered Deposit Securities or sufficient securities or funds (as applicable in accordance with the terms of such senior securities) to the paying agent for such senior securities or otherwise has adequate
Deposit Securities or sufficient securities or funds on hand (as applicable in accordance with the terms of such senior securities) for the purpose of such redemption; (B)&nbsp;the aggregate principal amount of the Fund&#146;s &#147;senior
securities representing indebtedness&#148; (as that term is defined in the 1940 Act, giving effect to any interpretations thereof by the Securities and Exchange Commission or its staff); and (C)&nbsp;the aggregate principal amount of floating rate
securities corresponding to any associated residual floating rate securities not owned by the Fund (less the aggregate principal amount of any such floating rate securities owned by the Fund and corresponding to the associated residual floating rate
securities owned by the Fund); <U>divided</U> <U>by</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
sum of (A)&nbsp;the Market Value of the Fund&#146;s total assets (including amounts attributable to senior securities, but excluding any assets consisting of Deposit Securities or funds referred to in clauses (A)(1) and (A)(2) of
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">24 </P>


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<U>Section&nbsp;2.4(d)(i)</U> above), less the amount of the Fund&#146;s accrued liabilities (other than liabilities for the aggregate principal amount of &#147;senior securities representing
indebtedness&#148; (as that term is defined in the 1940 Act, giving effect to any interpretations thereof by the Securities and Exchange Commission or its staff), including floating rate securities), and (B)&nbsp;the aggregate principal amount of
floating rate securities not owned by the Fund that correspond to the associated inverse floating rate securities owned by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_11"></A>2.5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory Tender and Remarketing</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The RVMTP Shares shall be subject to Mandatory Tender and Remarketing as provided below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory Tender of RVMTP Shares.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the Holders&#146; election to retain the RVMTP Shares
provided for in <U>Section 0(iv)</U> below, any Series of RVMTP Shares shall become subject to Mandatory Tender upon the occurrence of: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any date that is 20 Business Days prior to each Early Term
Redemption Date of such Series of RVMTP Shares as set forth in clause (i)&nbsp;of the definition thereof in the Appendix for such Series, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any date on which the Fund delivers a Notice of Special Terms Period
declaring a Special Terms Period for such Series of RVMTP Shares pursuant to <U>Section&nbsp;2.2(h)</U>, or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(C) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the date that is 20 Business Days prior to the last day of any
Special Terms Period, provided that no subsequent Special Terms Period has been designated and agreed by the Holder (each of (A), (B)&nbsp;and (C), a &#147;<U>Mandatory Tender Event</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of a Mandatory Tender Event with respect to a
Series of RVMTP Shares, the Fund shall issue or cause to be issued a notice of Mandatory Tender for Remarketing on the Mandatory Tender Date (as defined below) to the Holders of such Series of RVMTP Shares through the Securities Depository as a
communication from the Securities Depository (the &#147;<U>Notice of Mandatory Tender</U>&#148;). Such Notice of Mandatory Tender shall specify that such Mandatory Tender is subject to the election of the Holders of such Series of RVMTP Shares to
retain as described in <U>Section 0(iv)</U> of this Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mandatory Tender Dates corresponding to the Mandatory Tender Events listed in <U>Section 0(i)</U> above are as follows, with each </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">25 </P>


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Mandatory Tender Date subject to the Holders&#146; election to retain the RVMTP Shares in <U>Section&nbsp;0(iv):</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:22%; text-indent:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Mandatory Tender Event described in
<U>Section&nbsp;2.5(a)(i)(A)</U>, the date that is 180 calendar days following the Early Term Redemption Date related to such Mandatory Tender Event, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:22%; text-indent:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Mandatory Tender Event described in <U>Section
0(i)(B)</U>, the date on which such Special Terms Period becomes effective pursuant to <U>Section&nbsp;2.2(h)</U>, and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:22%; text-indent:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(C) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Mandatory Tender Event described in <U>Section
0(i)(C)</U>, the last day of the related Special Terms Period (in the case of (A), (B), or (C), such date, the &#147;<U>Mandatory Tender Date</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding <U>Section 0(i)</U> above, the Holders of any
affected Series of RVMTP Shares may elect to retain such RVMTP Shares by providing notice of such election to the Fund no later than the 10th Business Day prior to the Mandatory Tender Date, in which case the affected RVMTP Shares of the electing
Holder shall no longer be subject to Mandatory Tender on the corresponding Mandatory Tender Date and shall not be Remarketed pursuant to the procedures described in <U>Section&nbsp;1.5.(b)</U> below; provided, however, with respect to any Mandatory
Tender Event occurring pursuant to <U>Section 0(i)(B)</U>, any such election to retain shall not be effective unless accompanied or preceded by a consent to all amendments to the terms of the affected Series RVMTP Shares as required in connection
with a designation of a Special Terms Period pursuant to <U>Section&nbsp;2.2(h)(i)</U> above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remarketing of RVMTP Shares.</U> The RVMTP Shares subject to Mandatory Tender as
provided for in this <U>Section&nbsp;2.5</U> shall be Remarketed in accordance with the following procedures: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Holder of RVMTP Shares subject to Mandatory Tender may enter into
trade documentation with a purchaser for the RVMTP Shares (which, for the avoidance of doubt, shall be with respect to all the RVMTP Shares of such Series) with terms that (A)&nbsp;are reasonably satisfactory to both the Holder of the RVMTP Shares
and such purchaser and (B)&nbsp;provide for the sale of the RVMTP Shares subject to Mandatory Tender on the Mandatory Tender Date; provided that (1)&nbsp;the Holder of the RVMTP Shares notifies the Fund in writing of such trade documentation by the
Mandatory Tender Date confirming that the trade documentation satisfies the conditions in this sentence and providing that all RVMTP Shares will be sold thereunder and (2)&nbsp;following the Remarketing of RVMTP Shares, via execution of such trade
documentation, the Fund shall provide, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">26 </P>


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or cause to be provided, a notice through the Securities Depository cancelling the Mandatory Tender with respect to the RVMTP Shares so Remarketed. At any time following a Mandatory Tender Event
and before the corresponding Mandatory Tender Date, the Fund may designate a Remarketing Settlement Agent to assist with the Remarketing in accordance with the terms of the Remarketing Settlement Agent Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii) If all of the RVMTP Shares subject to Mandatory Tender are not Remarketed pursuant to
Section&nbsp;2.5(b)(i) with binding trade documentation in place by the 5th Business Day preceding the Mandatory Tender Date, then the Fund and its agents shall take the following Remarketing actions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:22%; text-indent:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A) &nbsp;&nbsp;&nbsp;&nbsp;The Fund shall designate a Remarketing Settlement Agent to assist with the
Remarketing in accordance with the terms of the Remarketing Settlement Agent Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:22%; text-indent:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)
&nbsp;&nbsp;&nbsp;&nbsp;If any purchaser is identified and has agreed by the Mandatory Tender Date to purchase all of the RVMTP Shares subject to Mandatory Tender on the Mandatory Tender Date, the Remarketing Settlement Agent shall (1)&nbsp;give
written notice by Electronic Means to the Holders of such RVMTP Shares, with a copy to the Fund and the Calculation and Paying Agent, that the purchaser has been identified and agreed to purchase such RVMTP Shares on the Mandatory Tender Date;
(2)&nbsp;collect the Remarketing Purchase Price via wire transfer from such purchaser on the Mandatory Tender Date; (3)&nbsp;wire the Remarketing Purchase Price to the Securities Depository for delivery to the current Holder of the RVMTP Shares
subject to Mandatory Tender on the Mandatory Tender Date; and (4)&nbsp;direct that such RVMTP Shares be delivered to the Remarketing Settlement Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:22%; text-indent:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(C) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Remarketing Settlement Agent shall then direct transfer of the
RVMTP Shares subject to Mandatory Tender to the purchaser through the Securities Depository on the Mandatory Tender Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For the avoidance of doubt, in the event of a successful Remarketing of all RVMTP Shares subject to Mandatory Tender pursuant
to <U>Section&nbsp;2.5(b)</U>, such Mandatory Tender will be cancelled and the Fund shall provide, or cause to be provided, a notice through the Securities Depository cancelling the Mandatory Tender with respect to the RVMTP Shares so Remarketed.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Failed Remarketing and Mandatory Tender</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">27 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to a
Mandatory Tender Event described in <U>Section&nbsp;2.5(a)(i)(A),</U> if any RVMTP Shares subject to Mandatory Tender are not Remarketed by the Early Term Redemption Date (such failure to remarket a &#147;<U>Failed Early Term Redemption Date
Remarketing</U>&#148;), then all such RVMTP Shares shall be redeemed by the Fund on the Mandatory Tender Date pursuant to the Mandatory Tender redemption procedure described in <U>Sections 2.6(a)(iv)</U> and <U>2.6(d)</U> below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to a Mandatory Tender Event described in Section
0(i)(B), if, for any reason (other than a failure to timely deliver RVMTP Shares subject to a Mandatory Tender to the Remarketing Settlement Agent, and only to the extent that such failure to deliver is caused by administrative issues and is cured
within two Business Days), all of the RVMTP Shares subject to Mandatory Tender are not Remarketed by the related Mandatory Tender Date pursuant to Section&nbsp;1.5.(b), then (A)&nbsp;a failed remarketing shall be deemed to have occurred (which, for
the avoidance of doubt, shall be with respect to all RVMTP Shares subject to the Mandatory Tender) (a &#147;<U>Failed Special Terms Period Remarketing</U>&#148;) that may trigger the application of a Failed Remarketing Spread as described in clause
(ii)&nbsp;of the definition thereof and (B)&nbsp;all such RVMTP Shares shall be retained by their respective Holders, and no such RVMTP Shares shall be purchased on the Mandatory Tender Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to a Mandatory Tender Event described in Section
0(i)(C), if any RVMTP Shares subject to Mandatory Tender are not Remarketed by the Mandatory Tender Date, then all such RVMTP Shares shall be redeemed by the Fund on the Mandatory Tender Date pursuant to the Mandatory Tender redemption procedure
described in Sections <B>Error! Reference source not found.</B>0 and 2.6(d) below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_12"></A>2.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption</U>. Each Series of RVMTP Shares shall be subject to redemption by the Fund as provided below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term Redemption and Mandatory Tender.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i) <U>Term Redemption</U>. Subject to Section&nbsp;2.6(d)(v), the Fund shall redeem all RVMTP Shares of a
Series then Outstanding on the Term Redemption Date for such Series, out of funds legally available therefor under applicable law, at a price per share equal to the Liquidation Preference per share of such Series plus an amount equal to all unpaid
dividends and other distributions on such share of such Series accumulated from and including the Date of Original Issuance to (but excluding) the Term Redemption Date for such Series (whether or not earned or declared by the Fund, but excluding
interest thereon) (the &#147;<U>Term Redemption Price</U>&#148;); <U>provided, however</U>, that the Term Redemption Date for such Series of RVMTP Shares may be extended pursuant to <U>Section&nbsp;2.6(a)(ii)</U> or <U>Section&nbsp;2.6(a)(iii)</U>
below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall have the right, exercisable not more than three hundred and sixty-five (365)&nbsp;calendar days nor less than one hundred and twenty (120)</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">28 </P>


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calendar days prior to the Term Redemption Date of a Series of RVMTP Shares, to request by notice (accompanied by a No Adverse Effect Opinion) that each Designated Owner of such RVMTP Shares
extend the Term Redemption Date for such Series of RVMTP Shares by at least an additional three hundred and sixty-five (365)&nbsp;calendar days (a &#147;<U>Designated Owner Term Extension Request</U>&#148;), which request may be conditioned upon
terms and conditions that are different from the terms and conditions set forth herein or in the Appendix applicable to such Series of RVMTP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:25%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp; Each Designated Owner shall, no later than sixty (60)&nbsp;calendar days after
receiving a Designated Owner Term Extension Request, notify the Fund and the Calculation and Paying Agent of its acceptance or rejection of such request, which acceptance by such Designated Owner may be conditioned upon terms and conditions that are
different from the terms and conditions set forth herein or the terms and conditions proposed the Fund in making a Designated Owner Term Extension Request (a &#147;<U>Conditional Acceptance</U>&#148;). A Conditional Acceptance conditioned upon terms
and conditions that are accepted by the Fund and that are different from the terms and conditions set forth herein shall be deemed to be a consent by such Designated Owner to amend this Statement to reflect such different terms and conditions, but
only with respect to the RVMTP Shares of such Series beneficially owned by such Designated Owner. To the extent that a Designated Owner of RVMTP Shares of a Series of RVMTP Shares subject to a Designated Owner Term Extension Request rejects such
Designated Owner Term Extension Request pursuant to this <U>Section&nbsp;2.6(a)(ii)(B),</U> or is deemed to reject such Designated Owner Term Extension Request pursuant to <U>Section&nbsp;2.6(a)(ii)(C)</U> below, the RVMTP Shares of such Series
beneficially owned by such Designated Owner shall be subject to redemption as provided in this Statement, without giving effect to any Designated Owner Term Extension Request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:25%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(C)&nbsp;&nbsp;&nbsp;&nbsp; If any Designated Owner fails to notify the Fund or the Calculation and Paying
Agent of its acceptance or rejection of the Fund&#146;s Designated Owner Term Extension Request within such sixty (60)&nbsp;calendar day period, such failure to respond will be deemed a rejection of such Designated Owner Term Extension Request by
such Designated Owner. If a Designated Owner of RVMTP Shares provides a Conditional Acceptance, then the Fund shall have sixty (60)&nbsp;calendar days thereafter to notify such Designated Owner of its acceptance or rejection of the terms and
conditions specified in the Conditional Acceptance. The Fund&#146;s failure to notify such Designated Owner within such sixty (60)&nbsp;calendar day period will be deemed a rejection of the terms and conditions specified in the Conditional
Acceptance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:25%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(D)&nbsp;&nbsp;&nbsp;&nbsp; Each Designated Owner of a Series of RVMTP Shares may grant or
deny any Designated Owner Term Extension Request applicable to such Series of RVMTP Shares in its sole and absolute discretion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:25%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(E)&nbsp;&nbsp;&nbsp;&nbsp; Unless the Fund and any Designated Owner of RVMTP Shares that has agreed to a
Designated Owner Term Extension Request otherwise agree pursuant to the procedures described in this <U>Section&nbsp;2.6(a)(ii)</U>, in the event that the Term Redemption Date of a Series of RVMTP Shares is extended pursuant to this
<U>Section&nbsp;2.6(a)(ii),</U> the Liquidity Account Initial Date, as set forth in the Appendix establishing such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">29 </P>


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Series, shall be extended accordingly, as provided in such Appendix, with respect to the RVMTP Shares of such Series held by such Designated Owner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall have the right, exercisable not less than sixty
(60)&nbsp;calendar days prior to the Term Redemption Date of a Series of RVMTP Shares, to request by notice (accompanied by a No Adverse Effect Opinion) to the Holders of 100% of the Outstanding RVMTP Shares of such Series, an extension of the Term
Redemption Date (a &#147;<U>Holder Term Extension Request</U>&#148;). Any failure by a Holder to respond or agree to such Holder Term Extension Request in writing within sixty (60)&nbsp;calendar days of the receipt thereof shall be deemed to be a
rejection of the extension request and the Term Redemption Date may only be extended pursuant to this <U>Section&nbsp;2.6(a)(iii)</U> upon the written consent of 100% of the Holders of the RVMTP Shares of such Series. In the event that the Term
Redemption Date of a Series of RVMTP Shares is extended pursuant to this <U>Section&nbsp;2.6(a)(iii),</U> the Liquidity Account Initial Date, as set forth in the Appendix establishing such Series, shall be extended accordingly, as provided in such
Appendix. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory Tender Redemption</U>. Following a
Mandatory Tender Event of the kind described in Section&nbsp;2.5(a)(i)(A) or 2.5(a)(i)(C), any RVMTP Shares subject to such Mandatory Tender Event that are not subject to an election to retain by the Holders pursuant to Section&nbsp;2.5(a)(iv) and
have not been successfully Remarketed by the related Mandatory Tender Date pursuant to Section&nbsp;2.5(b)1.5.(b) shall be redeemed by the Fund on such Mandatory Tender Date (the date of such redemption, the &#147;Mandatory Tender Redemption
Date&#148;), at a price per share equal to the Liquidation Preference per share plus an amount equal to all unpaid dividends and other distributions on such RVMTP Shares accumulated from and including the Date of Original Issuance of such RVMTP
Shares to (but excluding) the Mandatory Tender Redemption Date (whether or not earned or declared by the Fund, but excluding interest thereon) (the &#147;<U>Mandatory Tender Redemption Price</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>1940 Act Asset Coverage and Effective Leverage Ratio Mandatory
Redemption</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory 1940 Act Asset Coverage
Redemption</U>. (A)&nbsp;If the Fund fails to comply with the 1940 Act Asset Coverage requirement as provided in <U>Section&nbsp;2.4(a)</U> as of any time as of which such compliance is required to be determined in accordance with
<U>Section&nbsp;2.4(a)</U> and such failure is not cured as of the 1940 Act Asset Coverage Cure Date other than as a result of the redemption required by this <U>Section&nbsp;2.6(b)(i)</U>, the Fund shall, to the extent permitted by the 1940 Act and
Massachusetts law, by the close of business on the second Business Day next following such 1940 Act Asset Coverage Cure Date, cause a notice of redemption to be issued, in accordance with the terms of the Preferred Shares to be redeemed. In
addition, in accordance with the terms of the Preferred Shares to be redeemed, the Fund shall cause to be deposited Deposit Securities (in the case of the RVMTP Shares) or other sufficient securities or funds (in the case of any other Preferred
Shares, as applicable) in trust with the Calculation and Paying Agent or other applicable paying agent, in each case in accordance with the terms of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">30 </P>


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Preferred Shares to be redeemed, for the redemption of a sufficient number of Preferred Shares, which, to the extent permitted by the 1940 Act and Massachusetts law, enable the Fund to meet the
requirements of <U>Section&nbsp;2.6(b)(i)(B)</U>. The Fund shall allocate such redemption on a pro rata basis among different series of Preferred Shares (including the shares of each Series of RVMTP Shares and the Auction Preferred Shares) based
upon the proportion that the aggregate liquidation preference of the outstanding Preferred Shares of any series bears to the aggregate liquidation preference of all outstanding series of Preferred Shares (a &#147;<U>Pro Rata Allocation</U>&#148;).
In the event that any RVMTP Shares of a Series then Outstanding are to be redeemed pursuant to this <U>Section&nbsp;2.6(b)(i)</U>, the Fund shall redeem such shares, out of funds legally available therefor under applicable law, at a price per share
equal to the Liquidation Preference per share of such Series plus an amount equal to all unpaid dividends and other distributions on such share of such Series accumulated from and including the Date of Original Issuance to (but excluding) the date
fixed for such redemption by the Board of Trustees (whether or not earned or declared by the Fund, but without interest thereon) (the &#147; <U>Mandatory 1940 Act Asset Coverage Redemption Price </U>&#147;). The mandatory redemption price for any
Auction Preferred Shares that are redeemed pursuant to this Section&nbsp;2.6(b)(i) shall be specified in <U>Section&nbsp;11.4(a)</U> of the Auction Preferred Statement. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:24%; text-indent:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Redemption Date for a redemption contemplated by
<U>Section&nbsp;2.6(b)(i)(A)</U>, the Fund shall redeem at the Mandatory 1940 Act Asset Coverage Redemption Price, out of funds legally available therefor, under applicable law, such number of Preferred Shares (based upon a number and proportion of
each series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation) as shall be equal to the lesser of (x)&nbsp;the minimum number of Preferred Shares, the redemption of which, if deemed to have occurred immediately prior to the
opening of business on the 1940 Act Asset Coverage Cure Date, would result in the Fund having 1940 Act Asset Coverage on such 1940 Act Asset Coverage Cure Date (provided, however, that if there is no such minimum number of RVMTP Shares and other
Preferred Shares the redemption or retirement of which would have such result, all RVMTP Shares and other Preferred Shares then outstanding shall be redeemed), and (y)&nbsp;the maximum number of Preferred Shares that can be redeemed out of funds
expected to be legally available therefor in accordance with the Declaration and applicable law. Notwithstanding the foregoing, in the event that Preferred Shares are redeemed pursuant to this <U>Section&nbsp;2.6(b)(i)</U>, the Fund may at its sole
option, but is not required to, include in the number of Preferred Shares being mandatorily redeemed pursuant to this <U>Section&nbsp;2.6(b)(i)</U>&nbsp;a sufficient number of RVMTP Shares of any Series that, when aggregated with other Preferred
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">31 </P>


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Shares redeemed by the Fund, would result, if deemed to have occurred immediately prior to the opening of business on the 1940 Act Asset Coverage Cure Date, in the Fund having 1940 Act Asset
Coverage on such 1940 Act Asset Coverage Cure Date of up to and including 225%; <U>provided</U> that if the 1940 Act Asset Coverage is increased to greater than 225%, the Optional Redemption Premium shall be due on any such excess redemptions. The
Fund shall effect such redemption on the date fixed by the Fund therefor, which date shall not be later than thirty (30)&nbsp;calendar days after such 1940 Act Asset Coverage Cure Date, except that if the Fund does not have funds legally available
for the redemption of all of the required number of RVMTP Shares and other Preferred Shares which have been designated to be redeemed or the Fund otherwise is unable to effect such redemption on or prior to thirty (30)&nbsp;calendar days after such
1940 Act Asset Coverage Cure Date, the Fund shall redeem those RVMTP Shares and other Preferred Shares which it was unable to redeem on the earliest practicable date following such thirty (30)&nbsp;calendar day period on which it is able to effect
such redemption (based upon a number and proportion of each series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation). If fewer than all of the Outstanding RVMTP Shares of a Series are to be redeemed pursuant to this
<U>Section&nbsp;2.6(b)(i)</U>, the number of RVMTP Shares of such Series to be redeemed from the respective Holders shall be selected (A)&nbsp;pro rata among the Outstanding shares of such Series, (B)&nbsp;by lot or (C)&nbsp;in such other manner as
the Board of Trustees may determine to be fair and equitable, in each case, in accordance with the 1940 Act; <U>provided</U> that such method of redemption as set forth in clause (A), (B)&nbsp;or (C)&nbsp;of this <U>Section&nbsp;2.6(b)(i)(B)</U>
shall be subject to any applicable procedures established by the Securities Depository. If fewer than all outstanding Auction Preferred Shares are to be redeemed pursuant to this <U>Section&nbsp;2.6(b)(i)</U>, the manner of allocation of shares to
be redeemed among the series of Auction Preferred Shares shall be determined in accordance with Section&nbsp;11.4 of the Auction Preferred Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Effective Leverage Ratio Mandatory Redemption</U>. (A)&nbsp;If
(1)&nbsp;the Fund fails to comply with the Effective Leverage Ratio requirement as provided in <U>Section&nbsp;2.4(c)</U> as of any time as of which such compliance is required to be determined in accordance with <U>Section&nbsp;2.4(c)</U>,
(2)&nbsp;with respect to the initial Series of RVMTP Shares issued pursuant to this Statement, the Fund fails to comply with the Effective Leverage Ratio requirement calculated as set forth in Section&nbsp;6.12 of the Purchase Agreement applicable
to such Series of RVMTP Shares if such requirement is still in effect in accordance with the terms of such Purchase Agreement, or (3)&nbsp;with respect to any other Series of RVMTP Shares issued </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">32 </P>


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pursuant to this Statement, the Fund fails to comply with any additional requirements relating to the calculation of the Effective Leverage Ratio pursuant to the Purchase Agreement or Appendix
applicable to such Series of RVMTP Shares, and, in any such case, such failure is not cured as of the close of business on the date that is ten (10)&nbsp;Business Days following the Business Day on which such non-compliance is first determined (the
&#147;<U>Effective Leverage Ratio Cure Date</U>&#148;) other than as a result of the redemption or other actions required by this <U>Section&nbsp;2.6(b)(ii)</U>, the Fund shall cause the Effective Leverage Ratio (calculated in accordance with the
requirements applicable to the determination of the Effective Leverage Ratio under this Statement, and under the Appendix and Purchase Agreement for any applicable Series of RVMTP Shares in respect of which the Effective Leverage Ratio is being
determined) to not exceed the Effective Leverage Ratio required under <U>Section&nbsp;2.4(c)</U> as so determined, by (x)&nbsp;not later than the close of business on the Business Day next following the Effective Leverage Ratio Cure Date, engaging
in transactions involving or relating to the floating rate securities not owned by the Fund and/or the inverse floating rate securities owned by the Fund, including the purchase, sale or retirement thereof, (y)&nbsp;to the extent permitted by the
1940 Act and Massachusetts law, not later than the close of business on the second Business Day next following the Effective Leverage Ratio Cure Date, causing a notice of redemption to be issued, and in addition, causing to be irrevocably deposited
Deposit Securities (in the case of the RVMTP Shares) or other sufficient securities or funds (in the case of other Preferred Shares, as applicable) in trust with the Calculation and Paying Agent or other applicable paying agent, in each case in
accordance with the terms of the Preferred Shares to be redeemed, for the redemption at the redemption price specified in the terms of such Preferred Shares of a sufficient number of Preferred Shares, based upon a number and proportion of each
series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation, or (z)&nbsp;engaging in any combination, in the Fund&#146;s discretion, of the actions contemplated by clauses (x)&nbsp;and (y)&nbsp;of this
<U>Section&nbsp;2.6(b)(ii)(A)</U>. In the event that any RVMTP Shares of a Series are to be redeemed pursuant to clause (y)&nbsp;of this <U>Section&nbsp;2.6(b)(ii)(A)</U>, the Fund shall redeem such RVMTP Shares at a price per RVMTP Share equal to
the Mandatory 1940 Act Asset Coverage Redemption Price. Notwithstanding the foregoing, in the event that Preferred Shares are redeemed pursuant to this <U>Section&nbsp;2.6(b)(ii)</U>, the Fund may at its sole option, but is not required to, include
in the number of Preferred Shares being mandatorily redeemed pursuant to this <U>Section&nbsp;2.6(b)(ii)</U> a sufficient number of RVMTP Shares of any Series that, when aggregated with other Preferred Shares redeemed by the Fund, would result, if
deemed to have occurred immediately prior to the opening of business on the Effective Leverage Ratio Cure Date, in the Fund having an Effective Leverage Ratio on such Effective Leverage Ratio Cure Date of no less
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">33 </P>


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than 40%; <U>provided</U> that if the Effective Leverage Ratio is reduced to less than 40%, the Optional Redemption Premium shall be due on any such excess redemptions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:24%; text-indent:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On the Redemption Date for a redemption contemplated by clause
(y)&nbsp;of <U>Section&nbsp;2.6(b)(ii)(A)</U>, the Fund shall not redeem more than the maximum number of Preferred Shares that can be redeemed out of funds expected to be legally available therefor in accordance with the Declaration and applicable
law. If the Fund is unable to redeem the required number of RVMTP Shares and other Preferred Shares which have been designated to be redeemed in accordance with clause (y)&nbsp;of <U>Section&nbsp;2.6(b)(ii)(A)</U> due to the unavailability of
legally available funds, the Fund shall redeem those RVMTP Shares and other Preferred Shares which it was unable to redeem on the earliest practicable date following such Redemption Date on which it is able to effect such redemption (based upon a
number and proportion of each series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation). If fewer than all of the Outstanding RVMTP Shares of a Series are to be redeemed pursuant to clause (y)&nbsp;of
<U>Section&nbsp;2.6(b)(ii)(A)</U>, the number of RVMTP Shares of such Series to be redeemed from the respective Holders shall be selected (A)&nbsp;pro rata among the Outstanding shares of such Series, (B)&nbsp;by lot or (C)&nbsp;in such other manner
as the Board of Trustees may determine to be fair and equitable in each case, in accordance with the 1940 Act; <U>provided</U> that such method of redemption as set forth in clause (A), (B)&nbsp;or (C)&nbsp;of this <U>Section&nbsp;2.6(b)(ii)(B)</U>
shall be subject to any applicable procedures established by the Securities Depository. If fewer than all outstanding Auction Preferred Shares are to be redeemed pursuant to this <U>Section&nbsp;2.6(b)(ii)</U>, the manner of allocation of shares to
be redeemed among the series of Auction Preferred Shares shall be determined in accordance with Section&nbsp;11.4 of the Auction Preferred Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For the avoidance of doubt, Section&nbsp;11.4 of the Auction Preferred Statement for additional provisions related to the
mandatory redemption of the Auction Preferred Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optional
Redemption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of
<U>Section&nbsp;2.6(c)(ii)</U>, the Fund may at its option on any Business Day (an &#147;<U>Optional&nbsp;Redemption&nbsp;Date</U>&#148;) redeem in whole or from time to time in part the Outstanding RVMTP Shares of any Series, at a redemption price
per RVMTP Share (the &#147;<U>Optional Redemption Price</U>&#148;) equal to (x)&nbsp;the Liquidation Preference per RVMTP Share of such Series plus (y)&nbsp;an amount equal to all unpaid dividends and other distributions on such RVMTP Share
</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">34 </P>


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of such Series accumulated from and including the Date of Original Issuance to (but excluding) the Optional Redemption Date (whether or not earned or declared by the Fund, but without interest
thereon) plus (z)&nbsp;the Optional Redemption Premium per share (if any) that is applicable to an optional redemption of RVMTP Shares of such Series that is effected on such Optional Redemption Date as set forth in the Appendix relating to such
Series; <U>provided</U> that in connection with any (A)&nbsp;redemption in accordance with this <U>Section&nbsp;2.6(c)</U> or pursuant to <U>Section&nbsp;2.6(b)</U> that is effectuated in order to comply with the requirements of the 1940 Act or this
Statement or the Purchase Agreement or (B)&nbsp;any redemption in accordance with <U>Section&nbsp;2.6(a)(iv)</U> or <U>Section&nbsp;2.6(b)</U> (except as set forth therein), no Optional Redemption Premium specified in <U>clause&nbsp;(z)</U> above or
penalty or premium shall be payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If fewer than all of the
outstanding RVMTP Shares of a Series are to be redeemed pursuant to <U>Section&nbsp;2.6(c)(i)</U>, the shares of such Series to be redeemed shall be selected either (A)&nbsp;pro rata among the Holders of such Series, (B)&nbsp;by lot or (C)&nbsp;in
such other manner as the Board of Trustees may determine to be fair and equitable; <U>provided</U>, in each such case, that such method of redemption as set forth in clause (A), (B)&nbsp;or (C)&nbsp;of this <U>Section&nbsp;2.6(c)(ii)</U> shall be
subject to any applicable procedures established by the Securities Depository. Subject to the provisions of this Statement and applicable law, the Board of Trustees will have the full power and authority to prescribe the terms and conditions upon
which RVMTP Shares will be redeemed pursuant to this <U>Section&nbsp;2.6(c)</U> from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not on any date deliver a Notice of Redemption
pursuant to <U>Section&nbsp;2.6(d)</U> in respect of a redemption contemplated to be effected pursuant to this <U>Section&nbsp;2.6(c)</U> unless on such date the Fund reasonably expects to have available Deposit Securities for the Optional
Redemption Date contemplated by such Notice of Redemption having a Market Value not less than the amount (including any applicable premium) due to Holders of RVMTP Shares by reason of the redemption of such RVMTP Shares on such Optional Redemption
Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RVMTP Shares of a Series mandatorily redeemed or
redeemed at the Fund&#146;s sole option in accordance with, but solely to the extent contemplated by, <U>Section&nbsp;2.6(a)(iv)</U>,&nbsp;<U>Section&nbsp;2.6(b)(i)(B)</U>,&nbsp;or <U>Section&nbsp;2.6(b)(ii)</U> shall be considered mandatorily
redeemed pursuant to such Section, as applicable, and not subject to this <U>Section&nbsp;2.6(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Procedures for Redemption</U>. </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">35 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund shall
determine or be required to redeem, in whole or in part, RVMTP Shares of a Series pursuant to <U>Section&nbsp;2.6(a)</U>, <U>(b)</U>&nbsp;or <U>(c)</U>, the Fund shall deliver a notice of redemption (the &#147;<U>Notice of Redemption</U>&#148;), by
overnight delivery, by first class mail, postage prepaid or by Electronic Means to Holders thereof, or request the Calculation and Paying Agent, on behalf of the Fund, to promptly do so by overnight delivery, by first class mail, postage prepaid or
by Electronic Means. For the avoidance of doubt, a Notice of Redemption shall not be required if the Fund shall be required to redeem, in whole or in part, RVMTP Shares of a series pursuant to <U>Section&nbsp;2.6(a)(iv)</U>. A Notice of Redemption
shall be provided not more than thirty-five (35)&nbsp;calendar days prior to the date fixed for redemption and not less than ten (10)&nbsp;calendar days (or such shorter or longer period as may be consented to by all of the Holders of the RVMTP
Shares of such Series, which consent shall not be deemed to be a vote required by <U>Section&nbsp;2.7</U>) prior to the date fixed for redemption pursuant to <U>Section&nbsp;2.6(c)</U> in such Notice of Redemption (the &#147;<U>Redemption
Date</U>&#148;). Each such Notice of Redemption shall state: (A)&nbsp;the Redemption Date; (B)&nbsp;the applicable Redemption Price on a per share basis; (C)&nbsp;the Series and number of RVMTP Shares to be redeemed; (D)&nbsp;the CUSIP number for
RVMTP Shares of such Series; (E)&nbsp;if applicable, the place or places where the certificate(s) for such shares (properly endorsed or assigned for transfer, if the Board of Trustees requires and the Notice of Redemption states) are to be
surrendered for payment of the Redemption Price; (F)&nbsp;that dividends on the RVMTP Shares to be redeemed will cease to accumulate from and after such Redemption Date; and (G)&nbsp;the provisions of this Statement under which such redemption is
made. If fewer than all RVMTP Shares held by any Holder are to be redeemed, the Notice of Redemption delivered to such Holder shall also specify the number of RVMTP Shares to be redeemed from such Holder and/or the method of determining such number.
The Fund may provide in any Notice of Redemption relating to an optional redemption contemplated to be effected pursuant to <U>Section&nbsp;2.6(c)</U> of this Statement that such redemption is subject to one or more conditions precedent and that the
Fund shall not be required to effect such redemption unless each such condition has been satisfied at the time or times and in the manner specified in such Notice of Redemption. No defect in the Notice of Redemption or delivery thereof shall affect
the validity of redemption proceedings, except as required by applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If (1)&nbsp;the Fund shall give a Notice of Redemption or (2)&nbsp;the Fund is required to redeem RVMTP Shares on the Mandatory Tender Date pursuant to <U>Section&nbsp;2.6(a)(iv)</U>, then at any time from and
after the giving of such Notice of Redemption or Notice of Mandatory Tender, as applicable, and prior to 12:00 noon, New York City time, on the Redemption Date (so long as any conditions precedent to such redemption have been met or waived by the
Fund), the Fund shall (A)</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">36 </P>


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deposit with the Calculation and Paying Agent Deposit Securities having an aggregate Market Value on the date thereof no less than the Redemption Price of the RVMTP Shares to be redeemed on the
Redemption Date and (B)&nbsp;give the Calculation and Paying Agent irrevocable instructions and authority to pay the applicable Redemption Price to the Holders of the RVMTP Shares called for redemption on the Redemption Date. The Fund may direct the
Calculation and Paying Agent with respect to the investment of any Deposit Securities consisting of cash so deposited prior to the Redemption Date, provided that the proceeds of any such investment shall be available at the opening of business on
the Redemption Date as same-day funds. Notwithstanding the provisions of clause (A)&nbsp;of the preceding sentence, if the Redemption Date is either the Term Redemption Date, or a Mandatory Tender Date, then such deposit of Deposit Securities (which
may come in whole or in part from the Term Redemption Liquidity Account) shall be made no later than fifteen (15)&nbsp;calendar days prior to the Term Redemption Date or such Mandatory Tender Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the date of the deposit of such Deposit Securities, all
rights of the Holders of the RVMTP Shares so called for redemption shall cease and terminate except the right of the Holders thereof to receive the Redemption Price thereof and such RVMTP Shares shall no longer be deemed Outstanding for any purpose
whatsoever (other than (A)&nbsp;the transfer thereof prior to the applicable Redemption Date and (B)&nbsp;the accumulation of dividends thereon in accordance with the terms hereof up to (but excluding) the applicable Redemption Date, which
accumulated dividends, unless previously declared and paid as contemplated by the last sentence of <U>Section&nbsp;2.6(d)(vi)</U> below, shall be payable only as part of the applicable Redemption Price on the Redemption Date). The Fund shall be
entitled to receive, promptly after the Redemption Date, any Deposit Securities in excess of the aggregate Redemption Price of the RVMTP Shares called for redemption and redeemed on the Redemption Date. Any Deposit Securities so deposited that are
unclaimed at the end of three hundred sixty-five (365)&nbsp;calendar days from the Redemption Date shall, to the extent permitted by law, be repaid to the Fund, after which the Holders of the RVMTP Shares so called for redemption shall look only to
the Fund for payment of the Redemption Price thereof. The Fund shall be entitled to receive, from time to time after the Redemption Date, any interest on the Deposit Securities so deposited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or after the Redemption Date, each Holder of RVMTP Shares in
certificated form (if any) that are subject to redemption shall surrender the certificate(s) evidencing such RVMTP Shares to the Fund at the place designated in the Notice of Redemption and shall then be entitled to receive the Redemption Price for
such RVMTP Shares, without interest, and in the case of a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">37 </P>


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redemption of fewer than all the RVMTP Shares represented by such certificate(s), a new certificate representing the RVMTP Shares that were not redeemed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the other provisions of this
<U>Section&nbsp;2.6</U>, except as otherwise required by law, the Fund shall not redeem any RVMTP Shares or other series of Preferred Shares ranking on a parity with the RVMTP Shares with respect to dividends and other distributions unless all
accumulated and unpaid dividends and other distributions on all Outstanding RVMTP Shares and shares of other series of Preferred Shares for all applicable past dividend periods (whether or not earned or declared by the Fund) (x)&nbsp;shall have been
or are contemporaneously paid or (y)&nbsp;shall have been or are contemporaneously declared and Deposit Securities (in the case of the RVMTP Shares) or other sufficient securities or funds (in the case of other Preferred Shares, as applicable) (in
accordance with the terms of such Preferred Shares for the payment of such dividends and other distributions) shall have been or are contemporaneously deposited with the Calculation and Paying Agent or other applicable paying agent for such
Preferred Shares in accordance with the terms of such Preferred Shares, provided, however, that the foregoing shall not prevent the purchase or acquisition of Outstanding RVMTP Shares pursuant to an otherwise lawful purchase or exchange offer made
on the same terms to Holders of all Outstanding RVMTP Shares and any other series of Preferred Shares for which all accumulated and unpaid dividends and other distributions have not been paid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(vi) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that any redemption for which a Notice of Redemption
has been provided is not made by reason of the absence of legally available funds therefor in accordance with the Declaration, this Statement and applicable law, such redemption shall be made as soon as practicable to the extent such funds become
available. In the case of any redemption pursuant to <U>Section&nbsp;2.6(c)</U>, no Redemption Default shall be deemed to have occurred if the Fund shall fail to deposit in trust with the Calculation and Paying Agent the Redemption Price with
respect to any shares where (1)&nbsp;the Notice of Redemption relating to such redemption provided that such redemption was subject to one or more conditions precedent and (2)&nbsp;any such condition precedent shall not have been satisfied at the
time or times and in the manner specified in such Notice of Redemption. Notwithstanding the fact that a Notice of Redemption has been provided with respect to any RVMTP Shares, dividends may be declared and paid on such RVMTP Shares in accordance
with their terms if Deposit Securities for the payment of the Redemption Price of such RVMTP Shares shall not have been deposited in trust with the Calculation and Paying Agent for that purpose. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Calculation and Paying Agent as Trustee of Redemption Payments by
Fund</U>. All Deposit Securities transferred to the Calculation and Paying Agent for </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">38 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
payment of the Redemption Price of RVMTP Shares called for redemption shall be held in trust by the Calculation and Paying Agent for the benefit of Holders of RVMTP Shares so to be redeemed until
paid to such Holders in accordance with the terms hereof or returned to the Fund in accordance with the provisions of <U>Section&nbsp;2.6(d)(iii)</U> above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Compliance With Applicable Law</U>. In effecting any redemption
pursuant to this <U>Section&nbsp;2.6</U>, the Fund shall use its best efforts to comply with all applicable conditions precedent to effecting such redemption under the 1940 Act and any applicable law, but shall effect no redemption except in
accordance with the 1940 Act and any applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Modification of Redemption Procedures</U>. Notwithstanding the foregoing provisions of this <U>Section&nbsp;2.6</U>, the Fund may, in its sole discretion and without a shareholder vote, modify the procedures set forth above with respect to
notification of redemption for the RVMTP Shares, provided that such modification does not materially and adversely affect the Holders of the RVMTP Shares or cause the Fund to violate any applicable law, rule or regulation; and provided further that
no such modification shall in any way alter the rights or obligations of the Calculation and Paying Agent without its prior consent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_13"></A>2.7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>One Vote Per RVMTP Share</U>. Except as otherwise provided in the
Declaration, this Statement, or as otherwise required by law, (i)&nbsp;each Holder of RVMTP Shares shall be entitled to one vote for each RVMTP Share held by such Holder on each matter submitted to a vote of all shareholders of the Fund, and
(ii)&nbsp;the holders of outstanding Preferred Shares, including Outstanding RVMTP Shares and Auction Preferred Shares, and Common Shares shall vote together as a single class; <U>provided</U>, however, that the holders of outstanding Preferred
Shares, including Outstanding RVMTP Shares and Auction Preferred Shares, shall be entitled, as a class, to the exclusion of the Holders of all other securities and Common Shares of the Fund, to elect two trustees of the Fund, it being understood
that each Preferred Share, including RVMTP Shares and the Auction Preferred Shares, entitles the Holder thereof to one vote for each Preferred Share in respect to the election of each such trustee. Subject to <U>Section&nbsp;2.7(b)</U>, the Holders
of outstanding Common Shares and Preferred Shares, including RVMTP Shares and the Auction Preferred Shares, voting together as a single class, shall elect the balance of the trustees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Voting For Additional Trustees</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Voting Period</U>. During any period in which any one or more of
the conditions described in clauses (A)&nbsp;or (B)&nbsp;of this <U>Section&nbsp;2.7(b)(i)</U> shall exist (such period being referred to herein as a &#147;<U>Voting Period</U>&#148;), the number of trustees
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">39 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively by the Holders of Preferred Shares, including
RVMTP Shares and the Auction Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Shares, shall be
entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of shares of beneficial interest of the Fund), to elect such smallest number of additional trustees, together with the two
trustees that such Holders are in any event entitled to elect. A Voting Period shall commence: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:23%; text-indent:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if, at the close of business on any dividend payment date for any
outstanding Preferred Shares including any Outstanding RVMTP Shares and Auction Preferred Shares, accumulated dividends (whether or not earned or declared) on such outstanding Preferred Shares, including RVMTP Shares and Auction Preferred Shares,
equal to at least two (2)&nbsp;full years&#146; dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Calculation and Paying Agent or other applicable paying agent for the payment of
such accumulated dividends; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:23%; text-indent:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if at any time Holders of
Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board of Trustees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A Voting Period
shall terminate upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting rights described in this <U>Section&nbsp;2.7(b)(i)</U> shall cease, subject always, however, to the revesting of such voting rights in
the Holders of Preferred Shares upon the further occurrence of any of the events described in this <U>Section&nbsp;2.7(b)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notice of Special Meeting</U>. As soon as practicable after the
accrual of any right of the Holders of Preferred Shares to elect additional trustees as described in <U>Section&nbsp;2.7(b)(i)</U>, the Fund shall call a special meeting of such Holders and notify the Calculation and Paying Agent and/or such other
Person as is specified in the terms of such Preferred Shares to receive notice (i)&nbsp;by mailing or delivery by Electronic Means or (ii)&nbsp;in such other manner and by such other means as are specified in the terms of such Preferred Shares, a
notice of such special meeting to such Holders, such meeting to be held not less than ten (10)&nbsp;nor more than thirty (30)&nbsp;calendar days after the date of the delivery by Electronic Means or mailing of such notice or the delivery of such
notice by such other means as are described in clause (ii)&nbsp;above. If the Fund fails to call such a special meeting, it may be called at the expense of the Fund by any such Holder on like notice. The
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">40 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">record date for determining the Holders of Preferred Shares entitled to notice
of and to vote at such special meeting shall be the close of business on the fifth (5th)&nbsp;Business Day preceding the calendar day on which such notice is mailed or otherwise delivered. At any such special meeting and at each meeting of Holders
of Preferred Shares held during a Voting Period at which trustees are to be elected, such Holders voting together as a class (to the exclusion of the Holders of all other securities and classes of shares of beneficial interest of the Fund), shall be
entitled to elect the number of trustees prescribed in <U>Section&nbsp;2.7(b)(i)</U> on a one-vote-per-share basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Terms of Office of Existing Trustees</U>. The terms of office
of the incumbent trustees of the Fund at the time of a special meeting of Holders of Preferred Shares to elect additional trustees in accordance with <U>Section&nbsp;2.7(b)(i)</U> shall not be affected by the election at such meeting by the Holders
of RVMTP Shares and such other Holders of Preferred Shares of the number of trustees that they are entitled to elect, and the trustees so elected by the Holders of RVMTP Shares and such other Holders of Preferred Shares, together with the two
(2)&nbsp;trustees elected by the Holders of Preferred Shares in accordance with <U>Section&nbsp;2.7(a)</U> hereof and the remaining trustees elected by the holders of the Common Shares and Preferred Shares, shall constitute the duly elected trustees
of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Terms of Office of Certain Trustees to
Terminate Upon Termination of Voting Period</U>. Simultaneously with the termination of a Voting Period, the terms of office of the additional trustees elected by the Holders of the Preferred Shares pursuant to <U>Section&nbsp;2.7(b)(i) </U>shall
terminate, the remaining trustees shall constitute the trustees of the Fund and the voting rights of the Holders of Preferred Shares to elect additional trustees pursuant to <U>Section&nbsp;2.7(b)(i) </U>shall cease, subject to the provisions of the
last sentence of <U>Section&nbsp;2.7(b)(i)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Holders of
RVMTP Shares to Vote on Certain Matters</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Amendments Requiring Approval of RVMTP Shares</U>. Except as otherwise permitted by the terms of this Statement, so long as any RVMTP Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least a
majority of the RVMTP Shares subject to this Statement Outstanding at the time, voting together as a separate class, amend, alter or repeal the provisions of the Declaration or this Statement, whether by merger, consolidation or otherwise, so as to
materially and adversely affect any preference, right or power of such RVMTP Shares or the Holders thereof; <U>provided</U>, however, that (i)&nbsp;a change in the capitalization of the Fund in accordance with <U>Section&nbsp;2.9</U> hereof shall
not be considered to materially and adversely affect the rights and preferences of the RVMTP Shares, and (ii)&nbsp;a division of a RVMTP Share </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">41 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">shall be deemed to materially and adversely affect such preferences, rights or
powers only if the terms of such division materially and adversely affect the Holders of the RVMTP Shares. For purposes of the foregoing, no matter shall be deemed to materially and adversely affect any preference, right or power of a RVMTP Share of
any Series or the Holder thereof unless such matter (i)&nbsp;alters or abolishes any preferential right of such RVMTP Share, or (ii)&nbsp;creates, alters or abolishes any right in respect of redemption of such RVMTP Share (other than solely as a
result of a division of a RVMTP Share or as otherwise permitted by <U>Section&nbsp;2.6(a)(ii)</U> of this Statement). So long as any RVMTP Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least
66 2/3% of the RVMTP Shares Outstanding at the time, voting as a separate class, file a voluntary application for relief under Federal bankruptcy law or any similar application under state law for so long as the Fund is solvent and does not foresee
becoming insolvent. For the avoidance of doubt, no vote of the holders of Common Shares shall be required to amend, alter or repeal the provisions of this Statement, including any Appendix hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>1940 Act Matters</U>. Unless a higher percentage is provided for
in the Declaration, the affirmative vote of the Holders of at least &#147;a majority of the outstanding Preferred Shares,&#148; including all RVMTP Shares and Auction Preferred Shares Outstanding at the time, voting as a separate class, shall be
required (A)&nbsp;to approve any conversion of the Fund from a closed-end to an open-end investment company, (B)&nbsp;to approve any plan of reorganization (as such term is used in the 1940 Act) adversely affecting such shares, or (C)&nbsp;to
approve any other action requiring a vote of security holders of the Fund under Section&nbsp;13(a) of the 1940 Act. For purposes of the foregoing, the vote of a &#147;majority of the outstanding Preferred Shares&#148; means the vote at an annual or
special meeting duly called of (i)&nbsp;sixty-seven percent (67%)&nbsp;or more of such shares present at a meeting, if the Holders of more than fifty percent (50%)&nbsp;of such shares are present or represented by proxy at such meeting, or
(ii)&nbsp;more than fifty percent (50%)&nbsp;of such shares, whichever is less. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:18%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Amendments Requiring Approval of Specific Series of RVMTP Shares</U>. Except as otherwise permitted by the terms of this Statement, so long as any RVMTP Shares of a Series are Outstanding, the Fund
shall not, without the affirmative vote or consent of the Holders of at least a majority of the RVMTP Shares of such Series Outstanding at the time, voting as a separate class, amend, alter or repeal the provisions of the Appendix relating to such
Series, whether by merger, consolidation or otherwise, so as to materially and adversely affect any preference, right or power set forth in such Appendix of the RVMTP Shares of such Series or the Holders thereof; <U>provided</U>, <U>however</U>,
that (i)&nbsp;a change </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">42 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">in the capitalization of the Fund in accordance with <U>Section&nbsp;2.9</U>
hereof shall not be considered to materially and adversely affect the rights and preferences of the RVMTP Shares of such Series, and (ii)&nbsp;a division of a RVMTP Share shall be deemed to materially and adversely affect such preferences, rights or
powers only if the terms of such division materially and adversely affect the Holders of the RVMTP Shares of such Series; and <U>provided</U>, <U>further</U>, that, except as otherwise permitted by <U>Section&nbsp;2.6(a)(ii)</U> of this Statement,
no amendment, alteration or repeal of the obligation of the Fund to (x)&nbsp;pay the Term Redemption Price on the Term Redemption Date for a Series or the Mandatory Tender Redemption Price on any Mandatory Tender Redemption Date, or
(y)&nbsp;accumulate dividends at the Dividend Rate (as set forth in this Statement and the applicable Appendix hereto) for a Series shall be effected without, in each case, the prior unanimous vote or consent of the Holders of such Series of RVMTP
Shares. For purposes of the foregoing, no matter shall be deemed to materially and adversely affect any preference, right or power of a RVMTP Share of a Series or the Holder thereof unless such matter (i)&nbsp;alters or abolishes any preferential
right of such RVMTP Share, or (ii)&nbsp;creates, alters or abolishes any right in respect of redemption of such RVMTP Share. For the avoidance of doubt, no vote of the holders of Common Shares shall be required to amend, alter or repeal the
provisions of this Statement, including any Appendix hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting Rights Set Forth Herein Are Sole Voting Rights</U>. Unless otherwise required by law, the Declaration or this Statement, the Holders of RVMTP Shares shall not have any relative rights or preferences or
other special rights with respect to voting such RVMTP Shares other than those specifically set forth in this <U>Section&nbsp;2.7</U>; <U>provided</U>, <U>however</U>, that nothing in this Statement or the Declaration shall be deemed to preclude or
limit the right of the Fund (to the extent permitted by applicable law) to contractually agree with any Holder or Designated Owner of RVMTP Shares of any Series that any action or inaction by the Fund shall require the consent or approval of such
Holder or Designated Owner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Preemptive Rights or
Cumulative Voting</U>. The Holders of RVMTP Shares shall have no preemptive rights or rights to cumulative voting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting for Trustees Sole Remedy for Fund&#146;s Failure to Declare
or Pay Dividends</U>. In the event that the Fund fails to declare or pay any dividends on any Series of RVMTP Shares on the Dividend Payment Date therefor, the exclusive remedy of the Holders of the RVMTP Shares shall be the right to vote for
trustees pursuant to the provisions of this <U>Section&nbsp;2.7</U>. Nothing in this <U>Section&nbsp;2.7(f)</U> shall be deemed to affect the obligation of the Fund to accumulate and, if permitted by applicable law, the Declaration and this
Statement, pay dividends at the Increased Rate in the circumstances contemplated by <U>Section&nbsp;2.2(g)</U> hereof. </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">43 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Holders Entitled to
Vote</U>. For purposes of determining any rights of the Holders of RVMTP Shares to vote on any matter, whether such right is created by this Statement, by the Declaration, by statute or otherwise, no Holder of RVMTP Shares shall be entitled to vote
any RVMTP Share and no RVMTP Share shall be deemed to be &#147;Outstanding&#148; for the purpose of voting or determining the number of shares required to constitute a quorum if, prior to or concurrently with the time of determination of shares
entitled to vote or the time of the actual vote on the matter, as the case may be, the requisite Notice of Redemption with respect to such RVMTP Share shall have been given in accordance with this Statement and Deposit Securities for the payment of
the Redemption Price of such RVMTP Share shall have been deposited in trust with the Calculation and Paying Agent for that purpose. No RVMTP Share held by the Fund shall have any voting rights or be deemed to be outstanding for voting or for
calculating the voting percentage required on any other matter or other purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_14"></A>2.8
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rating Agencies</U>. The Fund shall use commercially reasonable efforts to cause the Rating Agencies to issue long-term credit ratings with respect to each Series of RVMTP Shares for so long as such Series is
Outstanding. The Fund shall use commercially reasonable efforts to comply with any applicable Rating Agency Guidelines. If a Rating Agency shall cease to rate the securities of tax-exempt closed-end management investment companies generally, the
Board of Trustees shall terminate the designation of such Rating Agency as a Rating Agency hereunder. The Board of Trustees may elect to terminate the designation of any Rating Agency as a Rating Agency hereunder with respect to a Series of RVMTP
Shares so long as either (i)&nbsp;immediately following such termination, there would be at least one Rating Agency with respect to such Series or (ii)&nbsp;it replaces the terminated Rating Agency with another NRSRO and provides notice thereof to
the Holders of such Series; <U>provided</U> that such replacement shall not occur unless such replacement Other Rating Agency shall have at the time of such replacement (i)&nbsp;published a rating for the RVMTP Shares of such Series and
(ii)&nbsp;entered into an agreement with the Fund to continue to publish such rating subject to the Rating Agency&#146;s customary conditions. The Board of Trustees may also elect to designate one or more other NRSROs as Other Rating Agencies
hereunder with respect to a Series of RVMTP Shares by notice to the Holders of the RVMTP Shares. The Rating Agency Guidelines of any Rating Agency may be amended by such Rating Agency without the vote, consent or approval of the Fund, the Board of
Trustees or any Holder of Preferred Shares, including any RVMTP Shares or Auction Preferred Shares, or Common Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_15">
</A>2.9 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance of Additional Preferred Shares</U>. So long as any RVMTP Shares are Outstanding, the Fund may, without the vote or consent of the Holders thereof authorize, establish and create and issue and
sell shares of one or more series of Preferred Shares, ranking on a parity with RVMTP Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or the winding up of the affairs of the Fund, in addition to
then Outstanding Series of RVMTP Shares, including additional Series of RVMTP Shares, and authorize, issue and sell additional shares of any such series of Preferred Shares then outstanding or so established or
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">44 </P>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">created including additional Series of RVMTP Shares, in each case in accordance with applicable
law, provided that the Fund shall, immediately after giving effect to the issuance of such Preferred Shares and to its receipt and application of the proceeds thereof, including to the redemption of Preferred Shares with such proceeds, have 1940 Act
Asset Coverage (calculated in the same manner as is contemplated by <U>Section&nbsp;2.4(b)</U>). See also Section&nbsp;11.8(e)(iv) of the Auction Preferred Statement for additional provisions regarding issuance of additional preferred shares by the
Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_16"></A>2.10 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Status of Redeemed or Repurchased RVMTP
Shares</U>. RVMTP Shares that at any time have been redeemed, exchanged or purchased by the Fund shall, after such redemption or purchase, have the status of authorized but unissued Preferred Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_17"></A>2.11 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Distributions with respect to Taxable Allocations</U>.
Whenever a Taxable Allocation is to be made by the Fund with respect to the RVMTP Shares of a Series with respect to any Dividend Period and neither the Increased Rate nor the Maximum Rate is in effect during such Dividend Period, clause (a), clause
(b)&nbsp;or clause (c)&nbsp;of this <U>Section&nbsp;2.11</U>, as applicable, shall govern: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may provide notice to the Calculation and Paying Agent prior to the commencement of any Dividend Period for a Series of RVMTP Shares of the amount of the Taxable Allocation that will be made in respect of
shares of such Series for such Dividend Period (a &#147;<U>Notice of Taxable Allocation</U>&#148;). Such Notice of Taxable Allocation will state (i)&nbsp;the amount of the dividends payable in respect of each RVMTP Share of the applicable Series for
such Dividend Period that will be a Taxable Allocation and (ii)&nbsp;the adjustment to the Dividend Rate for each Rate Period (or portion thereof) included in such Dividend Period that will be required in order for the Fund to pay the Additional
Amount Payment to a Holder in respect of the Taxable Allocation made in respect of such RVMTP Shares for such Dividend Period. In lieu of adjusting the Dividend Rate, the Fund may make, in addition to and in conjunction with the payment of regular
dividends for such Dividend Period, a supplemental distribution in respect of each share of such series for such Dividend Period equal to the Additional Amount Payment payable in respect of the Taxable Allocation made in respect of such share for
such Dividend Period. The Fund will use commercially reasonable efforts to make Taxable Allocations in respect of RVMTP Shares of each Series as provided in this <U>Section&nbsp;2.11(a)</U>, and shall make Taxable Allocations as described in
<U>Section&nbsp;2.11(b)</U> and/or<U> Section&nbsp;2.11(c)</U> only if such commercially reasonable efforts do not reasonably permit the Fund to make a Taxable Allocation as contemplated by this <U>Section&nbsp;2.11(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund does not provide a Notice of Taxable Allocation as
provided in <U>Section&nbsp;2.11(a)</U> with respect to a Taxable Allocation that is made in respect of RVMTP Shares of a Series, the Fund may make one or more supplemental distributions on shares of such Series equal to the Additional Amount
Payment to be paid to a Holder in </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">45 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">respect of such Taxable Allocation. Any such supplemental distribution in respect
of RVMTP Shares of a Series may be declared and paid on any date, without reference to any regular Dividend Payment Date, to the Holders of shares of such Series as their names appear on the registration books of the Fund on such date, not exceeding
fifteen (15)&nbsp;calendar days preceding the payment date of such supplemental distribution, as may be fixed by the Board of Trustees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If in connection with a redemption of RVMTP Shares, the Fund makes a
Taxable Allocation without having either given advance notice thereof pursuant to <U>Section&nbsp;2.11(a)</U> or made one or more supplemental distributions pursuant to <U>Section&nbsp;2.11(b)</U>, the Fund shall direct the Calculation and Paying
Agent to send an Additional Amount Payment in respect of such Taxable Allocation to each Holder of such shares at such Person&#146;s address as the same appears or last appeared on the record books of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall not be required to pay Additional Amount Payments with
respect to RVMTP Shares of any Series (i)&nbsp;with respect to any net capital gain or other taxable income determined by the Internal Revenue Service to be allocable in a manner different from the manner used by the Fund, or (ii)&nbsp;with respect
to Taxable Allocations made more than 90 days after the end of the fiscal year of the Fund to which such Taxable Allocation relates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, with respect to each Holder the Fund
shall only be required, pursuant to this <U>Section&nbsp;2.11</U> to pay an Additional Amount Payment in accordance with the definitions of such terms, but not both. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Additional Amount Payment as described in this
<U>Section&nbsp;2.11</U> shall apply or be payable with respect to any RVMTP Shares that are being registered and sold pursuant to an effective registration statement under the Securities Act or to any subsequent transfer of such registered RVMTP
Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_18"></A>2.12 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term Redemption Liquidity Account and
Liquidity Requirement</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or prior to the then current
Liquidity Account Initial Date with respect to any Series of RVMTP Shares, the Fund shall segregate, by means of appropriate identification on its books and records or otherwise in accordance with the Fund&#146;s normal procedures, from the other
assets of the Fund (the &#147;<U>Term Redemption Liquidity Account</U>&#148;) Liquidity Account Investments with a Market Value equal to at least one hundred ten percent (110%)&nbsp;of the Term Redemption Amount with respect to such Series. The
&#147;<U>Term Redemption Amount</U>&#148; for any Series of RVMTP Shares shall be equal to the Redemption Price to be paid on the Term Redemption Date for such Series, based on the number of shares of such Series then Outstanding, assuming for this
purpose that the Dividend Rate for such Series in effect at the time of the creation of the Term Redemption Liquidity </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">46 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Account for such Series will be the Dividend Rate in effect for such Series until
the Term Redemption Date for such Series. If, on any date after the then current Liquidity Account Initial Date, the aggregate Market Value of the Liquidity Account Investments included in the Term Redemption Liquidity Account for a Series of RVMTP
Shares as of the close of business on any Business Day is less than one hundred ten percent (110%)&nbsp;of the Term Redemption Amount with respect to such Series, then the Fund shall take all such necessary actions, including segregating additional
assets of the Fund as Liquidity Account Investments, so that the aggregate Market Value of the Liquidity Account Investments included in the Term Redemption Liquidity Account for such Series is at least equal to one hundred ten percent
(110%)&nbsp;of the Term Redemption Amount with respect to such Series not later than the close of business on the next succeeding Business Day. With respect to assets of the Fund segregated as Liquidity Account Investments with respect to a Series
of RVMTP Shares, the Adviser, on behalf of the Fund, shall be entitled on any date to release any Liquidity Account Investments from such segregation and to substitute therefor other Liquidity Account Investments, so long as (i)&nbsp;the assets of
the Fund segregated as Liquidity Account Investments at the close of business on such date have a Market Value equal to at least one hundred ten percent (110%)&nbsp;of the Term Redemption Amount with respect to such Series and (ii)&nbsp;the assets
of the Fund designated and segregated as Deposit Securities at the close of business on such date have a Market Value equal to at least the Liquidity Requirement (if any) determined in accordance with <U>Section&nbsp;2.12(b)</U> below with respect
to such Series for such date. The Fund shall not permit any lien, security interest or encumbrance to be created or permitted to exist on or in respect of any Liquidity Account Investments included in the Term Redemption Liquidity Account for any
Series of RVMTP Shares, other than liens, security interests or encumbrances arising by operation of law and any lien of the Custodian with respect to the payment of its fees or repayment for its advances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Market Value of the Deposit Securities held in the Term
Redemption Liquidity Account for a Series of RVMTP Shares, from and after the 15th day of the calendar month (or if such day is not a Business Day, the next succeeding Business Day) that is the number of months preceding the calendar month in which
the Term Redemption Date for such Series occurs, in each such case as specified in the table set forth below, shall not be less than the percentage of the Term Redemption Amount for such Series set forth below opposite such number of months (the
&#147;<U>Liquidity Requirement</U>&#148;), but in all cases subject to the provisions of <U>Section&nbsp;2.12(c)</U> below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" 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:12pt">
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Number of Months</P> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Preceding Month of Term</P> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Redemption Date:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="padding-bottom:4pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Market Value
of Deposit Securities</P> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">as Percentage of Term</P>
<P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Redemption Amount</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">5</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">20%</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">47 </P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" 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:12pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">4</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">40%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">3</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">60%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" 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:12pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">2</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">80%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">1</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">100%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the aggregate Market Value of the
Deposit Securities included in the Term Redemption Liquidity Account for a Series of RVMTP Shares as of the close of business on any Business Day is less than the Liquidity Requirement in respect of such Series for such Business Day, then the Fund
shall cause the segregation of additional or substitute Deposit Securities in respect of the Term Redemption Liquidity Account for such Series, so that the aggregate Market Value of the Deposit Securities included in the Term Redemption Liquidity
Account for such Series is at least equal to the Liquidity Requirement for such Series not later than the close of business on the next succeeding Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Deposit Securities included in the Term Redemption Liquidity
Account for a Series of RVMTP Shares may be applied by the Fund, in its discretion, towards payment of the Term Redemption Price for such Series as contemplated by <U>Section&nbsp;2.6(d)</U>. Upon the deposit by the Fund with the Calculation and
Paying Agent of Deposit Securities having an initial combined Market Value sufficient to effect the redemption of the RVMTP Shares of a Series on the Term Redemption Date for such Series in accordance with <U>Section&nbsp;2.6(d)(ii)</U>, the
requirement of the Fund to maintain the Term Redemption Liquidity Account as contemplated by this <U>Section&nbsp;2.12</U> shall lapse and be of no further force and effect. Upon any extension of the Term Redemption Date for a Series of RVMTP Shares
pursuant to <U>Section&nbsp;2.6(a)</U>, the then-current Liquidity Account Initial Date for such Series shall be extended as provided in the Appendix relating to such Series, and the requirement of the Fund to maintain the Term Redemption Liquidity
Account with respect to such Series in connection with such Liquidity Account Initial Date shall lapse and shall thereafter apply in respect of the Liquidity Account Initial Date for such Series as so extended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_19"></A>2.13 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Global Certificate</U>. All RVMTP Shares of any Series
Outstanding from time to time shall be represented by one or more global certificates for such Series registered in the name of the Securities Depository or its nominee and no registration of transfer of shares of such Series of RVMTP Shares shall
be made on the books of the Fund to any Person other than the Securities Depository or its nominee or transferee. The foregoing restriction on registration of transfer shall be conspicuously noted on the face or back of the global certificates. Such
global certificates will be deposited with, or on behalf of, The Depository Trust Company and registered in the name of Cede&nbsp;&amp; Co., its nominee. Beneficial interests in the global certificates will be held only through The Depository Trust
Company and any of its participants. </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">48 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_20"></A>2.14
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice</U>. All notices or communications hereunder, unless otherwise specified in this Statement, shall be sufficiently given if in writing and delivered in person, by telecopier, by Electronic Means or by
overnight delivery. Notices delivered pursuant to this <U>Section&nbsp;2.14</U> shall be deemed given on the date received. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_21"></A>2.15 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. In the event that no RVMTP Shares of
a Series are Outstanding subject to this Statement, all rights and preferences of the RVMTP Shares of such Series established and designated hereunder shall cease and terminate, and all obligations of the Fund under this Statement with respect to
such Series shall terminate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_22"></A>2.16 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appendices</U>. The
designation of each Series of RVMTP Shares subject to this Statement shall be set forth in an Appendix to this Statement. The Board of Trustees may, by resolution duly adopted, without shareholder approval (except as otherwise provided by this
Statement or required by applicable law) (1)&nbsp;amend the Appendix to this Statement relating to a Series so as to reflect any amendments to the terms applicable to such Series including an increase in the number of authorized shares of such
Series and (2)&nbsp;add additional Series of RVMTP Shares by including a new Appendix to this Statement relating to such Series. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_23"></A>2.17 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Actions on Other than Business Days</U>. Unless
otherwise provided herein, if the date for making any payment, performing any act or exercising any right, in each case as provided for in this Statement, is not a Business Day, such payment shall be made, act performed or right exercised on the
next succeeding Business Day, with the same force and effect as if made or done on the nominal date provided therefor, and, with respect to any payment so made, no dividends, interest or other amount shall accrue for the period between such nominal
date and the date of payment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_24"></A>2.18 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Modification</U>.
To the extent permitted by <U>Section&nbsp;2.7(c)</U> and any applicable Purchase Agreement, the Board of Trustees, without the vote of the Holders of RVMTP Shares or any other outstanding shares issued by the Fund, may interpret, supplement or
amend the provisions of this Statement or any Appendix hereto to supply any omission, resolve any inconsistency or ambiguity or to cure, correct or supplement any defective or inconsistent provision, including any provision that becomes defective
after the date hereof because of impossibility of performance or any provision that is inconsistent with any provision of any other Preferred Shares of the Fund and, in addition to the amendments permitted by <U>Sections 2.6(g)</U> and <U>2.7(c)</U>
hereof, may amend this Statement with respect to any Series of RVMTP Shares prior to the issuance of RVMTP Shares of such Series. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_25"></A>2.19 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfers</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Designated Owner or Holder of any RVMTP Shares of any Series may
sell, transfer or otherwise dispose of RVMTP Shares only in whole shares and only to Persons that are (1)(i)&nbsp;&#147;qualified institutional buyers&#148; (as defined in Rule 144A under the Securities Act or any successor provision) in accordance
with Rule 144A under the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">49 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Securities Act or any successor provision that are registered closed-end
management investment companies, the shares of which are traded on a national securities exchange (&#147;<U>Closed-End Funds</U>&#148;), banks or entities that are 100% direct or indirect subsidiaries of banks&#146; publicly traded parent holding
companies (collectively, &#147;<U>Banks</U>&#148;), insurance companies or registered open-end management investment companies, (ii)&nbsp;tender option bond trusts (or similar vehicles) in which all investors are &#147;qualified institutional
buyers&#148; (as defined in Rule 144A under the Securities Act or any successor provision) that are Closed-End Funds, Banks, insurance companies, or registered open-end management investment companies, in each case with respect to clauses
(i)&nbsp;and (ii), in accordance with Rule 144A under the Securities Act or pursuant to another available exemption from registration under the Securities Act, in a manner not involving a public offering within the meaning of Section&nbsp;4(a)(2) of
the Securities Act, or (iii)&nbsp;other investors with the prior written consent of the Fund and (2)&nbsp;unless the prior written consent of the Fund is obtained, not PIMCO Persons, if such PIMCO Persons would, after such sale and transfer, own
more than 20% of the Outstanding RVMTP Shares. Any transfer in violation of the foregoing restrictions shall be void <I>ab initio</I>. The restrictions on transfer contained in this <U>Section&nbsp;2.19(a)</U> shall not apply to any RVMTP Shares
that are being registered and sold pursuant to an effective registration statement under the Securities Act or to any subsequent transfer of such RVMTP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:17%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time the Fund is not furnishing information pursuant to
Section&nbsp;13 or 15(d) of the Exchange Act, in order to preserve the exemption for resales and transfers under Rule 144A, the Fund shall furnish, or cause to be furnished, to holders of RVMTP Shares and prospective purchasers of RVMTP Shares, upon
request, information with respect to the Fund satisfying the requirements of subsection (d)(4) of Rule 144A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><A NAME="exb288652_26">
</A>2.20 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Additional Rights</U>. Unless otherwise required by law or the Declaration, the Holders of RVMTP Shares shall not have any relative rights or preferences or other special rights with respect to such
RVMTP Shares other than those specifically set forth in this Statement; <U>provided</U>, <U>however</U>, that nothing in this Statement shall be deemed to preclude or limit the right of the Fund (to the extent permitted by applicable law) to
contractually agree with any Holder or Designated Owner of RVMTP Shares of any Series with regard to any special rights of such Holder or Designated Owner with respect to its investment in the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[Signature Page Begins on the Following Page] </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">50 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF,</B> PIMCO Municipal Income Fund II has caused this
Statement to be signed on July&nbsp;14, 2021 in its name and on its behalf by a duly authorized officer. The Declaration is on file with the Secretary of the Commonwealth of Massachusetts, and the said officer of the Fund has executed this Statement
as an officer and not individually, and the obligations and rights of the Fund set forth in this Statement are not binding upon any such officer, or the trustees of the Fund or shareholders of the Fund, individually, but are binding only upon the
assets and property of the Fund. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-size:12pt"><B>PIMCO MUNICIPAL INCOME FUND II</B></FONT></TD></TR>
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<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:12pt">By:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ Eric D. Johnson</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Eric D. Johnson</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to PIMCO
Municipal Income Fund II Statement of Rights] </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>APPENDIX A </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO MUNICIPAL INCOME FUND II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED SHARES, SERIES 2051 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Preliminary Statement and Incorporation By Reference </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Appendix (this &#147;<U>Appendix</U>&#148;) amends and restates that certain Appendix dated September&nbsp;18, 2018
relating to the Variable Rate MuniFund Term Preferred Shares, Series 2022 of PIMCO Municipal Income Fund II and redesignates such Series as the Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2051. Except as set forth below, this
Appendix incorporates by reference the terms set forth with respect to all Series of such Remarketable Variable Rate MuniFund Term Preferred Shares in that &#147;Amended and Restated Statement Establishing and Fixing the Rights and Preferences of
Remarketable Variable Rate MuniFund Term Preferred Shares&#148;, effective as of September&nbsp;18, 2018, as amended and restated on January&nbsp;16, 2019 and July&nbsp;14, 2021 (the &#147;<U>RVMTP Statement</U>&#148;). This Appendix has been
adopted by resolution of the Board of Trustees of PIMCO Municipal Income Fund II. Capitalized terms used herein but not defined herein have the respective meanings therefor set forth in the RVMTP Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Designation as to Series</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2051: A series of 687 Preferred Shares classified as
Remarketable Variable Rate MuniFund Term Preferred Shares is hereby designated as the &#147;Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2051&#148; (the &#147;<U>Series 2051 RVMTP Shares</U>&#148;). Each share of such Series
shall have such preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly set
forth in the Declaration, the By-Laws and the RVMTP Statement (except as the RVMTP Statement may be expressly modified by this Appendix), as are set forth in this <U>Appendix A</U>. The Series 2051 RVMTP Shares shall constitute a separate series of
Preferred Shares and of the Remarketable Variable Rate MuniFund Term Preferred Shares and each Series 2051 RVMTP Share shall be identical. The following terms and conditions shall apply solely to the Series 2051 RVMTP Shares: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Number of Authorized Shares of Series</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The number of authorized shares is 687. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Date of Original Issuance and the Date of Redesignation
with respect to Series</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Date of Original Issuance is September&nbsp;18, 2018. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>APPENDIX A </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Date of Redesignation is July&nbsp;14, 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation Preference Applicable to Series</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Liquidation Preference is $100,000.00 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term Redemption Date and Early Term Redemption Date
Applicable to Series</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Term Redemption Date is July&nbsp;14, 2051, subject to extension pursuant to
Section&nbsp;2.6(a)(ii) of the RVMTP Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The initial &#147;<U>Early Term Redemption Date</U>&#148; is
July&nbsp;14, 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividend Payment Dates Applicable
to Series</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Dividend Payment Dates are the first Business Day of the month next following each Dividend Period,
subject to the definition of &#147;Dividend Period&#148; set forth in Section&nbsp;9 below, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidity Account Initial Date Applicable to Series</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Liquidity Account Initial Date is the date that is six (6)&nbsp;months prior to the Term Redemption Date or, if
applicable, the date that is six (6)&nbsp;months prior to the then current Term Redemption Date as extended pursuant to Section&nbsp;2.6(a)(ii) of the RVMTP Statement or, if such date is not a Business Day, the next succeeding Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exceptions to Certain Definitions Applicable to the
Series</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The following definitions contained under the heading &#147;Definitions&#148; in the RVMTP Statement are
hereby amended as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Not applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Definitions Applicable to the Series</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The following terms shall have the following meanings (with terms defined in the singular having comparable meanings when used
in the plural and vice versa), unless the context otherwise requires: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Dividend Period</U>&#148; means, with
respect to the Series 2051 RVMTP Shares, in the case of the first Dividend Period, the period beginning on the Date of Original Issuance for such Series and ending on and including September&nbsp;30, 2018 and for each subsequent Dividend Period, the
period beginning on and including the first calendar day of the month following the month in which the previous Dividend Period ended and ending on and including the last calendar day of such month; <U>provided</U>, <U>however</U>, in connection
with any voluntary exchange by the Holders or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>APPENDIX A </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Designated Owners thereof of Series 2051 RVMTP Shares for any new series of Remarketable Variable Rate MuniFund Term Preferred Shares or any other securities of the Fund, the Board of Trustees
may declare that a Dividend Period shall begin on and include the first calendar day of the month in which such exchange will occur and shall end on but not include the date of such exchange, and in such case, the Dividend Payment Date for such
dividend shall be the date of such exchange and provided further that, in connection with any reorganization or merger involving the Fund, the Board of Trustees may establish a Dividend Period of less than a month, in which case the Dividend Payment
Date for such dividend shall be the first Business Day following the end of such Dividend Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Optional
Redemption Premium</U>&#148; means with respect to each Series 2051 RVMTP Share to be redeemed an amount equal to: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)
&nbsp;&nbsp;&nbsp;&nbsp;if the Optional Redemption Date for such Series 2051 RVMTP Share occurs prior to September&nbsp;18, 2019, the product of (i)&nbsp;0.92%, (ii)&nbsp;the Liquidation Preference of such RVMTP Share and (iii)&nbsp;a fraction, the
numerator of which is the number of calendar days from and including the date of redemption to and including September&nbsp;18, 2019 and the denominator of which is the actual number of calendar days from and including September&nbsp;18, 2018 to and
including September&nbsp;18, 2019; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B) &nbsp;&nbsp;&nbsp;&nbsp;if the Optional Redemption Date for such Series 2051
RVMTP Share occurs on or after September&nbsp;18, 2019, none. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10. <U>Amendments to Terms of RVMTP Shares
Applicable to the Series</U>. The following provisions contained under the heading &#147;Terms of the RVMTP Shares&#148; in the RVMTP Statement are hereby amended as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Not applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF,</B> PIMCO Municipal Income Fund II has caused this
Appendix to be signed on July&nbsp;14, 2021 in its name and on its behalf by a duly authorized officer. The Declaration is on file with the Secretary of the Commonwealth of Massachusetts, and the said officer of the Fund has executed this Appendix
as an officer and not individually, and the obligations and rights of the Fund set forth in this Appendix are not binding upon any such officer, or the trustees of the Fund or shareholders of the Fund, individually, but are binding only upon the
assets and property of the Fund. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-size:12pt"><B>PIMCO MUNICIPAL INCOME FUND II</B></FONT></TD></TR>
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<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:12pt">By:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ Eric D. Johnson</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Eric D. Johnson</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to PIMCO
Municipal Income Fund II Statement of Rights Appendix A] </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO MUNICIPAL INCOME FUND II </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>COMMON SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>CAPITAL ON DEMAND<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP> </U></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>SALES AGREEMENT </U></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">August&nbsp;10, 2022 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">JONESTRADING INSTITUTIONAL
SERVICES LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">211 East 43<SUP STYLE="font-size:75%; vertical-align:top">rd</SUP> Street, 15<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">New York, NY 10017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Ladies and Gentlemen:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO Municipal Income Fund II, an unincorporated voluntary association with transferable shares organized and existing
under and by virtue of the laws of The Commonwealth of Massachusetts (commonly referred to as a Massachusetts business trust) (the &#147;<B><U>Fund</U></B>&#148;), and Pacific Investment Management Company LLC, a Delaware limited liability company
(the &#147;<B><U>Manager</U></B>&#148;), confirm their agreement (this &#147;<B><U>Capital on Demand</U></B><B><U><SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP></U></B><B><U> Agreement</U></B>&#148; or
&#147;<B><U>Agreement</U></B>&#148;) with JonesTrading Institutional Services LLC (&#147;<B><U>Jones</U></B>&#148;), as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance and Sale of Shares</U>. The Fund agrees that, from time to time during the term of this
Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through Jones, acting as agent and/or principal, the Fund&#146;s common shares of beneficial interest, par value $0.00001 per share (the
&#147;<B><U>Shares</U></B>&#148;); <U>provided</U>, <U>however</U>, that in no event shall the Fund issue or sell through Jones such number of Shares that (a)&nbsp;exceeds the number of shares or dollar amount of Shares registered on the effective
Registration Statement (as defined below) pursuant to which the offering is being made or (b)&nbsp;exceeds the number of shares or dollar amount registered on the Prospectus Supplement (defined below) (the lesser of (a)&nbsp;or (b) the
&#147;<B><U>Maximum Amount</U></B>&#148;). Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this <U>Section</U><U></U><U>&nbsp;1</U> on the number of Shares issued
and sold under this Agreement shall be the sole responsibility of the Fund, and Jones shall have no obligation in connection with such compliance. The issuance and sale of Shares through Jones will be effected pursuant to the Registration Statement
(as defined below) filed by the Fund and declared effective by the Securities and Exchange Commission (the &#147;<B><U>Commission</U></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund has entered into an Investment Management Agreement with the Manager dated as of September&nbsp;5, 2014, as amended
March&nbsp;25, 2022, a Custody and Investment Accounting Agreement with State Street Bank and Trust Company dated as of June&nbsp;28, 2002, an Amended and </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Restated Support Services Agreement with PIMCO Investments LLC dated as of December&nbsp;9, 2021, and a Transfer Agency Services Agreement with American Stock Transfer&nbsp;&amp; Trust Company,
LLC dated as of April&nbsp;19, 2016, as amended December&nbsp;13, 2018, December&nbsp;15, 2020 and December&nbsp;9, 2021, and such agreements are herein referred to as the &#147;<B><U>Management Agreement</U></B>,&#148; the &#147;<B><U>Custodian
Agreement</U></B>,&#148; the &#147;<B><U>Support Services Agreement</U></B>&#148; and the &#147;<B><U>Transfer Agency Agreement</U></B>,&#148; respectively. Collectively, the Management Agreement, the Custodian Agreement, the Support Services
Agreement and the Transfer Agency Agreement are herein referred to as the &#147;<B><U>Fund Agreements</U></B>.&#148; In addition, the Fund has adopted a dividend reinvestment plan (the &#147;<B><U>Dividend Reinvestment Plan</U></B>&#148;) pursuant
to which the applicable holders of Shares shall have their dividends automatically reinvested in additional Shares of the Fund unless they elect to receive such dividends in cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund (a)&nbsp;has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and
regulations thereunder (collectively, the &#147;<B><U>Securities Act</U></B>&#148;) and the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (collectively, the &#147;<B><U>Investment Company Act</U></B>&#148;),
with the Commission a registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File Nos. <FONT STYLE="white-space:nowrap">333-[&#149;]</FONT> and <FONT STYLE="white-space:nowrap">811-21076)</FONT> (the &#147;<B><U>Original
Registration Statement</U></B>&#148;) and (b)&nbsp;may file, in accordance with the provisions of the Securities Act and the Investment Company Act, with the Commission one or more subsequent registration statements on Form <FONT
STYLE="white-space:nowrap">N-2,</FONT> including, in each case, a base prospectus with respect to the Shares and which incorporates by reference certain documents that the Fund has filed or will file in accordance with the provisions of the
Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the &#147;<B><U>Exchange Act</U></B>&#148;) and the Investment Company Act (the &#147;<B><U>Basic Prospectus</U></B>&#148;). The Fund shall prepare one or more
supplements relating to the Shares to the Basic Prospectus, including all documents incorporated by reference therein, to be filed with the Commission pursuant to Rule 424, under the Securities Act (collectively, the &#147;<B><U>Prospectus
Supplement</U></B>&#148;). The Fund shall furnish to Jones, for use by Jones, copies of the Basic Prospectus, as supplemented by the Prospectus Supplement, relating to the Shares. Except where the context otherwise requires, the Original
Registration Statement, as amended when it became effective, including all documents filed as part thereof or incorporated by reference therein, including the Fund&#146;s Statement of Additional Information, and including any information contained
in a Prospectus Supplement subsequently filed with the Commission pursuant to Rule 424 under the Securities Act or deemed to be part of such registration statement pursuant to Rule 430B or Rule 430C of the Securities Act, or any subsequent
registration statement on Form <FONT STYLE="white-space:nowrap">N-2,</FONT> as amended when it becomes effective, including all documents filed as a part thereof or incorporated by reference therein and including any information deemed to be part of
such registration statement pursuant to Rule 430B or Rule 430C of the Securities Act, (i)&nbsp;filed pursuant to Rule 415(a)(6) under the Securities Act by the Fund with respect to any securities registered pursuant to the Original Registration
Statement, including any Placement Shares (as defined below), as a result of the end of the three-year period described in Rule 415(a)(5) under the Securities Act or (ii)&nbsp;to register any additional Shares to be issued and sold under this
Agreement, is herein called the &#147;<B><U>Registration Statement.</U></B>&#148; The Basic Prospectus, as it may be supplemented by the Prospectus Supplement, in the form in which such prospectus and/or Prospectus Supplement have most recently been
filed by the Fund with the Commission pursuant to Rule 424 under the Securities Act, and in each case including all documents incorporated by reference therein, is herein called the &#147;<B><U>Prospectus</U></B>.&#148; Any reference herein to the
Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>


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incorporated or deemed to be incorporated by reference therein, and any reference herein to the terms &#147;amend,&#148; &#147;amendment&#148; or &#147;supplement&#148; with respect to the
Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission pursuant to the Securities Act, the Exchange Act and the Investment Company Act, as
applicable, deemed to be incorporated by reference therein (collectively, the &#147;<B><U>Incorporated Documents</U></B>&#148;). For purposes of this Agreement, all references to the Registration Statement, the Prospectus or to any amendment or
supplement thereto shall be deemed to include any copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval System, or any successor thereto (collectively, &#147;<B><U>EDGAR</U></B>&#148;). For purposes of this
Agreement, all references to the Registration Statement, unless otherwise noted and except as the context otherwise requires, are deemed to include any and all amendments thereto filed with the Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Placements</U>. Each time that the Fund wishes to issue and sell Shares hereunder (each, a
&#147;<B><U>Placement</U></B>&#148;), it will notify Jones by <FONT STYLE="white-space:nowrap">e-mail</FONT> notice (or other method mutually agreed to in writing by the parties) containing the parameters in accordance with which it desires the
Shares to be sold, which shall, at a minimum, include the number of Shares to be issued (the &#147;<B><U>Placement Shares</U></B>&#148;), the time period during which sales are requested to be made, any limitation on the number of Placement Shares
that may be sold in any one day, any minimum price below which sales may not be made and the discount, commission or other compensation to be paid by the Fund to Jones (a &#147;<B><U>Placement Notice</U></B>&#148;), a form of which, containing such
minimum sales parameters necessary, is attached hereto as <U>Schedule</U><U></U><U>&nbsp;1</U>. The Placement Notice shall originate from any of the individuals from the Fund set forth on <U>Schedule</U><U></U><U>&nbsp;3</U> (with a copy to each of
the other individuals from the Fund listed on such schedule), and shall be addressed to each of the individuals from Jones set forth on <U>Schedule</U><U></U><U>&nbsp;3</U>. <U>Schedule</U><U></U><U>&nbsp;3</U> may be amended from time to time by
any party by providing written notification (including <FONT STYLE="white-space:nowrap">e-mail)</FONT> to the other parties. Such amendment will take effect unless a receiving party objects in writing (including via
<FONT STYLE="white-space:nowrap">e-mail)</FONT> within two (2)&nbsp;Business Days (as defined below) after delivery of such notification. The Placement Notice shall be effective upon receipt by Jones unless and until (i)&nbsp;in accordance with the
notice requirement set forth in <U>Section</U><U></U><U>&nbsp;4</U>, Jones, within one (1)&nbsp;Business Day of its receipt of the Placement Notice, declines to accept the terms contained therein for any reason, in its sole discretion, (ii)&nbsp;the
entire amount of the Placement Shares have been sold, (iii)&nbsp;in accordance with the notice requirements set forth in <U>Section</U><U></U><U>&nbsp;4</U>, the Fund or Jones suspends or terminates the sale of Placement Shares related to such
Placement Notice, (iv)&nbsp;the Fund delivers a subsequent Placement Notice to Jones with parameters superseding those on the earlier dated Placement Notice, or (v)&nbsp;the Agreement has been terminated under the provisions of
<U>Section</U><U></U><U>&nbsp;12</U>. The amount of any discount, commission or other compensation to be paid by the Fund to Jones in connection with the sale of the Placement Shares shall be calculated in accordance with the terms set forth in
<U>Schedule</U><U></U><U>&nbsp;2</U>, unless superseded by the terms and conditions as set forth in the applicable Placement Notice. It is expressly acknowledged and agreed that neither the Fund nor Jones will have any obligation whatsoever with
respect to a Placement or any Placement Shares unless and until the Fund delivers a Placement Notice to Jones and Jones does not decline, within the time period specified above, such Placement Notice pursuant to the terms set forth above, and then
only upon the terms specified therein and herein. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale of Placement Shares by Jones.</U> Subject to
the terms and conditions herein set forth, upon the Fund&#146;s delivery of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended or otherwise terminated in accordance with the terms of this
Agreement, Jones, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Shares up to the amount specified, and otherwise in
accordance with the terms of such Placement Notice. Jones will provide written confirmation to the Fund no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement
Shares hereunder setting forth the number of Placement Shares sold on such day, the compensation payable by the Fund with respect to such sales, with an itemization of deductions made by Jones (as set forth in <U>Section</U><U></U><U>&nbsp;5(a)</U>)
from the gross proceeds that it receives from such sales, and the Net Proceeds (as defined below) payable to the Fund. The Fund and the Manager each acknowledge that Jones intends to sell the Placement Shares in privately negotiated transactions
and/or any other method permitted by law, including sales made directly on the New York Stock Exchange (the &#147;<B><U>Exchange</U></B>&#148;), the then-existing trading market for the Shares or sales made to or through a market maker or through an
electronic communications network, or in any other manner that may be deemed to be an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;at-the-market&#148;</FONT></FONT> offering as defined in Rule 415 of the Securities Act, in
each case, at or above the then-current net asset value of the Fund&#146;s common shares (exclusive of any distributing commission or discount payable by the Fund to Jones pursuant to <U>Section</U><U></U><U>&nbsp;2</U> hereof) as determined by the
Fund as of the close of regular trading on the Exchange on the Trading Day immediately preceding the Trading Day on which Jones has made sales of Placement Shares hereunder in accordance with Section&nbsp;23(b) of the Investment Company Act. To the
extent that Jones acts as the Fund&#146;s agent with respect to any such sale, Jones covenants that it will comply with all prospectus delivery requirements imposed under applicable federal and state securities laws. Jones will not use any
advertising, sales literature, other promotional material (including &#147;prospectus wrappers,&#148; &#147;broker kits,&#148; &#147;road show slides&#148; and &#147;road show scripts&#148;) or any other Additional Disclosure Items (as defined in
<U>Section</U><U></U><U>&nbsp;7(a)(24)</U>), whether in printed or electronic form, in connection with the offering and sale of the Placement Shares that has not been authorized in writing or prepared by the Fund or the Manager in connection with
the offering and sale of the Placement Shares. To the extent that Jones uses any Additional Disclosure Items that have been authorized in writing or prepared by the Fund or the Manager in connection with the offering and sale of Placement Shares and
such Additional Disclosure Items are required to be filed with the Financial Industry Regulatory Authority (&#147;<B><U>FINRA</U></B>&#148;) under FINRA&#146;s conduct rules, Jones or its counsel will file such Additional Disclosure Items with FINRA
within the time periods required by FINRA&#146;s conduct rules. Jones covenants that any statements that it or its directors, officers, employees, agents or affiliates make in connection with the offering and sale of the Placement Shares will be
consistent with the disclosure in the Registration Statement and Prospectus. The Fund and the Manager each acknowledge and agree that (i)&nbsp;there can be no assurance that Jones will be successful in selling Placement Shares, and (ii)&nbsp;Jones
will not incur any liability or obligation to the Fund, the Manager or any other person or entity if it does not sell Placement Shares for any reason other than a failure by Jones to use its commercially reasonable efforts consistent with its normal
trading and sales practices to sell such Placement Shares as required under this <U>Section</U><U></U><U>&nbsp;3</U>. For the purposes hereof, &#147;<B><U>Trading Day</U></B>&#148; means any day the principal exchange or market on which the Shares
are listed or quoted (which, as of the date of this Agreement, is the Exchange) is open for trading. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Suspension of Sales</U>. The Fund or Jones may, upon
notice to the other party in writing (including by <FONT STYLE="white-space:nowrap">e-mail</FONT> correspondence to all of the individuals of the other party set forth on <U>Schedule</U><U></U><U>&nbsp;3</U> or by telephone (confirmed immediately by
verifiable facsimile transmission or <FONT STYLE="white-space:nowrap">e-mail</FONT> correspondence to all of the individuals of the other party set forth on <U>Schedule</U><U></U><U>&nbsp;3</U>)), suspend or refuse to undertake any sale of Placement
Shares; <U>provided</U>, <U>however</U>, that such suspension or refusal shall not affect or impair either party&#146;s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. Each of the parties hereto
agrees that no such notice shall be effective against the other unless and until it is made to the individuals named on <U>Schedule</U><U></U><U>&nbsp;3</U> hereto in accordance with this <U>Section</U><U></U><U>&nbsp;4</U>, as such Schedule may be
amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Settlement</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Settlement of Placement Shares</U>. Unless otherwise specified in the applicable Placement
Notice, settlement for sales of Placement Shares will occur on the second (2<SUP STYLE="font-size:75%; vertical-align:top">nd</SUP>) Business Day (or such earlier day as is agreed to by the parties) following the date on which such sales are made
(each, a &#147;<B><U>Settlement Date</U></B>&#148;). The amount of proceeds to be delivered to the Fund on a Settlement Date against the receipt of the Placement Shares sold (the &#147;<B><U>Net Proceeds</U></B>&#148;) will be equal to the aggregate
sales price at which such Placement Shares were sold, after deduction for (i)&nbsp;Jones&#146;s commission, discount or other compensation for such sales payable by the Fund pursuant to <U>Section</U><U></U><U>&nbsp;2</U> hereof, and (ii)&nbsp;any
transaction fees properly imposed by any governmental or self-regulatory organization in respect of such sales. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery of Shares</U>. On or before each Settlement Date, the Fund will, or will cause its
transfer agent to, electronically transfer the Placement Shares being sold by crediting Jones&#146;s or its designee&#146;s account at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of
delivery as may be mutually agreed upon by the parties hereto and, upon receipt of such Placement Shares, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, Jones will deliver the related Net
Proceeds in same day funds to an account designated by the Fund prior to the Settlement Date. If the Fund defaults on its obligation to deliver Placement Shares on a Settlement Date, the Fund and the Manager each agree that, in addition to and in no
way limiting the rights and obligations set forth in <U>Section</U><U></U><U>&nbsp;10(a)</U> hereto, the Fund will (i)&nbsp;hold Jones harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred,
arising out of or in connection with such default by the Fund and (ii)&nbsp;pay to Jones any commission, discount, or other compensation to which it would otherwise have been entitled absent such default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations on Offering Size</U>. Under no circumstances shall the Fund cause or request the
offer or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares, the aggregate gross sales proceeds of Placement Shares sold pursuant to this Agreement would exceed the lesser of (A)&nbsp;together with all sales of
Placement Shares under this Agreement, the Maximum Amount, (B)&nbsp;the amount available for offer and sale under the currently effective Registration Statement and (C)&nbsp;the amount authorized from time to time to be issued and sold under this
Agreement by the Fund&#146;s board of trustees, a duly authorized committee thereof or a duly authorized executive committee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representation and Warranty of Jones</U>. Jones
represents and warrants to the Fund and the Manager that it has full corporate power and authority to enter into this Agreement, the execution and delivery of, and the performance by Jones of its obligations under this Agreement have been duly and
validly authorized by Jones and this Agreement has been duly executed and delivered by Jones and, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and legally binding agreement of Jones, enforceable
against Jones in accordance with its terms, except as rights to indemnity and contribution hereunder may be limited by federal or state securities laws and subject to the qualification that the enforceability of Jones&#146; obligations hereunder may
be limited by bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors&#146; rights generally and by general equitable principles (regardless of whether enforceability is considered in a proceeding in
equity or at law). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of the Fund and the Manager</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties by the Fund and the Manager</U>. The Fund and the Manager,
jointly and severally, represent and warrant to and agree with Jones as of the date hereof, as of each Representation Date (as defined in <U>Section</U><U></U><U>&nbsp;8(i)</U> below) as follows, unless such representation, warranty or agreement
specifies a different date or time: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;The Original Registration Statement has
been declared effective by the Commission under the Securities Act as of the date hereof. The Registration Statement is effective under the Securities Act as of each Representation Date. Each Prospectus included as part of the Registration Statement
as originally filed or as part of any amendment or supplement thereto or filed pursuant to Rule 424 of the Securities Act complied when so filed in all material respects with the provisions of the Securities Act and the Investment Company Act. The
Commission has not issued any order preventing or suspending the use of the Prospectus or the effectiveness of the Registration Statement and no proceedings for such purpose have been instituted or, to the knowledge of the Fund, are contemplated by
the Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;(A) The Registration Statement in the form in which it became
effective and also in such form as it may be when any post-effective amendment thereto shall become effective and as of the date hereof, as of the time of each sale of Placement Shares pursuant to this Agreement (the &#147;<B><U>Applicable
Time</U></B>&#148;) and as of each Settlement Date, and (B)&nbsp;the Prospectus when filed with the Commission under Rule 424 of the Securities Act and as of the date hereof, as of each Applicable Time and as of each Settlement Date, complied or
will comply in all material respects with the provisions of the Securities Act and the Investment Company Act, and each of the Registration Statement and the Prospectus did not or will not at any such times contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in light of the circumstances under which they were made) not misleading; except that this representation
and warranty does not apply to statements in or omissions from the Registration Statement and the Prospectus made in reliance upon and in conformity with information relating to Jones furnished to the Fund or the Manager by or on behalf of Jones for
use therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;The Incorporated Documents, as of their respective filing dates
with the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>


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Commission, as of the date hereof, as of each Applicable Time and as of each Settlement Date, complied or will comply in all material respects with the requirements of the Exchange Act and<B>
</B>the Investment Company Act, as applicable, and did not or will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; except that this representation and warranty does not apply to statements in or omissions from the Incorporated Documents made in reliance upon and in conformity with information relating to
Jones furnished to the Fund or the Manager by or on behalf of Jones for use therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4)&nbsp;&nbsp;&nbsp;&nbsp;As of each Applicable Time and each Settlement Date, each Additional Disclosure
Item (as defined in <U>Section</U><U></U><U>&nbsp;7(a)(24)</U> hereof), does not or will not conflict with the information contained in the Registration Statement or the Prospectus and each such Additional Disclosure Item, as supplemented by and
taken together with the Prospectus at such time, did not or will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; except that this representation and warranty does not apply to statements in or omissions from any Additional Disclosure Item made in reliance upon and in conformity with information relating to Jones furnished to the
Fund or the Manager by or on behalf of Jones for use therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(5)&nbsp;&nbsp;&nbsp;&nbsp;The Fund has
been duly formed and is validly existing as an unincorporated voluntary association under the laws of The Commonwealth of Massachusetts (commonly known as a &#147;Massachusetts business trust&#148;), with full power and authority to conduct all the
activities conducted by it, to own or lease all assets owned or leased by it and to conduct its business as described in the Registration Statement and Prospectus, and the Fund is duly licensed and qualified to do business and in good standing in
each jurisdiction in which its ownership or leasing of property or its conducting of business requires such qualification, except where the failure to be so qualified or be in good standing would not have a material adverse effect on the condition
(financial or other), business prospects, properties, net assets or results of operations of the Fund (a &#147;<B><U>Fund Material Adverse Effect</U></B>&#148;), and the Fund owns, possesses or has obtained and currently maintains all governmental
licenses, permits, consents, orders, approvals and other authorizations, whether foreign or domestic, necessary to carry on its business as contemplated in the Prospectus to the extent that failure to hold such governmental license, permit, consent
order, approval or other authorization would have a Fund Material Adverse Effect. The Fund has no subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(6)&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s authorized equity capitalization is as set forth in the Prospectus;
the shares of beneficial interest of the Fund conform in all material respects to the description thereof contained in the Prospectus; all outstanding shares of beneficial interest of the Fund have been duly and validly authorized and issued and are
fully paid and nonassessable by the Fund; the Placement Shares have been duly and validly authorized, and, when issued and delivered against payment therefor in accordance with this Agreement, will be fully paid and nonassessable by the Fund; and
the Placement Shares are duly listed, and admitted and authorized for trading, subject to official notice of issuance and evidence of satisfactory distribution, on the Exchange. The issuance of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Placement Shares will not be subject to any preemptive or similar rights (except as described or referred to in the Registration Statement or the Prospectus). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(7)&nbsp;&nbsp;&nbsp;&nbsp;The Fund is duly registered under the Investment Company Act as a <FONT
STYLE="white-space:nowrap">closed-end</FONT> management investment company and the Fund&#146;s notification of registration as an investment company under the Investment Company Act on Form <FONT STYLE="white-space:nowrap">N-8A,</FONT> as amended
from time to time (the &#147;<B><U>Investment Company Act Notification</U></B>&#148;), has been duly filed with the Commission. The Fund has not received any notice from the Commission pursuant to Section&nbsp;8(e) of the Investment Company Act with
respect to the Investment Company Act Notification or the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(8)&nbsp;&nbsp;&nbsp;&nbsp;The Fund has full power and authority to enter into this Agreement. The execution
and delivery of and the performance by the Fund of its obligations under this Agreement and the Fund Agreements have been duly and validly authorized by the Fund, and this Agreement and the Fund Agreements have been duly executed and delivered by
the Fund and, assuming due authorization, execution and delivery by each of the other parties thereto, constitute the valid and legally binding agreements of the Fund, enforceable against the Fund in accordance with their terms, except as rights to
indemnity and contribution thereunder may be limited by federal or state securities laws or principles of public policy and subject to the qualification that the enforceability of the Fund&#146;s obligations hereunder and thereunder may be limited
by bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors&#146; rights generally and by general equitable principles (regardless of whether enforceability is considered in a proceeding in equity or at
law). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(9)&nbsp;&nbsp;&nbsp;&nbsp;None of (i)&nbsp;the execution and delivery by the Fund of the Fund
Agreements, (ii)&nbsp;the issue and sale by the Fund of the Placement Shares as contemplated by this Agreement and (iii)&nbsp;the performance by the Fund of its obligations under any of the Fund Agreements or consummation by the Fund of the other
transactions contemplated by the Fund Agreements conflicts with or will conflict with, or results or will result in a breach of, (a)&nbsp;the Amended and Restated Agreement and Declaration of Trust or the Amended and Restated Bylaws of the Fund,
each as amended or restated from time to time (the &#147;<B><U>Declaration of Trust</U></B>&#148; and the &#147;<B><U>Bylaws</U></B>,&#148; respectively) or (b)&nbsp;any agreement or instrument to which the Fund is a party or by which the Fund is
bound, or (c)&nbsp;any law, rule or regulation applicable to the Fund, or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Fund, whether foreign or domestic, except in the case of (b)&nbsp;and (c)
above where such conflict or breach would not have a Fund Material Adverse Effect. No consent, approval, authorization, order or permit of, or qualification with, any governmental body or agency, self-regulatory organization or court or other
tribunal, whether foreign or domestic, is required for the performance by the Fund of its obligations under the Fund Agreements, except such as have been obtained and as may be required by the Securities Act, the Investment Company Act, the
Investment Advisers Act of 1940, as amended, and the rules and regulations thereunder (collectively, the &#147;<B><U>Advisers Act</U></B>&#148;), or the Exchange Act, the applicable rules and regulations of FINRA, or by the securities or Blue Sky
laws of the various states and foreign jurisdictions in connection with the offer and sale of the Placement Shares, and except where the failure to obtain such consent, approval, authorization, order, permit or qualification would not have
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
a Fund Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(10)&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not currently in material breach of, or in default under, any written
agreement or instrument to which it is a party or by which it or its property is bound or affected, except where such breach or default does not have a Fund Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(11)&nbsp;&nbsp;&nbsp;&nbsp;No security holder of the Fund has any right to the registration of any securities
of the Fund because of the filing of the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(12)&nbsp;&nbsp;&nbsp;&nbsp;The Shares
are duly authorized for listing, subject to official notice of issuance, on the Exchange and the Fund&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">8-A,</FONT> under the Exchange Act, is effective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(13)&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers LLP, whose report appears in the Registration Statement,
has confirmed to the Fund&#146;s Board of Trustees that they are independent public accountants with respect to the Fund as required by the Securities Act and the Investment Company Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(14)&nbsp;&nbsp;&nbsp;&nbsp;The financial statements of the Fund included in the Registration Statement and
the Prospectus, together with the related schedules (if any) and notes, present fairly in all material respects the financial position of the Fund at the dates indicated and the results of operations and cash flows of the Fund for the periods
specified; and all such financial statements have been prepared in conformity with GAAP applied on a consistent basis throughout the periods involved and comply as to form with all applicable accounting requirements under the Securities Act and the
Investment Company Act, and the other financial and statistical information and data included in the Registration Statement and the Prospectus are accurately derived from such financial statements and the books and records of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(15)&nbsp;&nbsp;&nbsp;&nbsp;There has not occurred any material adverse change in the condition, financial or
otherwise, or in the earnings, business, prospects or operations of the Fund (other than as a result of a change in the financial markets generally) since the date as of which information is given in the Registration Statement and the Prospectus,
and there have been no transactions entered into by the Fund which are material to the Fund other than those in the ordinary course of its business or as described in the Prospectus, in each case except to the extent that that any such change or
transaction (x)&nbsp;would not have a material adverse effect on the Fund&#146;s ability to consummate the transactions herein contemplated or to perform its obligations under this Agreement or (y)&nbsp;would not have a Fund Material Adverse Effect.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(16)&nbsp;&nbsp;&nbsp;&nbsp;There are no legal or governmental proceedings pending or, to the knowledge
of the Fund, threatened to which the Fund is a party or to which any of the properties of the Fund is subject that (i)&nbsp;would reasonably be expected to have a material adverse effect on the Fund&#146;s performance of this Agreement or the
consummation of any of the transactions herein contemplated or (ii)&nbsp;would reasonably be expected to have a Fund Material Adverse Effect, except as set forth in or contemplated in the Registration
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Statement and the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(17)&nbsp;&nbsp;&nbsp;&nbsp;Except as stated or contemplated in this Agreement, the Registration Statement and
the Prospectus, the Fund has not taken, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, stabilization or manipulation of the price of any security of the Fund to
facilitate the sale or resale of the Placement Shares in violation of the Exchange Act, and the Fund is not aware of any such action taken or to be taken by any affiliates of the Fund (for these purposes, not including Jones) other than tender
offers or share repurchases effected following the date on which the distribution of the Placement Shares is completed, and the issuance or purchase of shares pursuant to the Fund&#146;s Dividend Reinvestment Plan, in each case, so long as such
actions are in compliance with all applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(18)&nbsp;&nbsp;&nbsp;&nbsp;The Fund intends to direct
the investment of the proceeds of the offering of the Placement Shares in such a manner as to maintain its status as a regulated investment company under the requirements of Subchapter M of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(19)&nbsp;&nbsp;&nbsp;&nbsp;The Declaration of Trust and the Bylaws and the Fund Agreements comply in all
material respects with all applicable provisions of the Investment Company Act and the Advisers Act, and all approvals of such documents, if any, required under the Investment Company Act by the Fund&#146;s Board of Trustees have been obtained and
are in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(20)&nbsp;&nbsp;&nbsp;&nbsp;The Fund Agreements are in full force and
effect and the Fund is not in default thereunder, except where such a default (x)&nbsp;would not have a material adverse effect on the Fund&#146;s performance of this Agreement or the consummation of any of the transactions herein contemplated or
(y)&nbsp;would not have a Fund Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(21)&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed
in the Registration Statement and the Prospectus, no trustee of the Fund is (A)&nbsp;an &#147;interested person&#148; (as defined in the Investment Company Act) of the Fund or (B)&nbsp;an &#147;affiliated person&#148; (as defined in the Investment
Company Act) of Jones. For purposes of this <U>Section</U><U></U><U>&nbsp;7(a)(21)</U>, the Fund and the Manager shall be entitled to rely on representations from such officers and trustees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(22)&nbsp;&nbsp;&nbsp;&nbsp;The Fund has filed all tax returns required to be filed or has requested
extensions thereof (except in any case in which the failure to so file would not result in a Fund Material Adverse Effect, except as set forth in or contemplated in the Prospectus), and the Fund is not in material default in the payment of any taxes
which were shown as payable on said returns or any assessments with respect thereto, except for any such assessment, fine or penalty that is currently being contested in good faith or as would not result in a Fund Material Adverse Effect, except as
set forth in or contemplated in the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(23)&nbsp;&nbsp;&nbsp;&nbsp;The Fund carries, or is
covered by, insurance in such amounts and covering such risks as is adequate for the conduct of its business and value of its properties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(24)&nbsp;&nbsp;&nbsp;&nbsp;The Fund represents and agrees that, without the prior consent of Jones (such
consent not to be unreasonably withheld or delayed), (i) it has not and, prior to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
completion of the issuance and sale of the Placement Shares in accordance with this Agreement, will not distribute any offering material in connection with the offering and sale of the Placement
Shares other than the Registration Statement, the Prospectus and any Additional Disclosure Items and (ii)&nbsp;it has not made and, prior to the completion of the issuance and sale of the Placement Shares in accordance with this Agreement, will not
make any offer relating to the Placement Shares that would constitute a &#147;free writing prospectus&#148; as defined in Rule 405 under the Securities Act, which the parties agree, for the purposes of this Agreement, includes (x)&nbsp;any
&#147;advertisement&#148; as defined in Rule 482 under the Securities Act and treated by the Fund as subject to Rule 482 under the Securities Act and (y)&nbsp;any sales literature, materials or information provided to investors by, or with the
approval of, the Fund in connection with the sale or marketing of the offering of the Placement Shares, including any road show or investor presentations (including slides and scripts relating thereto) made to investors by or on behalf of the Fund
(the materials and information referred to in this <U>Section</U><U></U><U>&nbsp;7(a)(24)(ii)</U> are herein referred to as &#147;<B><U>Additional Disclosure Items</U></B>&#148;). All Additional Disclosure Items complied or will comply in all
material respects with (i)&nbsp;the applicable requirements of the Securities Act and the Investment Company Act, including without limitation all applicable filing (where required), legending and record keeping requirements, and (ii)&nbsp;the rules
and interpretations of FINRA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(25)&nbsp;&nbsp;&nbsp;&nbsp;The Fund maintains a system of internal
accounting controls sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary to permit preparation of
financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in accordance with management&#146;s general or specific authorization; and
(iv)&nbsp;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Fund is not aware of any material weakness in its internal control
over financial reporting. The Fund maintains &#147;disclosure controls and procedures&#148; (as such term is defined in Rule <FONT STYLE="white-space:nowrap">30a-3</FONT> under the Investment Company Act) and such disclosure controls and procedures
are effective as required by the Investment Company Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(26)&nbsp;&nbsp;&nbsp;&nbsp;The Fund has adopted
and implemented written policies and procedures reasonably designed to prevent violation of the Federal Securities Laws (as that term is defined in Rule <FONT STYLE="white-space:nowrap">38a-1</FONT> under the Investment Company Act) by the Fund,
including policies and procedures that provide for the oversight of compliance by each investment adviser, administrator and transfer agent of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(27)&nbsp;&nbsp;&nbsp;&nbsp;The Fund represents that neither it, nor any trustee who is an &#147;interested
person&#148; (as defined in the Investment Company Act) of the Fund (an &#147;<B><U>Interested Trustee</U></B>&#148;) or officer of the Fund, nor, to the Fund&#146;s knowledge, any of its employees, agents or representatives (not including, for
these purposes, Jones), or any trustee who is not an &#147;interested person&#148; (as defined in the Investment Company Act) of the Fund (an &#147;<B><U>Independent Trustee</U></B>&#148;), has taken or will take any action in furtherance of an
offer, payment, promise to pay, or authorization or approval of the payment or giving of anything of value, directly or indirectly, to any &#147;government official&#148; (including any officer or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
employee of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing,
or any political party or party official or candidate for political office) to influence official action or secure an improper advantage; and to the extent required by applicable law, the Fund has policies and procedures reasonably designed to
comply with applicable anti-corruption laws including, without limitation, the Foreign Corrupt Practices Act of 1977, as amended (the &#147;<B><U>FCPA</U></B>&#148;), and will continue to maintain these policies and procedures reasonably designed to
comply with such laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(28)&nbsp;&nbsp;&nbsp;&nbsp;To the extent required by applicable law, the Fund has
policies and procedures reasonably designed to comply with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Fund conducts business, the rules and regulations thereunder and any related
or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#147;<B><U>Anti-Money Laundering Laws</U></B>&#148;), and no action, suit or proceeding by or before any court or
governmental agency, authority or body or any arbitrator involving the Fund with respect to any applicable Anti-Money Laundering Laws is pending or, to the knowledge of the Fund, threatened. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(29)&nbsp;&nbsp;&nbsp;&nbsp;The Fund represents that neither it, nor any Interested Trustee or officer of the
Fund, nor, to the Fund&#146;s knowledge, any of its employees, agents or representatives (not including, for these purposes, Jones), or any Independent Trustee (&#147;<B><U>Person</U></B>&#148;), is currently the subject to any U.S. sanctions
administered by the Office of Foreign Assets Control of the U.S. Treasury Department (collectively, &#147;<B><U>Sanctions</U></B>&#148;). The Fund represents and covenants that it will not, directly or indirectly, use the proceeds of the offering,
or lend, contribute or otherwise make available such proceeds to any joint venture partner or other Person for the purpose of financing the activities or business of or with any Person or in any country or territory that, at the time of such
financing, to the Fund&#146;s knowledge, is the subject of Sanctions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(30)&nbsp;&nbsp;&nbsp;&nbsp;(i) At
the time of filing of the Registration Statement and (ii)&nbsp;at the time of the most recent amendment to the Registration Statement for the purposes of complying with Section&nbsp;10(a)(3) of the Securities Act (whether such amendment was by
post-effective amendment, incorporated report filed pursuant to Section&nbsp;13 or 15(d) of the Exchange Act or form of prospectus), the Fund is, or will be, as applicable, a &#147;well-known seasoned issuer&#148; (as defined in Rule 405 under the
Securities Act). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties with Respect to the Manager.</U> The
Manager represents and warrants to and agrees with Jones as of the date hereof, as of each Representation Date (as defined in <U>Section</U><U></U><U>&nbsp;8(i)</U> below) as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;The Manager has been duly formed, is validly existing as a limited liability
company under the laws of the State of Delaware with full power and authority to conduct all of the activities conducted by it, to own or lease all of the assets owned or leased by it </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
and to conduct its business as described in the Registration Statement and Prospectus, and the Manager is duly licensed and qualified to do business and in good standing in each jurisdiction in
which it is required to be so qualified, except to the extent that failure to be so qualified or be in good standing would not have a material adverse effect on the Manager&#146;s ability to provide services to the Fund (a &#147;<B><U>Manager
Material Adverse Effect</U></B>&#148;); and the Manager owns, possesses or has obtained and currently maintains all governmental licenses, permits, consents, orders, approvals and other authorizations, whether foreign or domestic, necessary to carry
on its business as contemplated in the Registration Statement and the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;The Manager is duly registered as an investment adviser under the Advisers Act and
is not prohibited by the Advisers Act or the Investment Company Act from acting under the Investment Management Agreement, as contemplated by the Prospectus and, to the Manager&#146;s knowledge, no order of suspension or revocation of such Advisers
Act registration has been issued or proceedings therefor initiated or threatened by the Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;The Manager has full power and authority to enter into this Agreement and the
Investment Management Agreement (collectively, this Agreement and the Investment Management Agreement being referred to as the &#147;<B><U>Manager Agreements</U></B>&#148;) and to carry out all the terms and provisions hereof and thereof to be
carried out by it. Each Manager Agreement has been duly authorized, executed and delivered by the Manager and complies in all material respects with all applicable provisions of the Investment Company Act and the Advisers Act. Assuming due
authorization, execution and delivery by the other parties thereto, each Manager Agreement constitutes the legal, valid and binding agreement of the Manager enforceable against such the Manager in accordance with its terms, subject, as to
enforcement, to applicable bankruptcy, insolvency and similar laws affecting creditors&#146; rights generally and to general equitable principles (regardless of whether enforcement is sought in a proceeding in equity or at law) and except as rights
to indemnity thereunder may be limited by federal or state securities laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4)&nbsp;&nbsp;&nbsp;&nbsp;Neither (i)&nbsp;the execution and delivery by the Manager of any Manager Agreement
(if a party thereto) nor (ii)&nbsp;the consummation by the Manager of the transactions contemplated by, or the performance of its obligations under, any Manager Agreement (if a party thereto) conflicts or will conflict with, or results or will
result in a breach of (a)&nbsp;the limited liability company agreement or other organizational documents of the Manager, (b)&nbsp;any agreement or other instrument binding upon the Manager that is material to the Manager, or (c)&nbsp;any judgment,
order or decree of any governmental body, agency or court having jurisdiction over the Manager, whether foreign or domestic, except in each case where such conflict or breach would not have a Manager Material Adverse Effect. No consent, approval,
authorization, order or permit of, or qualification with, any governmental body or agency, self-regulatory organization or court or other tribunal, whether foreign or domestic, is required for the performance by the Manager of its obligations under
the Manager Agreements, except such as have been obtained and as may be required by the Securities Act, the Investment Company Act, the Advisers Act and the Exchange Act, the applicable rules and regulations of FINRA or by the securities or Blue Sky
laws of the various states and foreign jurisdictions in connection with the offer and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">13 </P>


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sale of the Placement Shares, and except where the failure to obtain such consent, approval, authorization, order, permit or qualification would not have a Manager Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(5)&nbsp;&nbsp;&nbsp;&nbsp;The description of the Manager and its business, and the statements attributable to
the Manager, in the Registration Statement and the Prospectus, comply with the requirements of the Securities Act, the Investment Company Act and the Advisers Act and do not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary in order to make the statements therein (in the case of the Prospectus, in light of the circumstances under which they were made) not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(6)&nbsp;&nbsp;&nbsp;&nbsp;There are no legal or governmental proceedings pending or, to the knowledge of the
Manager, threatened to which the Manager is a party or to which any of the properties of the Manager is subject that (i)&nbsp;would reasonably be expected to have a material adverse effect on the Manager&#146;s performance of this Agreement or the
consummation of any of the transactions herein contemplated or (ii)&nbsp;would reasonably be expected to have a Manager Material Adverse Effect, except as set forth in or contemplated in the Registration Statement and the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(7)&nbsp;&nbsp;&nbsp;&nbsp;Except as stated in this Agreement and in the Registration Statement and the
Prospectus, the Manager has not taken, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, stabilization or manipulation of the price of any security of the Fund to
facilitate the sale or resale of the Placement Shares in violation of the Exchange Act, and it is not aware of any such action taken or to be taken by any of its affiliates (for these purposes, not including Jones) other than tender offers or share
repurchases effected following the date on which the distribution of the Placement Shares is completed, and the issuance or purchase of shares pursuant to the Fund&#146;s Dividend Reinvestment Plan, in each case, so long as such actions are in
compliance with all applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(8)&nbsp;&nbsp;&nbsp;&nbsp;The Manager Agreements are in full force
and effect and neither the Fund nor the Manager is in default thereunder, and, no event has occurred which with the passage of time or the giving of notice or both would constitute a default under each such agreement, in each case except to the
extent that that any such default (x)&nbsp;would not have a material adverse effect on such Manager&#146;s ability to provide services to the Fund, to consummate the transactions herein contemplated or to perform its obligations under this Agreement
or (y)&nbsp;would not have a Manager Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(9)&nbsp;&nbsp;&nbsp;&nbsp;There has not
occurred any material adverse change, in the condition, financial or otherwise, or in the earnings, business, prospects or operations of the Manager (other than as a result of a change in the financial markets generally) since the date as of which
information is given in the Registration Statement and the Prospectus, and there have been no transactions entered into by the Manager which are material to the Manager other than those in the ordinary course of its business or as described in the
Prospectus, in each case except to the extent that that any such change or transaction (x)&nbsp;would not have a material adverse effect on the Manager&#146;s ability to provide services to the Fund, to
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">14 </P>


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consummate the transactions herein contemplated or to perform its obligations under this Agreement or (y)&nbsp;would not have a Manager Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(10)&nbsp;&nbsp;&nbsp;&nbsp;The Manager has adopted and implemented written policies and procedures under <FONT
STYLE="white-space:nowrap">Rule&nbsp;206(4)-7</FONT> of the Advisers Act reasonably designed to prevent violation of the Advisers Act by the Manager and its supervised persons. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(11)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Manager nor any director or officer of the Manager, nor, to the
Manager&#146;s knowledge, any of the Manager&#146;s subsidiaries, employees, agents or representatives (not including, for these purposes, Jones), have taken or will take any action in furtherance of an offer, payment, promise to pay, or
authorization or approval of the payment or giving of anything of value, directly or indirectly, to any &#147;government official&#148; (including any officer or employee of a government or government-owned or controlled entity or of a public
international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to influence official action or secure an improper
advantage; and to the extent required by applicable law, the Manager and its subsidiaries have policies and procedures reasonably designed to comply with applicable anti-corruption laws including, without limitation, the FCPA, and will continue to
maintain these policies and procedures reasonably designed to comply with such laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(12)&nbsp;&nbsp;&nbsp;&nbsp;To the extent required by applicable law, the Manager and its subsidiaries have
policies and procedures reasonably designed to comply with all applicable Anti-Money Laundering Laws, and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Manager or any
of its subsidiaries with respect to any applicable Anti-Money Laundering Laws is pending or, to the Manager&#146;s knowledge, threatened. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(13)&nbsp;&nbsp;&nbsp;&nbsp; Neither the Manager nor any director or officer thereof, nor, to the
Manager&#146;s knowledge, any of its subsidiaries, employees, agents or representatives (not including, for these purposes, Jones) is the subject of any Sanctions. The Manager represents and covenants that it will not, directly or indirectly, use
the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person for the purpose of financing the activities or business of or with any Person or in any country or
territory that, at the time of such financing, to the Manager&#146;s knowledge, is the subject of Sanctions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants of the Fund and the Manager</U>. The Fund and the Manager, jointly and severally,
covenant and agree with Jones that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by applicable law and the terms
of any relevant request by the Commission, as applicable, the Fund will promptly advise Jones (i)&nbsp;when, during any period that a prospectus relating to the offer or sale of Placement Shares is required to be delivered under the Securities Act,
any amendment to the Registration Statement affecting the Placement Shares shall have become effective, (ii)&nbsp;of any request by the Commission for any amendment or supplement to the Registration Statement, the Prospectus or any Additional
Disclosure Item, or for any additional information, affecting or in respect of the Placement Shares, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">15 </P>


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(iii) of the issuance by the Commission of any order suspending the effectiveness of the Registration Statement affecting the Placement Shares or the institution or threatening of any proceeding
for that purpose, and (iv)&nbsp;the receipt by the Fund of any notification with respect to the suspension of the qualification of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.
The Fund will not file any amendment to the Registration Statement affecting the Placement Shares or any supplement to the Prospectus affecting the Placement Shares unless the Fund has furnished Jones (either directly or through its legal counsel)
with a copy for its review prior to filing. Subject to the foregoing sentence, the Fund will cause the Prospectus Supplement to be transmitted to the Commission for filing pursuant to Rule 424 under the Securities Act. The Fund will use its best
efforts to prevent the issuance of any order suspending the effectiveness of the Registration Statement affecting the Placement Shares and, if issued, to obtain as soon as possible the withdrawal thereof. The Fund will timely file the requisite
copies of the Prospectus with the Commission pursuant to Rule&nbsp;424(b) under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;During any period in which a Prospectus relating to the Placement Shares is required to be
delivered by Jones under the Securities Act with respect to a pending sale of the Placement Shares (whether physically or through compliance with Rule 153, Rule 172 or otherwise), the Fund will comply so far as it is able and in all material
respects with all requirements imposed upon it by the Securities Act, the Exchange Act and the Investment Company Act, as from time to time in force, and will file with the Commission and the Exchange all documents pursuant to the Securities Act,
the Exchange Act and the Investment Company Act, including any Incorporated Document, in the manner and within the time period required by the Securities Act, the Exchange Act and the Investment Company Act, so far as such compliance and filings are
necessary to permit the continuance of sales of the Placement Shares during such periods in accordance with the provisions hereof and the Prospectus. If during such period any event occurs as a result of which the Prospectus or any Additional
Disclosure Item as then amended or supplemented would, to the knowledge of the Fund and the Manager, include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the
circumstances then existing, not misleading, or if during such period it is, to the knowledge of the Fund and the Manager, necessary to amend or supplement the Registration Statement, the Prospectus or any Additional Disclosure Item to comply with
the Securities Act, the Fund will promptly notify Jones to suspend the offering of Placement Shares during such period and the Fund will promptly amend or supplement the Registration Statement, the Prospectus or such Additional Disclosure Item so as
to correct such statement or omission or effect such compliance. The Fund will furnish to Jones at the time of filing thereof a copy of any Incorporated Document that upon filing is deemed to be incorporated by reference into the Registration
Statement or Prospectus, except for those documents available via EDGAR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;During any period in
which the Prospectus relating to the Placement Shares is required to be delivered by Jones under the Securities Act with respect to a pending sale of the Placement Shares (whether physically or through compliance with Rule 153, Rule 172 or
otherwise), the Fund will use its reasonable best efforts to cause the Placement Shares to be listed on the Exchange and to qualify, if necessary, the Placement Shares for sale under the securities laws of such United States jurisdictions as Jones
reasonably designates and to continue such qualifications in effect so long as required for the issuance and sale of the Placement Shares in accordance with this Agreement; <U>provided</U>, <U>however</U>, that the Fund shall not be required in
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">16 </P>


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connection therewith to qualify as a foreign corporation or dealer in securities, file a general consent to service of process in any jurisdiction, or meet any other requirement in connection
with this <U>Section</U><U></U><U>&nbsp;8(c)</U> deemed by the Fund to be unduly burdensome. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;The Fund will make generally available to its security holders as soon as practicable, but in any
event not later than 15 months after the end of the Fund&#146;s current fiscal quarter, an earnings statement covering a <FONT STYLE="white-space:nowrap">12-month</FONT> period that satisfies the provisions of Section&nbsp;11(a) of the Securities
Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise agreed by the parties, the Fund or the Manager agrees to pay all
costs, fees and expenses incurred in connection with performance of its obligations hereunder and in connection with the transactions contemplated under this Agreement, including, without limitation, (i)&nbsp;all expenses incident to the issuance
and delivery of the Placement Shares (including all printing and engraving costs), (ii) all fees and expenses of the registrar and transfer agent of the Placement Shares, (iii)&nbsp;all necessary issue, transfer and other stamp taxes in connection
with the issuance and sale of the Placement Shares, (iv)&nbsp;all reasonable fees and expenses of the Fund&#146;s counsel and the Fund&#146;s independent public or certified public accountants and other advisors, (v)&nbsp;all costs and expenses
incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts) the Prospectus and any Additional
Disclosure Items, and all amendments and supplements thereto, (vi)&nbsp;all filing fees, distribution fees, attorneys&#146; fees and expenses incurred by the Fund in connection with qualifying or registering (or obtaining exemptions from the
qualification or registration of) all or any part of the Placement Shares for offer and sale under the state securities or blue sky laws, (vii)&nbsp;the fees and expenses associated with listing the Placement Shares on the Exchange, (viii)&nbsp;the
filing fees incident to the review by FINRA of the terms of the sale of the Placement Shares, and (ix)&nbsp;all other fees, costs and expenses incident to the performance by the Fund of its obligations hereunder. Notwithstanding anything to the
contrary in this Agreement, neither the Fund nor the Manager will be responsible for legal fees incurred by Jones in connection with Jones&#146; obligations under this Agreement. The aggregate amount of any discount, commission, expense
reimbursement or other compensation to be paid by the Fund to Jones in connection with Jones&#146; performance of its obligations under this Agreement shall be as set forth on <U>Schedule</U><U></U><U>&nbsp;2</U> attached hereto. The Manager agrees
to pay all costs, fees and expenses of its counsel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;The Fund will use the Net Proceeds as
described in the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;The Fund will cooperate with any reasonable due diligence review
conducted by Jones or its agents, including, without limitation, providing information and making available documents and senior corporate officers, as Jones may reasonably request; <U>provided</U>, <U>however</U>, that the Fund shall be required to
make available documents and senior corporate officers only (i)&nbsp;at the Fund&#146;s principal offices (unless otherwise agreed to by the parties) and (ii)&nbsp;during the Fund&#146;s ordinary business hours. The parties acknowledge that the due
diligence review contemplated by this <U>Section</U><U></U><U>&nbsp;8(g)</U> will include during the term of this Agreement (x)&nbsp;a bring-down diligence conference among Jones and certain officers of the Fund and/or employees of the Manager, as
appropriate, upon the delivery by the Fund of a Placement Notice and (y)&nbsp;a diligence conference to occur as promptly as practicable following the Fund&#146;s filing of each of its annual and semi-annual reports on Form <FONT
STYLE="white-space:nowrap">N-CSR</FONT> and <FONT STYLE="white-space:nowrap">N-CSRS,</FONT> respectively, whereby the Fund and the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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Manager will make certain officers of the Fund and/or employees of the Manager, as appropriate, reasonably available to address certain diligence inquiries of Jones and will provide such
additional information and documents as Jones may reasonably request. The requirement to conduct a due diligence session under this <U>Section</U><U></U><U>&nbsp;8(g)</U> shall be waived if at the time such due diligence session is required pursuant
to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund subsequently decides to deliver a Placement Notice
or otherwise resume the sale of Placement Shares prior to the next occurring Representation Date (as defined below), the Fund shall conduct the due diligence session contemplated by this <U>Section</U><U></U><U>&nbsp;8(g)</U> at or prior to the
delivery of such Placement Notice or the resumption of the sale of Placement Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;The Fund
agrees that on such dates as the Securities Act shall require, the Fund will (i)&nbsp;file a Prospectus Supplement with the Commission under Rule 424 under the Securities Act, which Prospectus Supplement will set forth, within the relevant period,
the amount of Placement Shares sold through Jones, the Net Proceeds to the Fund and the compensation payable by the Fund to Jones with respect to such Placement Shares, and (ii)&nbsp;deliver such number of copies of each such Prospectus Supplement
to each exchange or market on which such sales were effected as may be required by the rules or regulations of such exchange or market. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;During the term of this Agreement, each time the Fund (i)&nbsp;files a Prospectus relating to the
Placement Shares, (ii)&nbsp;amends or supplements (other than a prospectus supplement relating solely to an offering of securities other than the Placement Shares) the Registration Statement or the Prospectus relating to the Placement Shares by
means of a post-effective amendment, sticker, or supplement (other than a Prospectus Supplement filed in accordance with <U>Section</U><U></U><U>&nbsp;8(h)</U> of this Agreement or a post-effective amendment solely to file this Agreement as an
exhibit to the Registration Statement), (iii) files its annual report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> (the &#147;<B><U>Annual Report</U></B>&#148;) or (iv)&nbsp;files its semi-annual report on Form <FONT
STYLE="white-space:nowrap">N-CSRS</FONT> (the &#147;<B><U>Semi-Annual Report</U></B>,&#148; together with the Annual Report, the &#147;<B><U>Reports</U></B>&#148;), each of the Fund and the Manager shall furnish Jones with a certificate, in the form
attached hereto as <U>Exhibit</U><U></U><U>&nbsp;8(i)</U>. (Each filing date contemplated in subsections (i)&nbsp;through (iv) of this <U>Section</U><U></U><U>&nbsp;8(i)</U> is referred to herein as a &#147;<B><U>Representation Date</U></B>&#148;).
The requirement to provide the certificates under this <U>Section</U><U></U><U>&nbsp;8(i)</U> shall be waived if at the time of the required delivery of such certificate pursuant to this Agreement there is no Placement Notice outstanding or the Fund
has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund subsequently decides to deliver a Placement Notice or otherwise resume the sale of Placement Shares prior to the next
occurring Representation Date, the Fund shall provide Jones with such certificates at or prior to the delivery of such Placement Notice or the resumption of the sale of Placement Shares, dated the date of the Placement Notice or the resumption of
the sale of the Placement Shares, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this
<U>Section</U><U></U><U>&nbsp;8(j)</U>, on the date hereof and thereafter as of each Representation Date, or with respect to a Representation Date triggered by the filing of a Report, within three (3)&nbsp;Business Days following the filing of such
Report, the Fund shall cause to be furnished to Jones with a written opinion of Ropes&nbsp;&amp; Gray LLP and a negative assurance letter of Ropes&nbsp;&amp; Gray LLP (the &#147;<B><U>Fund Counsel</U></B>&#148;) or other counsel designated by the
Fund, both dated the Representation Date, in substantially the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;8(j)(1)</U> and <U>Exhibit 8(j)(2)</U>, but modified, as necessary, to relate to the Registration Statement and the Prospectus as
then amended or supplemented, or in such other form or forms as </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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are acceptable to Troutman Pepper Hamilton Sanders LLP, counsel for Jones; <U>provided</U>, <U>however</U>, that in lieu of such opinion or negative assurance letter, counsel may furnish Jones
with a letter to the effect that Jones may rely on a prior opinion or negative assurance letter, delivered under this <U>Section</U><U></U><U>&nbsp;8(j)</U> to the same extent as if it were dated the date of such letter (except that statements in
such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date). Notwithstanding the foregoing, to the extent a Representation Date is triggered by the filing of a
Semi-Annual Report, the opinion of Fund Counsel contemplated by this <U>Section</U><U></U><U>&nbsp;8(j)</U> shall not be required. The requirement to provide the opinion and negative assurance letter of Fund Counsel contemplated by this
<U>Section</U><U></U><U>&nbsp;8(j)</U> shall be waived if at the time of the required delivery of such opinion and negative assurance letter pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of,
or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund subsequently decides to deliver a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring Representation Date,
the Fund shall provide Jones with such opinion and negative assurance letter of Fund Counsel at or prior to the delivery of such Placement Notice or the resumption of the sale of Placement Shares, dated the date of the Placement Notice or the
resumption of the sale of the Placement Shares, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided
in this <U>Section</U><U></U><U>&nbsp;8(k)</U>, on the date hereof and thereafter as of each Representation Date, or with respect to a Representation Date triggered by the filing of a Report, within three (3)&nbsp;Business Days following the filing
of such Report, the Manager shall cause to be furnished to Jones with a written opinion of counsel, which may be <FONT STYLE="white-space:nowrap">in-house</FONT> or outside counsel for the Manager (the &#147;<B><U>Manager Counsel</U></B>&#148;),<B>
</B>dated the Representation Date, in substantially the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;8(k)</U>, but modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented, or in
such other form or forms as are acceptable to Troutman Pepper Hamilton Sanders LLP, counsel for Jones; <U>provided</U>, <U>however</U>, that in lieu of such opinion, counsel may furnish Jones with a letter to the effect that Jones may rely on a
prior opinion delivered under this <U>Section</U><U></U><U>&nbsp;8(k)</U> to the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the
Prospectus as amended or supplemented at such Representation Date). Insofar as any opinion of Manager Counsel relates to or is dependent upon matters governed by Delaware law, Manager Counsel will be permitted to rely on the opinion of Richards,
Layton&nbsp;&amp; Finger, P.A. or such other Delaware counsel as it may select. Notwithstanding the foregoing, to the extent a Representation Date is triggered by the filing of a Semi-Annual Report, the opinion of Manager Counsel contemplated by
this <U>Section</U><U></U><U>&nbsp;8(k)</U> shall not be required. The requirement to provide the opinion of Manager Counsel contemplated by this <U>Section</U><U></U><U>&nbsp;8(k)</U> shall be waived if at the time of the required delivery of such
opinion pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund subsequently decides to deliver a
Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring Representation Date, the Fund shall provide Jones with such opinion of Manager Counsel at or prior to the delivery of such Placement Notice or the
resumption of the sale of Placement Shares, dated the date of the Placement Notice or the resumption of the sale of the Placement Shares, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;On the date hereof and thereafter as of each Representation Date, or with respect to a
Representation Date triggered by the filing of a Report, within three (3)&nbsp;Business Days </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">19 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
following the filing of such Report, or during any period in which the Prospectus relating to the Placement Shares is required to be delivered by Jones (whether physically or through compliance
with Rule 153, Rule 172 or otherwise), each time that the Registration Statement is amended or the Prospectus supplemented to include additional audited amended financial information the Fund shall cause its independent accountants to furnish Jones
letters (the &#147;<B><U>Comfort Letters</U></B>&#148;), dated the date of each Representation Date, in form and substance satisfactory to Jones, (i)&nbsp;confirming that they are independent public accountants within the meaning of the Securities
Act and are in compliance with the applicable requirements relating to the qualification of accountants under Rule <FONT STYLE="white-space:nowrap">2-01</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> of the Commission,
(ii)&nbsp;stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants&#146; &#147;comfort letters&#148; to underwriters in connection with
registered public offerings (the first such letter, the &#147;<B><U>Initial Comfort Letter</U></B>&#148;) and (iii)&nbsp;updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been
given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter. Notwithstanding the foregoing, to the extent a Representation Date is triggered by the
filing of a Semi-Annual Report, the Comfort Letter contemplated by this Section&nbsp;8(l) shall not be required.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, in the event that the Registration Statement is amended or the Prospectus
supplemented to include additional unaudited financial information and upon the filing by the Fund of a Semi-Annual Report, the Fund shall deliver to Jones on the date that such amendment to the Registration Statement is filed or that the Prospectus
is so supplemented, or within three (3)&nbsp;Business Days of the Fund&#146;s filing of a Semi-Annual Report, as applicable, a certificate of the Fund&#146;s chief financial officer, treasurer, deputy treasurer or assistant treasurer substantially
in the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;8(l)</U>, or in such other form or forms as are acceptable to Troutman Pepper Hamilton Sanders LLP, counsel for Jones (the &#147;<B><U>Treasurer&#146;s Certificate</U></B>&#148;). The
requirement to provide a Comfort Letter or Treasurer&#146;s Certificate, as applicable, under this <U>Section</U><U></U><U>&nbsp;8(l)</U> shall be waived if at the time of the required delivery of the Comfort Letter or Treasurer&#146;s Certificate
pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund subsequently decides to deliver a Placement
Notice or otherwise resume the sale of Placement Shares prior to the next occurring applicable Representation Date, the Fund shall provide Jones with a Comfort Letter or Treasurer&#146;s Certificate, as applicable, at or prior to the delivery of
such Placement Notice or the resumption of the sale of Placement Shares, dated the date of the Placement Notice or the resumption of the sale of the Placement Shares, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;On the date hereof and thereafter as of each Representation Date, or with respect to a
Representation Date triggered by the filing of a Report, within three (3)&nbsp;Business Days following the filing of such Report, each of the Fund and the Manager shall furnish Jones with a certificate of its respective Secretary or other authorized
officer or representative, in form and substance reasonably satisfactory to Jones; <U>provided</U>, <U>however</U>, that to the extent a Representation Date is triggered by the filing of a Semi-Annual Report, the certificates contemplated by this
<U>Section</U><U></U><U>&nbsp;8(m)</U> shall not be required. The requirement to provide a certificate under this <U>Section</U><U></U><U>&nbsp;8(m)</U> shall be waived if at the time of the required delivery of such certificate pursuant to this
Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund subsequently decides to deliver a Placement Notice or
otherwise resume the sale of Placement Shares prior to the next occurring Representation Date, the Fund shall provide Jones with such certificate at or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
prior to the delivery of such Placement Notice or the resumption of the sale of Placement Shares, dated the date of the Placement Notice or the resumption of the sale of the Placement Shares, as
applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(n)&nbsp;&nbsp;&nbsp;&nbsp;Each Placement Notice delivered by the Fund to Jones shall be deemed to be an
affirmation that the representations and warranties made by it in this Agreement are true and correct in all material respects at the time such Placement Notice is delivered, and that the Fund has complied in all material respects with all of the
agreements to be performed by it hereunder at or prior to such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(o)&nbsp;&nbsp;&nbsp;&nbsp;The Fund (including its
agents and representatives, other than Jones in its capacity as such) will not make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405 under the Securities Act), required to be filed with the Commission,
that constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder, except by means of the Registration Statement, the Prospectus or, upon Jones&#146; prior consent, such consent not to be unreasonably withheld or
delayed, any Additional Disclosure Items. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(p)&nbsp;&nbsp;&nbsp;&nbsp;The Fund will comply in all material respects with
all requirements imposed upon it by the Securities Act, the Exchange Act and the Investment Company Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement Shares as contemplated by
the provisions hereof and the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(q)&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not, without giving Jones at least
three (3)&nbsp;Business Days prior written notice of a proposed sale, directly or indirectly, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Shares (other than the Placement Shares offered pursuant to the
provisions of this Agreement) or securities convertible into or exchangeable for Shares, warrants or any rights to purchase or acquire, Shares during the period beginning on the fifth (5<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>)
Trading Day immediately prior to the date on which any Placement Notice is delivered to Jones hereunder and ending on the fifth (5<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) Trading Day immediately following the final Settlement Date
with respect to Placement Shares sold pursuant to such Placement Notice; <U>provided</U>, <U>however</U>, that such restrictions will not be required in connection with the Fund&#146;s issuance or sale of Shares pursuant to (i)&nbsp;the Dividend
Reinvestment Plan, and<B> </B>(ii)&nbsp;conversion of securities or the exercise of warrants, options or other rights in effect or outstanding as of the date of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(r)&nbsp;&nbsp;&nbsp;&nbsp;The Fund will furnish to Jones and its counsel (at the expense of the Fund) copies of the
Registration Statement, the Prospectus, any Additional Disclosure Items and all amendments and supplements to the Registration Statement, the Prospectus and such Additional Disclosure Items relating to the registration and issuance of the Placement
Shares pursuant to this Agreement that are filed with the Commission during the period in which a prospectus relating to the Placement Shares is required to be delivered under the Securities Act (whether physically or through compliance with Rule
153, Rule 172 or otherwise), in each case as soon as reasonably practicable and in such quantities as Jones may from time to time reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(s)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Fund and the Manager acknowledges and agrees that Jones has informed the Fund that
Jones may, to the extent permitted under the Securities Act, Exchange Act </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
and the Investment Company Act, purchase and sell Placement Shares for its own account at the same time as Placement Shares are being sold by the Fund pursuant to this Agreement, provided that
(i)&nbsp;the Fund shall not be deemed to have authorized or consented to any such purchases or sales by Jones and (ii)&nbsp;no such purchases or sales shall take place while a Placement Notice is in effect (except to the extent Jones may engage in
sales of Placement Shares (A)&nbsp;purchased or deemed purchased from the Fund as a &#147;riskless principal&#148; or in a similar capacity or (B)&nbsp;with respect to errors that cause Jones to take an unplanned principal positions, in each case
only to the extent such sales are permitted under the Securities Act, the Exchange Act and the Investment Company Act). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(t)&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not, directly or indirectly, (i)&nbsp;take any action designed to cause or result
in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Fund to facilitate the sale or resale of the Placement Shares or (ii)&nbsp;sell, bid for, or purchase the
Placement Shares, or pay anyone any compensation for soliciting purchases of the Placement Shares other than Jones; <U>provided</U>, <U>however</U>, the Fund may participate in tender offers or share repurchases effected following the date on which
the distribution of the Placement Shares is completed and may issue and sell Shares pursuant to the Dividend Reinvestment Plan, in each case, so long as such actions are in compliance with all applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions to Jones&#146;s Obligations</U>. The obligations of Jones hereunder with respect to a
Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Fund and the Manager herein, to the due performance by the Fund and the Manager of their respective obligations hereunder and to
the continuing satisfaction (or waiver by Jones in its sole discretion) of the following additional conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement shall have become effective and shall be available for the sale of
(i)&nbsp;all Placement Shares issued pursuant to all prior Placements and not yet sold by Jones and (ii)&nbsp;all Placement Shares contemplated to be issued by the Placement Notice relating to such Placement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;None of the following events shall have occurred and be continuing: (i)&nbsp;receipt by the Fund
of any request for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the response to which would require any amendments or supplements to
the Registration Statement, the Prospectus or any Additional Disclosure Item relating to or affecting the Placement Shares; (ii)&nbsp;the issuance by the Commission or any other federal or state governmental authority of any stop order suspending
the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose, including any notice objecting to the use of the Registration Statement or order pursuant to Section&nbsp;8(e) of the Investment Company Act
having been issued and proceedings therefor initiated, or to the knowledge of the Fund, threatened by the Commission; (iii)&nbsp;receipt by the Fund of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; (iv)&nbsp;the occurrence of any event that makes any statement made in the Registration Statement, the
Prospectus or any Additional Disclosure Item untrue in any material respect or that requires the making of any changes in the Registration Statement, the Prospectus or any Additional Disclosure </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">22 </P>


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Item so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading and, that in the case of the Prospectus and any Additional Disclosure Item, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and (v)&nbsp;the Fund&#146;s reasonable determination that a post-effective amendment to the Registration Statement is required.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Jones shall not have advised the Fund that the Registration Statement, the Prospectus or any
Additional Disclosure Item, or any amendment or supplement thereto, contains an untrue statement of a material fact regarding Jones that in Jones&#146; opinion is material, or omits to state a fact regarding Jones that in Jones&#146; opinion is
material and is required to be stated therein or is necessary to make the statements therein, in light of the circumstances under which it was made, not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;Except as contemplated or disclosed in the Prospectus, there shall not have been any material
change, on a consolidated basis, in the authorized capital stock of the Fund or any Fund Material Adverse Effect or Manager Material Adverse Effect, or any development that may reasonably be expected to cause a Fund Material Adverse Effect or
Manager Material Adverse Effect, or a downgrading in or withdrawal of the rating assigned to any of the Fund&#146;s outstanding debt or preferred securities by any rating organization or a public announcement by any rating organization that it has
under surveillance or review its rating of any of the Fund&#146;s outstanding debt or preferred securities, the effect of which, in the case of any such action by a rating organization described above, in the sole judgment of Jones (without
relieving the Fund of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated in the Prospectus.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have received the opinion and the negative assurance letter of Fund Counsel, each
required to be delivered pursuant to <U>Section</U><U></U><U>&nbsp;8(j)</U> on or before the date on which such delivery of such opinion and such negative assurance letter is required pursuant to <U>Section</U><U></U><U>&nbsp;8(j)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have received the opinion of Manager Counsel required to be delivered pursuant to
<U>Section</U><U></U><U>&nbsp;8(k)</U> on or before the date on which such delivery of such opinion is required pursuant to <U>Section</U><U></U><U>&nbsp;8(k)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have received the Comfort Letter, or to the extent applicable, the Treasurer&#146;s
Certificate, required to be delivered pursuant to <U>Section</U><U></U><U>&nbsp;8(l)</U> on or before the date on which such delivery of such Comfort Letter or Treasurer&#146;s Certificate is required pursuant to
<U>Section</U><U></U><U>&nbsp;8(l)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have received the certificates required
to be delivered pursuant to <U>Section</U><U></U><U>&nbsp;8(i)</U> and <U>Section</U><U></U><U>&nbsp;8(m)</U> on or before the date on which delivery of such certificate is required pursuant to <U>Section</U><U></U><U>&nbsp;8(i)</U> and
<U>Section</U><U></U><U>&nbsp;8(m)</U>, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Trading in the Shares shall not have
been suspended on the Exchange. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">23 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;On each date on which the Fund is required to deliver
a certificate pursuant to <U>Section</U><U></U><U>&nbsp;8(i)</U>, the Fund shall have furnished to Jones such appropriate further information, certificates and documents as Jones may reasonably request. All such opinions, certificates, letters and
other documents will be in compliance with the provisions hereof. The Fund will furnish Jones with such conformed copies of such opinions, certificates, letters and other documents as Jones shall reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;All filings with the Commission required of the Fund by Rule 497or Rule 424, as applicable, under
the Securities Act to have been filed prior to the giving of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 497 or Rule 424, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;The Placement Shares shall have been approved for listing on the Exchange, subject only to notice
of issuance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;There shall not have occurred any event that would permit Jones to terminate
this Agreement pursuant to <U>Section</U><U></U><U>&nbsp;12(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(n)&nbsp;&nbsp;&nbsp;&nbsp;Prior to the date hereof,
FINRA shall have confirmed that it has no unresolved objection with respect to the fairness and reasonableness of the placement terms and arrangements set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification and Contribution</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification by the Fund</U>. The Fund agrees to indemnify and hold harmless Jones, its
directors, members, officers and each person, if any, who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;against any and all loss, liability, claim, damage and expense whatsoever, as
incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto) including any information deemed to be a part thereof pursuant to Rule 430B or 430C or
Rule 424, as applicable, under the Securities Act, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or
alleged untrue statement of a material fact included in any Additional Disclosure Item, any Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;against any and all loss, liability, claim, damage and expense whatsoever, as
incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission; <U>provided</U> that (subject to <U>Section</U><U></U><U>&nbsp;10(e)</U> below) any such settlement is effected with the written consent of the Fund; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">24 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;against any and all expense
whatsoever, as incurred (including the reasonable fees and disbursements of counsel chosen by Jones), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency
or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (1)&nbsp;or (2)&nbsp;above, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>provided</U>, <U>however</U>, that this indemnity agreement shall not apply to any loss, liability, claim, damage or
expense to the extent arising out of any untrue statement or omission, or alleged untrue statement or omission, made in the Registration Statement (or any amendment thereto), any Additional Disclosure Item, or any Prospectus (or any amendment or
supplement thereto) made in reliance upon and in conformity with written information furnished to the Fund by Jones expressly for use in the Registration Statement (or any amendment thereto), any Additional Disclosure Item, or in any Prospectus (or
any amendment or supplement thereto). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification by Jones</U>. Jones agrees to
indemnify and hold harmless each of the Fund and the Manager, each of their directors, trustees, members, each of their officers who signed the Registration Statement, and each person, if any, who controls the Fund or the Manager within the meaning
of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each affiliate of the Fund or the Manager within the meaning of Rule 405 under the Securities Act, against any and all loss, liability, claim, damage and expense
described in the indemnity contained in <U>subsection</U><U></U><U>&nbsp;(a)</U> of this <U>Section</U><U></U><U>&nbsp;10</U>, as incurred, but only with respect to (i)&nbsp;any failure by Jones to comply with the prospectus delivery requirements
applicable to Placement Shares and (ii)&nbsp;any untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), any Additional Disclosure Item, or any Prospectus (or any
amendment or supplement thereto) in reliance upon and in conformity with written information furnished to the Fund or the Manager by Jones expressly for use in the Registration Statement (or any amendment thereto), any Additional Disclosure Item, or
any Prospectus (or any amendment or supplement thereto). The Fund and the Manager acknowledge that Jones has not furnished any information to the Fund for inclusion in the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Actions against Parties; Notification</U>. Each indemnified party shall give notice as promptly
as reasonably practicable to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve such indemnifying party from any
liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. Counsel to the indemnified
parties shall be selected as follows: counsel to Jones, its directors, members, officers, and each person, if any, who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall be
selected by Jones; counsel to the Fund, its directors, trustees, members, each of its officers who signed the Registration Statement, each person, if any, who controls the Fund within the meaning of Section&nbsp;15 of the Securities Act or
Section&nbsp;20 of the Exchange Act, and each affiliate of the Fund or the Manager within the meaning of Rule 405 under the Securities Act shall be selected by the Fund; and counsel to the Manager, its directors, trustees, members, each of its
officers who signed the Registration Statement, each person, if any, who controls the Manager within the meaning of Section&nbsp;15 of the Securities Act </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">25 </P>


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or Section&nbsp;20 of the Exchange Act, and each affiliate of the Manager within the meaning of Rule 405 under the Securities Act shall be selected by the Manager. An indemnifying party may
participate at its own expense in the defense of any such action; <U>provided</U>, <U>however</U>, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no
event shall the indemnifying parties be liable for the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for Jones, its directors, members, officers, and each person, if any, who controls
Jones within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for the Fund, each of its
directors, trustees, members, each of its officers who signed the Registration Statement, each person, if any, who controls the Fund within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each
affiliate of the Fund within the meaning of Rule 405 under the Securities Act, the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for the Manager, its directors, trustees, members, each
of its officers who signed the Registration Statement, each person who controls the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each affiliate of the Manager within the meaning of
Rule 405 under the Securities Act, and the fees and expenses of more than one counsel, in each case in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or
circumstances. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this <U>Section</U><U></U><U>&nbsp;10</U> hereof (whether or not the indemnified parties are
actual or potential parties thereto), unless such settlement, compromise or consent (i)&nbsp;includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and
(ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Settlement Without Consent if Failure to Reimburse</U>. If at any time an indemnified party
shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by
<U>Section</U><U></U><U>&nbsp;10(a)(2)</U> effected without its written consent if (i)&nbsp;such settlement is entered into more than 45&nbsp;days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party
shall have received notice of the terms of such settlement at least 30&nbsp;days prior to such settlement being entered into and (iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request
prior to the date of such settlement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Agreements with Respect to Indemnification and
Contribution</U>. The provisions of this <U>Section</U><U></U><U>&nbsp;10</U> hereof shall not affect any agreements among the Fund and the Manager with respect to indemnification of each other or contribution between themselves. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;If the indemnification provided for in this <U>Section</U><U></U><U>&nbsp;10</U>
hereof is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">26 </P>


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any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and
expenses incurred by such indemnified party, as incurred, (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Fund and the Manager on the one hand and Jones on the other hand from the offering of the
Placement Shares pursuant to this Agreement or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause
(i)&nbsp;above but also the relative fault of the Fund and the Manager on the one hand and of Jones on the other hand in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as
any other relevant equitable considerations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;The relative benefits received by
the Fund and the Manager on the one hand and Jones on the other hand in connection with the offering of the Placement Shares pursuant to this Agreement shall be deemed to be in the same respective proportions as the Net Proceeds from the offering of
the Placement Shares pursuant to this Agreement (before deducting expenses) received by the Fund and the Manager and the total discounts and commissions received by Jones as calculated in accordance with the terms set forth in <U>Schedule 2</U>,
bear to the aggregate gross proceeds from the sale of Placement Shares pursuant to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;The relative fault of the Fund and the Manager on the one hand and Jones on the
other hand shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Fund, by the
Manager, or by Jones and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4)&nbsp;&nbsp;&nbsp;&nbsp;The Fund, the Manager, and Jones agree that it would not be just and equitable if
contribution pursuant to this <U>Section</U><U></U><U>&nbsp;10(f)</U> were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this
<U>Section</U><U></U><U>&nbsp;10(f)</U>. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this <U>Section</U><U></U><U>&nbsp;10(f)</U> shall be deemed to include any
legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim
whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(5)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of this <U>Section</U><U></U><U>&nbsp;10(f)</U>,
Jones shall not be required to contribute any amount in excess of the amount by which the total price of the Placement Shares actually distributed by Jones exceeds the amount of any damages that Jones has otherwise been required to pay by reason of
any such untrue or alleged untrue statement or omission or alleged omission. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">27 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(6)&nbsp;&nbsp;&nbsp;&nbsp;No person guilty of fraudulent
misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(7)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this <U>Section</U><U></U><U>&nbsp;10(f)</U>, each person, if any,
who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall have the same rights to contributions as Jones, and each person who controls the Fund or the Manager within the meaning of
Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, each officer of the Fund and the Manager and each trustee, director or member of the Fund and the Manager shall have the same rights to contribution as the Fund or the
Manager. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;The indemnity and contribution agreements contained in this
<U>Section</U><U></U><U>&nbsp;10</U> shall remain operative and in full force and effect, regardless of (i)&nbsp;any investigation made by or on behalf of Jones, its directors, members, officers, and each person, if any, who controls Jones within
the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and or by or on behalf of the Fund and/or the Manager, each of their directors, trustees, members, each of their officers who signed the Registration
Statement, each person, if any, who controls the Fund or the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each affiliate of the Fund or the Manager within the meaning of Rule 405
under the Securities Act, (ii)&nbsp;delivery and acceptance of the Placement Shares and payment therefor, or (iii)&nbsp;any termination of this Agreement. A successor to Jones or to the Fund or the Manager, its respective directors, trustees,
members, each of their officers who signed the Registration Statement, each person, if any, who controls the Fund or the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each affiliate
of the Fund or the Manager within the meaning of Rule 405 under the Securities Act, shall be entitled to the benefits of the indemnity, contribution and reimbursement agreements contained in this <U>Section</U><U></U><U>&nbsp;10</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Agreements to Survive Delivery</U>. All representations and warranties of
Jones, the Fund and the Manager herein or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i)&nbsp;any investigation made by or on behalf of Jones, any controlling persons, or the Fund and/or the
Manager (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii)&nbsp;any termination of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have the right by giving notice as hereinafter specified at any time to terminate this
Agreement if (i)&nbsp;any Fund Material Adverse Effect or Manager Material Adverse Effect, has occurred which, in the reasonable judgment of Jones, may materially impair the investment quality of the Placement Shares, (ii)&nbsp;the Fund or the
Manager shall have failed, refused or been unable to perform in all material respects any agreement on its part to be performed hereunder; <U>provided</U>, <U>however</U>, in the case of any failure of the Fund or the Manager to deliver (or cause
another person to deliver) any certification, opinion, or letter required under <U>Sections</U><U></U><U>&nbsp;8(i)</U>, <U>8(j)</U>, <U>8(k)</U>, <U>8(l)</U> or 8(m) Jones&#146;s right to terminate shall not arise unless such failure to deliver (or
cause to be delivered) continues for more than thirty (30)&nbsp;days from the date of such Representation </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">28 </P>


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Date pursuant to which such delivery was required; <U>provided</U>, <U>further</U>, <U>that</U>, Jones shall have the right to suspend its obligations hereunder, regardless of whether a Placement
Notice is pending, beginning on the sixth (6<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) day after the date of any Representation Date if any certification, opinion, or letter referenced in the foregoing proviso has not yet been (or
caused to be) delivered; (iii)&nbsp;any other condition of Jones&#146;s obligations hereunder is not fulfilled, or (iv)&nbsp;any suspension or limitation of trading in the Placement Shares or in securities generally on the Exchange shall have
occurred. Any such termination shall be without liability of any party to any other party except that the provisions of <U>Section</U><U></U><U>&nbsp;8(e)</U>, <U>Section</U><U></U><U>&nbsp;10</U>, <U>Section</U><U></U><U>&nbsp;11</U>,
<U>Section</U><U></U><U>&nbsp;17</U>, <U>Section</U><U></U><U>&nbsp;19</U> and <U>Section</U><U></U><U>&nbsp;21</U> hereof shall remain in full force and effect notwithstanding such termination. If Jones elects to terminate this Agreement as
provided in this <U>Section</U><U></U><U>&nbsp;12</U>, Jones shall provide the required notice as specified herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall have the right, by giving notice as hereinafter specified to terminate this
Agreement in its sole discretion at any time. Any such termination shall be without liability of any party to any other party except that the provisions of <U>Section</U><U></U><U>&nbsp;8(e)</U>, <U>Section</U><U></U><U>&nbsp;10</U>,
<U>Section</U><U></U><U>&nbsp;11</U>, <U>Section</U><U></U><U>&nbsp;17</U>, <U>Section</U><U></U><U>&nbsp;19</U> and <U>Section</U><U></U><U>&nbsp;21</U> hereof shall remain in full force and effect notwithstanding such termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have the right, by giving notice as hereinafter specified to terminate this Agreement
in its sole discretion at any time following the period of twelve (12)&nbsp;months after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of
<U>Section</U><U></U><U>&nbsp;8(e)</U>, <U>Section</U><U></U><U>&nbsp;10</U>, <U>Section</U><U></U><U>&nbsp;11</U>, <U>Section</U><U></U><U>&nbsp;17</U>, <U>Section</U><U></U><U>&nbsp;19</U> and <U>Section</U><U></U><U>&nbsp;21</U> hereof shall
remain in full force and effect notwithstanding such termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall remain
in full force and effect unless terminated pursuant to <U>Sections&nbsp;12(a)</U>, <U>(b)</U> or <U>(c)</U>&nbsp;above or otherwise by mutual agreement of the parties; <U>provided</U>, <U>however</U>, that any such termination by mutual agreement
shall in all cases be deemed to provide that <U>Section</U><U></U><U>&nbsp;8(e),</U> <U>Section</U><U></U><U>&nbsp;10</U>, <U>Section</U><U></U><U>&nbsp;11</U>, <U>Section</U><U></U><U>&nbsp;17</U>, <U>Section</U><U></U><U>&nbsp;19</U> and
<U>Section</U><U></U><U>&nbsp;21</U> shall remain in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;Except as
otherwise provided in <U>Sections</U><U></U><U>&nbsp;12(b)</U> or <U>12(c)</U>, any termination of this Agreement shall be effective on the date specified in such notice of termination; <U>provided</U>, <U>however</U>, that such termination shall
not be effective until the close of business on the date of receipt of such notice by Jones or the Fund or the Manager, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement
Shares shall settle in accordance with the provisions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of
doubt, upon termination of this Agreement, Jones shall not be entitled to reimbursement for its out of pocket expenses except to the extent otherwise agreed by the parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. All notices or other communications required or permitted to be given by any party
to any other party pursuant to the terms of this Agreement shall be in writing and if sent to Jones, shall be delivered to Jones at JonesTrading Institutional Services LLC, 900 Island Park Drive, Suite 200, Daniel Island, South Carolina 29492,
Attention: Burke Cook email (Burke@jonestrading.com), and Troutman Pepper Hamilton Sanders LLP, 1001 Haxall Point, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">29 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Richmond, Virginia 23219, Attention: Michael T. Damgard, fax no. (804) <FONT STYLE="white-space:nowrap">698-5185,</FONT> email (teddy.damgard@troutman.com); or if sent to the Fund or the Manager,
shall be delivered to PIMCO Municipal Income Fund II, 650 Newport Center Drive, Newport Beach, California 92660, Attention: Ryan Leshaw, fax no.: (949) <FONT STYLE="white-space:nowrap">720-8670,</FONT> email (ryan.leshaw@pimco.com<U>)</U> with a
copy to Ropes&nbsp;&amp; Gray LLP, Prudential Tower, 800&nbsp;Boylston Street, Boston, Massachusetts 02199, Attention: David C. Sullivan, telephone (617) <FONT STYLE="white-space:nowrap">951-7362,</FONT> email (david.sullivan@ropesgray.com). Each
party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication shall be deemed given (i)&nbsp;when delivered
personally or by verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii)&nbsp;on the next Business
Day after timely delivery to a nationally-recognized overnight courier and (iii)&nbsp;on the Business<B> </B>Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes
of this Agreement, &#147;<B><U>Business Day</U></B>&#148; shall mean any day on which the Exchange and commercial banks in the City of New York are open for business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors</U>. This Agreement shall inure to the benefit of and be binding upon Jones, the Fund
and the Manager and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than Jones, the Fund and the Manager and their respective successors
and the controlling persons and directors, officers, members and trustees referred to in <U>Section</U><U></U><U>&nbsp;10</U> and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this
Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of Jones, the Fund and the Manager and their respective successors, and said controlling
persons and officers, directors, members and trustees referred to in <U>Section</U><U></U><U>&nbsp;10</U> and their heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Placement Shares from
Jones shall be deemed to be a successor by reason merely of such purchase. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality</U>. Jones agrees to treat all records and other information related to the
Manager or the Fund as proprietary information of the Manager or the Fund, as applicable and, on behalf of itself and its employees, to keep confidential all such information, except that Jones may release such information as approved in writing by
the Fund or the Manager as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">16.&nbsp;&nbsp;&nbsp;&nbsp;<U>Partial Unenforceability</U>. The invalidity or
unenforceability of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason
determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law Provisions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. This Agreement shall be governed by and construed in accordance with the
internal laws of the state of New York applicable to agreements made and to be performed in such state. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">30 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Consent to Jurisdiction</U>. Any legal suit,
action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the federal or state courts of the United&nbsp;States of America located in the Southern District of New York and borough
of Manhattan (collectively, the &#147;<B><U>Specified Courts</U></B>&#148;), and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such court, as to
which such jurisdiction is <FONT STYLE="white-space:nowrap">non-exclusive)</FONT> of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail to such party&#146;s address set forth above shall
be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified
Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other proceeding brought in any such court has been brought in an inconvenient forum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">18.&nbsp;&nbsp;&nbsp;&nbsp;<U>General Provisions</U>. This Agreement constitutes the entire agreement of the parties to this
Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof, including without limitation, the Original Agreement. This Agreement may be
executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement may not be amended or modified unless in writing by all of the
parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The Section headings, titled and captions herein are for the convenience of the parties only
and shall not affect the construction or interpretation of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">19.&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver of Jury
Trial</U>. The Fund, the Manager and Jones each hereby irrevocably waives any right it may have to a trial by jury in respect of any claim based upon or arising out of this Agreement or any transaction contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">20.&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments for Stock Splits</U>. The parties acknowledge and agree that all share related
numbers contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">21.&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence of Fiduciary Relationship</U>. The Fund and the Manager acknowledge that in connection
with the offering of the Placement Shares: (a)&nbsp;Jones has acted at arm&#146;s length and owes no fiduciary duties to, the Fund, the Manager or any other person; (b)&nbsp;Jones owes the Fund and the Manager only those duties and obligations set
forth in this Agreement and prior or contemporaneous written agreements (to the extent not superseded by this Agreement), if any, and (c)&nbsp;Jones may have interests that differ from those of the Fund and the Manager. The Fund and the Manager
waive to the full extent permitted by applicable law any claims any of them may have against Jones arising from an alleged breach of fiduciary duty in connection with the offering of the Placement Shares as contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">22.&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclaimer of Liability of Trustees and Beneficiaries</U>. A copy of the Declaration of Trust of
the Fund is on file with the Secretary of State of The Commonwealth of Massachusetts, and notice hereby is given that this Agreement is executed on behalf of the Fund by an officer or Trustee of the Fund in his or her capacity as an officer or
Trustee of the Fund and not individually </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">31 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
and that the obligations under or arising out of this Agreement are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and properties
of the Fund. </P> <P STYLE="margin-top:48pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[Remainder of Page Intentionally Blank] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">32 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the foregoing correctly sets forth the understanding between the Fund, the
Manager and Jones, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between the Fund and the Manager and Jones. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Very truly yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>PIMCO Municipal Income Fund II</B></P></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="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>Pacific Investment Management Company LLC</B></TD></TR>
<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="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>ACCEPTED as of the date first-above written:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>JONESTRADING INSTITUTIONAL SERVICES LLC</B></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="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">33 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE 1 </B></P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>FORM OF PLACEMENT NOTICE </U></B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">From:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Cc:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">To:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Subject:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Capital On Demand - Placement Notice</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Date: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the
terms and subject to the conditions contained in the Capital on Demand<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP> Sales Agreement between PIMCO Municipal Income Fund (the &#147;<B><U>Fund</U></B>&#148;), Pacific Investment Management
Company LLC and JonesTrading Institutional Services LLC (&#147;<B><U>Jones</U></B>&#148;) dated August&nbsp;10, 2022, I hereby request on behalf of the Fund that Jones sell up to <B>[</B><B>&#149;</B><B>]</B> shares of the Fund&#146;s common shares
of beneficial interest, $0.00001 par value per share, at a minimum market price of $ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> per share. </P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The time period during which sales are requested to be made shall be
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[No more than <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
shares may be sold in any one trading day.] </P> <P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Commission/Discount:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">ADDITIONAL SALES PARAMETERS MAY BE ADDED, SUCH AS
SPECIFIC DATES THE SHARES MAY NOT BE SOLD ON, THE MANNER IN WHICH SALES ARE TO BE MADE BY JONES, AND/OR THE CAPACITY IN WHICH JONES MAY ACT IN SELLING SHARES (AS PRINCIPAL, AGENT, OR BOTH). </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE 2 </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>Compensation </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The
amount of any discount, commission or other compensation to be paid by the Fund to Jones shall be up to 100 basis points of the gross proceeds with respect to sales actually effected by Jones, with the exact amount of such discount, commission or
other compensation to be mutually agreed upon by the parties from time to time, as set forth in the Placement Notice or otherwise. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE 3 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>JONESTRADING INSTITUTIONAL SERVICES LLC </U></B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="53%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Shlomo &#147;Moe&#148; Cohen</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>Burke Cook</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Managing Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>General Counsel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">JonesTrading Institutional Services LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">211
East 43<SUP STYLE="font-size:75%; vertical-align:top">rd</SUP> Street, 15<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">JonesTrading Institutional Services LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">900 Island Park Drive, Suite 200</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">New York, NY 10017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>Charleston, SC 29492</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(212) <FONT STYLE="white-space:nowrap">907-5332</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">moec@jonestrading.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(212) <FONT STYLE="white-space:nowrap">907-5396</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">burke@jonestrading.com</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">Trent McNair</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Chief Financial Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">JonesTrading Institutional Services LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">555 St.
Charles Drive, Suite 200</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Thousand Oaks, CA 91360</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(818) <FONT STYLE="white-space:nowrap">991-5500</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">trentm@jonestrading.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>PIMCO MUNICIPAL INCOME FUND II </U></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Eric D. Johnson </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">President </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">650 Newport Center
Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Newport Beach, California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(949) <FONT
STYLE="white-space:nowrap">720-7704</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">eric.johnson@pimco.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ryan Leshaw </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Chief Legal Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">650 Newport Center
Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Newport Beach, California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(949) <FONT
STYLE="white-space:nowrap">720-6980</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">ryan.leshaw@pimco.com </P>
<P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>PACIFIC INVESTMENT MANAGEMENT COMPANY LLC </U></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">David
Hammer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Managing Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management
Company LLC </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">650 Newport Center Drive </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Newport Beach, California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(949) <FONT
STYLE="white-space:nowrap">720-6447</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">david.hammer@pimco.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">David Fisher </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Executive Vice President </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1633 Broadway </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">New York, NY 10019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(212)
<FONT STYLE="white-space:nowrap">597-1433</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">david.fisher@pimco.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Rachel Betton </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Executive Vice President </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">650 Newport Center
Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Newport Beach, California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(949) <FONT
STYLE="white-space:nowrap">720-7849</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">rachel.betton@pimco.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Christian Clayton </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Executive Vice President </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">650 Newport Center
Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Newport Beach, California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(949) <FONT
STYLE="white-space:nowrap">720-7849</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">christian.clayton@pimco.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Jason Mandinach </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Executive Vice President </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">650 Newport Center
Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Newport Beach, California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(949) <FONT
STYLE="white-space:nowrap">720-7849</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">jason.mandinach@pimco.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Kyle Christine </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Senior Vice President </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">650 Newport Center
Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Newport Beach, California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(949) <FONT
STYLE="white-space:nowrap">720-7849</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">kyle.christine@pimco.com </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 8(i) </U></B></P>
<P STYLE="margin-top:40pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>FUND OFFICER CERTIFICATE </U></B></P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned, the duly qualified and elected
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of PIMCO Municipal Income Fund II (the
&#147;<B><U>Fund</U></B>&#148;), does hereby certify in such capacity and on behalf of the Fund, pursuant to <U>Section</U><U></U><U>&nbsp;8(i)</U> of the Capital on Demand<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP> Sales Agreement
dated August&nbsp;10, 2022 (the &#147;<B><U>Sales Agreement</U></B>&#148;) between the Fund, Pacific Investment Management Company LLC and JonesTrading Institutional Services LLC, that to the best of the knowledge of the undersigned: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Except for <FONT STYLE="white-space:nowrap">non-material</FONT> exceptions as may be set forth on
Annex A hereto, the representations and warranties of the Fund in <U>Section</U><U></U><U>&nbsp;7(a)</U> of the Sales Agreement (taking into account all materiality qualifiers and other qualifications contained therein) are true and correct on and
as of the date hereof, with the same force and effect as if expressly made on and as of the date hereof; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Fund has complied in all material respects with all agreements and satisfied in all material
respects all conditions on its part to be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof. </P> <P STYLE="font-size:50pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR>

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


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

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 8(i) (Cont&#146;d) </U></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>MANAGER OFFICER CERTIFICATE </U></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned, the duly qualified and elected
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of Pacific Investment Management Company LLC<B>
</B>(the &#147;<B><U>Manager</U></B>&#148;), a Delaware limited liability company, does hereby certify in such capacity and on behalf of the Manager, pursuant to <U>Section</U><U></U><U>&nbsp;8(i)</U> of the Capital on Demand<SUP
STYLE="font-size:75%; vertical-align:top">&#153;</SUP> Sales Agreement dated August&nbsp;10, 2022 (the &#147;<B><U>Sales Agreement</U></B>&#148;) between the Manager, PIMCO Municipal Income Fund II and JonesTrading Institutional Services LLC, that
to the best of the knowledge of the undersigned: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Except for
<FONT STYLE="white-space:nowrap">non-material</FONT> exceptions as may be set forth on Annex A hereto, the representations and warranties of the Manager in <U>Section</U><U></U><U>&nbsp;7(b)</U> of the Sales Agreement (taking into account all
materiality qualifiers and other qualifications contained therein) are true and correct on and as of the date hereof, with the same force and effect as if expressly made on and as of the date hereof; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Manager has complied in all material respects with all agreements and satisfied in all
material respects all conditions on its part to be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof. </P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="100%"></TD></TR>


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

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 8(j)(1) </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF OPINION OF FUND COUNSEL </B></P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 8(j)(2)</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF NEGATIVE ASSURANCE LETTER OF FUND COUNSEL </B></P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit
8(k)</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF OPINION OF MANAGER COUNSEL </B></P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 8(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>TREASURER&#146;S CERTIFICATE </U></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <U>&nbsp;&nbsp;&nbsp;&nbsp;</U>,
20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">JonesTrading Institutional Services LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">211 East 43<SUP STYLE="font-size:75%; vertical-align:top">rd</SUP> Street, 15<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">New York, New York 10017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Ladies and Gentlemen:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This certificate of PIMCO Municipal Income Fund II, a Massachusetts business trust (the &#147;<B><U>Fund</U></B>&#148;),
is being delivered on behalf of the Fund by [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>], in connection with the Capital on
Demand<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP> Sales Agreement, dated August&nbsp;10, 2022, among the Fund, Pacific Investment Management Company LLC and JonesTrading Institutional Services LLC (the
&#147;<B><U>Agent</U></B>&#148;) in relation to the issuance and sale from time to time of shares of the Fund&#146;s common stock through the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;I hereby certify that I am the duly elected [Chief Financial Officer/Treasurer/Assistant Treasurer]
of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed the Fund&#146;s unaudited semi-annual financial statements and
financial highlights as of and for the semi-annual period ended June&nbsp;30, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> attached hereto as Exhibit A and included in the Fund&#146;s semi-annual report on Form <FONT STYLE="white-space:nowrap">N-CSRS</FONT>
(the &#147;<B><U>Semi-Annual Financial Statements</U></B>&#148;) and for purposes of this certification, have inquired of other officials of the Fund, as necessary, who have responsibility for certain financial and accounting matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;Nothing has come to my attention based on my review of the Semi-Annual Financial Statements and my
inquiries of other Fund officials as stated above, that causes me to believe that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;any
material modifications should be made to the Semi-Annual Financial Statements for them to be in conformity with accounting principles generally accepted in the United States of America; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;the Semi-Annual Financial Statements do not comply as to form in all material respects with the
applicable accounting requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and the rules and regulations adopted thereunder by the Securities and Exchange Commission. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Signed by me this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20 <U>&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">ROPES&nbsp;&amp; GRAY LLP</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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</TABLE> <P STYLE="margin-top:42pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">August 10, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO
Municipal Income Fund II </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:8%; font-size:12pt; font-family:Times New Roman">We have acted
as counsel to PIMCO Municipal Income Fund II (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, as amended, and the Investment Company Act of 1940, as amended, with respect to the sale and issuance of an indeterminate number of its common shares of beneficial interest, par value of $0.00001 per share (the
&#147;Common Shares&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; 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:8%; 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:8%; font-size:12pt; font-family:Times New Roman">1. &nbsp;&nbsp;&nbsp;&nbsp;The Fund is a duly organized and validly existing
unincorporated voluntary association with transferable shares under and by virtue of the laws of The Commonwealth of Massachusetts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">2.
&nbsp;&nbsp;&nbsp;&nbsp;The Common Shares have been duly authorized and, when and if issued and paid for in accordance with the Registration Statement, will be validly issued, fully paid and, except as described in the following paragraph,
nonassessable by the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; 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>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; 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><DIV ALIGN="right">
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<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><U>/s/ Ropes&nbsp;&amp; Gray LLP</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Ropes&nbsp;&amp; Gray LLP</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">PML Shelf Offering Registration Statement
Opinion </P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.N
<SEQUENCE>13
<FILENAME>d288652dex99n.htm
<DESCRIPTION>EX-99.N
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.n</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to the incorporation by reference in this Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> of our report dated
February&nbsp;25, 2022, relating to the financial statements and financial highlights, which appears in PIMCO Municipal Income Fund II&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> for the year ended December&nbsp;31,
2021. We also consent to the references to us under the headings &#147;Financial Statements&#148;, &#147;Financial Highlights&#148; and &#147;Independent Registered Public Accounting Firm&#148; in such Registration Statement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ PricewaterhouseCoopers LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Kansas City, Missouri</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">August 10, 2022</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.T.4
<SEQUENCE>14
<FILENAME>d288652dex99t4.htm
<DESCRIPTION>EX-99.T.4
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.t.4</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>POWER OF ATTORNEY</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">I, the undersigned Trustee/Director of the registered investment companies listed on&nbsp;<U>Schedule&nbsp;A</U>&nbsp;attached
hereto (each, a &#147;Fund&#148;), hereby constitute and appoint each <FONT STYLE="white-space:nowrap">of&nbsp;Wu-Kwan&nbsp;Kit,</FONT> Ryan G. Leshaw, David C. Sullivan and Adam T. Teufel, and each of them singly, with full powers of substitution
and resubstitution, my true and lawful attorney, with full power to him to sign for me, and in my name and in the capacities indicated below, any Registration Statement of any Fund on
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Form&nbsp;N-1A,&nbsp;Form&nbsp;N-2&nbsp;or</FONT></FONT>
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Form&nbsp;N-14,&nbsp;all&nbsp;Pre-Effective&nbsp;Amendments</FONT></FONT> to any such Registration Statement of such Fund, any and all subsequent Post-Effective Amendments to such
Registration Statement, including, without limitation, pursuant to Rule 462(d), any and all supplements or other instruments in connection therewith, and any subsequent Registration Statements for the same offering which may be filed under Rule
462(b), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, the securities regulators of the appropriate states and territories and any other regulatory authority
having jurisdiction over the issuance of rights and the offer and sale of shares of beneficial interest of the Fund, any and all agreements, filings, documents, registrations, notices, and other instruments required or permitted to be filed pursuant
to the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), the Investment Advisers Act of 1940, as amended, the Commodities Exchange Act, as
amended, the Federal Securities Laws (as that term is defined in <FONT STYLE="white-space:nowrap">Rule&nbsp;38a-1&nbsp;under</FONT> the 1940 Act), and the rules thereunder, and/or any rules or regulations passed or adopted by the New York Stock
Exchange or any other exchange on which a Fund&#146;s shares trade (an &#147;Exchange&#148;), the National Futures Association (&#147;NFA&#148;), the Financial Industry Regulatory Authority (&#147;FINRA&#148;), and/or any other self-regulatory
organization (each, an &#147;SRO&#148;) to whose authority a Fund is subject, and any and all agreements, filings, documents, registrations, notices, and other instruments required or permitted to be filed to comply with the statutes, rules,
regulations or law of any state or jurisdiction, including those required to qualify to do business in any such state or jurisdiction (collectively, the &#147;Securities and Commodities Laws&#148;), and to file the same, with all exhibits thereto,
and other agreements, documents and other instruments in connection therewith, with the appropriate regulatory body including, but not limited to, the Securities and Exchange Commission, the Commodity Futures Trading Commission, an Exchange, the
NFA, FINRA, and any SRO, and/or the securities regulators or other agency or regulatory body of the appropriate states and territories, and generally to do all such things in my name and on my behalf in connection therewith as such attorney deems
necessary or appropriate to comply with the Securities and Commodities Laws and all related requirements, granting unto such attorney full power and authority to do and perform each and every act and thing requisite or necessary to be done in
connection therewith, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that such attorney lawfully could do or cause to be done by virtue hereof. This Power of Attorney may be executed in
written form, by facsimile or by other means using electronic or digital technology, whether it is a computer-generated signature, an electronic copy of the party&#146;s true ink signature or otherwise. </P>

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

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><B>Capacity</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Date</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><U>/s/ Kathleen Ann
McCartney&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>August&nbsp;5, 2022</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Kathleen Ann McCartney</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>

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

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<TR>

<TD></TD>

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<TD WIDTH="85%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></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;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><B><U>SCHEDULE A</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><B>FUND NAME AND SYMBOL*</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="27"></TD>
<TD HEIGHT="27" COLSPAN="2"></TD>
<TD HEIGHT="27" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCM FUND, INC.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCM</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO ACCESS INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PAXS</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CALIFORNIA FLEXIBLE MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>CAFLX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">4.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CALIFORNIA MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCQ</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">5.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CALIFORNIA MUNICIPAL INCOME FUND II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCK</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">6.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CALIFORNIA MUNICIPAL INCOME FUND III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PZC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">7.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CORPORATE&nbsp;&amp; INCOME STRATEGY FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCN</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">8.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CORPORATE&nbsp;&amp; INCOME OPPORTUNITY FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PTY</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">9.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO DYNAMIC INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PDI</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">10.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO DYNAMIC INCOME OPPORTUNITIES FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PDO</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">11.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO ENERGY AND TACTICAL CREDIT OPPORTUNITIES FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>NRGX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">12.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO FLEXIBLE EMERGING MARKETS INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>EMFLX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">13.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO FLEXIBLE CREDIT INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PFLEX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">14.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO FLEXIBLE MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PMFLX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">15.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO GLOBAL STOCKSPLUS&nbsp;&amp; INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PGP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">16.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO HIGH INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PHK</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">17.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO INCOME STRATEGY FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PFL</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">18.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO INCOME STRATEGY FUND II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PFN</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">19.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PMF</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">20.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO MUNICIPAL INCOME FUND II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PML</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">21.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO MUNICIPAL INCOME FUND III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PMX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">22.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO NEW YORK MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PNF</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">23.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO NEW YORK MUNICIPAL INCOME FUND II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PNI</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">24.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO NEW YORK MUNICIPAL INCOME FUND III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PYN</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">25.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO STRATEGIC INCOME FUND, INC.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>RCS</TD></TR>
</TABLE> <P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">*While one ticker symbol per Fund is listed, this Power of Attorney covers all ticker symbols of each Fund.
</P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>15
<FILENAME>d288652dexfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML><HEAD>
<TITLE>EX-FILING FEES</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit (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 Municipal
Income Fund II </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Exact Name of Registrant as Specified in its Charter) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1: Newly Registered and Carry Forward Securities </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Security&nbsp;&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Type</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Security</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Class&nbsp;Title&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Fee</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Calculation&nbsp;&nbsp;</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>or Carry</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Forward</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Rule</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Amount</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Registered&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Proposed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Maximum&nbsp;&nbsp;</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Offering</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Price Per</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Unit</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Maximum</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Aggregate</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Offering&nbsp;Price&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Fee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Amount of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Registration&nbsp;&nbsp;</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Fee</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Carry</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Forward&nbsp;&nbsp;</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Form</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Type</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Carry</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Forward&nbsp;&nbsp;</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>File</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Number</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Carry</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Forward&nbsp;&nbsp;</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Initial</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>effective</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>date</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Filing Fee</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Previously</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Paid In</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Connection&nbsp;&nbsp;</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>with</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Unsold</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Securities</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>to be</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Carried</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Forward</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="28" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><B>Newly Registered Securities</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; margin-right:0.50em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Fees&nbsp;to&nbsp;Be&nbsp;Paid</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Equity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Common</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Shares of</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Beneficial</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Interest,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">$0.00001</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">par value</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">per</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">share</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Rule&nbsp;456(b) and</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Rule&nbsp;457(r)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">(2)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">(2)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; margin-right:0.50em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Fees Previously</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; margin-right:0.50em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Paid</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="28" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; margin-right:0.50em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Carry Forward Securities</B></P></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; margin-right:0.50em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Carry Forward</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; margin-right:0.50em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Securities</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; 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-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; 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-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; 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-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; 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-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">--</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">(1) An indeterminate number of common shares is being registered as may from time to time be offered, on an immediate,
continuous or delayed basis, at indeterminate prices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">(2) 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>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.U
<SEQUENCE>16
<FILENAME>d288652dex99u.htm
<DESCRIPTION>EX-99.U
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.u</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO MUNICIPAL INCOME FUND II </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(the &#147;Fund&#148;) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">SECRETARY&#146;S CERTIFICATE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">I,
<B><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</B>, solely in my capacity as Secretary of the Fund, hereby certify on behalf of the Fund, pursuant to Rule 483(b) under the Securities Act of 1933, that the following resolution was unanimously
approved at the meeting of the Board of Trustees of the Fund held on March&nbsp;25, 2022: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%" VALIGN="top" ALIGN="left">VOTED:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">That any Officers of the Funds who may be required to sign such Fund&#146;s Registration Statement or any
amendments thereto be, and each hereby is, authorized to execute or grant power of attorney to execute any registration statement of any Fund on Form <FONT STYLE="white-space:nowrap">N-1A,</FONT> Form <FONT STYLE="white-space:nowrap">N-2</FONT> or
Form <FONT STYLE="white-space:nowrap">N-14,</FONT> all <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendments to any such registration statement of such Fund, including, without limitation, pursuant to Rule 462(d), any and all subsequent
Post-Effective Amendments to such registration statement, any and all supplements or other instruments in connection therewith, and any subsequent registration statements for the same offering which may be filed under Rule 462(b), and to file the
same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission (&#147;SEC&#148;), the securities regulators of the appropriate states and territories and any other regulatory authority
having jurisdiction over the issuance of rights and the offer and sale of shares of beneficial interest of the Fund, any and all agreements, filings, documents, registrations, notices, and other instruments required or permitted to be filed pursuant
to the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the 1940 Act, the Investment Advisers Act of 1940, as amended, the Commodities Exchange Act, as amended, the Federal Securities Laws (as that term is defined
in Rule <FONT STYLE="white-space:nowrap">38a-1</FONT> under the 1940 Act), and the rules thereunder, and/or any rules or regulations passed or adopted by the New York Stock Exchange or any other exchange on which a Fund&#146;s shares trade (an
&#147;Exchange&#148;), the National Futures Association (&#147;NFA&#148;), the Financial Industry Regulatory Authority (&#147;FINRA&#148;), and/or any other self-regulatory organization (each, an &#147;SRO&#148;) to whose authority a Fund is
subject, and any and all agreements, filings, documents, registrations, notices, and other instruments required or permitted to be filed to comply with the statutes, rules, regulations or law of any state or jurisdiction, including those required to
qualify to do business in any such state or jurisdiction, and to file the same, with all exhibits thereto, and other agreements, documents and other instruments in connection therewith, with the appropriate regulatory body including, but not limited
to, the SEC, the Commodity Futures Trading Commission, an Exchange, the NFA, FINRA, and any SRO, and/or the securities regulators or other agency or regulatory body of the appropriate states and territories. </P></TD></TR></TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; text-indent:-15%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">IN WITNESS WHEREOF, I have hereunto set my hand and seal of
the Fund as of this 5th day of August, 2022. </P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt">


<TR>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:Times New Roman">By: /s/ Wu-Kwan Kit</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President, Senior Counsel and Secretary</I></P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">PML - Certified Resolution of the Board
of Trustees </P>

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<TYPE>EX-101.LAB
<SEQUENCE>19
<FILENAME>cik0001170299-20220810_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<!--Generated by DFIN XBRL Instance Document - http://www.dfinsolutions.com/ - Version R3.0 - on 11-August-2022 [01:49:02] {AM}-->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
<labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_AssetAllocationRiskMember" xlink:label="loc_cik0001170299_AssetAllocationRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_AssetAllocationRiskMember" xml:lang="en-US">Asset Allocation Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_AssetAllocationRiskMember" xml:lang="en-US">Asset Allocation Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_AssetAllocationRiskMember" xlink:to="lab_cik0001170299_AssetAllocationRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_AssetAllocationRiskMember" xml:lang="en-US">Asset allocation risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_ManagementRiskMember" xlink:label="loc_cik0001170299_ManagementRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_ManagementRiskMember" xml:lang="en-US">Management Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_ManagementRiskMember" xml:lang="en-US">Management Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_ManagementRiskMember" xlink:to="lab_cik0001170299_ManagementRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_ManagementRiskMember" xml:lang="en-US">Management risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_IssuerRiskMember" xlink:label="loc_cik0001170299_IssuerRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_IssuerRiskMember" xml:lang="en-US">Issuer Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_IssuerRiskMember" xml:lang="en-US">Issuer Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_IssuerRiskMember" xlink:to="lab_cik0001170299_IssuerRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_IssuerRiskMember" xml:lang="en-US">Issuer risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_InterestRateRiskMember" xlink:label="loc_cik0001170299_InterestRateRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_InterestRateRiskMember" xml:lang="en-US">Interest Rate Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_InterestRateRiskMember" xml:lang="en-US">Interest Rate Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_InterestRateRiskMember" xlink:to="lab_cik0001170299_InterestRateRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_InterestRateRiskMember" xml:lang="en-US">Interest rate risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_CreditRiskMember" xlink:label="loc_cik0001170299_CreditRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_CreditRiskMember" xml:lang="en-US">Credit Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_CreditRiskMember" xml:lang="en-US">Credit Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_CreditRiskMember" xlink:to="lab_cik0001170299_CreditRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_CreditRiskMember" xml:lang="en-US">Credit risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" xlink:label="loc_cik0001170299_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" xml:lang="en-US">Mortgage Related And Other Asset Backed Instruments Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" xml:lang="en-US">Mortgage-Related and Other Asset-Backed Instruments Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" xlink:to="lab_cik0001170299_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" xml:lang="en-US">Mortgage-related and other asset-backed instruments risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_MortgageRelatedDerivativeInstrumentsRiskMember" xlink:label="loc_cik0001170299_MortgageRelatedDerivativeInstrumentsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_MortgageRelatedDerivativeInstrumentsRiskMember" xml:lang="en-US">Mortgage Related Derivative Instruments Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_MortgageRelatedDerivativeInstrumentsRiskMember" xml:lang="en-US">Mortgage-Related Derivative Instruments Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_MortgageRelatedDerivativeInstrumentsRiskMember" xlink:to="lab_cik0001170299_MortgageRelatedDerivativeInstrumentsRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_MortgageRelatedDerivativeInstrumentsRiskMember" xml:lang="en-US">Mortgage-related derivative instruments risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_HighYieldSecuritiesRiskMember" xlink:label="loc_cik0001170299_HighYieldSecuritiesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_HighYieldSecuritiesRiskMember" xml:lang="en-US">High Yield Securities Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_HighYieldSecuritiesRiskMember" xml:lang="en-US">High Yield Securities Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_HighYieldSecuritiesRiskMember" xlink:to="lab_cik0001170299_HighYieldSecuritiesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_HighYieldSecuritiesRiskMember" xml:lang="en-US">High yield securities risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_ReinvestmentRiskMember" xlink:label="loc_cik0001170299_ReinvestmentRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_ReinvestmentRiskMember" xml:lang="en-US">Reinvestment Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_ReinvestmentRiskMember" xml:lang="en-US">Reinvestment Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_ReinvestmentRiskMember" xlink:to="lab_cik0001170299_ReinvestmentRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_ReinvestmentRiskMember" xml:lang="en-US">Reinvestment risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_SecuritiesLendingRiskMember" xlink:label="loc_cik0001170299_SecuritiesLendingRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_SecuritiesLendingRiskMember" xml:lang="en-US">Securities Lending Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_SecuritiesLendingRiskMember" xml:lang="en-US">Securities Lending Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_SecuritiesLendingRiskMember" xlink:to="lab_cik0001170299_SecuritiesLendingRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_SecuritiesLendingRiskMember" xml:lang="en-US">Securities lending risk.</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_CallRiskMember" xlink:label="loc_cik0001170299_CallRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_CallRiskMember" xml:lang="en-US">Call Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_CallRiskMember" xml:lang="en-US">Call Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_CallRiskMember" xlink:to="lab_cik0001170299_CallRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_CallRiskMember" xml:lang="en-US">Call Risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_MarketDiscountRiskMember" xlink:label="loc_cik0001170299_MarketDiscountRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_MarketDiscountRiskMember" xml:lang="en-US">Market Discount Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_MarketDiscountRiskMember" xml:lang="en-US">Market Discount Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_MarketDiscountRiskMember" xlink:to="lab_cik0001170299_MarketDiscountRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_MarketDiscountRiskMember" xml:lang="en-US">Market discount risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_MarketRiskMember" xlink:label="loc_cik0001170299_MarketRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_MarketRiskMember" xml:lang="en-US">Market Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_MarketRiskMember" xml:lang="en-US">Market Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_MarketRiskMember" xlink:to="lab_cik0001170299_MarketRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_MarketRiskMember" xml:lang="en-US">Market risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_MunicipalBondRiskMember" xlink:label="loc_cik0001170299_MunicipalBondRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_MunicipalBondRiskMember" xml:lang="en-US">Municipal Bond Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_MunicipalBondRiskMember" xml:lang="en-US">Municipal Bond Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_MunicipalBondRiskMember" xlink:to="lab_cik0001170299_MunicipalBondRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_MunicipalBondRiskMember" xml:lang="en-US">Municipal bond risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_MunicipalProjectSpecificRiskMember" xlink:label="loc_cik0001170299_MunicipalProjectSpecificRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_MunicipalProjectSpecificRiskMember" xml:lang="en-US">Municipal Project Specific Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_MunicipalProjectSpecificRiskMember" xml:lang="en-US">Municipal Project-Specific Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_MunicipalProjectSpecificRiskMember" xlink:to="lab_cik0001170299_MunicipalProjectSpecificRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_MunicipalProjectSpecificRiskMember" xml:lang="en-US">Municipal project-specific risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_UsGovernmentSecuritiesRiskMember" xlink:label="loc_cik0001170299_UsGovernmentSecuritiesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_UsGovernmentSecuritiesRiskMember" xml:lang="en-US">Us Government Securities Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_UsGovernmentSecuritiesRiskMember" xml:lang="en-US">U.S. Government Securities Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_UsGovernmentSecuritiesRiskMember" xlink:to="lab_cik0001170299_UsGovernmentSecuritiesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_UsGovernmentSecuritiesRiskMember" xml:lang="en-US">U.S. government securities risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_CaliforniaStateSpecificRiskMember" xlink:label="loc_cik0001170299_CaliforniaStateSpecificRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_CaliforniaStateSpecificRiskMember" xml:lang="en-US">California State Specific Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_CaliforniaStateSpecificRiskMember" xml:lang="en-US">California State-Specific Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_CaliforniaStateSpecificRiskMember" xlink:to="lab_cik0001170299_CaliforniaStateSpecificRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_CaliforniaStateSpecificRiskMember" xml:lang="en-US">California state-specific risk.</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_PrivatePlacementsAndRestrictedSecuritiesRiskMember" xlink:label="loc_cik0001170299_PrivatePlacementsAndRestrictedSecuritiesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_PrivatePlacementsAndRestrictedSecuritiesRiskMember" xml:lang="en-US">Private Placements And Restricted Securities Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_PrivatePlacementsAndRestrictedSecuritiesRiskMember" xml:lang="en-US">Private Placements and Restricted Securities Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_PrivatePlacementsAndRestrictedSecuritiesRiskMember" xlink:to="lab_cik0001170299_PrivatePlacementsAndRestrictedSecuritiesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_PrivatePlacementsAndRestrictedSecuritiesRiskMember" xml:lang="en-US">Private placements and restricted securities risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_InflationDeflationRiskMember" xlink:label="loc_cik0001170299_InflationDeflationRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_InflationDeflationRiskMember" xml:lang="en-US">Inflation Deflation Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_InflationDeflationRiskMember" xml:lang="en-US">Inflation/Deflation Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_InflationDeflationRiskMember" xlink:to="lab_cik0001170299_InflationDeflationRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_InflationDeflationRiskMember" xml:lang="en-US">Inflation/Deflation Risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_RegulatoryChangesRiskMember" xlink:label="loc_cik0001170299_RegulatoryChangesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_RegulatoryChangesRiskMember" xml:lang="en-US">Regulatory Changes Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_RegulatoryChangesRiskMember" xml:lang="en-US">Regulatory Changes Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_RegulatoryChangesRiskMember" xlink:to="lab_cik0001170299_RegulatoryChangesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_RegulatoryChangesRiskMember" xml:lang="en-US">Regulatory changes risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_RegulatoryRiskLondonInterbankOfferedRateLiborMember" xlink:label="loc_cik0001170299_RegulatoryRiskLondonInterbankOfferedRateLiborMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_RegulatoryRiskLondonInterbankOfferedRateLiborMember" xml:lang="en-US">Regulatory Risk London Interbank Offered Rate (Libor) [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_RegulatoryRiskLondonInterbankOfferedRateLiborMember" xml:lang="en-US">Regulatory Risk&#8212;London Interbank Offered Rate ("LIBOR")</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_RegulatoryRiskLondonInterbankOfferedRateLiborMember" xlink:to="lab_cik0001170299_RegulatoryRiskLondonInterbankOfferedRateLiborMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_RegulatoryRiskLondonInterbankOfferedRateLiborMember" xml:lang="en-US">Regulatory risk&#8212;London interbank offered rate ("LIBOR")</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_RegulatoryRiskCommodityPoolOperatorMember" xlink:label="loc_cik0001170299_RegulatoryRiskCommodityPoolOperatorMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_RegulatoryRiskCommodityPoolOperatorMember" xml:lang="en-US">Regulatory Risk Commodity Pool Operator [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_RegulatoryRiskCommodityPoolOperatorMember" xml:lang="en-US">Regulatory Risk&#8212;Commodity Pool Operator</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_RegulatoryRiskCommodityPoolOperatorMember" xlink:to="lab_cik0001170299_RegulatoryRiskCommodityPoolOperatorMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_RegulatoryRiskCommodityPoolOperatorMember" xml:lang="en-US">Regulatory Risk&#8212;Commodity Pool Operator</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_LiquidityRiskMember" xlink:label="loc_cik0001170299_LiquidityRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_LiquidityRiskMember" xml:lang="en-US">Liquidity Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_LiquidityRiskMember" xml:lang="en-US">Liquidity Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_LiquidityRiskMember" xlink:to="lab_cik0001170299_LiquidityRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_LiquidityRiskMember" xml:lang="en-US">Liquidity Risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_TaxRiskMember" xlink:label="loc_cik0001170299_TaxRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_TaxRiskMember" xml:lang="en-US">Tax Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_TaxRiskMember" xml:lang="en-US">Tax Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_TaxRiskMember" xlink:to="lab_cik0001170299_TaxRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_TaxRiskMember" xml:lang="en-US">Tax Risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_PortfolioTurnoverRiskMember" xlink:label="loc_cik0001170299_PortfolioTurnoverRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_PortfolioTurnoverRiskMember" xml:lang="en-US">Portfolio Turnover Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_PortfolioTurnoverRiskMember" xml:lang="en-US">Portfolio Turnover Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_PortfolioTurnoverRiskMember" xlink:to="lab_cik0001170299_PortfolioTurnoverRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_PortfolioTurnoverRiskMember" xml:lang="en-US">Portfolio Turnover Risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_NewYorkStateSpecificRiskMember" xlink:label="loc_cik0001170299_NewYorkStateSpecificRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_NewYorkStateSpecificRiskMember" xml:lang="en-US">New York State Specific Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_NewYorkStateSpecificRiskMember" xml:lang="en-US">New York State-Specific Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_NewYorkStateSpecificRiskMember" xlink:to="lab_cik0001170299_NewYorkStateSpecificRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_NewYorkStateSpecificRiskMember" xml:lang="en-US">New york state-specific risk.</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_PuertoRicoSpecificRiskMember" xlink:label="loc_cik0001170299_PuertoRicoSpecificRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_PuertoRicoSpecificRiskMember" xml:lang="en-US">Puerto Rico Specific Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_PuertoRicoSpecificRiskMember" xml:lang="en-US">Puerto Rico-Specific Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_PuertoRicoSpecificRiskMember" xlink:to="lab_cik0001170299_PuertoRicoSpecificRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_PuertoRicoSpecificRiskMember" xml:lang="en-US">Puerto rico-specific risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_ValuationRiskMember" xlink:label="loc_cik0001170299_ValuationRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_ValuationRiskMember" xml:lang="en-US">Valuation Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_ValuationRiskMember" xml:lang="en-US">Valuation Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_ValuationRiskMember" xlink:to="lab_cik0001170299_ValuationRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_ValuationRiskMember" xml:lang="en-US">Valuation risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_LeverageRiskMember" xlink:label="loc_cik0001170299_LeverageRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_LeverageRiskMember" xml:lang="en-US">Leverage Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_LeverageRiskMember" xml:lang="en-US">Leverage Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_LeverageRiskMember" xlink:to="lab_cik0001170299_LeverageRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_LeverageRiskMember" xml:lang="en-US">Leverage risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_SegregationAndCoverageRiskMember" xlink:label="loc_cik0001170299_SegregationAndCoverageRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_SegregationAndCoverageRiskMember" xml:lang="en-US">Segregation And Coverage Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_SegregationAndCoverageRiskMember" xml:lang="en-US">Segregation and Coverage Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_SegregationAndCoverageRiskMember" xlink:to="lab_cik0001170299_SegregationAndCoverageRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_SegregationAndCoverageRiskMember" xml:lang="en-US">Segregation and coverage risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_ShortExposureRiskMember" xlink:label="loc_cik0001170299_ShortExposureRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_ShortExposureRiskMember" xml:lang="en-US">Short Exposure Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_ShortExposureRiskMember" xml:lang="en-US">Short Exposure Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_ShortExposureRiskMember" xlink:to="lab_cik0001170299_ShortExposureRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_ShortExposureRiskMember" xml:lang="en-US">Short exposure risk.</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_DerivativesRiskMember" xlink:label="loc_cik0001170299_DerivativesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_DerivativesRiskMember" xml:lang="en-US">Derivatives Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_DerivativesRiskMember" xml:lang="en-US">Derivatives Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_DerivativesRiskMember" xlink:to="lab_cik0001170299_DerivativesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_DerivativesRiskMember" xml:lang="en-US">Derivatives risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_CounterpartyRiskMember" xlink:label="loc_cik0001170299_CounterpartyRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_CounterpartyRiskMember" xml:lang="en-US">Counterparty Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_CounterpartyRiskMember" xml:lang="en-US">Counterparty Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_CounterpartyRiskMember" xlink:to="lab_cik0001170299_CounterpartyRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_CounterpartyRiskMember" xml:lang="en-US">Counterparty risk.</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_AdditionalRisksAssociatedWithTheFundsPreferredSharesMember" xlink:label="loc_cik0001170299_AdditionalRisksAssociatedWithTheFundsPreferredSharesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_AdditionalRisksAssociatedWithTheFundsPreferredSharesMember" xml:lang="en-US">Additional Risks Associated With The Funds Preferred Shares [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_AdditionalRisksAssociatedWithTheFundsPreferredSharesMember" xml:lang="en-US">Additional Risks Associated with the Fund's Preferred Shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_AdditionalRisksAssociatedWithTheFundsPreferredSharesMember" xlink:to="lab_cik0001170299_AdditionalRisksAssociatedWithTheFundsPreferredSharesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_AdditionalRisksAssociatedWithTheFundsPreferredSharesMember" xml:lang="en-US">Additional risks associated with the fund's preferred shares</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_ConfidentialInformationAccessRiskMember" xlink:label="loc_cik0001170299_ConfidentialInformationAccessRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_ConfidentialInformationAccessRiskMember" xml:lang="en-US">Confidential Information Access Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_ConfidentialInformationAccessRiskMember" xml:lang="en-US">Confidential Information Access Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_ConfidentialInformationAccessRiskMember" xlink:to="lab_cik0001170299_ConfidentialInformationAccessRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_ConfidentialInformationAccessRiskMember" xml:lang="en-US">Confidential information access risk.</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_OperationalRiskMember" xlink:label="loc_cik0001170299_OperationalRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_OperationalRiskMember" xml:lang="en-US">Operational Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_OperationalRiskMember" xml:lang="en-US">Operational Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_OperationalRiskMember" xlink:to="lab_cik0001170299_OperationalRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_OperationalRiskMember" xml:lang="en-US">Operational Risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_InsuranceRiskMember" xlink:label="loc_cik0001170299_InsuranceRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_InsuranceRiskMember" xml:lang="en-US">Insurance Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_InsuranceRiskMember" xml:lang="en-US">Insurance Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_InsuranceRiskMember" xlink:to="lab_cik0001170299_InsuranceRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_InsuranceRiskMember" xml:lang="en-US">Insurance Risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_UsGovernmentSecuritiesRisk1Member" xlink:label="loc_cik0001170299_UsGovernmentSecuritiesRisk1Member" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_UsGovernmentSecuritiesRisk1Member" xml:lang="en-US">Us Government Securities Risk 1 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_UsGovernmentSecuritiesRisk1Member" xml:lang="en-US">U.S. Government Securities Risk 1</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_UsGovernmentSecuritiesRisk1Member" xlink:to="lab_cik0001170299_UsGovernmentSecuritiesRisk1Member" />
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_CertainAffiliationsMember" xlink:label="loc_cik0001170299_CertainAffiliationsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_CertainAffiliationsMember" xml:lang="en-US">Certain Affiliations [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_CertainAffiliationsMember" xml:lang="en-US">Certain Affiliations</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_CertainAffiliationsMember" xlink:to="lab_cik0001170299_CertainAffiliationsMember" />
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_AntiTakeoverProvisionsMember" xlink:label="loc_cik0001170299_AntiTakeoverProvisionsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_AntiTakeoverProvisionsMember" xml:lang="en-US">Anti Takeover Provisions [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_AntiTakeoverProvisionsMember" xml:lang="en-US">Anti-Takeover Provisions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_AntiTakeoverProvisionsMember" xlink:to="lab_cik0001170299_AntiTakeoverProvisionsMember" />
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_OtherInvestmentCompaniesRiskMember" xlink:label="loc_cik0001170299_OtherInvestmentCompaniesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_OtherInvestmentCompaniesRiskMember" xml:lang="en-US">Other Investment Companies Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_OtherInvestmentCompaniesRiskMember" xml:lang="en-US">Other Investment Companies Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_OtherInvestmentCompaniesRiskMember" xlink:to="lab_cik0001170299_OtherInvestmentCompaniesRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_OtherInvestmentCompaniesRiskMember" xml:lang="en-US">Other Investment Companies Risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_CybersecurityRiskMember" xlink:label="loc_cik0001170299_CybersecurityRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_CybersecurityRiskMember" xml:lang="en-US">Cybersecurity Risk [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_CybersecurityRiskMember" xml:lang="en-US">Cybersecurity Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_CybersecurityRiskMember" xlink:to="lab_cik0001170299_CybersecurityRiskMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_CybersecurityRiskMember" xml:lang="en-US">Cybersecurity Risk</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" xlink:label="loc_cik0001170299_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001170299_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" xml:lang="en-US">Potential Conflicts Of Interest Risk Allocation Of Investment Opportunities [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001170299_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" xml:lang="en-US">Potential Conflicts of Interest Risk&#8212;Allocation of Investment Opportunities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001170299_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" xlink:to="lab_cik0001170299_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001170299_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" xml:lang="en-US">Potential Conflicts of Interest Risk&#8212;Allocation of Investment Opportunities</label>
<loc xlink:type="locator" xlink:href="cik0001170299-20220810.xsd#cik0001170299_RepurchaseAgreementsRiskMember" xlink:label="loc_cik0001170299_RepurchaseAgreementsRiskMember" />
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<DOCUMENT>
<TYPE>EX-101.PRE
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<FILENAME>cik0001170299-20220810_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<span style="display: none;">v3.22.2</span><table class="report" border="0" cellspacing="2" id="idm140055497679952">
<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="10">3 Months Ended</th>
<th class="th" colspan="11">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Aug. 10, 2022</div></th>
<th class="th"><div>Jun. 30, 2022</div></th>
<th class="th"><div>Jun. 30, 2022</div></th>
<th class="th"><div>Mar. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Sep. 30, 2021</div></th>
<th class="th"><div>Jun. 30, 2021</div></th>
<th class="th"><div>Mar. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Sep. 30, 2020</div></th>
<th class="th"><div>Jun. 30, 2020</div></th>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>May 31, 2015</div></th>
<th class="th"><div>May 31, 2014</div></th>
<th class="th"><div>May 31, 2013</div></th>
<th class="th"><div>May 31, 2012</div></th>
</tr>
<tr class="re">
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<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>
</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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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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>
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</td>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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>
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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="top.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>
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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>
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</td>
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</td>
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</td>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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">7<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>
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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>
<td class="text">&#160;<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="top.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 MUNICIPAL INCOME FUND II<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>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
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</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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
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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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.Show.showAR( this, 'defref_dei_NoSubstantiveChanges462c', window );">No Substantive Changes, 462(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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_ShareholderTransactionExpensesTableTextBlock', window );">Shareholder Transaction Expenses [Table Text Block]</a></td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Percentage&#160;of<br/>Offering&#160;Price</div></div></div></td>
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<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &quot;Arial Narrow&quot;; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Sales Load (as a percentage of offering price)<div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px">(1)</div></div></div> </td>
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<td style="vertical-align:bottom;text-align:right;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">[-</div></td>
<td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">]%&#160;</div></td> </tr>
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<td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">]%&#160;</div></td> </tr>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &quot;Arial Narrow&quot;; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Dividend Reinvestment Plan Fees<div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px">(3)</div></div></div> </td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">None</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td> </tr> </table>
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<td style="width:12pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(1)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Arial Narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">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. </div></div> </td> </tr> </table> <div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:12pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(2)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Arial Narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">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. </div></div> </td> </tr> </table> <div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<tr style="page-break-inside:avoid">
<td style="width:12pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(3)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Arial Narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">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; </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="top.Show.showAR( this, 'defref_cef_SalesLoadPercent', window );">Sales Load [Percent]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_DividendReinvestmentAndCashPurchaseFees', window );">Dividend Reinvestment and Cash Purchase Fees</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OtherTransactionExpensesAbstract', window );"><strong>Other Transaction Expenses [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="top.Show.showAR( this, 'defref_cef_AnnualExpensesTableTextBlock', window );">Annual Expenses [Table Text Block]</a></td>
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<td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Annual Expenses</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;Arial Narrow&quot;; text-align: center; line-height: normal;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Percentage of Net Assets<br/></div></div></div></div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 7pt; font-family: &quot;Arial Narrow&quot;; text-align: center; line-height: normal;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Attributable&#160;to&#160;Common<br/>Shares&#160;(reflecting<br/>leverage&#160;attributable&#160;to<br/>Preferred&#160;Shares&#160;and&#160;TOBs)</div></div></div></div> </td>
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<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &quot;Arial Narrow&quot;; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Management Fees<div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px">(1)</div></div></div> </td>
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<td style="vertical-align:bottom;text-align:right;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">1.00</div></td>
<td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td> </tr>
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<td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &quot;Arial Narrow&quot;; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Dividend Cost on Preferred Shares<div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px">(2)</div></div></div> </td>
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<td style="vertical-align:bottom;text-align:right;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">0.94</div></td>
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<td style="vertical-align:bottom;text-align:right;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">0.03</div></td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &quot;Arial Narrow&quot;; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Total Annual Expenses<div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px">(5)</div></div></div> </td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">2.19</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"><div style="font-family: &quot;Arial Narrow&quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td> </tr> </table> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:12pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(1)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Arial Narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">all-in</div> fee structure (the &#8220;unified management fee&#8221;). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 0.685% of the Fund&#8217;s average daily net assets (including daily net assets attributable to any Preferred Shares). 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 </div></div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%">
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<td style="width:11.25pt">&#160;</td>
<td style="vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#8220;Management of the Fund&#8211;Investment Management Agreement&#8221; for an explanation of the unified management fee. </div></td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:12pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(2)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Arial Narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Restated to reflect the Fund&#8217;s outstanding ARPS and RVMTP averaged over the year ended December&#160;31, 2021, which represented 22.02% and 5.07%, respectively, of the Fund&#8217;s total average managed assets (including the liquidation preference of outstanding Preferred Shares and assets attributable to TOBs), at an annual estimated dividend cost to the Fund of <div style="display:inline;">1</div>.9<div style="display:inline;">3</div>% for ARPS and 1.83% for RVMTP as of June&#160;30, 2022, and assumes the Fund will continue to pay dividends on the ARPS at the &#8220;maximum applicable rate&#8221; called for under the Fund&#8217;s Bylaws due to the ongoing failure of auctions for the ARPS. The actual dividend rate paid on the Preferred Shares will vary over time in accordance with variations in market interest rates. See &#8220;Use of Leverage&#8221; and &#8220;Description of Capital Structure.&#8221; </div></div> </td> </tr> </table> <div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:12pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(3)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Arial Narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Restated to reflect the Fund&#8217;s use of leverage in the form of TOBs averaged over the year ended December&#160;31, 2021, which represented 14.89% of the Fund&#8217;s total average managed assets (including assets attributable to Preferred Shares and TOBs), at an estimated annual interest rate cost to the Fund of 0.84% as of June 30, 2022. 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 Preferred Shares, TOBs and/or other forms of borrowing 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. </div></div> </td> </tr> </table> <div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:12pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(4)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Arial Narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#8220;Other Expenses&#8221; are estimated for the Fund&#8217;s current fiscal year ending December&#160;31, 2022. </div></div> </td> </tr> </table> <div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:12pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(5)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Arial Narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#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 the management fees paid to PIMCO. Excluding such expenses, Total Annual Expenses are 1.03%. </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="top.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">1.00%<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_DividendExpenseOnPreferredSharesPercent', window );">Dividend Expenses on Preferred Shares [Percent]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_DividendAndInterestExpensesOnShortSalesPercent', window );">Dividend and Interest Expenses on Short Sales [Percent]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OtherAnnualExpensesAbstract', window );"><strong>Other Annual Expenses [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="top.Show.showAR( this, 'defref_cef_ExpenseExampleTableTextBlock', window );">Expense Example [Table Text Block]</a></td>
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<td class="text"><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares of the Fund, assuming (1)&#160;that the Fund&#8217;s net assets do not increase or decrease, (2)&#160;that the Fund incurs total annual expenses of 2.19% of net assets attributable to Common Shares in years 1 through 10 (assuming outstanding Preferred Shares and TOBs representing 41.98% of the Fund&#8217;s total managed assets) and (3)&#160;a 5% annual return<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">(1)</div>: </div></div> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="vertical-align: bottom; padding-bottom: 0.375pt;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid rgb(51, 83, 103); line-height: normal;">&#160;</div> </td>
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<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:middle;background-color:#f4f6f7"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &quot;arial narrow&quot;; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Total&#160;Expenses&#160;Incurred</div></div> </td>
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<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:middle;background-color:#f4f6f7;text-align:center;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">$22</div></td>
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<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:middle;background-color:#f4f6f7;text-align:center;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">$69</div></td>
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<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:middle;background-color:#f4f6f7;text-align:center;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">$117</div></td>
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<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:middle;background-color:#f4f6f7;text-align:center;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">$252</div></td> </tr> </table> <div style="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="width:12pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(1)</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Arial Narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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 expenses. Actual expenses may be higher or lower than those shown.</div></div> 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. </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="top.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">$ 22<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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">69<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PurposeOfFeeTableNoteTextBlock', window );">Purpose of Fee Table , Note [Text Block]</a></td>
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<td class="text">The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in Common Shares of the Fund would bear, directly or indirectly, as a result of an offering. The table reflects the use of leverage attributable to the Fund&#8217;s outstanding Preferred Shares and TOBs in an amount equal to 41.98% of the Fund&#8217;s total managed assets (including assets attributable to such leverage), which reflects approximately the percentage of the Fund&#8217;s total average managed assets attributable to such leverage averaged over the year ended December&#160;31, 2021, and shows Fund expenses as a percentage of net assets attributable to Common Shares. The percentage above and information below do not reflect the Fund&#8217;s use of other forms of economic leverage, such as credit default swaps or other derivative instruments. The table and example below are based on the Fund&#8217;s capital structure as of December&#160;31, 2021. The extent of the Fund&#8217;s assets attributable to leverage following an offering, and the Fund&#8217;s associated expenses, are likely to vary (perhaps significantly) from these assumptions.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_BasisOfTransactionFeesNoteTextBlock', window );">Basis of Transaction Fees, Note [Text Block]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OtherExpensesNoteTextBlock', window );">Other Expenses, Note [Text Block]</a></td>
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<td class="text">&#8220;Other Expenses&#8221; are estimated for the Fund&#8217;s current fiscal year ending December&#160;31, 2022.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock', window );">Management Fee not based on Net Assets, Note [Text Block]</a></td>
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<td class="text">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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">all-in</div> fee structure (the &#8220;unified management fee&#8221;). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 0.685% of the Fund&#8217;s average daily net assets (including daily net assets attributable to any Preferred Shares). 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
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<td style="vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#8220;Management of the Fund&#8211;Investment Management Agreement&#8221; for an explanation of the unified management fee. </div></td> </tr> </table> <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="top.Show.showAR( this, 'defref_cef_FinancialHighlightsAbstract', window );"><strong>Financial Highlights [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>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SeniorSecuritiesTableTextBlock', window );">Senior Securities [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:8pt;width:100%;border:0;margin:0 auto">
<tr style="font-size: 0px;">
<td style="width:45%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
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<td style="vertical-align:bottom;width:1%">&#160;</td>
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<td>&#160;</td>
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<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="14" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RVMTP<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(5)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Selected&#160;Per&#160;Share&#160;Data<br/>for&#160;the&#160;Year&#160;Ended^:</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Asset<br/>Coverage<br/>per<br/>Preferred<br/>Share<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(1)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Involuntary<br/>Liquidating<br/>Preference<br/>per<br/>Preferred<br/>Share<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(2)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Average<br/>Market&#160;Value<br/>per ARPS<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(3)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total&#160;Amount<br/>Outstanding</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Asset<br/>Coverage<br/>per<br/>Preferred<br/>Share<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(1)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Involuntary<br/>Liquidating<br/>Preference<br/>per<br/>Preferred<br/>Share<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(2)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Average<br/>Market&#160;Value<br/>per&#160;RVMTP<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(4)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2021</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">298,275,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">78,363</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">$25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">N/A</div></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">$68,700,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">313,450</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">$100,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2020</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">298,275,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">78,293</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">68,700,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">313,170</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">100,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2019</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">298,275,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">78,308</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">68,700,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">313,230</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">100,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2018</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">298,275,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">74,285</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">68,700,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">297,110</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">100,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2017</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">367,000,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">76,136</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">100,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2016</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">367,000,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">74,548</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">06/01/2015&#160;-&#160;12/31/2015</div><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(g)</div></div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">367,000,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">76,782</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">05/31/2015</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">367,000,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">75,553</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">05/31/2014</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">367,000,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">74,733</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">05/31/2013</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">367,000,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">75,501</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">05/31/2012</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">367,000,000</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">74,192</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%">
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">1</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); 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 or RVMTP, bears to the aggregate of the involuntary liquidation preference of ARPS or RVMTP, expressed as a dollar amount per ARPS or RVMTP. </div></div></td></tr></table>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">2</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#8220;Involuntary Liquidating Preference&#8221; means the amount to which a holder of ARPS or RVMTP would be entitled upon the involuntary liquidation of the Fund in preference to the Common Shareholders, expressed as a dollar amount per Preferred Share. </div></div></td></tr></table>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">3</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The ARPS have no readily ascertainable market value. Auctions for the ARPS have failed since February 2008, there is currently no active trading market for the ARPS and the Fund is not able to reliably estimate what their value would be in a 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. </div></div></td></tr></table>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">4</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The RVMTP have no readily ascertainable market value. The liquidation value of the RVMTP represents its liquidation preference, which approximates fair value of the shares less any unamortized debt issuance costs. </div></div></td></tr></table>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">5</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Prior to July&#160;14, 2021, RVMTP Shares were VMTP Shares. </div></div></td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SeniorSecuritiesNoteTextBlock', window );">Senior Securities, Note [Text Block]</a></td>
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<td class="text"><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div> <div id="pro288652_3" style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Financial Highlights </div></div></div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>
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<td colspan="14" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">ARPS</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="vertical-align: bottom; padding-bottom: 0.375pt;">&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="14" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RVMTP<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(5)</div></div></div></div></td>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Selected&#160;Per&#160;Share&#160;Data<br/>for&#160;the&#160;Year&#160;Ended^:</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total Amount<br/>Outstanding</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Asset<br/>Coverage<br/>per<br/>Preferred<br/>Share<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(1)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Involuntary<br/>Liquidating<br/>Preference<br/>per<br/>Preferred<br/>Share<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(2)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Average<br/>Market&#160;Value<br/>per ARPS<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(3)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
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<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total&#160;Amount<br/>Outstanding</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Asset<br/>Coverage<br/>per<br/>Preferred<br/>Share<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(1)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Involuntary<br/>Liquidating<br/>Preference<br/>per<br/>Preferred<br/>Share<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(2)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Average<br/>Market&#160;Value<br/>per&#160;RVMTP<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(4)</div></div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td></tr>
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<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2021</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">298,275,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">78,363</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">$25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">N/A</div></td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">$68,700,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">$</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">313,450</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">$100,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2020</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">298,275,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">78,293</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">68,700,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">313,170</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">100,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2019</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">298,275,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">78,308</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">68,700,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">313,230</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">100,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2018</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">298,275,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">74,285</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">68,700,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">297,110</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">100,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2017</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">367,000,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">76,136</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">100,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">12/31/2016</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">367,000,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">74,548</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">06/01/2015&#160;-&#160;12/31/2015</div><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">(g)</div></div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">367,000,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">76,782</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
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<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">05/31/2015</div></td>
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<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">75,553</td>
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<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
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<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">05/31/2014</div></td>
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<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">74,733</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">05/31/2013</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">367,000,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">75,501</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="vertical-align:bottom;background-color:#eceff1">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;background-color:#eceff1"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &quot;arial narrow&quot;; line-height: normal;">05/31/2012</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">367,000,000</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">74,192</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">25,000</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;">N/A</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">1</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); 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 or RVMTP, bears to the aggregate of the involuntary liquidation preference of ARPS or RVMTP, expressed as a dollar amount per ARPS or RVMTP. </div></div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">2</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#8220;Involuntary Liquidating Preference&#8221; means the amount to which a holder of ARPS or RVMTP would be entitled upon the involuntary liquidation of the Fund in preference to the Common Shareholders, expressed as a dollar amount per Preferred Share. </div></div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">3</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The ARPS have no readily ascertainable market value. Auctions for the ARPS have failed since February 2008, there is currently no active trading market for the ARPS and the Fund is not able to reliably estimate what their value would be in a 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. </div></div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">4</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The RVMTP have no readily ascertainable market value. The liquidation value of the RVMTP represents its liquidation preference, which approximates fair value of the shares less any unamortized debt issuance costs. </div></div></td></tr></table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:3%;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">5</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Prior to July&#160;14, 2021, RVMTP Shares were VMTP Shares. </div></div></td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div><span></span>
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<td class="text">The ARPS have no readily ascertainable market value. Auctions for the ARPS have failed since February 2008, there is currently no active trading market for the ARPS and the Fund is not able to reliably estimate what their value would be in a 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.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_InvestmentObjectivesAndPracticesTextBlock', window );">Investment Objectives and Practices [Text Block]</a></td>
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<td class="text"><div id="pro288652_6" style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Investment Objective and Policies </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund seeks to provide current income exempt from federal income tax. In pursuing the Fund&#8217;s investment objective, the Fund&#8217;s investment manager, Pacific Investment Management Company LLC (&#8220;PIMCO or the &#8220;Investment Manager&#8221;), also seeks to preserve and enhance the value of the Fund&#8217;s holdings relative to the municipal bond market generally, using proprietary analytical models that test and evaluate the sensitivity of those holdings to changes in interest rates and yield relationships. The Fund cannot assure you that it will achieve its investment objective, and you could lose all of your investment in the Fund. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Investment Strategies </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Under normal circumstances, the Fund expects to invest at least 90% of its net assets in municipal bonds which pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by PIMCO to be reliable), is exempt from regular federal income taxes (i.e., excluded from gross income for federal income tax purposes but not necessarily exempt from the federal alternative minimum tax). Subject to its other investment policies, the Fund may invest up to 20% of its total assets in investments the interest from which is subject to the federal alternative minimum tax. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund invests at least 80% of its net assets in municipal bonds that at the time of investment are investment grade quality. Investment grade quality bonds are bonds rated within the four highest grades (Baa by Moody&#8217;s or BBB or better by S&amp;P or Fitch), or bonds that are unrated but </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">determined to be of comparable quality by PIMCO. The Fund may invest up to 20% of its net assets in municipal bonds that are, at the time of investment, rated Ba/BB or B or lower by Moody&#8217;s, S&amp;P or Fitch or that are unrated but judged to be of comparable quality by PIMCO. Bonds of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal, and are commonly referred to as &#8220;junk bonds.&#8221; Bonds in the lowest investment grade category may also be considered to possess some speculative characteristics. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund&#8217;s investment in municipal bonds may be based on PIMCO&#8217;s belief that they have attractive yield and/or total return potential. The Fund attempts to produce returns relative to the municipal bond market generally by prudent selection of municipal bonds. The Fund may invest in bonds associated with a particular municipal market sector (for example, electric utilities), issued by a particular municipal issuer, or having particular structural characteristics, that PIMCO believes may be undervalued. PIMCO may purchase such a bond for the Fund&#8217;s portfolio because it represents a market sector or issuer that PIMCO considers undervalued. For example, municipal bonds of particular types (e.g., hospital bonds, industrial revenue bonds or bonds issued by a particular municipal issuer) could be undervalued if there is a temporary excess of supply in that market sector, or because of a general decline in the market price of municipal bonds of the market sector for reasons that do not apply to the particular municipal bonds that are considered undervalued. </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="top.Show.showAR( this, 'defref_cef_RiskFactorsTableTextBlock', window );">Risk Factors [Table Text Block]</a></td>
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<td class="text"><div id="pro288652_8" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund is subject to the principal risks noted below, whether through the Fund&#8217;s direct investments or derivatives positions. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market Discount Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The price of the Fund&#8217;s Common Shares will fluctuate with market conditions and other factors. If you sell your Common Shares, the price received may be more or less than your original investment. The Common Shares are designed for long-term investors and should not be treated as trading vehicles. Shares of closed-end management investment companies frequently trade at a discount from their NAV. The Common Shares may trade at a price that is less than the offering price for Common Shares issued pursuant to an offering. This risk may be greater for investors who sell their Common Shares relatively shortly after completion of an offering. The sale of Common 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 Shares, may have an adverse effect on the market price of the Common Shares. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities. Credit ratings downgrades may also negatively affect securities </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">held by the Fund. Even when markets perform well, there is no assurance that the investments held by the Fund will increase in value along with the broader market. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters can all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. The current contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as presidential elections in the United States or abroad or the U.S. government&#8217;s inability at times to agree on a long-term budget and deficit reduction plan, has in the past resulted, and may in the future result, in a government shutdown or otherwise adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund&#8217;s investments and operations. Additional and/or prolonged U.S. federal government shutdowns may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund&#8217;s investments. Any market disruptions could also prevent the Fund from executing advantageous investment decisions in a timely manner. Funds that have focused their investments in a region enduring geopolitical market disruption, it will face higher risks of loss. Thus, investors should closely monitor current market conditions to determine whether the Fund meets their individual financial needs and tolerance for risk. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Current market conditions may pose heightened risks with respect to the Fund&#8217;s investment in fixed income securities. As such, fixed income securities markets may experience heightened levels of interest rate, volatility and liquidity risk. Any interest rate increases in the future could cause the value of any Fund, such as the Fund, that invests in fixed income securities to decrease. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Exchanges and securities markets may close early, close late or issue trading halts on specific securities, which may result in, among other things, the Fund being unable to buy or sell certain securities or financial instruments at an advantageous time or accurately price its portfolio investments. </div></div>  <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Municipal Bond Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns, by litigation, legislation or political events, or by the bankruptcy of the issuer. Laws, referenda, ordinances or regulations enacted in the future by Congress or state legislatures or the applicable governmental entity could extend the time for payment of principal and/or interest, or impose other constraints on enforcement of such obligations, or on the ability of municipal issuers to levy taxes. Issuers of municipal securities also might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, the Fund could experience delays in collecting principal and interest and the Fund may not, in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in the payment of interest or repayment of principal, or both, the Fund may take possession of and manage the assets securing the issuer&#8217;s obligations on such securities, which may increase the Fund&#8217;s operating expenses. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in revenue bonds, which are typically issued to fund a wide variety of capital projects including electric, gas, water and sewer systems; highways, bridges and tunnels; port and airport facilities; colleges and universities; and hospitals. Because the principal security for a revenue bond is generally the net revenues derived from a particular facility or group of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source, there is no guarantee that the particular project will generate enough revenue to pay its obligations, in which case the Fund&#8217;s performance may be adversely affected. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in taxable municipal bonds, such as Build America Bonds. Build America Bonds are tax credit bonds created by the American Recovery and Reinvestment Act of 2009, which authorized state and local governments to issue Build America Bonds as taxable bonds in 2009 and 2010, without volume limitations, to finance any capital expenditures for which such issuers could otherwise issue traditional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> bonds. The Fund&#8217;s investments in Build America Bonds or similar taxable municipal bonds will result in taxable income and the Fund may elect to pass through to holders of the Fund&#8217;s common shares (&#8220;Common Shares&#8221;) the corresponding tax credits. The tax credits can generally be used to offset federal income taxes and the alternative minimum tax, but such credits are generally not refundable. Taxable municipal bonds involve similar risks as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> municipal bonds, including credit and market risk. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Municipal securities are also subject to interest rate, credit, and liquidity risk, which are discussed generally elsewhere in this section, and elaborated upon below with respect to municipal bonds. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Interest Rate Risk.</div></div> The value of municipal securities, similar to other fixed income securities, will likely drop as interest rates rise in the general market. Conversely, when rates decline, bond prices generally rise. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Credit Risk.</div></div> The risk that a borrower may be unable to make interest or principal payments when they are due. A fund that invests in municipal securities relies on the ability of the issuer to service its debt. </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">This subjects the Fund to credit risk in that the municipal issuer may be fiscally unstable or exposed to large liabilities that could impair its ability to honor its obligations. Municipal issuers with significant debt service requirements, in the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">near-to</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-term;</div> unrated issuers and those with less capital and liquidity to absorb additional expenses may be most at risk. To the extent the Fund invests in lower quality or high yield municipal securities, it may be more sensitive to the adverse credit events in the municipal market. The treatment of municipalities in bankruptcy is more uncertain, and potentially more adverse to debt holders, than for corporate issues. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Liquidity Risk.</div></div> The risk that investors may have difficulty finding a buyer when they seek to sell, and therefore, may be forced to sell at a discount to the market value. Liquidity may sometimes be impaired in the municipal market and because the Fund primarily invests in municipal securities, it may find it difficult to purchase or sell such securities at opportune times. Liquidity can be impaired due to interest rate concerns, credit events, or general supply and demand imbalances. Depending on the particular issuer and current economic conditions, municipal securities could be deemed more volatile investments. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In addition to general municipal market risks, different municipal sectors may face different risks. For instance, general obligation bonds are secured by the full faith, credit, and taxing power of the municipality issuing the obligation. As such, timely payment depends on the municipality&#8217;s ability to raise tax revenue and maintain a fiscally sound budget. The timely payments may also be influenced by any unfunded pension liabilities or other post-employee benefit plan (OPEB) liabilities. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Revenue bonds are secured by special tax revenues or other revenue sources. If the specified revenues do not materialize, then the bonds may not be repaid. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Private activity bonds are yet another type of municipal security. Municipalities use private activity bonds to finance the development of industrial facilities for use by private enterprise. Principal and interest payments are to be made by the private enterprise benefitting from the development, which means that the holder of the bond is exposed to the risk that the private issuer may default on the bond. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Moral obligation bonds are usually issued by special purpose public entities. If the public entity defaults, repayment becomes a &#8220;moral obligation&#8221; instead of a legal one. The lack of a legally enforceable right to payment in the event of default poses a special risk for a holder of the bond because it has little or no ability to seek recourse in the event of default. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In addition, a significant restructuring of federal income tax rates or even serious discussion on the topic in Congress could cause municipal bond prices to fall. The demand for municipal securities is strongly influenced by the value of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> income to investors. Lower income tax rates could reduce the advantage of owning municipal securities. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Municipal notes are similar to general municipal debt obligations, but they generally possess shorter terms. Municipal notes can be used to provide interim financing and may not be repaid if anticipated revenues are not realized. </div></div>  <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Municipal Project-Specific Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in general obligation bonds, particularly if there is a large concentration from issuers in a single state. This is because the value of municipal securities can be significantly affected by the political, economic, legal, and legislative realities of the particular issuer&#8217;s locality or municipal sector events. Similarly, changes to state or federal regulation tied to a specific sector, such as the hospital sector, could have an impact on the revenue stream for a given subset of the market. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Certain U.S. government securities, such as U.S. Treasury bills, notes, bonds and mortgage-related securities guaranteed by the GNMA, are supported by the full faith and credit of the United States; others, such as those of the FHLBs or the FHLMC, are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the FNMA, are supported by the discretionary authority of the U.S. government to purchase the agency&#8217;s obligations; and still others are supported only by the credit of the agency, instrumentality or corporation. Although legislation has been enacted to support certain government sponsored entities, including the FHLBs, FHLMC and FNMA, there is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact the government sponsored entities and the values of their related securities or obligations. In addition, certain governmental entities, including FNMA and FHLMC, have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability or investment character of securities issued by these entities. Yields available from U.S. government debt securities are generally lower than the yields available from other debt securities. The values of U.S. government securities change as interest rates fluctuate. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Asset Allocation Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund&#8217;s investment performance depends upon how its assets are allocated and reallocated. A principal risk of investing in the Fund is that PIMCO may make less than optimal or poor asset allocation decisions. PIMCO employs an active approach to allocation among multiple fixed-income sectors, but there is no guarantee that such allocation techniques will produce the desired results. It is possible that PIMCO will focus on an investment that performs poorly or underperforms other investments under various market conditions. You could lose money on your investment in the Fund as a result of these allocation decisions. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Management Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund is subject to management risk because it is an actively managed investment portfolio. PIMCO and each individual portfolio manager will </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">apply investment techniques and risk analysis in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. Certain securities or other instruments in which the Fund seeks to invest may not be available in the quantities desired. In addition, regulatory restrictions, actual or potential conflicts of interest or other considerations may cause PIMCO to restrict or prohibit participation in certain investments. In such circumstances, PIMCO or the individual portfolio managers may determine to purchase other securities or instruments as substitutes. Such substitute securities or instruments may not perform as intended, which could result in losses to the Fund. The Fund is also subject to the risk that deficiencies in the internal systems or controls of PIMCO or another service provider will cause losses for the Fund or hinder Fund operations. For example, trading delays or errors (both human and systemic) could prevent the Fund from purchasing a security expected to appreciate in value. To the extent the Fund employs strategies targeting perceived pricing inefficiencies, arbitrage strategies or similar strategies, it is subject to the risk that the pricing or valuation of the securities and instruments involved in such strategies may change unexpectedly, which may result in reduced returns or losses to the Fund. Additionally, actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each individual portfolio manager in connection with managing the Fund and may also adversely affect the ability of the Fund to achieve its investment objective. There also can be no assurance that all of the personnel of PIMCO will continue to be associated with PIMCO for any length of time. The loss of the services of one or more key employees of PIMCO could have an adverse impact on the Fund&#8217;s ability to realize its investment objective. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In addition, the Fund may rely on various third-party sources to calculate its NAV. As a result, the Fund is subject to certain operational risks associated with reliance on service providers and service providers&#8217; data sources. In particular, errors or systems failures and other technological issues may adversely impact the Fund&#8217;s calculations of its NAV, and such NAV calculation issues may result in inaccurately calculated NAV, delays in NAV calculation and/or the inability to calculate NAVs over extended periods. The Fund may be unable to recover any losses associated with such failures. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Issuer Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The value of a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. A change in the financial condition of a single issuer may affect securities markets as a whole. These risks can apply to the Common Shares issued by the Fund and to the issuers of securities and other instruments in which the Fund invests. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Interest Rate Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Interest rate risk is the risk that fixed income securities and other instruments in the Fund&#8217;s portfolio will decline in value because of a </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">change in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and the Fund may lose money as a result of movements in interest rates. The Fund may not be able to effectively hedge against changes in interest rates or may choose not to do so for cost or other reasons. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions). Recently, there have been signs of inflationary price movements. As such, fixed income securities markets may experience heightened levels of interest rate, volatility and liquidity risk. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile. Duration is a measure used to determine the sensitivity of a security&#8217;s price to changes in interest rates that incorporates a security&#8217;s yield, coupon, final maturity and call features, among other characteristics. Duration is useful primarily as a measure of the sensitivity of a fixed income security&#8217;s market price to interest rate (i.e., yield) movements. All other things remaining equal, for each one percentage point increase in interest rates, the value of a portfolio of fixed income investments would generally be expected to decline by one percent for every year of the portfolio&#8217;s average duration above zero. For example, the value of a portfolio of fixed income securities with an average duration of fourteen years would generally be expected to decline by approximately 14% if interest rates rose by one percentage point. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Variable and floating rate securities may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Fund&#8217;s shares. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Measures such as average duration may not accurately reflect the true interest rate sensitivity of the Fund. This is especially the case if the Fund consists of securities with widely varying durations. Therefore, if the Fund has an average duration that suggests a certain level of interest rate risk, the Fund may in fact be subject to greater interest rate risk than the average would suggest. This risk is greater to the extent the Fund uses leverage or derivatives. </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Convexity is an additional measure used to understand a security&#8217;s or Fund&#8217;s interest rate sensitivity. Convexity measures the rate of change of duration in response to changes in interest rates. With respect to a security&#8217;s price, a larger convexity (positive or negative) may imply more dramatic price changes in response to changing interest rates. Convexity may be positive or negative. Negative convexity implies that interest rate increases result in increased duration, meaning increased sensitivity in prices in response to rising interest rates. Thus, securities with negative convexity, which may include bonds with traditional call features and certain mortgage-backed securities, may experience greater losses in periods of rising interest rates. Accordingly, if the Fund holds such securities, the Fund may be subject to a greater risk of losses in periods of rising interest rates. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Rising interest rates may result in periods of volatility and a decline in value of the Fund&#8217;s fixed income investments. Further, while U.S. bond markets have steadily grown over the past three decades, dealer &#8220;market making ability has remained relatively stagnant. As a result, dealer inventories of certain types of bonds and similar instruments, which provide a core indication of the ability of financial intermediaries to &#8220;make markets,&#8221; are at or near historic lows in relation to market size. Because market makers provide stability to a market through their intermediary services, a significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty. All of these factors, collectively and/or individually, could cause the Fund to lose value. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Credit Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling, or is perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor its obligations. The downgrade of the credit of a security held by the Fund may decrease its value. Measures such as average credit quality may not accurately reflect the true credit risk of the Fund. This is especially the case if the Fund consists of securities with widely varying credit ratings. This risk is greater to the extent the Fund uses leverage or derivatives. Municipal bonds are subject to the risk that litigation, legislation or other political events, local business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer&#8217;s ability to make payments of principal and/or interest. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The mortgage-related assets in which the Fund may invest include, but are not limited to, any security, instrument or other asset that is related to U.S. or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-U.S.</div> mortgages, including those issued by private originators or issuers, or issued or guaranteed as to principal or interest by the U.S. government or its agencies or instrumentalities or by non-U.S. governments or authorities, such as, without limitation, assets representing interests in, collateralized or backed by, or whose values are </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">determined in whole or in part by reference to any number of mortgages or pools of mortgages or the payment experience of such mortgages or pools of mortgages, including REMICs, which could include <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Re-REMICs,</div> mortgage pass-through securities, inverse floaters, CMOs, CLOs, multiclass pass-through securities, private mortgage pass-through securities, stripped mortgage securities (generally interest-only and principal-only securities), mortgage-related asset backed securities and mortgage-related loans (including through participations, assignments, originations and whole loans), including commercial and residential mortgage loans. Exposures to mortgage-related assets through derivatives or other financial instruments will be considered investments in mortgage-related assets. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may also invest in other types of ABS, including CDOs, CBOs and CLOs and other similarly structured securities See &#8220;The Fund&#8217;s Investment Objective and Strategies-Portfolio Contents and Other Information-Mortgage-Related and Other Asset-Backed Instruments&#8221; in this prospectus and &#8220;Investment Objective and Policies-Mortgage-Related and Other Asset- Backed Instruments&#8221; in the Statement of Additional Information for a description of the various mortgage-related and other asset-backed instruments in which the Fund may invest and their related risks. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Mortgage-related and other asset-backed instruments represent interests in &#8220;pools&#8221; of mortgages or other assets such as consumer loans or receivables held in trust and often involve risks that are different from or possibly more acute than risks associated with other types of debt instruments. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related assets, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Fund may exhibit additional volatility since individual mortgage holders are less likely to exercise prepayment options, thereby putting additional downward pressure on the value of these securities and potentially causing the Fund to lose money. This is known as extension risk. Mortgage-backed securities can be highly sensitive to rising interest rates, such that even small movements can cause the Fund to lose value. Mortgage-backed securities, and in particular those not backed by a government guarantee, are subject to credit risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund may have to reinvest that money at the lower prevailing interest rates. The Fund&#8217;s investments in other asset-backed instruments are subject to risks similar to those associated with mortgage-related assets, as well as additional risks associated with the nature of the assets and the servicing of those assets. Payment of principal and interest on asset-backed instruments may be largely dependent upon the cash flows generated by the assets backing the instruments, and asset-backed instruments may not have the benefit of any security interest in the related assets. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Subordinate mortgage-backed or asset-backed instruments are paid interest only to the extent that there are funds available to make payments. To the extent the collateral pool includes a large percentage of </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">delinquent loans, there is a risk that interest payments on subordinate mortgage-backed or asset-backed instruments will not be fully paid. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">There are multiple tranches of mortgage-backed and asset-backed instruments, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity or &#8220;first loss,&#8221; according to their degree of risk. The most senior tranche of a mortgage-backed or asset-backed instrument has the greatest collateralization and pays the lowest interest rate. If there are defaults or the collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. Lower tranches represent lower degrees of credit quality and pay higher interest rates intended to compensate for the attendant risks. The return on the lower tranches is especially sensitive to the rate of defaults in the collateral pool. The lowest tranche (i.e., the &#8220;equity&#8221; or &#8220;residual&#8221; tranche) specifically receives the residual interest payments (i.e., money that is left over after the higher tranches have been paid and expenses of the issuing entities have been paid) rather than a fixed interest rate. The Fund may also invest in the residual or equity tranches of mortgage-related and other asset-backed instruments, which may be referred to as subordinate mortgage-backed or asset-backed instruments and interest-only mortgage-backed or asset-backed instruments. The Fund expects that investments in subordinate mortgage-backed and other asset-backed instruments will be subject to risks arising from delinquencies and foreclosures, thereby exposing its investment portfolio to potential losses. Subordinate securities of mortgage-backed and other asset-backed instruments are also subject to greater credit risk than those mortgage-backed or other asset-backed instruments that are more highly rated. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The mortgage markets in the United States and in various foreign countries have experienced extreme difficulties in the past that adversely affected the performance and market value of certain mortgage-related investments. Delinquencies and losses on residential and commercial mortgage loans (especially subprime and second-lien mortgage loans) may increase, and a decline in or flattening of housing and other real property values may exacerbate such delinquencies and losses. In addition, reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could continue or worsen. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may engage in derivative transactions related to mortgage-backed securities, including purchasing and selling exchange-listed and OTC put and call options, futures and forwards on mortgages and mortgage-backed securities. The Fund may also invest in mortgage-backed securities credit default swaps, which include swaps the reference obligation for which is a mortgage-backed security or related index, such as the CMBX Index (a tradeable index referencing a basket of commercial </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">mortgage-backed securities), the TRX Index (a tradeable index referencing total return swaps based on commercial mortgage-backed securities) or the ABX (a tradeable index referencing a basket of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-prime</div> mortgage backed securities). The Fund may invest in newly developed mortgage related derivatives that may hereafter become available. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Derivative mortgage-backed securities (such as principal-only (&#8220;POs&#8221;), interest-only (&#8220;IOs&#8221;) or inverse floating rate securities) are particularly exposed to call and extension risks. Small changes in mortgage prepayments can significantly impact the cash flows and the market value of these derivative instruments. In general, the risk of faster than anticipated prepayments adversely affects IOs, super floaters and premium priced mortgage-backed securities. The risk of slower than anticipated prepayments generally affects POs, floating-rate securities subject to interest rate caps, support tranches and discount priced mortgage-backed securities. In addition, particular derivative instruments may be leveraged such that their exposure (i.e., price sensitivity) to interest rate and/or prepayment risk is magnified. Mortgage-related derivative instruments involve risks associated with mortgage-related and other asset-backed instruments, privately-issued mortgage-related securities, the mortgage market, the real estate industry, derivatives and credit default swaps. See &#8220;Mortgage-Related and Other Asset-Backed Instruments Risk&#8221;, &#8220;Privately-Issued Mortgage-Related Securities Risk,&#8221; &#8220;Derivatives Risk,&#8221; and &#8220;Credit Default Swaps Risk.&#8221; </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Mortgage-related derivative instruments involve risks associated with mortgage-related and other asset-backed instruments, privately-issued mortgage-related securities, the mortgage market, the real estate industry, derivatives and credit default swaps. See &#8220;Mortgage-Related and Other Asset-Backed Instruments Risk,&#8221; &#8220;Privately-Issued Mortgage-Related Securities Risk,&#8221; &#8220;Derivatives Risk,&#8221; and &#8220;Credit Default Swaps Risk.&#8221; </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">High Yield Securities Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">To the extent that the Fund invests in high yield securities and unrated securities of similar credit quality (commonly known as &#8220;high yield securities&#8221; or &#8220;junk bonds&#8221;), the Fund will be subject to greater levels of credit risk, call risk and liquidity risk than funds that do not invest in such securities, which could have a negative effect on the NAV and market price of the Fund&#8217;s Common Shares or Common Share dividends. These securities are considered predominantly speculative with respect to an issuer&#8217;s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely affect the market for these securities and reduce the Fund&#8217;s ability to sell these securities at an advantageous time or price. The Fund may purchase distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Issuers of high yield securities may have the right to &#8220;call or redeem the issue prior to maturity, which may result in the Fund having to reinvest the proceeds in other high yield securities or similar instruments that may pay lower interest rates. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in high yield securities. </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Consequently, transactions in high yield securities may involve greater costs than transactions in more actively traded securities. To the extent that the Fund invests in high yield securities and unrated securities of similar credit quality (commonly known as &#8220;high yield securities&#8221; or &#8220;junk bonds&#8221;), the Fund may be subject to greater levels of credit risk, call risk and liquidity risk than funds that do not invest in such securities, which could have a negative effect on the NAV and market price of the Fund&#8217;s Common Shares or Common Share dividends. These securities are considered predominantly speculative with respect to an issuer&#8217;s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely affect the market for these securities and reduce the Fund&#8217;s ability to sell these securities at an advantageous time or price. The Fund may purchase distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. Issuers of high yield securities may have the right to &#8220;call&#8221; or redeem the issue prior to maturity, which may result in the Fund having to reinvest the proceeds in other high yield securities or similar instruments that may pay lower interest rates. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in high yield securities. Consequently, transactions in high yield securities may involve greater costs than transactions in more actively traded securities. These factors may result in the Fund being unable to realize full value for these securities and/or may result in the Fund not receiving the proceeds from a sale of a high yield security for an extended period after such sale, each of which could result in losses to the Fund. Because of the risks involved in investing in high yield securities, an investment in the Fund should be considered speculative. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In general, lower rated debt securities carry a greater degree of risk that the issuer will lose its ability to make interest and principal payments, which could have a negative effect on the Fund. Securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal and are commonly referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; High yield securities involve a greater risk of default and their prices are generally more volatile and sensitive to actual or perceived negative developments. Debt securities in the lowest investment grade category also may be considered to possess some speculative characteristics by certain rating agencies. The Fund may purchase stressed or distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">An economic downturn could severely affect the ability of issuers (particularly those that are highly leveraged) to service or repay their debt obligations. Lower-rated securities are generally less liquid than higher-rated securities, which may have an adverse effect on the Fund&#8217;s ability to dispose of them. For example, under adverse market or economic conditions, the secondary market for below investment grade securities could contract further, independent of any specific adverse changes in the condition of a particular issuer, and certain securities in the Fund&#8217;s portfolio may become illiquid or less liquid. As a result, the Fund could find it more difficult to sell these securities or may be able to sell these securities only at prices lower than if such securities were widely traded. </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">To the extent the Fund focuses on below investment grade debt obligations, PIMCO&#8217;s capabilities in analyzing credit quality and associated risks will be particularly important, and there can be no assurance that PIMCO will be successful in this regard. Due to the risks involved in investing in high yield securities, an investment in the Fund should be considered speculative. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund&#8217;s credit quality policies apply only at the time a security is purchased, and the Fund is not required to dispose of a security in the event that a rating agency or PIMCO downgrades its assessment of the credit characteristics of a particular issue. Analysis of creditworthiness may be more complex for issuers of high yield securities than for issuers of higher quality debt securities. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Reinvestment Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Income from the Fund&#8217;s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called debt obligations at market interest rates that are below the portfolio&#8217;s current earnings rate. For instance, during periods of declining interest rates, an issuer of debt obligations may exercise an option to redeem securities prior to maturity, forcing the Fund to invest in lower-yielding securities The Fund also may choose to sell higher yielding portfolio securities and to purchase lower yielding securities to achieve greater portfolio diversification, because the portfolio managers believe the current holdings are overvalued or for other investment-related reasons. A decline in income received by the Fund from its investments is likely to have a negative effect on dividend levels and the market price, NAV and/or overall return of the Common Shares. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Securities Lending Risk. </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">For the purpose of achieving income, the Fund may lend its portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. Please see &#8220;Investment Objectives and Policies&#8212;Loans of Portfolio Securities&#8221; in the Statement of Additional Information for more details. When the Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. The Fund may pay lending fees to a party arranging the loan. Cash collateral received by the Fund in securities lending transactions may be invested in short-term liquid fixed income instruments or in money market or short-term mutual funds, or similar investment vehicles, including affiliated money market or short-term mutual funds. The Fund bears the risk of such investments. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Call Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Call risk refers to the possibility that an issuer may exercise its right to redeem a fixed income security earlier than expected. Issuers may call outstanding securities prior to their maturity for a number of reasons. If an issuer calls a security in which the Fund has invested, the Fund may </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Certain U.S. government securities, such as U.S. Treasury bills, notes, bonds and mortgage-related securities guaranteed by the GNMA, are supported by the full faith and credit of the United States; others, such as those of the FHLBs or the FHLMC, are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the FNMA, are supported by the discretionary authority of the U.S. government to purchase the agency&#8217;s obligations; and still others are supported only by the credit of the agency, instrumentality or corporation. Although legislation has been enacted to support certain government sponsored entities, including the FHLBs, FHLMC and FNMA, there is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact the government sponsored entities and the values of their related securities or obligations. In addition, certain governmental entities, including FNMA and FHLMC, have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability or investment character of securities issued by these entities. Yields available from U.S. government debt securities are generally lower than the yields available from other debt securities. The values of U.S. government securities change as interest rates fluctuate. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">California State-Specific Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal. Certain issuers of California municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain California issuers to pay principal or interest on their obligations. Provisions of the California Constitution and State statutes which limit the taxing and spending authority of California governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California&#8217;s economy is broad, it does have major concentrations in advanced technology, aerospace and defense-related manufacturing, trade, entertainment, real estate and financial services, and may be sensitive to economic problems affecting those industries. Future California political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of California issuers. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">New York State-Specific Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">repay principal. Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations. Provisions of the New York Constitution and State statutes which limit the taxing and spending authority of New York governmental entities may impair the ability of New York issuers to pay principal and/or interest on their obligations. While New York&#8217;s economy is broad, it does have major concentrations in certain industries, such as financial services, and may be sensitive to economic problems affecting those industries. Future New York political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of New York issuers. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Puerto Rico-Specific Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may be affected significantly by economic, regulatory, restructuring or political developments affecting the ability of Puerto Rico issuers to pay interest or repay principal. Certain issuers of Puerto Rico municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain Puerto Rico issuers to pay principal or interest on their obligations. Provisions of the Puerto Rico Constitution and Commonwealth laws, including a federally-appointed oversight board to oversee the Commonwealth&#8217;s financial operations, which limit the taxing and spending authority of Puerto Rico governmental entities may impair the ability of Puerto Rico issuers to pay principal and/or interest on their obligations. While Puerto Rico&#8217;s economy is broad, it does have major concentrations in certain industries, such as manufacturing and service, and may be sensitive to economic problems affecting those industries. Future Puerto Rico political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation, debt restructuring, and voter initiatives could have an adverse effect on the debt obligations of Puerto Rico issuers. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Valuation Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Certain securities in which the Fund invests may be less liquid and more difficult to value than other types of securities. When market quotations or pricing service prices are not readily available or are deemed to be unreliable, the Fund values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Leverage Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund&#8217;s use of leverage (as described under &#8220;Use of Leverage&#8221; in the body of this prospectus) creates the opportunity for increased Common Share net income, but also creates special risks for Common Shareholders. To the extent used, there is no assurance that the Fund&#8217;s leveraging strategies will be successful. Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. The Fund&#8217;s assets attributable to any outstanding Preferred Shares or the net proceeds that the Fund obtains from its use of TOBs, derivatives or other forms of leverage, if any, will be invested in accordance with the Fund&#8217;s investment objective and policies as described in this prospectus. Dividends payable with respect to Preferred Shares outstanding and interest expense payable by the Fund with respect to any TOBs, derivatives and other forms of leverage will generally be based on shorter-term interest rates that would be periodically reset. If shorter-term interest rates rise relative to the rate of return on the Fund&#8217;s portfolio, the interest and other costs to the Fund of leverage (including interest expenses on TOBs and the dividend rate on any outstanding Preferred Shares s, including the Preferred Shareholder <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Gross-Up</div> (as defined below)) could exceed the rate of return on the debt obligations and other investments held by the Fund, thereby reducing return to Common Shareholders. In addition, fees and expenses of any form of leverage used by the Fund will be borne entirely by the Common Shareholders (and not by preferred shareholders) and will reduce the investment return of the Common Shares. Therefore, there can be no assurance that the Fund&#8217;s use of leverage will result in a higher yield on the Common Shares, and it may result in losses. In addition, Preferred Shares issued by the Fund pay cumulative dividends, which may tend to increase leverage risk. Leverage creates several major types of risks for Common Shareholders, including: </div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="width:9.75pt">&#160;</td>
<td style="width:10.5pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 7pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#8718;</div></div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">the likelihood of greater volatility of NAV and market price of Common Shares, and of the investment return to Common Shareholders, than a comparable portfolio without leverage; </div></div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="width:9.75pt">&#160;</td>
<td style="width:10.5pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 7pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#8718;</div></div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">the possibility either that Common Share dividends will fall if the interest and other costs of leverage rise, or that dividends paid on Common Shares will fluctuate because such costs vary over time; and </div></div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="width:9.75pt">&#160;</td>
<td style="width:10.5pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 7pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#8718;</div></div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">the effects of leverage in a declining market or a rising interest rate environment, as leverage is likely to cause a greater decline in the NAV of the Common Shares than if the Fund were not leveraged and may result in a greater decline in the market value of the Common Shares. </div></div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In addition, the counterparties to the Fund&#8217;s leveraging transactions and preferred shareholders of the Fund will have priority of payment over the Fund&#8217;s Common Shareholders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund is required to satisfy certain asset coverage requirements in connection with its use of Preferred Shares, including those imposed by regulatory and rating agency requirements. Accordingly, any decline in the net asset value of the Fund&#8217;s investments could result in the risk that the Fund will fail to meet its asset coverage requirements for Preferred Shares or the risk of the Preferred Shares being downgraded by a rating </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">agency. In an extreme case, the Fund&#8217;s current investment income might not be sufficient to meet the dividend requirements on Preferred Shares outstanding. In order to address these types of events, the Fund might need to dispose of investments in order to fund a redemption of some or all of the Preferred Shares. Dispositions at times of adverse economic conditions may result in a loss to the Fund. At other times, these dispositions may result in gain at the Fund level and thus in additional taxable distributions to Common Shareholders. See &#8220;Tax Matters&#8221; for more information. Any Preferred Shares, TOBs, loans of portfolio securities, short sales and when-issued, delayed delivery and forward commitment transactions, credit default swaps, reverse repurchases, or other derivatives by the Fund or counterparties to the Fund&#8217;s other leveraging transactions, if any, would have, seniority over the Fund&#8217;s Common Shares. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In connection with the adoption of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> under the 1940 Act, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> as of the compliance date, August&#160;19, 2022. See &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#8217;s use of leverage, derivatives and certain related instruments. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">When the Fund issues Preferred Shares, the Fund pays (and the Common Shareholders bear) all costs and expenses relating to the issuance and ongoing maintenance of Preferred Shares. In addition, holders of Preferred Shares issued by the Fund would have complete priority over Common Shareholders in the distribution of the Fund&#8217;s assets. Furthermore, preferred shareholders, voting separately as a single class, have the right to elect two members of the Board at all times and to elect a majority of the trustees in the event two full years&#8217; dividends on the Preferred Shares are unpaid, and also have separate class voting rights on certain matters. Accordingly, preferred shareholders may have interests that differ from those of Common Shareholders, and may at times have disproportionate influence over the Fund&#8217;s affairs. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Because the fees received by the Investment Manager are based on the average daily net asset value of the Fund (including daily net assets attributable to any Preferred Shares), the Investment Manager has a financial incentive for the Fund to utilize Preferred Shares, which may create a conflict of interest between the Investment Manager, on the one hand, and the Common Shareholders, on the other hand. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Segregation and Coverage Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Certain portfolio management techniques, such as, among other things, entering into TOBs, reverse repurchase agreement transactions, swap agreements, futures contracts or other derivative transactions, purchasing securities on a when-issued or delayed delivery basis or engaging in short sales currently may be considered senior securities unless steps are taken to segregate the Fund&#8217;s assets or otherwise cover its obligations. To avoid </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">having these instruments considered senior securities, the Fund may segregate liquid assets with a value equal (on a daily <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mark-to-market</div></div> basis) to its obligations under these types of leveraged transactions, enter into offsetting transactions or otherwise cover such transactions. At times, all or a substantial portion of the Fund&#8217;s liquid assets may be segregated for purposes of various portfolio transactions. The Fund may be unable to use such segregated assets for certain other purposes, which could result in the Fund earning a lower return on its portfolio than it might otherwise earn if it did not have to segregate those assets in respect of, or otherwise cover, such portfolio positions. To the extent the Fund&#8217;s assets are segregated or committed as cover, it could limit the Fund&#8217;s investment flexibility. Segregating assets and covering positions will not limit or offset losses on related positions. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In connection with the adoption of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> under the 1940 Act, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> as of the compliance date, August&#160;19, 2022. See &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#8217;s use of leverage, derivatives and certain related instruments. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Short Exposure Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund&#8217;s short sales, if any, are subject to special risks. A short sale involves the sale by the Fund of a security that it does not own with the hope of purchasing the same security at a later date at a lower price. The Fund may also enter into a short position through a forward commitment or a short derivative position through a futures contract or swap agreement. If the price of the security or derivative has increased during this time, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any transaction costs (i.e., premiums and interest) paid to the broker-dealer to borrow securities. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security&#8217;s value cannot decrease below zero. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase the Fund&#8217;s exposure to long security positions and make any change in the Fund&#8217;s NAV greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that any leveraging strategy the Fund employs will be successful during any period in which it is employed. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">regulatory or political conditions generally may exist for long periods of time. Also, there is the risk that the third party to the short sale will not fulfill its contractual obligations, causing a loss to the Fund. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Derivatives Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Derivatives are subject to a number of risks, such as liquidity risk (which may be heightened for highly-customized derivatives), interest rate risk, market risk, credit risk, leveraging risk, counterparty risk, tax risk and management risk, as well as risks arising from changes in applicable requirements. They also involve the risk of mispricing, the risk of unfavorable or ambiguous documentation and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. If the Fund invests in a derivative instrument, the Fund could lose more than the amount invested and derivatives may increase the volatility of the Fund, especially in unusual or extreme market conditions. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial or that, if used, such strategies will be successful. The Fund&#8217;s use of derivatives may increase or accelerate the amount of taxes payable by Common Shareholders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Over-the-counter</div></div> (&#8220;OTC&#8221;) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivative transactions. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund&#8217;s clearing broker, or the clearinghouse, rather than with a counterparty in an OTC derivative transaction. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with the Fund&#8217;s clearing broker, or the clearinghouse. Participation in the markets for derivative instruments involves investment risks and transaction costs to which the Fund may not be subject absent the use of these strategies. The skills needed to successfully execute derivative strategies may be different from those needed for other types of transactions. If the Fund incorrectly forecasts the value and/or creditworthiness of securities, currencies, interest rates, counterparties or other economic factors involved in a derivative transaction, the Fund might have been in a better position if the Fund had not entered into such derivative transaction. In evaluating the risks and contractual obligations associated with particular derivative instruments, it is important to consider that certain derivative transactions may be modified or terminated only by mutual consent of the Fund and its counterparty. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Therefore, it may not be possible for the Fund to modify, terminate, or offset the Fund&#8217;s obligations or the Fund&#8217;s exposure to the risks associated with a derivative transaction prior to its scheduled termination or maturity date, which may create a possibility of increased volatility and/or decreased liquidity to the Fund. </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Because the markets for certain derivative instruments (including markets located in foreign countries) are relatively new and still developing, appropriate derivative transactions may not be available in all circumstances for risk management or other purposes. Upon the expiration of a particular contract, the Fund may wish to retain the Fund&#8217;s position in the derivative instrument by entering into a similar contract, but may be unable to do so if the counterparty to the original contract is unwilling to enter into the new contract and no other appropriate counterparty can be found. When such markets are unavailable, the Fund will be subject to increased liquidity and investment risk. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may enter into opposite sides of interest rate swap and other derivatives for the principal purpose of generating distributable gains on the one side (characterized as ordinary income for tax purposes) that are not part of the Fund&#8217;s duration or yield curve management strategies (&#8220;paired swap transactions&#8221;), and with a substantial possibility that the Fund will experience a corresponding capital loss and decline in NAV with respect to the opposite side transaction (to the extent it does not have corresponding offsetting capital gains). Consequently, Common Shareholders may receive distributions and owe tax on amounts that are effectively a taxable return of the shareholder&#8217;s investment in the Fund, at a time when their investment in the Fund has declined in value, which tax may be at ordinary income rates. The tax treatment of certain derivatives in which the Fund invests may be unclear and thus subject to recharacterization. Any recharacterization of payments made or received by the Fund pursuant to derivatives potentially could affect the amount, timing or character of Fund distributions. In addition, the tax treatment of such investment strategies may be changed by regulation or otherwise. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">When a derivative is used as a hedge against a position that the Fund holds, any loss generated by the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. Although hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the underlying instrument, and there can be no assurance that the Fund&#8217;s hedging transactions will be effective. In such case, the Fund may lose money. The regulation of the derivatives markets has increased over the past several years, and additional future regulation of the derivatives markets may make derivatives more costly, may limit the availability or reduce the liquidity of derivatives or may otherwise adversely affect the value or performance of derivatives. Any such adverse future developments could impair the effectiveness or raise the costs of the Fund&#8217;s derivative transactions, impede the employment of the Fund&#8217;s derivatives strategies, or adversely affect the Fund&#8217;s performance and cause the Fund to lose value. For instance, on October&#160;28, 2020, the SEC adopted Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> under the 1940 Act providing for the regulation of a registered investment company&#8217;s use of derivatives and certain related instruments. Among other things, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Rule&#160;18f-4</div> limits the Fund&#8217;s derivatives exposure through a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">value-at-risk</div></div> test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. Subject to certain conditions, limited derivatives users (as defined in Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4),</div> however, would not be subject to the full requirements of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4.</div> In connection with the adoption of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> under the 1940 Act, the SEC also </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> as of the compliance date, August&#160;19, 2022. As the Fund comes into compliance, the Fund&#8217;s approach to asset segregation and coverage requirements will be impacted. In addition, Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> could restrict the Fund&#8217;s ability to engage in certain derivatives transactions and/or increase the costs of such derivatives transactions, which could adversely affect the value or performance of the Fund and the Common Shares and/or the Fund&#8217;s distribution rate. See &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#8217;s use of leverage, derivatives and certain related instruments. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Counterparty Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund or held by special purpose or structured vehicles in which the Fund invests. In the event that the Fund enters into a derivative transaction with a counterparty that subsequently becomes insolvent or becomes the subject of a bankruptcy case, the derivative transaction may be terminated in accordance with its terms and the Fund&#8217;s ability to realize its rights under the derivative instrument and its ability to distribute the proceeds could be adversely affected. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) in a dissolution, assignment for the benefit of creditors, liquidation, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">winding-up,</div> bankruptcy or other analogous proceeding. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative transaction would typically be terminated at its fair market value. If the Fund is owed this fair market value in the termination of the derivative transaction and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty and will not have any claim with respect to any underlying security or asset. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. While the Fund may seek to manage its counterparty risk by transacting with a number of counterparties, concerns about the solvency of, or a default by, one large market participant could lead to significant impairment of liquidity and other adverse consequences for other counterparties. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Additional Risks Associated with the Fund&#8217;s Preferred Shares </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Although the Fund&#8217;s ARPS ordinarily would pay dividends at rates set at periodic auctions, the weekly auctions for the ARPS (and auctions for similar preferred shares issued by <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">closed-end</div> funds in the U.S.) have failed since 2008. The dividend rates on the ARPS since that time have been paid, and the Fund expects that they will continue to be paid for the foreseeable future, at the &#8220;maximum applicable rate.&#8221; </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The maximum applicable rate for the ARPS and the RVMTP Share Dividend Rate (as defined below) is based in part on a multiple of or a spread plus a reference rate. An increase in market interest rates generally, therefore, could increase substantially the dividend rate required to be paid by the Fund to the holders of Preferred Shares, which would increase the costs associated with the Fund&#8217;s leverage and reduce the Fund&#8217;s net income available for distribution to holders of Common Shares. In addition, the multiple or spread used to calculate the maximum applicable rate for the ARPS and the RVMTP Share Dividend Rate is based in part on the credit rating assigned to the ARPS or RVMTP Shares by the applicable rating agency(ies), with the multiple or spread generally increasing as the rating declines. Accordingly, future ratings downgrades may result in increases to the maximum applicable rate for the ARPS or to the RVMTP Share Dividend Rate. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Therefore, it is possible that a substantial rise in market interest rates and/or further ratings downgrades of the Preferred Shares could, by reducing income available for distribution to the holders of Common Shares and otherwise detracting from the Fund&#8217;s investment performance, make the Fund&#8217;s continued use of Preferred Shares for leverage purposes less attractive than such use is currently considered to be. In such case, the Fund may elect to redeem some or all of the Preferred Shares outstanding, which may require it to dispose of investments at inopportune times and to incur losses on such dispositions. Such dispositions may adversely affect the Fund&#8217;s investment performance generally, and the resultant loss of leverage may materially and adversely affect the Fund&#8217;s investment returns. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund is also subject to certain asset coverage tests associated with the rating agencies that rate the Preferred Shares. Failure by the Fund to maintain the asset coverages (or to cure such failure in a timely manner) may require the Fund to redeem Preferred Shares and could preclude the Fund from declaring or paying any dividends or distributions to holders of Common Shares. Failure to satisfy ratings agency asset coverage tests or other guidelines could also result in the applicable ratings agency downgrading its then-current ratings on the Preferred Shares, as described above. Moreover, the rating agency guidelines impose restrictions or limitations on the Fund&#8217;s use of certain financial instruments or investment techniques that the Fund might otherwise utilize in order to achieve its investment objective, which may adversely affect the Fund&#8217;s investment performance. Rating agency guidelines may be modified by the rating agencies in the future and such modifications may make such guidelines substantially more restrictive or otherwise result in downgrades, which could further negatively affect the Fund&#8217;s investment performance. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The ratings agencies that have assigned ratings to the Fund&#8217;s Preferred Shares may change their rating methodologies, perhaps substantially. Such a change could adversely affect the ratings assigned to the Fund&#8217;s Preferred Shares, the dividend rates paid thereon, and the expenses borne by holders of Common Shares. For instance, Fitch Ratings published ratings criteria relating to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">closed-end</div> funds on December&#160;4, 2020, which effectively result in a rating cap of &#8220;AA&#8221; for debt and preferred stock issued by all <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">closed-end</div> funds and a rating cap of &#8220;A&#8221; for debt and </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">preferred shares issued by <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(i)&#160;closed-end</div> funds exposed to emerging market debt, below-investment-grade and unrated debt, structured securities and equity, and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(ii)&#160;closed-end</div> funds with material exposure to &#8220;BBB&#8221; category rated assets. On December&#160;6, 2021, Fitch affirmed &#8220;AA&#8221; long-term ratings of the Fund&#8217;s RVMTP Shares. Fitch does not currently rate the Fund&#8217;s ARPS. In addition, future ratings downgrades by Moody&#8217;s or Fitch, as applicable, may result in an increase to the Fund&#8217;s Preferred Shares dividend rates. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Confidential Information Access Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In managing the Fund (and other PIMCO clients), PIMCO may from time to time have the opportunity to receive material, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-public</div> information (&#8220;Confidential Information&#8221;) about the issuers of certain investments, including, without limitation, senior floating rate loans, other loans and related investments being considered for acquisition by the Fund or held in the Fund&#8217;s portfolio. For example, an issuer of privately placed loans considered by the Fund may offer to provide PIMCO with financial information and related documentation regarding the issuer that is not publicly available. Pursuant to applicable policies and procedures, PIMCO may (but is not required to) seek to avoid receipt of Confidential Information from the issuer so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of the Fund and other clients to which such Confidential Information relates. In such circumstances, the Fund (and other PIMCO clients) may be disadvantaged in comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells an investment. Further, PIMCO&#8217;s and the Fund&#8217;s abilities to assess the desirability of proposed consents, waivers or amendments with respect to certain investments may be compromised if they are not privy to available Confidential Information. PIMCO may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If PIMCO intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell investments to which such Confidential Information relates. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">A private placement involves the sale of securities that have not been registered under the Securities Act or relevant provisions of applicable <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-U.S.</div> law to certain institutional and qualified individual purchasers, such as the Fund. In addition to the general risks to which all securities are subject, securities received in a private placement generally are subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities. See &#8220;Principal Risks of the Fund&#8212;Liquidity Risk.&#8221; Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most favorable time or price. Private placements may also raise valuation risks. Restricted securities are often purchased at a discount from the market price of unrestricted securities of the same issuer reflecting the fact that such securities may not be readily marketable without some time delay. Such securities are often more difficult to value and the sale of such securities often requires more time and results in higher brokerage </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">charges or dealer discounts and other selling expenses than does the sale of securities trading on national securities exchanges or in the <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">over-the-counter</div></div> markets. Until the Fund can sell such securities into the public markets, its holdings may be less liquid and any sales will need to be made pursuant to an exemption under the Securities Act. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Inflation/Deflation Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Inflation risk is the risk that the value of assets or income from the Fund&#8217;s investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of the Fund&#8217;s portfolio could decline. Inflation has recently increased and it cannot be predicted whether it may decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#8217;s portfolio and Common Shares. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Changes Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and /or preclude the Fund&#8217;s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. The Fund and the Investment Manager have historically been eligible for exemptions from certain regulations. However, there is no assurance that the Fund and the Investment Manager will continue to be eligible for such exemptions. Actions by governmental entities may also impact certain instruments in which the Fund invests. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Moreover, government regulation may have unpredictable and unintended effects. Legislative or regulatory actions to address perceived liquidity or other issues in fixed income markets generally, or in particular markets such as the municipal securities market, may alter or impair the Fund&#8217;s ability to pursue its investment objective or utilize certain investment strategies and techniques. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Current rules related to credit risk retention requirements for ABS may increase the cost to originators, securitizers and, in certain cases, asset managers of securitization vehicles in which the Fund may invest. The impact of the risk retention rules on the securitization markets is uncertain. These requirements may increase the costs to originators, securitizers, and, in certain cases, collateral managers of securitization vehicles in which the Fund may invest, which costs could be passed along to the Fund as an investor in such vehicles. In addition, the costs imposed by the risk retention rules on originators, securitizers and/or collateral managers may result in a reduction of the number of new offerings of ABS and thus in fewer investment opportunities for the Fund. A reduction in the number of new securitizations could also reduce liquidity in the markets for certain types of financial assets, which in turn could negatively affect the returns on the Fund&#8217;s investment. </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Risk &#8211; London Interbank Offered Rate (&#8220;LIBOR&#8221;) </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund&#8217;s investments (including, but not limited to, repurchase agreements, collateralized loan obligations and mortgage-backed securities), payment obligations and financing terms may rely in some fashion on the London Interbank Offered Rate (&#8220;LIBOR&#8221;). LIBOR is an average interest rate, determined by the ICE Benchmark Administration that banks charge one another for the use of short-term money. ,On July&#160;27, 2017, the Chief Executive of the FCA announced that after 2021 it would cease its active encouragement of banks to provide the quotations needed to sustain LIBOR due to the absence of an active market for interbank unsecured lending and other reasons. On March&#160;5, 2021, the FCA publicly announced that all U.S.&#160;Dollar LIBOR settings will either cease to be provided by any administrator or will no longer be representative (i)&#160;immediately after December&#160;31, 2021 for <div style="white-space:nowrap;display:inline;">one-week</div> and <div style="white-space:nowrap;display:inline;">two-month</div> U.S.&#160;Dollar LIBOR settings and (ii)&#160;immediately after June&#160;30, 2023 for the remaining U.S.&#160;Dollar LIBOR settings. As of January&#160;1, 2022, as a result of supervisory guidance from U.S. regulators, some U.S. regulated entities have ceased entering into new LIBOR contracts with limited exceptions. While publication of the <div style="white-space:nowrap;display:inline;">one-,</div> three- and <div style="white-space:nowrap;display:inline;">six-</div> month Sterling and Japanese yen LIBOR settings will continue at least through calendar year 2022 on the basis of a changed methodology (known as &#8220;synthetic LIBOR&#8221;), these rates have been designated by the FCA as unrepresentative of the underlying market they seek to measure and are solely available for use in legacy transactions. Certain bank-sponsored committees in other jurisdictions, including Europe, the United Kingdom, Japan and Switzerland, have selected alternative reference rates denominated in other currencies. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain, and they may vary depending on factors that include, but are not limited to: (i)&#160;existing fallback or termination provisions in individual contracts and (ii)&#160;whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. For example, certain of the Fund&#8217;s investments may involve individual contracts that have no existing fallback provision or language that contemplates the discontinuation of LIBOR, and those investments could experience increased volatility or illiquidity as a result of the transition process. In addition, interest rate provisions included in such contracts, or in contracts or other arrangements entered into by the Fund, may need to be renegotiated. On March&#160;15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System and based on the Secured Overnight Financing Rate for certain contracts that reference LIBOR and contain no, or insufficient, fallback provisions. It is expected that implementing </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">regulations in respect of the law will follow. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by the Fund, a change in the cost of borrowing or the dividend rate for any Preferred Shares that may be issued by the Fund, or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Risk &#8211; Commodity Pool Operator </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The CFTC has adopted regulations that subject registered investment companies and their investment advisers to regulation by the CFTC if the registered investment company invests more than a prescribed level of its liquidation value in futures, options on futures or commodities, swaps, or other financial instruments regulated under the CEA and the rules thereunder (&#8220;commodity interests&#8221;), or if the Fund markets itself as providing investment exposure to such instruments. The Investment Manager is registered with the CFTC as a CPO. However, with respect to the Fund, the Investment Manager has claimed an exclusion from registration as a CPO pursuant to CFTC Rule 4.5. For the Investment Manager to remain eligible for this exclusion, the Fund must comply with certain limitations, including limits on its ability to use any commodity interests and limits on the manner in which the Fund holds out its use of such commodity interests. These limitations may restrict the Fund&#8217;s ability to pursue its investment objective and strategies increase the costs of implementing its strategies, result in higher expenses for the Fund, and/or adversely affect the Fund&#8217;s total return. To the extent the Fund becomes ineligible for this exclusion from CFTC regulation, the Fund may consider steps in order to continue to qualify for exemption from CFTC regulation, or may determine to operate subject to CFTC regulation. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Liquidity Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Liquidity risk exists when particular investments are difficult to purchase or sell. Illiquid investments are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may become harder to value, especially in changing markets. The Fund&#8217;s investments in illiquid investments may reduce the returns of the Fund because it may be unable to sell the illiquid investments at an advantageous time or price or possibly require the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. Bond markets have consistently grown over the past three decades while the capacity for traditional dealer counterparties to engage in fixed income trading has not kept pace and in some cases has decreased. As a result, dealer inventories of corporate bonds, which provide a core indication of the ability of financial intermediaries to </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">&#8220;make markets,&#8221; are at or near historic lows in relation to market size. Because market makers seek to provide stability to a market through their intermediary services, a significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty. In such cases, the Fund, due to the difficulty in purchasing and selling such securities or instruments, may be unable to achieve its desired level of exposure to a certain sector. To the extent that the Fund invests in securities of companies with smaller market capitalizations, foreign <div style="white-space:nowrap;display:inline;">(non-U.S.)</div> securities, Rule 144A securities, illiquid sectors of fixed income securities, derivatives or securities with substantial market and/or credit risk, the Fund will tend to have greater exposure to liquidity risk. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Further fixed income securities with longer durations until maturity face heightened levels of liquidity risk as compared to fixed income securities with shorter durations until maturity. The risks associated with illiquid instruments may be particularly acute in situations in which the Fund&#8217;s operations require cash (such as in connection with tender offers) and could result in the Fund borrowing to meet its short-term needs or incurring losses on the sale of illiquid instruments. It may also be the case that other market participants may be attempting to liquidate fixed income holdings at the same time as the Fund, causing increased supply in the market and contributing to liquidity risk and downward pricing pressure. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Tax Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund has elected to be treated as a RIC under the Code and intends each year to qualify and be eligible to be treated as such, so that it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or long-term capital gains, that are distributed to shareholders. In order to qualify and be eligible for such treatment, the Fund must meet certain asset diversification tests, derive at least 90% of its gross income for such year from certain types of qualifying income, and distribute to its shareholders at least 90% of its &#8220;investment company taxable income&#8221; as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses). </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund&#8217;s investment strategy will potentially be limited by its intention to continue qualifying for treatment as a RIC, and can limit the Fund&#8217;s ability to continue qualifying as such. The tax treatment of certain of the Fund&#8217;s investments under one or more of the qualification or distribution tests applicable to RICs is uncertain. An adverse determination or future guidance by the IRS or a change in law might affect the Fund&#8217;s ability to qualify or be eligible for treatment as a RIC. Income and gains from certain of the Fund&#8217;s activities may not constitute qualifying income to a RIC for purposes of the 90% gross income test. If the Fund were to treat income or gain from a particular investment or activity as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other nonqualifying income, caused the Fund&#8217;s nonqualifying income to exceed 10% of its gross </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">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 the Fund level. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">If, in any year, the Fund were to fail to qualify for treatment as a RIC under the Code, and were ineligible to or did not otherwise cure such failure, the Fund would be subject to tax on its taxable income at corporate rates and, when such income is distributed, shareholders would be subject to further tax on such distributions to the extent of the Fund&#8217;s current or accumulated earnings and profits. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Turnover Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Investment Manager manages the Fund without regard generally to restrictions on portfolio turnover. The use of futures contracts and other derivative instruments with relatively short maturities may tend to exaggerate the portfolio turnover rate for the Fund. Trading in fixed income securities does not generally involve the payment of brokerage commissions, but does involve indirect transaction costs. The use of futures contracts and other derivative instruments may involve the payment of commissions to futures commission merchants or other intermediaries. Higher portfolio turnover involves correspondingly greater expenses to the Fund, including brokerage commissions or dealer <div style="white-space:nowrap;display:inline;">mark-ups</div> and other transaction costs on the sale of securities and reinvestments in other securities. The higher the rate of portfolio turnover of the Fund, the higher these transaction costs borne by the Fund generally will be. Such sales may result in realization of taxable capital gains (including short-term capital gains, which are generally taxed to shareholders at ordinary income tax rates when distributed net of short-term capital losses and net long-term capital losses), and may adversely impact the Fund&#8217;s <div style="white-space:nowrap;display:inline;">after-tax</div> returns. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Operational Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">An investment in the Fund, like any fund, involves operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Other Investment Companies Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">When investing in an investment company, the Fund generally will bear its ratable share of that investment company&#8217;s expenses and remain subject to payment of the Fund&#8217;s management fees and other expenses with respect to assets so invested. Common Shareholders could therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. In addition, the securities of other investment companies may also be leveraged and will therefore be subject to the same leverage risks. </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Cybersecurity Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">As the use of technology has become more prevalent in the course of business, the Fund is potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events from outside threat actors or internal resources that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction, lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security breaches may involve unauthorized access to the Fund&#8217;s digital information systems (e.g., through &#8220;hacking&#8221; or malicious software coding), and may come from multiple sources, including outside attacks such as <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">denial-of-service</div></div> attacks (i.e., efforts to make network services unavailable to intended users) or cyber extortion, including exfiltration of data held for ransom and/or &#8220;ransomware&#8221; attacks that renders systems inoperable until ransom is paid, or insider actions. In addition, cyber security breaches involving the Fund&#8217;s third party service providers (including but not limited to advisers, <div style="white-space:nowrap;display:inline;">sub-advisers,</div> administrators, transfer agents, custodians, vendors, suppliers, distributors and other third parties), trading counterparties or issuers in which the Fund invests can also subject the Fund to many of the same risks associated with direct cyber security breaches or extortion of company data. Moreover, cyber security breaches involving trading counterparties or issuers in which the Fund invests could adversely impact such counterparties or issuers and cause the Fund&#8217;s investment to lose value. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund&#8217;s ability to calculate its NAV, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Like with operational risk in general, the Fund has established business continuity plans and risk management systems designed to reduce the risks associated with cyber security. However, there are inherent limitations in these plans and systems, including that certain risks may not have been identified, in large part because different or unknown threats may emerge in the future. As such, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers in which the Fund may invest, trading counterparties or third party service providers to the Fund. Such entities have experienced cyber attacks and other attempts to gain unauthorized access to systems from time to time, and there is no guarantee that efforts to prevent or mitigate the effects of such attacks or other attempts to gain unauthorized access will be successful. There is also a risk that cyber security breaches may not be detected. The Fund and its </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Potential Conflicts of Interest Risk&#8212;Allocation of Investment Opportunities </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Investment Manager and its affiliates are involved worldwide with a broad spectrum of financial services and asset management activities and may engage in the ordinary course of business in activities in which their interests or the interests of their clients may conflict with those of the Fund. The Investment Manager may provide investment management services to other funds and discretionary managed accounts that follow an investment program similar to that of the Fund. Subject to the requirements of the 1940 Act, the Investment Manager intends to engage in such activities and may receive compensation from third parties for its services. The results of the Fund&#8217;s investment activities may differ from those of other accounts managed by the Investment Manager or its affiliates, and it is possible that the Fund could sustain losses during periods in which one or more other accounts managed by the Investment Manager or its affiliates, including proprietary accounts, achieve profits on their trading. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Repurchase Agreements Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may enter into repurchase agreements, in which the Fund purchases a security from a bank or broker-dealer, which agrees to repurchase the security at the Fund&#8217;s cost plus interest within a specified time. If the party agreeing to repurchase should default, the Fund will seek to sell the securities which it holds. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price. Repurchase agreements may be or become illiquid. These events could also trigger adverse tax consequences for the Fund. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Structured Investments Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Holders of structured products, including structured notes, credit-linked notes and other types of structured products, bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product&#8217;s administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) are generally influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">securities at below market prices if it experiences difficulty in obtaining such financing, which may adversely affect the value of the structured products owned by the Fund. Structured products generally entail risks associated with derivative instruments. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Market Disruptions Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets, interest rates, secondary trading, ratings, credit risk, inflation, deflation, other factors relating to the Fund&#8217;s investments or the Investment Manager&#8217;s operations and the value of an investment in the Fund, its distributions and its returns. These events can also impair the technology and other operational systems upon which the Fund&#8217;s service providers, including PIMCO as the Fund&#8217;s investment adviser, rely, and could otherwise disrupt the Fund&#8217;s service providers&#8217; ability to fulfill their obligations to the Fund. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as <div style="white-space:nowrap;display:inline;">COVID-19)</div> has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund&#8217;s investments and operations. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The U.S. Federal Reserve made emergency interest-rate cuts, moving short-term rates to near zero, issued forward guidance that rates would remain low until the economy weathers the <div style="white-space:nowrap;display:inline;">COVID-19</div> crisis, and resumed quantitative easing. Additionally, Congress approved stimulus to offset the severity and duration of the adverse economic effects of <div style="white-space:nowrap;display:inline;">COVID-19</div> and related disruptions in economic and business activity. Dozens of central banks across Europe, Asia, and elsewhere have announced and/or adopted similar economic relief packages. The end of any such programs could cause market downturns, disruptions and volatility, particularly if markets view the ending as premature. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Certain Affiliations </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Certain broker-dealers may be considered to be affiliated persons of the Fund and/or the Investment Manager due to their possible affiliations with Allianz SE, the ultimate parent of the Investment Manager. Absent an exemption from the SEC or other regulatory relief, the Fund is generally precluded from effecting certain principal transactions with affiliated brokers, and its ability to purchase securities being underwritten by an affiliated broker or a syndicate including an affiliated broker, or to utilize affiliated brokers for agency transactions, is subject to restrictions. This could limit the Fund&#8217;s ability to engage in securities transactions and take advantage of market opportunities. </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Anti-Takeover Provisions </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Declaration includes provisions that could limit the ability of other entities or persons to acquire control of the Fund or to convert the Fund to <div style="white-space:nowrap;display:inline;">open-end</div> status. See &#8220;Anti-Takeover and Other Provisions in the Declaration of Trust and Bylaws.&#8221; These provisions in the Declaration could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares or at NAV. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Distribution Rate Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Although the Fund may seek to maintain level distributions, the Fund&#8217;s distribution rates may be affected by numerous factors, including but not limited to changes in realized and projected market returns, fluctuations in market interest rates, Fund performance, and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in the Fund&#8217;s distribution rate or that the rate will be sustainable in the future. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">For instance, during periods of low or declining interest rates, the Fund&#8217;s distributable income and dividend levels may decline for many reasons. For example, the Fund may have to deploy uninvested assets (whether from purchases of Fund shares, proceeds from matured, traded or called debt obligations or other sources) in new, lower yielding instruments. Additionally, payments from certain instruments that may be held by the Fund (such as variable and floating rate securities) may be negatively impacted by declining interest rates, which may also lead to a decline in the Fund&#8217;s distributable income and dividend levels. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">AMT Bonds Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Investments by the Fund in AMT Bonds may expose the Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. For shareholders subject to the federal alternative minimum tax, a portion of the Fund&#8217;s distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Focused Investment Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Substantial exposure to municipal bonds of particular issuers, geographies and/or jurisdictions will result in susceptibility to political, economic, regulatory and other factors affecting issuers of such bonds, their ability to meet their obligations and the economic condition of the facility or specific revenue source from whose revenues payments of obligations may be made. The ability of state, county, or local governments or other issuers to meet their obligations will depend primarily on the availability of tax and other revenues to those entities. The amounts of tax and other </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">revenues available to issuers may be affected from time to time by economic, political and demographic conditions that specifically impact such issuers. In addition, there are constitutional and statutory restrictions that limit the power of certain issuers to raise revenues or increase taxes. The availability of federal, state and local aid to issuers may also affect their ability to meet their obligations. The creditworthiness of obligations issued by local issuers within a given state may be unrelated to the creditworthiness of obligations issued by the state and there is no obligation on the part of the state to make payment on such local obligations in the event of default. Any reduction in the actual or perceived ability of an issuer to meet its obligations (including a reduction in the rating of its outstanding securities) would likely affect adversely the market value and marketability of its obligations and could adversely affect the values of other bonds as well. Moreover, in such circumstances, the value of the Fund&#8217;s shares may fluctuate more widely than the value of shares of a more diversified fund. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Many factors, including national economic, social and environmental policies and conditions, which are not within the control of issuers, could affect or could have an adverse impact on the financial condition of the issuers. The Fund is unable to predict whether or to what extent such factors or other factors may affect issuers, the market value or marketability of such bonds or the ability of the respective issuers of the bonds acquired by the Fund to pay interest on or principal of such bonds. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">CSDR Related Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The European Union has adopted a settlement discipline regime under Regulation (EU) No 909/2014 and the Settlement Discipline RTS as they may be modified from time to time (&#8220;CSDR&#8221;), which will have phased compliance dates. It aims to reduce the number of settlement fails that occur in EEA central securities depositories (&#8220;CSDs&#8221;) and address settlement fails where they occur. The key elements of the regime are: (i)&#160;mandatory <div style="white-space:nowrap;display:inline;">buy-ins&#8212;if</div> a settlement fail continues for a specified period of time after the intended settlement date, a <div style="white-space:nowrap;display:inline;">buy-in</div> process must be initiated to effect the settlement; (ii)&#160;cash penalties&#8212;EEA CSDs are required to impose cash penalties on participants that cause settlement fails and distribute these to receiving participants; and (iii)&#160;allocations and confirmations&#8212;EEA investment firms are required to take measures to prevent settlement fails, including putting in place arrangements with their professional clients to communicate securities allocations and transaction confirmations. These requirements apply to transactions in transferable securities (e.g., shares and bonds), money market instruments, units in funds and emission allowances that are to be settled via an EEA CSD and, in the case of cash penalties and <div style="white-space:nowrap;display:inline;">buy-in</div> requirements only, are admitted to trading or traded on an EEA trading venue or cleared by an EEA central counterparty. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The implementation of the CSDR settlement discipline regime for funds that enter into <div style="white-space:nowrap;display:inline;">in-scope</div> transactions may result in increased operational and compliance costs being borne directly or indirectly by the Fund. CSDR may also affect liquidity and increase trading costs associated with relevant securities. If <div style="white-space:nowrap;display:inline;">in-scope</div> transactions are subject to additional expenses and penalties as a consequence of the CSDR settlement </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">discipline regime, such expenses and penalties may be charged to the relevant Fund depending upon their characterization under the Fund&#8217;s Investment Management Agreement.&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Insurance Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide such credit enhancements will affect the value of those securities. Certain significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to <div style="white-space:nowrap;display:inline;">sub-prime</div> mortgages and other lower credit quality investments that have experienced recent defaults or otherwise suffered extreme credit deterioration. As a result, such losses reduced the insurers&#8217; capital and called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future. If the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the rating of the underlying municipal security will be more relevant and the value of the municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security would decline and may not add any value. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the net asset value of the common shares represented by such insured obligation. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Investing in the municipal bond market involves the risks of investing in debt securities generally and certain other risks. The amount of public information available about the municipal bonds in which the Fund may invest is generally less than that for corporate equities or bonds, and the investment performance of the Fund&#8217;s investment in municipal bonds may therefore be more dependent on the analytical abilities of PIMCO than its investments in taxable bonds. The secondary market for municipal bonds also tends to be less well developed or liquid than many other securities markets, which may adversely affect the Fund&#8217;s ability to sell municipal bonds at attractive prices. </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="top.Show.showAR( this, 'defref_cef_EffectsOfLeverageTextBlock', window );">Effects of Leverage [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Effects of Leverage </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of senior securities, as that term is defined under Section&#160;18 of the 1940 Act, on Common Share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in the Fund&#8217;s portfolio) of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">-10%,</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">-5%,</div> 0%, 5% and 10%. The table below assumes the Fund&#8217;s continued use of Preferred Shares averaged over the year ended December&#160;31, 2021, representing approximately 27.09% of the Fund&#8217;s total managed assets, and, although not senior securities under the 1940 Act, the Fund&#8217;s use of TOBs averaged over the year ended December&#160;31, 2021, representing approximately 14.89% of the Fund&#8217;s total average managed assets. The table below also assumes that the Fund will pay dividends on Preferred Shares at an estimated annual effective Preferred Share dividend rate of <div style="display:inline;">1</div>.9<div style="display:inline;">3</div>% for ARPS and 1.83% for RVMTP (as of June&#160;30, 2022) and interest on TOBs at an estimated annual effective interest expense rate of 0.84% (as of June 30, 2022). Based on such estimates, the annual return that the Fund&#8217;s portfolio must experience (net of expenses) in order to cover such costs is 0.64%. The information below does not reflect any Fund&#8217;s use of certain other forms of economic leverage achieved through the use of other instruments or transactions not considered to be senior securities under the 1940 Act, such as covered credit default swaps or other derivative instruments. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. Your actual returns may be greater or less than those appearing below. In addition, the actual Preferred Share dividend rate and the actual borrowing expenses associated with TOBs (or other forms of leverage, if any) used by the Fund may vary frequently and may be significantly higher or lower than the rates used for the example below. </div></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">16.13</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td> </tr> </table>  <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Common Share total return is composed of two elements&#8212;the Common Share dividends paid by the Fund (the amount of which is largely determined by the net investment income of the Fund after paying dividends on Preferred Shares and expenses on any forms of leverage outstanding, including TOBs) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that the Fund is more likely to suffer capital losses than </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">to enjoy capital appreciation. For example, to assume a portfolio total return of 0%, the Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical performance of the Fund&#8217;s portfolio and not the actual performance of the Fund&#8217;s Common Shares, the value of which is determined by market forces and other factors. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Should the Fund elect to add additional leverage to its portfolio following an offering, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund&#8217;s investment objective and policies. As noted above, the Fund&#8217;s willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors, including, among other things, PIMCO&#8217;s assessment of the yield curve environment, interest rate trends, market conditions and other factors. </div></div> <span></span>
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<td style="height:1.5pt"/>
<td colspan="4" style="height:1.5pt"/>
<td colspan="4" style="height:1.5pt"/>
<td colspan="4" style="height:1.5pt"/>
<td colspan="4" style="height:1.5pt"/>
<td colspan="4" style="height:1.5pt"/> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7">
<td style="padding-bottom:4pt ;vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &quot;arial narrow&quot;; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;Assumed Portfolio Total Return</div></div> </td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:4pt ;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="padding-bottom:4pt ;vertical-align:bottom;text-align:right;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">(10.00</div></td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">)%&#160;</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="padding-bottom:4pt ;vertical-align:bottom;text-align:right;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">(5.00</div></td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">)%&#160;</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="padding-bottom:4pt ;vertical-align:bottom;text-align:right;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">0.00</div></td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="padding-bottom:4pt ;vertical-align:bottom;text-align:right;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">5.00</div></td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="padding-bottom:4pt ;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="padding-bottom:4pt ;vertical-align:bottom;text-align:right;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">10.00</div></td>
<td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td> </tr>
<tr style="font-size:1pt">
<td style="height:1.5pt"/>
<td colspan="4" style="height:1.5pt"/>
<td colspan="4" style="height:1.5pt"/>
<td colspan="4" style="height:1.5pt"/>
<td colspan="4" style="height:1.5pt"/>
<td colspan="4" style="height:1.5pt"/> </tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &quot;arial narrow&quot;; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;Common Share Total Return</div></div> </td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">(18.34</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">)%&#160;</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">(9.73</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">)%&#160;</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">(1.11</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">)%&#160;</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">7.51</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">16.13</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td> </tr> </table> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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">(18.34%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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">(9.73%)<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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">(1.11%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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">7.51%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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">16.13%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The following table sets forth, for each of the periods indicated, the high&#160;and low closing market prices of the Fund&#8217;s Common Shares on the NYSE, 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 as to how the Fund&#8217;s NAV is determined. </div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7.5pt;width:100%;border:0;margin:0 auto">
<tr>
<td style="width:72%"/>
<td style="vertical-align:bottom;width:1%"/>
<td/>
<td/>
<td/>
<td style="vertical-align:bottom;width:1%"/>
<td/>
<td/>
<td/>
<td style="vertical-align:bottom;width:1%"/>
<td/>
<td/>
<td/>
<td style="vertical-align:bottom;width:1%"/>
<td/>
<td/>
<td/>
<td style="vertical-align:bottom;width:1%"/>
<td/>
<td/>
<td/>
<td style="vertical-align:bottom"/>
<td/>
<td/>
<td style="vertical-align:bottom;width:1%"/></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="6" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Common&#160;share<br/>market&#160;price<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(1)</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="6" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Common&#160;share<br/>net&#160;asset&#160;value</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="6" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Premium<br/>(discount)&#160;as<br/>a&#160;%&#160;of&#160;net&#160;asset<br/>value</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color:#5b7585;display:inline;"><div style="font-weight:bold;display:inline;">&#160;Quarter</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;High</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;Low</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;High</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;Low</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;High</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;Low</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7">
<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Quarter ended June&#160;30, 2022</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$11.82</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$10.12</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$10.78</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$&#160;&#160;9.14</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">16.48</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">2.22</td>
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<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Quarter ended March&#160;31, 2022</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$14.55</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$11.20</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$12.37</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$10.70</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">19.55</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">3.99</td>
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<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7">
<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Quarter ended December&#160;31, 2021</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$14.83</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$13.86</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$12.42</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$12.15</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">19.58</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">13.51</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7.5pt;width:100%;border:0;margin:0 auto">
<tr>
<td style="width:72%"/>
<td style="vertical-align:bottom;width:1%"/>
<td/>
<td/>
<td/>
<td style="vertical-align:bottom;width:1%"/>
<td/>
<td/>
<td/>
<td style="vertical-align:bottom;width:1%"/>
<td/>
<td/>
<td/>
<td style="vertical-align:bottom;width:1%"/>
<td/>
<td/>
<td/>
<td style="vertical-align:bottom;width:1%"/>
<td/>
<td/>
<td/>
<td style="vertical-align:bottom"/>
<td/>
<td/>
<td style="vertical-align:bottom;width:1%"/></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="6" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Common&#160;share<br/>market&#160;price<div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px">(1)</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="6" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Common&#160;share<br/>net&#160;asset&#160;value</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="6" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Premium<br/>(discount)&#160;as<br/>a&#160;%&#160;of&#160;net&#160;asset<br/>value</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color:#5b7585;display:inline;"><div style="font-weight:bold;display:inline;">&#160;Quarter</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;High</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;Low</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;High</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;Low</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;High</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;Low</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Quarter ended September&#160;30, 2021</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$15.31</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$14.74</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$12.77</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$12.32</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">20.72</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">16.72</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7">
<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Quarter ended June&#160;30, 2021</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$15.08</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$14.53</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$12.68</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$12.26</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">22.02</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">16.48</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Quarter ended March&#160;31, 2021</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$15.35</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$14.15</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$12.65</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$12.14</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">21.67</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">13.63</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7">
<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Quarter ended December&#160;31, 2020</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$14.71</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$13.09</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$12.42</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$11.87</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">18.92</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">9.91</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Quarter ended September&#160;30, 2020</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$14.28</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$13.14</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$12.44</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$11.95</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">14.93</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">8.86</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7">
<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Quarter ended June&#160;30, 2020</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$13.45</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$11.59</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$11.95</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">$10.95</td>
<td style="white-space:nowrap;vertical-align:top">&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">13.64</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:right;">4.70</td>
<td style="white-space:nowrap;vertical-align:top">%&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Quarter ended March&#160;31, 2020</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;">$15.97</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;">$10.10</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;">$13.30</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;">$10.12</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top">&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;">27.45</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top">%&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;">(11.79</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top">)%&#160;</td></tr></table>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:8pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:2%;vertical-align:top;text-align:left;"><div style="color:#333333;display:inline;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px">1</div>&#160;</div></td>
<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:arial narrow;text-align:left"><div style="color:#333333;display:inline;">Such prices reflect inter-dealer prices, without retail <div style="white-space:nowrap;display:inline;">mark-up,</div> mark-down or commission and may not represent actual transactions.&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; </div></div></td></tr></table>The Fund&#8217;s NAV per Common share at the close of business on June&#160;30, 2022 was $9.52 and the last reported sale price of a Common Share&#160;on the NYSE on that day was $10.74, representing a 12.82% premium to&#160;such NAV.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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">16.48%<span></span>
</td>
<td class="nump">19.55%<span></span>
</td>
<td class="nump">19.58%<span></span>
</td>
<td class="nump">20.72%<span></span>
</td>
<td class="nump">22.02%<span></span>
</td>
<td class="nump">21.67%<span></span>
</td>
<td class="nump">18.92%<span></span>
</td>
<td class="nump">14.93%<span></span>
</td>
<td class="nump">13.64%<span></span>
</td>
<td class="nump">27.45%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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">2.22%<span></span>
</td>
<td class="nump">3.99%<span></span>
</td>
<td class="nump">13.51%<span></span>
</td>
<td class="nump">16.72%<span></span>
</td>
<td class="nump">16.48%<span></span>
</td>
<td class="nump">13.63%<span></span>
</td>
<td class="nump">9.91%<span></span>
</td>
<td class="nump">8.86%<span></span>
</td>
<td class="nump">4.70%<span></span>
</td>
<td class="num">(11.79%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.Show.showAR( this, 'defref_cef_SharePricesNotActualTransactionsTextBlock', window );">Share Prices Not Actual Transactions [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Such prices reflect inter-dealer prices, without retail <div style="white-space:nowrap;display:inline;">mark-up,</div> mark-down or commission and may not represent actual transactions.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.Show.showAR( this, 'defref_cef_LatestSharePrice', window );">Latest Share Price</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">$ 10.74<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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="text">&#160;<span></span>
</td>
<td class="nump">12.82%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.Show.showAR( this, 'defref_cef_LatestNav', window );">Latest 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">$ 9.52<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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 id="pro288652_14" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Description of Capital Structure</div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 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 Declaration and Bylaws are each exhibits to the registration statement of which this prospectus is a part. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund is an unincorporated voluntary association with transferable shares of beneficial interest (commonly referred to as a &#8220;Massachusetts business trust&#8221;) established under the laws of the Commonwealth of Massachusetts by the Declaration. The Declaration provides that the Trustees of the Fund may authorize separate classes of shares of beneficial interest. Preferred shares (such as the ARPS and the RVMTP Shares) are permitted to be issued in one or more series, with such par value and with such rights as determined by the Board, by action of the Board without the approval of the Common Shareholders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The following table shows, for each class of authorized securities of the Fund, the amount of (i)&#160;shares authorized and (ii)&#160;shares outstanding, each as of June&#160;30, 2022. </div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7.5pt;width:100%;border:0;margin:0 auto">
<tr>
<td style="width:75%"/>
<td style="vertical-align:bottom;width:7%"/>
<td/>
<td style="vertical-align:bottom;width:7%"/>
<td/></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;Title of Class</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Amount&#160;Authorized</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;Amount&#160;Outstanding&#160;&#160;</div></div></td></tr>
<tr style="font-size:1pt;background-color:#f4f6f7">
<td style="height:0.75pt"/>
<td colspan="2" style="height:0.75pt"/>
<td colspan="2" style="height:0.75pt"/></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7">
<td style="padding-bottom:2pt ;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Common Shares</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;">Unlimited</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;">63,519,359</td></tr>
<tr style="font-size:1pt">
<td style="height:0.75pt"/>
<td colspan="2" style="height:0.75pt"/>
<td colspan="2" style="height:0.75pt"/></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
<td style="padding-bottom:2pt ;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Preferred Shares</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"/></tr>
<tr style="font-size:1pt;background-color:#f4f6f7">
<td style="height:0.75pt"/>
<td colspan="2" style="height:0.75pt"/>
<td colspan="2" style="height:0.75pt"/></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7">
<td style="padding-bottom:2pt ;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">Series A ARPS</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;">4,040</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;">2,279</td></tr>
<tr style="font-size:1pt">
<td style="height:0.75pt"/>
<td colspan="2" style="height:0.75pt"/>
<td colspan="2" style="height:0.75pt"/></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
<td style="padding-bottom:2pt ;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">Series B ARPS</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;">4,040</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;">2,577</td></tr>
<tr style="font-size:1pt;background-color:#f4f6f7">
<td style="height:0.75pt"/>
<td colspan="2" style="height:0.75pt"/>
<td colspan="2" style="height:0.75pt"/></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7">
<td style="padding-bottom:2pt ;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">Series C ARPS</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;">4,040</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;">2,422</td></tr>
<tr style="font-size:1pt">
<td style="height:0.75pt"/>
<td colspan="2" style="height:0.75pt"/>
<td colspan="2" style="height:0.75pt"/></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
<td style="padding-bottom:2pt ;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">Series D ARPS</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;">4,040</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;">2,300</td></tr>
<tr style="font-size:1pt;background-color:#f4f6f7">
<td style="height:0.75pt"/>
<td colspan="2" style="height:0.75pt"/>
<td colspan="2" style="height:0.75pt"/></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7">
<td style="padding-bottom:2pt ;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">Series E ARPS</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;">4,040</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;">2,353</td></tr>
<tr style="font-size:1pt">
<td style="height:0.75pt"/>
<td colspan="2" style="height:0.75pt"/>
<td colspan="2" style="height:0.75pt"/></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Series 2051 RVMTP Shares</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;">Unlimited</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;">687</td></tr></table><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Common Shares of the Fund commenced trading on the NYSE in June 2002, under the trading or &#8220;ticker&#8221; symbol &#8220;PML.&#8221; As of the close of trading on the NYSE on June&#160;30, 2022, the NAV per Common Share was $9.52, and the closing price per Common Share on the NYSE was $10.74, representing a premium to NAV of 12.82%. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Common Shareholders will be entitled to the payment of dividends and other distributions when, as and if declared by the Board after payment of preferential amounts payable to holders of Preferred Shares.&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; All Common Shares have equal rights to the payment of dividends and the distribution of assets upon liquidation after payment of the preferential amounts payable to holders of Preferred Shares. Common Shares will, when issued, be fully paid and, subject to matters discussed in &#8220;Anti-Takeover and Other Provisions in the Declaration of Trust,&#8221; <div style="white-space:nowrap;display:inline;">non-assessable,</div> and will have no <div style="white-space:nowrap;display:inline;">pre-emptive</div> or conversion rights or rights to cumulative voting.&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding Preferred Shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among the Fund&#8217;s Common Shareholders.&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Preferred Shares </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Declaration authorizes the issuance of an unlimited number of preferred shares. Preferred shares may be issued in one or more classes or series, with such par value and rights as determined by the Board of Trustees, by action of the Board of Trustees without the approval of the Common Shareholders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund initially issued ARPS in five series (Series A, Series B, Series C, Series D and Series E) in August 2002, in the amount of 4,040 shares per series. The ARPS have a par value of $0.00001 and liquidation value of $25,000 per share. The ARPS have various rights determined by action of the Board without the approval of Common Shareholders, most of which are specified in Article 11 of the Bylaws. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">On September&#160;18, 2018, the Fund issued 687 variable municipal term preferred shares in a single series (the &#8220;VMTP Shares&#8221;). On June&#160;30, 2021, pursuant to the authority expressly vested in the Board, the Board authorized the redesignation of the Fund&#8217;s VMTP Shares as Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2051 (the &#8220;RVMTP Shares&#8221; and, together with the ARPS and any other preferred shares the Fund may have outstanding, the &#8220;Preferred Shares&#8221;), effective July&#160;14, 2021. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">For so long as any Preferred Shares are outstanding, the Fund generally may not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of additional Common Shares or options, warrants or rights to subscribe for or purchase Common Shares or other shares ranking junior to the Preferred Shares as to dividends or upon liquidation) in respect of Common Shares or any other shares of the Fund ranking junior to or on a parity with the Preferred Shares as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other such junior shares (except by conversion into or exchange for shares of beneficial interest of the Fund ranking junior to Preferred Shares as to dividends and upon liquidation) or any such parity shares (except by conversion into or exchange for shares of beneficial interest of the Fund ranking junior to or on a parity with Preferred Shares as to dividends and upon liquidation), unless and only if: (i)&#160;immediately after such transaction, the Fund would satisfy Moody&#8217;s Ratings Agency Preferred Shares Asset Coverage and 1940 Act Preferred Shares Asset Coverage (each as defined and described under &#8220;&#8212;Rating Agency Guidelines and Asset Coverage&#8221;); (ii) full cumulative dividends on the Preferred Shares due on or prior to the date of the transaction have been declared and paid or shall have been declared and sufficient funds for the payment thereof deposited with the auction agent for the Preferred Shares; and (iii)&#160;the Fund has redeemed the full number of Preferred Shares required to be redeemed by any provision for mandatory redemption contained in the Bylaws. See &#8220;Preferred Shares Redemption.&#8221; Further, so long as any Preferred Shares are outstanding, the Fund generally may not declare, pay or set apart for payment any dividend or other distribution on any parity shares other than the Preferred Shares unless the Fund contemporaneously declares, pays or sets apart for payment, as the case may be, the same proportionate share of dividends on the Preferred Shares. The Fund expects that similar restrictions would apply to any other classes of Preferred Shares that the Fund might choose to issue in the future. In addition, if the Fund has outstanding any senior security representing indebtedness, the 1940 Act prohibits the Fund from declaring any dividend or distribution on the Fund&#8217;s Common Shares (other than a dividend or distribution paid in shares of additional Common Shares) unless such senior securities representing indebtedness have, at the time of the declaration, asset coverage of at least 300% after deducting the amount of such dividend or distribution. See &#8220;Use of Leverage.&#8221; </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 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 Bylaws or applicable law. Except as otherwise provided by the Declaration, the Bylaws or applicable law, holders of Preferred Shares, voting as a separate class, are entitled to elect two of the Fund&#8217;s Trustees. The remaining Trustees are elected by Common Shareholders and holders of Preferred Shares, voting together as a single class. In the unlikely event that two full years of accrued dividends are unpaid on the Preferred Shares, the holders of all outstanding Preferred Shares, voting as a separate class, will be entitled to elect a majority of the Fund&#8217;s Trustees until all dividends in arrears have been paid or declared and set apart for payment. The holders of Preferred Shares also have the right to elect a majority of the Fund&#8217;s Trustees as may be required under the 1940 Act. </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Preferred Shares have various rights that were approved by the Board without the approval of Common Shareholders, which are specified in the Fund&#8217;s Bylaws. Certain rights, terms and conditions the Preferred Shares are summarized below: </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Distribution Preference.</div> Any Preferred Shares, including, without limitation, the ARPS and the RVMTP Shares, have complete priority over the Common Shares as to distribution of assets. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Voting Rights.</div> Under the 1940 Act, Preferred Shares (including, without limitation, the ARPS and the RVMTP Shares) are required to be voting shares and to have equal voting rights with Common Shares. Except as otherwise indicated in the Prospectus or this Statement of Additional Information, and except as otherwise required by applicable law, Preferred Shares vote together with Common Shareholders as a single class. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In addition, holders of Preferred Shares, including the ARPS and the RVMTP Shares, voting as a separate class, are entitled to elect two of the Fund&#8217;s trustees. The remaining trustees are elected by Common Shareholders and Preferred Shareholders, voting together as a single class. In the unlikely event that two full years of accrued dividends are unpaid on the Preferred Shares, the holders of all outstanding Preferred Shares voting as a separate class, are entitled to elect a majority of the Fund&#8217;s trustees until all dividends in arrears with respect to the Preferred Shares have been paid or declared and set apart for payment. In order for the Fund to take certain actions or enter into certain transactions, a separate class vote of Preferred Shareholders is required, in addition to the single class vote of the holders of Preferred Shares and Common Shares. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Liquidation Preference.</div> Subject to the rights of holders of any series or class or classes of shares&#160;ranking on a parity with the Preferred Shares with respect to the&#160;distribution of assets upon liquidation of the Fund, upon a liquidation of the&#160;Fund (whether voluntary or involuntary), the holders of Preferred Shares&#160;then outstanding would be entitled to receive and to be paid, out of the&#160;assets of the Fund available for distribution to its shareholders, before any&#160;payment or distribution would be made on the Fund&#8217;s Common Shares or&#160;any other class of shares of the Fund ranking junior in right of payment&#160;upon liquidation to the Preferred Shares, an amount equal to the&#160;liquidation preference with respect to such Preferred Shares ($25,000 per&#160;share for the ARPS and $100,000 per share for the RVMTP Shares), plus an amount equal to all dividends thereon&#160;(whether or not earned or declared by the Fund, but excluding the interest&#160;thereon) accumulated but unpaid to (but not including) the date of final&#160;distribution in <div style="white-space:nowrap;display:inline;">same-day</div> funds in connection with the liquidation of the&#160;Fund. If such assets of the Fund are insufficient to make the full liquidation&#160;payment on outstanding Preferred Shares, then such assets will be&#160;distributed among the holders of Preferred Shares and the holders of shares of such&#160;other class or series ratably in proportion to the respective preferential&#160;amounts to which they are entitled. After the payment to the holders of&#160;Preferred Shares of the full preferential amounts provided for as described&#160;herein, the holders of Preferred Shares as such would have no right or claim&#160;to any of the remaining assets of the Fund. For these purposes, a&#160;liquidation of the Fund does not include the sale of all or any portion of the&#160;assets of the Fund or the merger, consolidation or statutory share exchange&#160;of the Fund into or with any trust or other entity. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">As used in this prospectus, unless otherwise noted, the Fund&#8217;s &#8220;net assets&#8221;&#160;include assets of the Fund attributable to any outstanding Preferred Shares,&#160;with no deduction for the liquidation preference of the Preferred Shares.&#160;Solely for financial reporting purposes, however, the Fund is required to&#160;exclude the liquidation preference of the Preferred Shares from &#8220;net&#160;assets,&#8221; so long as the Preferred Shares have redemption features that are&#160;not solely within the control of the Fund. For all regulatory and tax&#160;purposes, the Fund&#8217;s Preferred Shares will be treated as stock (rather than&#160;indebtedness). </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">1940 Act Asset Coverage.</div> In accordance with the Fund&#8217;s governing documents and the 1940 Act, the Fund is required to maintain certain asset coverage with respect to all outstanding senior securities of the Fund which are stocks for purposes of the 1940 Act, including the ARPS and the RVMTP Shares. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Under the 1940 Act, the Fund is not permitted to issue preferred shares unless, immediately after such issuance, the Fund has &#8220;asset coverage,&#8221; as defined in Section&#160;18(h) of the 1940 Act (&#8220;1940 Act Asset Coverage&#8221;) with respect to at least 200% of the liquidation value of any outstanding preferred shares and the newly issued preferred shares plus the aggregate amount of any senior securities of the Fund representing indebtedness (i.e., such liquidation value plus the aggregate amount of senior securities representing indebtedness may not exceed 50% of the Fund&#8217;s total net assets). In addition, the Fund is not permitted to declare or pay common share dividends unless immediately thereafter the Fund has a minimum asset coverage ratio of 200% with respect to all outstanding senior securities of the Fund which are stocks for purposes of the 1940 Act after deducting the amount of such common share dividends. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Issuance of Additional Preferred Shares.</div> So long as any Preferred Shares are outstanding, the Fund may, without the vote or consent of the holders thereof, authorize, establish and create and issue and sell shares of one or more series of Preferred Shares ranking on a parity with the ARPS and the RVMTP Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or the winding up of the affairs of the Fund, in addition to then outstanding series of Preferred Shares, including additional series of RVMTP Shares, and authorize, issue and sell additional shares of any such Series of Preferred Shares then outstanding or so established or created, including additional series of RVMTP Shares, in each case in accordance with applicable law, provided that the Fund shall, immediately after giving effect to the issuance of such Preferred Shares and to its receipt and application of the proceeds thereof, including to the redemption of Preferred Shares with such proceeds, have &#8220;asset coverage,&#8221; as defined for the purposes of Section&#160;18(h) of the Act, of at least 200%. </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Redemption.</div> Although the Preferred Shares are subject to redemption under certain&#160;circumstances as described below, unlike the shares of an <div style="white-space:nowrap;display:inline;">open-end</div> mutual&#160;fund, the Preferred Shares may not be redeemed at a shareholder&#8217;s option&#160;at NAV or otherwise. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">RVMTP SHARES </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Dividends.</div> The dividend rate paid on the RVMTP Shares is determined over the course of &#8220;Rate Period,&#8221; which generally begins each Thursday and ends the following Wednesday. The dividends per share for the RVMTP Shares for a given Rate Period are dependent on the RVMTP Share dividend rate (the &#8220;RVMTP Share Dividend Rate&#8221;) for that Rate Period. The RVMTP Share Dividend Rate for the RMVTP Shares is equal to the greater of (i)&#160;the sum of the &#8220;Index Rate&#8221;<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">1</div> plus an &#8220;Applicable Spread&#8221;<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">2</div> for the Rate Period plus the &#8220;Failed Remarketing Spread,&#8221;<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">3</div> if applicable, and (ii)&#160;the sum of (a)&#160;the product of the Index Rate multiplied by the &#8220;Applicable Multiplier&#8221;<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">4</div> for such Rate Period plus (b) 0.92% plus (c)&#160;the Failed Remarketing Spread, if applicable. 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<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7.5pt;width:100%;border:0;margin:0 auto">
<tr>
<td style="width:20%"/>
<td style="vertical-align:bottom;width:2%"/>
<td style="width:4%"/>
<td style="vertical-align:bottom;width:2%"/>
<td style="width:29pt"/>
<td/>
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<td style="width:29pt"/>
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<td style="width:0pt"/>
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<td style="vertical-align:bottom;width:2%"/>
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<td style="vertical-align:bottom;width:2%"/>
<td style="width:0pt"/>
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<td style="vertical-align:bottom;width:2%"/>
<td style="width:17%"/></tr>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial narrow;text-align:center"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Dividend</div></div></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial narrow;text-align:center"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Rate</div></div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Rate&#160;Period&#160;Fraction</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="font-family:arial narrow;color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;Dividend&#160;&#160;</div></div></td></tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7.5pt;background-color:#f4f6f7">
<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="vertical-align:top;text-align:center;"><div style="font-family:arial narrow;display:inline;">Number&#160;of&#160;days&#160;in&#160;the&#160;Rate&#160;Period&#160;(or&#160;a&#160;part&#160;thereof)</div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"/>
<td style="vertical-align:top"/>
<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"/>
<td style="vertical-align:top"/>
<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"/>
<td style="vertical-align:top"/>
<td style="vertical-align:top"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"/></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
<td style="vertical-align:top;text-align:center;">Dividend&#160;Rate</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center;">X</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="vertical-align:top;text-align:center;">Divided by</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:center;">X</td>
<td style="white-space:nowrap;vertical-align:top"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:center;">100,000</td>
<td style="white-space:nowrap;vertical-align:top"/>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">&#160;</td>
<td style="vertical-align:top;text-align:center;">=</td>
<td style="white-space:nowrap;vertical-align:top"/>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top;text-align:center;">Dividends&#160;per&#160;RVMTP&#160;Share</td></tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7.5pt;background-color:#f4f6f7">
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:center;"><div style="font-family:arial narrow;display:inline;">Total&#160;number&#160;of&#160;days&#160;in&#160;the&#160;year</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style="font-size:x-small;display:inline;">&#160;</div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">RVMTP Special Terms Period.</div> The Fund, at its option, may designate special terms applicable to all of the outstanding RVMTP Shares for a certain period (a &#8220;Special Terms Period&#8221;) pursuant to a notice of special terms. Such special terms may differ from those provided in the current governing documents of the RVMTP Shares and may include, without limitation, changes to the RVMTP Dividend Rate, dividend payment dates, redemption provisions (including, without limitation, the RVMTP Term Redemption Date or the RVMTP Early Term Redemption Date), required Effective Leverage Ratio, and the Preferred Shareholder <div style="white-space:nowrap;display:inline;">Gross-Up</div> (each as defined below); provided that such special terms do not affect the parity ranking of the RVMTP Shares to any other class or series of Preferred Shares then outstanding with respect to dividends or distribution of assets upon dissolution, liquidation, or winding up of the affairs of the Fund. No Special Terms Period with respect to the RVMTP Shares will become effective unless certain conditions are satisfied, including that all of the RVMTP Shares are remarketed (except with respect to any RVMTP Shares whose holders have elected to retain their RVMTP Shares for the Special Terms Period). A Special Terms Period will not become effective before the <div style="white-space:nowrap;display:inline;">12-month</div> anniversary of the date of original issue of the RVMTP Shares. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Preferred Shareholder <div style="white-space:nowrap;display:inline;">Gross-Up.</div></div> As noted above, RVMTP Shares each pay dividend distributions at stated rates, which rates are based generally on the assumption that such dividend distributions consist entirely of &#8220;exempt-interest dividends&#8221; (as defined below under &#8220;Taxation&#8212;Exempt-Interest Dividends&#8221;). The terms of the RVMTP Shares provide further that, in the event less than the entire amount of any particular dividend distribution paid pursuant to the stated rate were to consist of &#8220;exempt-interest dividends&#8221; (i.e., if a portion of any particular dividend were to derive from ordinary </div></div><div style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&#160;</div>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.1px">1</div>&#160;</td>
<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left">The "Index Rate" means the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index, or such other weekly, high-grade index comprised of seven-day, tax-exempt variable rate demand notes produced by Municipal Market Data, Inc. or its successor, or as otherwise designated by the Securities Industry and Financial Markets Association; provided that if the SIFMA Municipal Swap Index is less than zero (0), the SIFMA Municipal Swap Index will be deemed to be zero (0)&#160;for purposes of the determination of the Index Rate. </div></td></tr></table>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.1px">2</div>&#160;</td>
<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left">For the RVMTP Shares, the Applicable Spread for a Rate Period is a percentage per annum that is based on the long-term rating most recently assigned by the applicable ratings agency to such RVMTP Shares. </div></td></tr></table>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.1px">3</div>&#160;</td>
<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left">With respect to the RVMTP Shares, a Failed Remarketing Spread means (a)&#160;in the case of a Failed Special Terms Period Remarketing (as defined below): (i) for so long as two or more Failed Special Terms Period Remarketings have not occurred, 0.05%, and (ii)&#160;following the second occurrence of a Failed Special Terms Period Remarketing, 0.10% multiplied by the number of Failed Special Terms Period Remarketings that have occurred after the first Failed Special Terms Period Remarketing, and (b)&#160;in the case of a Failed Early Term Redemption Date Remarketing (as defined below): (i) 0.75% for the first 59 days following the applicable Early Term Redemption Date, (ii) 1.00% for the 60th to the 89th day following such Early Term Redemption Date, (iii) 1.25% for the 90th to the 119th day following such Early Term Redemption Date, (iv) 1.50% for the 120th to the 149th day following such Early Term Redemption Date, and (v) 1.75% for the 150th day following such Early Term Redemption Date to the date of the associated mandatory redemption of the Series <div style="white-space:nowrap;display:inline;">2052-A</div> RVMTP Shares. With respect to the RVMTP Shares, a &#8220;Failed Special Terms Period Remarketing&#8221; will occur if any RVMTP Shares subject to a Mandatory Tender Event due to the Fund designating a Special Terms Period have not been either retained by the holders or successfully remarketed by the Mandatory Tender Date. In addition, with respect to the RVMTP Shares, a &#8220;Failed Early Term Redemption Date Remarketing&#8221; will occur if any RVMTP Shares subject to a Mandatory Tender Event have not been either retained by the holders or successfully remarketed by the Early Term Redemption Date. </div></td></tr></table>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.1px">4</div>&#160;</td>
<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left">The Applicable Multiplier for a Rate Period is a percentage that is based on the long-term rating most recently assigned by the applicable ratings agency to such series of the RVMTP Shares. </div></td></tr></table>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.1px">5</div>&#160;</td>
<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left">An increased RVMTP Share Dividend Rate could be triggered by the Fund&#8217;s failure to comply with certain requirements relating to the RVMTP Shares, certain actions taken by the applicable ratings agency or certain determinations regarding the tax status of such series of the RVMTP Shares made by a court or other applicable governmental authority. The RVMTP Share Dividend Rate will in no event exceed 15% per year. </div></td></tr></table><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">income or capital gain, including short-term capital gain taxable as ordinary income when distributed), the amount of such dividend would increase by an amount (the &#8220;Preferred Shareholder <div style="white-space:nowrap;display:inline;">Gross-Up&#8221;)</div> such that the <div style="white-space:nowrap;display:inline;">after-tax</div> amount of such dividend, as increased by the Preferred Shareholder <div style="white-space:nowrap;display:inline;">Gross-Up,</div> would equal the total amount the holder of such RVMTP Shares would have received if the dividend at the stated rate had consisted entirely of &#8220;exempt-interest dividends.&#8221; The Preferred Shareholder <div style="white-space:nowrap;display:inline;">Gross-Up</div> is calculated (i)&#160;without consideration being given to the time value of money, (ii)&#160;assuming that no holder of RVMTP Shares is subject to the federal alternative minimum tax, and (iii)&#160;assuming that the portion of any dividend distribution (including the amount of the Preferred Shareholder <div style="white-space:nowrap;display:inline;">Gross-Up)</div> that is not an exempt interest dividend would be taxable (x), in the hands of the initial purchaser of the RVMTP Shares (or certain of its affiliates), at the maximum marginal regular federal corporate income tax rate, and (y)&#160;in the case of any other holder, at the greater of (a)&#160;the maximum marginal regular federal individual income tax rate (taking into account the 3.8% Medicare contribution tax on net investment income) applicable to ordinary income or net capital gain, as applicable, or (b)&#160;the maximum marginal regular federal corporate income tax rate applicable to ordinary income or net capital gain, as applicable, in each case disregarding the effect of any state or local taxes. Any Preferred Shareholder <div style="white-space:nowrap;display:inline;">Gross-Up</div> will reduce the amount that would otherwise be distributable to Common Shareholders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Additional Investment Limitations.</div> Under the terms of purchase agreement between the Fund and the initial investor in the RVMTP Shares, the Fund is subject to various investment limitations. These investment limitations are in addition to, and may be more restrictive than, those to which the Fund is subject in accordance with its investment objective and policies as described herein and in the Prospectus. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Effective Leverage Ratio Requirement.</div> In accordance with the Bylaws, without the prior written consent of the holders of RVMTP Shares, the Fund&#8217;s Effective Leverage Ratio may not exceed 50% (or 51% solely by reason of fluctuations in the market value of the Fund&#8217;s portfolio securities) as of the close of business on any business day. If the Fund fails to comply with any additional requirements relating to the calculation of the Effective Leverage Ratio requirement applicable to the RVMTP Shares and, in any such case, such failure is not cured as of the close of business on the date that is ten business days following the business day on which such <div style="white-space:nowrap;display:inline;">non-compliance</div> is first determined (the &#8220;Effective Leverage Ratio Cure Date&#8221;), the Fund shall cause the Effective Leverage Ratio to not exceed 42.5% (or 43.5% solely by reason of fluctuations in the market value of the Fund&#8217;s portfolio securities), by (i)&#160;not later than the close of business on the business day next following the Effective Leverage Ratio Cure Date, engaging in transactions involving or relating to any floating rate securities not owned by the Fund and/or any inverse floating rate securities owned by the Fund, including the purchase, sale or retirement thereof, (ii)&#160;to the extent permitted by law, not later than the close of business on the second business day next following the Effective Leverage Ratio Cure Date, causing a notice of redemption to be issued for the redemption of a sufficient number of Preferred Shares, in accordance with the terms of the Preferred Shares, or (iii)&#160;engaging in any combination, in the Fund&#8217;s discretion, of the actions contemplated by clauses (i)&#160;and (ii). </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Calculation of Effective Leverage Ratio.</div> For purposes of determining whether the effective leverage requirement discussed above is satisfied, the &#8220;Effective Leverage Ratio&#8221; on any date shall mean the quotient of: (i)&#160;The sum of (A)&#160;the aggregate liquidation preference of the Fund&#8217;s &#8220;senior securities&#8221; (as that term is defined in the Act) that are stock for purposes of the Act, excluding, without duplication, (1)&#160;any such senior securities for which the Fund has issued a notice of redemption and either has delivered deposit securities or sufficient securities or funds, (as applicable in accordance with the terms of such senior securities) to the paying agent for such senior securities or otherwise has adequate deposit securities or sufficient securities or funds on hand for the purpose of such redemption (as applicable in accordance with the terms of such senior securities) and (2)&#160;any such senior securities that are to be redeemed with net proceeds from the sale of the RVMTP Shares, for which the Fund has delivered deposit securities or sufficient securities or funds (as applicable in accordance with the terms of such senior securities) to the paying agent for such senior securities or otherwise has adequate deposit securities or sufficient securities or funds on hand (as applicable in accordance with the terms of such senior securities) for the purpose of such redemption; (B)&#160;the aggregate principal amount of the Fund&#8217;s &#8220;senior securities representing indebtedness&#8221; (as that term is defined in the 1940 Act giving effect to any interpretations thereof by the SEC or its staff); and (C)&#160;the aggregate principal amount of floating rate securities corresponding to any associated residual floating rate securities not owned by the Fund (less the aggregate principal amount of any such floating rate securities owned by the Fund and corresponding to the associated residual floating rate securities owned by the Fund). </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Ratings Agency Guidelines.</div> The Fund has obtained ratings for the RVMTP Shares from Fitch. For so long as Fitch is rating the RVMTP Shares, the Fund has agreed to adhere to separate guidelines and asset coverage requirements specific to Fitch (&#8220;Fitch Preferred Shares Asset Coverage&#8221;) as described in Fitch&#8217;s published <div style="white-space:nowrap;display:inline;">Closed-End</div> Funds and Market Value Structures Rating Criteria (&#8220;Fitch Rating Criteria&#8221;). These guidelines may be changed by Fitch, in its sole discretion, from time to time. These guidelines impose asset coverage or portfolio composition requirements that may be more stringent than those imposed on the Fund by the 1940 Act. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Satisfaction of Fitch Preferred Shares Asset Coverage for the RVMTP Shares requires that the Fund satisfy both a &#8220;Fitch Total Overcollateralization Test&#8221; (&#8220;Fitch Total OC&#8221;) and a &#8220;Fitch Net Over Collateralization Test&#8221; (&#8220;Fitch Net OC&#8221;, and together with Fitch Total OC, the &#8220;Fitch OC Tests&#8221;), in each case to be consistent with the then-current rating of the RVMTP Shares assigned by Fitch using the calculations set forth in the Fitch Rating Criteria, including information therein relating to diversification guidelines as applied to the Fund. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund has agreed that it will adhere to the Fitch OC Tests as described above as of the close of business on the last business day of each month for so long as Fitch is rating the RVMTP Shares. If the Fund fails to adhere to the Fitch OC Tests as described in the preceding sentence, the Fund will cure such </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">failure (including, without limitation, by causing a notice of redemption to be issued for the redemption of a sufficient number of the Fund&#8217;s Preferred Shares) within ten days following the business day on which such failure is first determined. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Fitch may change its rating methodologies for evaluating and providing ratings for shares of <div style="white-space:nowrap;display:inline;">closed-end</div> funds at any time and in its sole discretion, perhaps substantially. Such a change could adversely affect the ratings assigned to the Fund&#8217;s Preferred Shares (including the RVMTP Shares), the dividend rates paid thereon, and the expenses borne by the Fund&#8217;s Common Shareholders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Mandatory Redemptions.</div> The RVMTP Shares are subject to a mandatory term redemption date on July&#160;14, 2051, subject to the Fund&#8217;s right to extend the term with the consent of the holders of the RVMTP Shares (the &#8220;RVMTP Share Term Redemption Date&#8221;). There is no assurance that the term of the RVMTP Shares will be extended. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In addition, with respect to the RVMTP Shares, a &#8220;Mandatory Tender Event&#8221; will occur on each date that is (i) 20 business days before each three-year anniversary of the date of original issue of such series of the RVMTP Shares, (ii)&#160;the date the Fund delivers a notice designating a Special Terms Period, and (iii) 20 business days before the end of a Special Terms Period (provided that no subsequent Terms Period is designated). If any RVMTP Shares subject to a Mandatory Tender Event upon a three-year anniversary of the date of original issue of the RVMTP Shares or upon the end of a Special Terms Period (each, an &#8220;RVMTP Early Term Redemption Date&#8221;) have not been either retained by the holders or remarketed by the Mandatory Tender Date, the Fund will redeem such RVMTP Shares on the RVMTP Early Term Redemption Date.<div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px">6</div> </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The RVMTP Shares are also subject to mandatory redemption by the Fund, in whole or in part, in certain circumstances, such as the failure by the Fund to comply with asset coverage and/or effective leverage ratio requirements described above (and the failure to cure any such failure within the applicable cure period) or certain actions taken by the applicable ratings agency. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Term Redemption and Early Term Redemption Liquidity Account.</div> At least six months prior to the RVMTP Share Redemption Date, or the RVMTP Early Term Redemption Date (each, a &#8220;Redemption Date&#8221;), the Fund will maintain segregated assets of a minimum credit rating quality with a market value equal to at least 110% of the redemption price of all outstanding RVMTP Shares to be redeemed until the redemption of all such outstanding RVMTP Shares, as applicable. The Fund will include certain liquid and/or highly rated assets in an amount equal to 20% of such segregated assets with five months remaining to the Redemption Date, which amount will increase monthly by 20% and reach 100% with one month remaining to the Redemption Date. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Optional redemption.</div> The Fund may redeem, in whole or from time to time in part, the outstanding RVMTP Shares at a redemption price per share equal to (i)&#160;the liquidation preference of the RVMTP Shares, as applicable, plus (ii)&#160;an amount equal to all unpaid dividends and other distributions on such RVMTP Shares, as applicable, accumulated from and including the date of issuance to (but excluding) the date of redemption (whether or not earned or declared by the Fund, but without interest thereon) plus (iii)&#160;any applicable optional redemption premium. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">RVMTP Mandatory Tender.</div> Upon the occurrence of a Mandatory Tender Event with respect to a series of RVMTP Shares, all RVMTP Shares in such series will be subject to mandatory tender (subject to the holders&#8217; election to retain their RVMTP Shares) and the Fund will issue or cause to be issued a notice of mandatory tender to the holders of such RVMTP Shares for remarketing on the Mandatory Tender Date. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">ARPS </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Dividends.</div> The ARPS have complete priority over the Common Shares as to&#160;distribution of assets and equal priority with the RVMTP Shares. The terms of the ARPS provide that they would&#160;ordinarily pay dividends at a rate set at auctions held every seven days,&#160;normally payable on the first business day following the end of the rate&#160;period, subject to a &#8220;maximum applicable rate&#8221; calculated as a function of&#160;the ARPS&#8217; then-current ratings and a reference interest rate as described&#160;below. However, the weekly auctions for the ARPS, as well as auctions for&#160;similar preferred shares issued by <div style="white-space:nowrap;display:inline;">closed-end</div> funds in the U.S., have failed&#160;since February 2008, and the dividend rates on the ARPS since that time&#160;have been paid at the maximum applicable rate under the Bylaws. Ratings agencies may change their methodologies for evaluating and providing ratings for shares of <div style="white-space:nowrap;display:inline;">closed-end</div> funds at any time and in their sole discretion, which may affect the rating (if any) of the Fund&#8217;s shares. Fitch Ratings published ratings criteria relating to <div style="white-space:nowrap;display:inline;">closed-end</div> funds on December&#160;4, 2020, which effectively result in a rating cap of &#8220;AA&#8221; for debt and preferred stock issued by all <div style="white-space:nowrap;display:inline;">closed-end</div> funds and a rating cap of &#8220;A&#8221; for (i)&#160;debt and preferred shares issued by <div style="white-space:nowrap;display:inline;">closed-end</div> funds exposed to emerging market debt, below-investment-grade and unrated debt, structured securities and equity, (ii)&#160;and <div style="white-space:nowrap;display:inline;">closed-end</div> funds with material exposure to &#8220;BBB&#8221; category rated assets. The long-term rating actions were driven by changes in the updated ratings criteria for <div style="white-space:nowrap;display:inline;">closed-end</div> funds rather than by any fundamental changes to the Fund&#8217;s credit profile. The&#160;Fund expects that the ARPS will continue to pay dividends at the maximum applicable rate for the foreseeable future and cannot predict whether or&#160;when the auction markets for the ARPS may resume normal functioning. </div></div><div style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&#160;</div>
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<td style="width:3%;vertical-align:top;text-align:left;"><div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.1px">6</div>&#160;</td>
<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left">With respect to the Mandatory Tender Events described in clauses (i), (ii) and (iii)&#160;above, the corresponding &#8220;Mandatory Tender Date&#8221; means, respectively: (i)&#160;the date that is 180 calendar days following the Early Redemption Date, (ii)&#160;the date on which the related Special Terms Period becomes effective, and (iii)&#160;the last day of the related Special Terms Period (subject, in each case, to the holders&#8217; election to retain their RVMTP Shares). </div></td></tr></table><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">As noted, the &#8220;maximum applicable rate&#8221; for each series of ARPS depends&#160;on the credit ratings assigned to such shares. The maximum applicable rate for any&#160;regular rate period (i.e., any rate period other than a <div style="white-space:nowrap;display:inline;">non-payment</div> period)&#160;will be the applicable percentage of the reference rate. The reference rate is&#160;the applicable &#8220;AA&#8221; Financial Composite Commercial Paper Rate (for a&#160;Dividend Period of fewer than 184 days) or the applicable Treasury Index&#160;Rate (for a Dividend Period of 184 days or more). The applicable&#160;percentage for any Dividend Period is generally determined based on the&#160;lower of the credit ratings assigned to the ARPS by Moody&#8217;s or Fitch on the auction date for such&#160;period (as set forth in the table below). </div></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;Moody&#8217;s Credit Rating</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Fitch&#160;Credit&#160;Rating</div></div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;Applicable&#160;Percentage&#160;&#160;</div></div></td></tr>
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<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Aa3 or above</div></td>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="vertical-align:bottom;text-align:center;">150%</td></tr>
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<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;A3 to A1</div></td>
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<td colspan="4" style="vertical-align:bottom;text-align:center;">160%</td></tr>
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<td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Baa3 to Baa1</div></td>
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<td colspan="4" style="vertical-align:bottom;text-align:center;">250%</td></tr>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">&#160;Below Baa3</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;">Below BBB-</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;">275%</td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Ratings Agency Preferred Shares Asset Coverage.</div> The Fund is required under the Bylaws to satisfy separate asset coverage&#160;tests specific to each rating agency (the &#8220;Ratings Agency Preferred Shares&#160;Asset Coverage&#8221;). </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Moody&#8217;s Preferred Shares Asset Coverage.</div> Satisfaction of Moody&#8217;s Ratings Agency Preferred Shares Asset Coverage&#160;generally requires the Fund to have eligible assets having in the aggregate&#160;a discounted value equal to or in excess of a &#8220;Preferred Shares Basic Maintenance Amount.&#8221; Generally, the Preferred Shares Basic Maintenance&#160;Amount includes the sum of (a)&#160;the aggregate liquidation preference of the&#160;Fund&#8217;s Preferred Shares then outstanding (including the ARPS) and (b)&#160;certain accrued and projected payment obligations of the Fund, including&#160;without limit any accrued and projected dividends on its Preferred Shares&#160;then outstanding (including the ARPS). Article 11 of the Bylaws includes <div style="white-space:nowrap;display:inline;">Moody&#8217;s-specific</div> guidelines for calculating&#160;discounted value for purposes of determining whether the Moody&#8217;s Ratings&#160;Agency Preferred Shares Asset Coverage test is satisfied. These guidelines&#160;specify discount factors that the Fund must apply to various types of&#160;securities in its portfolio for purposes of calculating whether the discounted&#160;value of the Fund&#8217;s eligible assets is at least equal to the Preferred Shares&#160;Basic Maintenance Amount (with the level of discount generally becoming&#160;greater as the credit quality of a security becomes lower). In addition, under&#160;the Moody&#8217;s guidelines, certain types of securities (including securities in&#160;which the Fund may otherwise invest) are not eligible for inclusion in the&#160;calculation of the discounted value of the Fund&#8217;s portfolio. The Moody&#8217;s guidelines for calculating discounted value do not&#160;impose any limitations on the percentage of the Fund&#8217;s assets that may be&#160;invested in ineligible assets, and the amount of ineligible assets included in&#160;the Fund&#8217;s portfolio at any time may vary depending upon the rating,&#160;diversification and other characteristics of the Moody&#8217;s eligible assets&#160;included in the portfolio. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Fitch Preferred Shares Asset Coverage.</div> Satisfaction of Fitch Preferred Shares Asset Coverage requires that the Fund satisfy both a &#8220;Fitch Total Overcollateralization Test (&#8220;Fitch Total OC&#8221;) and a &#8220;Fitch Net Over Collateralization Test (&#8220;Fitch Net OC&#8221;), in each case to be consistent with the then-current rating from Fitch. Under the Bylaws, Fitch Preferred Shares Asset Coverage is satisfied if, as of a particular date or time, the Fund has sufficient asset coverage with respect to the Preferred Shares such that the Fund satisfies both the (i)&#160;Fitch Total OC test and the (ii)&#160;Fitch Net OC test as of such date or time. The Fitch Total OC test and the Fitch Net OC test are satisfied if the Fund has Fitch Total OC or Fitch Net OC, as the case may be, in excess of <div style="white-space:nowrap;display:inline;">one-hundred</div> percent (100%) pursuant to the applicable formula below. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund&#8217;s Bylaws incorporate by reference the <div style="white-space:nowrap;display:inline;">Closed-End</div> Fund Criteria Report issued by Fitch entitled &#8220;Rating <div style="white-space:nowrap;display:inline;">Closed-End</div> Fund and Market Value Structures Rating Criteria&#8221; or similar future report most recently published by Fitch and approved for use by the Trust by resolution of the Board of Trustees of the Trust (the &#8220;Fitch Criteria&#8221;). The Fitch Criteria include, among other things, the current formulations for satisfaction of the Fitch Total OC test and the Fitch Net OC test, asset discount factors (used in part to calculate Fitch Total OC and Fitch Net OC), issuer and industry diversification and concentration thresholds and guidelines and a description of other rating considerations. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fitch Criteria define Fitch Total OC and Fitch Net OC as follows: </div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td rowspan="2" style="vertical-align:middle;text-align:center;"><div style="color:#333333;display:inline;">Fitch&#160;Total&#160;OC</div></td>
<td rowspan="2" style="vertical-align:bottom">&#160;</td>
<td rowspan="2" style="vertical-align:middle"><div style="color:#333333;display:inline;">=</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:middle"><div style="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:arial narrow;text-align:center"><div style="color:#333333;display:inline;">Total Net Discounted Assets at MV*</div></div><div style="margin-top:0pt;margin-bottom:1pt;border-bottom:1px solid #000000;text-align:left">&#160;</div></td></tr>
<tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt">
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<td style="vertical-align:bottom;text-align:center;"><div style="color:#333333;display:inline;">Fitch Rated Liability + Other Liabilities Pari Passu and Senior to Rated Liability</div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In the event the Fund does not timely cure a failure to maintain (a)&#160;both Moody&#8217;s&#160;Ratings Agency Preferred Shares Asset Coverage and Fitch Preferred shares Asset Coverage or (b) 1940 Act Preferred&#160;Shares Asset Coverage, in each case in accordance with the requirements&#160;of the rating agency or agencies then rating the ARPS, the Fund will be&#160;required to redeem ARPS as described under &#8220;Mandatory Redemption&#8221; below. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">In addition to the requirements described above, the rating agency&#160;guidelines impose restrictions or limitations on the Fund&#8217;s use of certain&#160;financial instruments or investment techniques that the Fund might&#160;otherwise utilize in order to obtain and maintain a rating from Moody&#8217;s and Fitch on&#160;the ARPS. It is not currently anticipated that these guidelines will materially&#160;impede PIMCO from managing the Fund&#8217;s portfolio in accordance with the&#160;Fund&#8217;s investment objective and policies. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may, but is not required to, adopt any modifications to the&#160;guidelines that may be established by Moody&#8217;s and/or Fitch with respect to their ratings&#160;of the ARPS. Failure to adopt any such modifications, however, may result&#160;in a reduction in the rating described above or a withdrawal of </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">rating&#160;altogether. In addition, any rating agency providing a rating for the ARPS&#160;may, at any time, change or withdraw any such rating. The Board may,&#160;without shareholder approval, amend, alter or repeal various definitions&#160;and related provisions that have been adopted by the Fund pursuant to the&#160;rating agency guidelines in the event the Fund receives written confirmation&#160;from Moody&#8217;s or Fitch (or any substitute rating agency) that any such amendment,&#160;alteration or repeal would not impair the rating then assigned by the rating&#160;agency to the ARPS. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The ratings of the ARPS are based on current information furnished to&#160;Moody&#8217;s and Fitch by the Fund or the Investment Manager or information obtained from other sources. The ratings may be changed, suspended or withdrawn as a result of changes in, or the unavailability of, such information. The Common Shares have not been rated by any nationally recognized statistical rating organizations (&#8220;NRSROs&#8221;). A rating agency&#8217;s guidelines will apply to the ARPS Shares only so long as the rating agency is rating the shares. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund pays certain fees to Moody&#8217;s and Fitch for rating the ARPS. The foregoing description of the rating agency guidelines and asset coverage requirements applicable to the ARPS is intended only as a summary and is qualified in its entirety by reference to the actual terms of Article 11 and other relevant provisions of the Bylaws and Exhibit 1 thereto. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Mandatory redemption</div>. As noted above, the Fund is required under the Bylaws to maintain (a)&#160;Moody&#8217;s Ratings Agency Preferred Shares Asset Coverage, (b)&#160;Fitch Preferred Shares Asset Coverage, and (c) 1940 Act&#160;Asset Coverage. Eligible portfolio securities for the&#160;purposes of (a)&#160;and (b) above will be determined from time to time by the rating&#160;agency then rating the then outstanding ARPS. If the Fund fails to maintain&#160;such asset coverage amounts and does not timely cure such failure in&#160;accordance with the Bylaws, the Fund would be required to redeem all or a&#160;portion of the ARPS. This mandatory redemption would take place on a&#160;date that the Board specifies out of legally available funds in accordance&#160;with the Declaration, the Bylaws and applicable law, at the redemption&#160;price of $25,000 per share, plus accumulated but unpaid dividends&#160;(whether or not earned or declared) to (but not including) the date fixed for&#160;redemption. In determining the number of Preferred Shares required to be&#160;redeemed in accordance with the foregoing, the Fund would redeem the&#160;lesser of (a)&#160;the minimum number of ARPS necessary to satisfy the Ratings&#160;Agency Preferred Shares Asset Coverage or 1940 Act Preferred Shares&#160;Asset Coverage, as the case may be, and (b)&#160;the maximum number of ARPS&#160;and any other Preferred Shares of the Fund subject to redemption or&#160;retirement that can be redeemed out of funds expected to be legally&#160;available therefor at the time of redemption, and in any case will redeem&#160;such Preferred Shares pro rata among the Preferred Shares subject to redemption or retirement. The&#160;mandatory redemption will be limited to the number of ARPS and any other&#160;Preferred Shares necessary to restore the required Ratings Agency Preferred&#160;Shares Asset Coverage or 1940 Act Preferred Shares Asset Coverage, as&#160;the case may be. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;"><div style="font-style:italic;display:inline;">Optional redemption</div>. To the extent permitted under the 1940 Act and under Massachusetts law,&#160;upon giving notice of redemption, as provided below, the Fund, at its&#160;option, may redeem Preferred Shares, in whole or in part, out of funds&#160;legally available therefore, at the Optional Redemption Price (as defined&#160;below) per share on any dividend payment date, provided that no Preferred&#160;Shares may be redeemed at the option of the Fund during (a)&#160;the initial rate&#160;period with respect to the Preferred Shares or (b)&#160;a <div style="white-space:nowrap;display:inline;">non-call</div> period to which&#160;such shares are subject. &#8220;Optional Redemption Price&#8221; means $25,000 per&#160;Preferred Share plus an amount equal to accumulated but unpaid dividends&#160;(whether or not earned or declared) to the date fixed for redemption plus&#160;the applicable redemption premium, if any. The Fund has the authority to&#160;redeem Preferred Shares for any reason and may redeem all or part of the&#160;outstanding Preferred Shares if it anticipates that the Fund&#8217;s leveraged&#160;capital structure will result, for a significant period of time, in a lower rate&#160;of return to Common Shareholders than that obtainable if the Common&#160;Shares were not so leveraged. </div></div><span></span>
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<td class="text">Common Shareholders will be entitled to the payment of dividends and other distributions when, as and if declared by the Board after payment of preferential amounts payable to holders of Preferred Shares.&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; All Common Shares have equal rights to the payment of dividends and the distribution of assets upon liquidation after payment of the preferential amounts payable to holders of Preferred Shares. Common Shares will, when issued, be fully paid and, subject to matters discussed in &#8220;Anti-Takeover and Other Provisions in the Declaration of Trust,&#8221; <div style="white-space:nowrap;display:inline;">non-assessable,</div> and will have no <div style="white-space:nowrap;display:inline;">pre-emptive</div> or conversion rights or rights to cumulative voting.&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding Preferred Shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among the Fund&#8217;s Common Shareholders.&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;<span></span>
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<td class="text">Common Shareholders will be entitled to the payment of dividends and other distributions when, as and if declared by the Board after payment of preferential amounts payable to holders of Preferred Shares.<span></span>
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<td class="text">Common Shares will, when issued, be fully paid and, subject to matters discussed in &#8220;Anti-Takeover and Other Provisions in the Declaration of Trust,&#8221; <div style="white-space:nowrap;display:inline;">non-assessable,</div> and will have no <div style="white-space:nowrap;display:inline;">pre-emptive</div> or conversion rights or rights to cumulative voting.<span></span>
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<td class="text">All Common Shares have equal rights to the payment of dividends and the distribution of assets upon liquidation after payment of the preferential amounts payable to holders of Preferred Shares. Common Shares will, when issued, be fully paid and, subject to matters discussed in &#8220;Anti-Takeover and Other Provisions in the Declaration of Trust,&#8221; <div style="white-space:nowrap;display:inline;">non-assessable,</div> and will have no <div style="white-space:nowrap;display:inline;">pre-emptive</div> or conversion rights or rights to cumulative voting.&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding Preferred Shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among the Fund&#8217;s Common Shareholders.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_DistributionsMayReducePrincipalTextBlock', window );">Distributions May Reduce Principal [Text Block]</a></td>
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<td class="text"><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may sell Common Shares through underwriters or dealers, directly to one or more purchasers (including existing shareholders in a rights offering), through agents, to or through underwriters or dealers, or through a combination of any such methods of sale. The applicable prospectus supplement will identify any underwriter or agent involved in the offer and sale of the Common Shares, any sales loads, discounts, commissions, fees or other compensation paid to any underwriter, dealer or agent, the offering price, net proceeds and use of proceeds and the terms of any sale. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;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 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 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 Shares, may have an adverse effect on the market price of the Common Shares. </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="top.Show.showAR( this, 'defref_cef_OutstandingSecuritiesTableTextBlock', window );">Outstanding Securities [Table Text Block]</a></td>
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<td class="text"><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The following table shows, for each class of authorized securities of the Fund, the amount of (i)&#160;shares authorized and (ii)&#160;shares outstanding, each as of June&#160;30, 2022. </div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;Amount&#160;Outstanding&#160;&#160;</div></div></td></tr>
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<td style="padding-bottom:2pt ;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">Series A ARPS</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;">4,040</td>
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<td style="padding-bottom:2pt ;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">Series B ARPS</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
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<td style="padding-bottom:2pt ;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">Series C ARPS</div></td>
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<td style="padding-bottom:2pt ;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">Series D ARPS</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
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<td style="padding-bottom:2pt ;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow">Series E ARPS</div></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;">Unlimited</td>
<td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;">687</td></tr></table><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market Discount Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The price of the Fund&#8217;s Common Shares will fluctuate with market conditions and other factors. If you sell your Common Shares, the price received may be more or less than your original investment. The Common Shares are designed for long-term investors and should not be treated as trading vehicles. Shares of closed-end management investment companies frequently trade at a discount from their NAV. The Common Shares may trade at a price that is less than the offering price for Common Shares issued pursuant to an offering. This risk may be greater for investors who sell their Common Shares relatively shortly after completion of an offering. The sale of Common 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 Shares, may have an adverse effect on the market price of the Common Shares. </div></div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities. Credit ratings downgrades may also negatively affect securities </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">held by the Fund. Even when markets perform well, there is no assurance that the investments held by the Fund will increase in value along with the broader market. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters can all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. The current contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as presidential elections in the United States or abroad or the U.S. government&#8217;s inability at times to agree on a long-term budget and deficit reduction plan, has in the past resulted, and may in the future result, in a government shutdown or otherwise adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund&#8217;s investments and operations. Additional and/or prolonged U.S. federal government shutdowns may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund&#8217;s investments. Any market disruptions could also prevent the Fund from executing advantageous investment decisions in a timely manner. Funds that have focused their investments in a region enduring geopolitical market disruption, it will face higher risks of loss. Thus, investors should closely monitor current market conditions to determine whether the Fund meets their individual financial needs and tolerance for risk. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Current market conditions may pose heightened risks with respect to the Fund&#8217;s investment in fixed income securities. As such, fixed income securities markets may experience heightened levels of interest rate, volatility and liquidity risk. Any interest rate increases in the future could cause the value of any Fund, such as the Fund, that invests in fixed income securities to decrease. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Exchanges and securities markets may close early, close late or issue trading halts on specific securities, which may result in, among other things, the Fund being unable to buy or sell certain securities or financial instruments at an advantageous time or accurately price its portfolio 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="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Municipal Bond Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns, by litigation, legislation or political events, or by the bankruptcy of the issuer. Laws, referenda, ordinances or regulations enacted in the future by Congress or state legislatures or the applicable governmental entity could extend the time for payment of principal and/or interest, or impose other constraints on enforcement of such obligations, or on the ability of municipal issuers to levy taxes. Issuers of municipal securities also might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, the Fund could experience delays in collecting principal and interest and the Fund may not, in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in the payment of interest or repayment of principal, or both, the Fund may take possession of and manage the assets securing the issuer&#8217;s obligations on such securities, which may increase the Fund&#8217;s operating expenses. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in revenue bonds, which are typically issued to fund a wide variety of capital projects including electric, gas, water and sewer systems; highways, bridges and tunnels; port and airport facilities; colleges and universities; and hospitals. Because the principal security for a revenue bond is generally the net revenues derived from a particular facility or group of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source, there is no guarantee that the particular project will generate enough revenue to pay its obligations, in which case the Fund&#8217;s performance may be adversely affected. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may invest in taxable municipal bonds, such as Build America Bonds. Build America Bonds are tax credit bonds created by the American Recovery and Reinvestment Act of 2009, which authorized state and local governments to issue Build America Bonds as taxable bonds in 2009 and 2010, without volume limitations, to finance any capital expenditures for which such issuers could otherwise issue traditional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> bonds. The Fund&#8217;s investments in Build America Bonds or similar taxable municipal bonds will result in taxable income and the Fund may elect to pass through to holders of the Fund&#8217;s common shares (&#8220;Common Shares&#8221;) the corresponding tax credits. The tax credits can generally be used to offset federal income taxes and the alternative minimum tax, but such credits are generally not refundable. Taxable municipal bonds involve similar risks as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> municipal bonds, including credit and market risk. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Municipal securities are also subject to interest rate, credit, and liquidity risk, which are discussed generally elsewhere in this section, and elaborated upon below with respect to municipal bonds. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Interest Rate Risk.</div></div> The value of municipal securities, similar to other fixed income securities, will likely drop as interest rates rise in the general market. Conversely, when rates decline, bond prices generally rise. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Credit Risk.</div></div> The risk that a borrower may be unable to make interest or principal payments when they are due. A fund that invests in municipal securities relies on the ability of the issuer to service its debt. </div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">This subjects the Fund to credit risk in that the municipal issuer may be fiscally unstable or exposed to large liabilities that could impair its ability to honor its obligations. Municipal issuers with significant debt service requirements, in the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">near-to</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mid-term;</div> unrated issuers and those with less capital and liquidity to absorb additional expenses may be most at risk. To the extent the Fund invests in lower quality or high yield municipal securities, it may be more sensitive to the adverse credit events in the municipal market. The treatment of municipalities in bankruptcy is more uncertain, and potentially more adverse to debt holders, than for corporate issues. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Liquidity Risk.</div></div> The risk that investors may have difficulty finding a buyer when they seek to sell, and therefore, may be forced to sell at a discount to the market value. Liquidity may sometimes be impaired in the municipal market and because the Fund primarily invests in municipal securities, it may find it difficult to purchase or sell such securities at opportune times. Liquidity can be impaired due to interest rate concerns, credit events, or general supply and demand imbalances. Depending on the particular issuer and current economic conditions, municipal securities could be deemed more volatile investments. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In addition to general municipal market risks, different municipal sectors may face different risks. For instance, general obligation bonds are secured by the full faith, credit, and taxing power of the municipality issuing the obligation. As such, timely payment depends on the municipality&#8217;s ability to raise tax revenue and maintain a fiscally sound budget. The timely payments may also be influenced by any unfunded pension liabilities or other post-employee benefit plan (OPEB) liabilities. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Revenue bonds are secured by special tax revenues or other revenue sources. If the specified revenues do not materialize, then the bonds may not be repaid. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Private activity bonds are yet another type of municipal security. Municipalities use private activity bonds to finance the development of industrial facilities for use by private enterprise. Principal and interest payments are to be made by the private enterprise benefitting from the development, which means that the holder of the bond is exposed to the risk that the private issuer may default on the bond. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Moral obligation bonds are usually issued by special purpose public entities. If the public entity defaults, repayment becomes a &#8220;moral obligation&#8221; instead of a legal one. The lack of a legally enforceable right to payment in the event of default poses a special risk for a holder of the bond because it has little or no ability to seek recourse in the event of default. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In addition, a significant restructuring of federal income tax rates or even serious discussion on the topic in Congress could cause municipal bond prices to fall. The demand for municipal securities is strongly influenced by the value of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">tax-exempt</div> income to investors. Lower income tax rates could reduce the advantage of owning municipal securities. </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Municipal notes are similar to general municipal debt obligations, but they generally possess shorter terms. Municipal notes can be used to provide interim financing and may not be repaid if anticipated revenues are not realized. </div></div> <span></span>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Municipal Project-Specific Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in general obligation bonds, particularly if there is a large concentration from issuers in a single state. This is because the value of municipal securities can be significantly affected by the political, economic, legal, and legislative realities of the particular issuer&#8217;s locality or municipal sector events. Similarly, changes to state or federal regulation tied to a specific sector, such as the hospital sector, could have an impact on the revenue stream for a given subset of the market. </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="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Certain U.S. government securities, such as U.S. Treasury bills, notes, bonds and mortgage-related securities guaranteed by the GNMA, are supported by the full faith and credit of the United States; others, such as those of the FHLBs or the FHLMC, are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the FNMA, are supported by the discretionary authority of the U.S. government to purchase the agency&#8217;s obligations; and still others are supported only by the credit of the agency, instrumentality or corporation. Although legislation has been enacted to support certain government sponsored entities, including the FHLBs, FHLMC and FNMA, there is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact the government sponsored entities and the values of their related securities or obligations. In addition, certain governmental entities, including FNMA and FHLMC, have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability or investment character of securities issued by these entities. Yields available from U.S. government debt securities are generally lower than the yields available from other debt securities. The values of U.S. government securities change as interest rates fluctuate. </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="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Asset Allocation Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund&#8217;s investment performance depends upon how its assets are allocated and reallocated. A principal risk of investing in the Fund is that PIMCO may make less than optimal or poor asset allocation decisions. PIMCO employs an active approach to allocation among multiple fixed-income sectors, but there is no guarantee that such allocation techniques will produce the desired results. It is possible that PIMCO will focus on an investment that performs poorly or underperforms other investments under various market conditions. You could lose money on your investment in the Fund as a result of these allocation decisions. </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="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Management Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund is subject to management risk because it is an actively managed investment portfolio. PIMCO and each individual portfolio manager will </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">apply investment techniques and risk analysis in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. Certain securities or other instruments in which the Fund seeks to invest may not be available in the quantities desired. In addition, regulatory restrictions, actual or potential conflicts of interest or other considerations may cause PIMCO to restrict or prohibit participation in certain investments. In such circumstances, PIMCO or the individual portfolio managers may determine to purchase other securities or instruments as substitutes. Such substitute securities or instruments may not perform as intended, which could result in losses to the Fund. The Fund is also subject to the risk that deficiencies in the internal systems or controls of PIMCO or another service provider will cause losses for the Fund or hinder Fund operations. For example, trading delays or errors (both human and systemic) could prevent the Fund from purchasing a security expected to appreciate in value. To the extent the Fund employs strategies targeting perceived pricing inefficiencies, arbitrage strategies or similar strategies, it is subject to the risk that the pricing or valuation of the securities and instruments involved in such strategies may change unexpectedly, which may result in reduced returns or losses to the Fund. Additionally, actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each individual portfolio manager in connection with managing the Fund and may also adversely affect the ability of the Fund to achieve its investment objective. There also can be no assurance that all of the personnel of PIMCO will continue to be associated with PIMCO for any length of time. The loss of the services of one or more key employees of PIMCO could have an adverse impact on the Fund&#8217;s ability to realize its investment objective. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In addition, the Fund may rely on various third-party sources to calculate its NAV. As a result, the Fund is subject to certain operational risks associated with reliance on service providers and service providers&#8217; data sources. In particular, errors or systems failures and other technological issues may adversely impact the Fund&#8217;s calculations of its NAV, and such NAV calculation issues may result in inaccurately calculated NAV, delays in NAV calculation and/or the inability to calculate NAVs over extended periods. The Fund may be unable to recover any losses associated with such failures. </div></div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Issuer Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The value of a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. A change in the financial condition of a single issuer may affect securities markets as a whole. These risks can apply to the Common Shares issued by the Fund and to the issuers of securities and other instruments in which the Fund invests. </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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Interest Rate Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Interest rate risk is the risk that fixed income securities and other instruments in the Fund&#8217;s portfolio will decline in value because of a </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">change in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and the Fund may lose money as a result of movements in interest rates. The Fund may not be able to effectively hedge against changes in interest rates or may choose not to do so for cost or other reasons. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions). Recently, there have been signs of inflationary price movements. As such, fixed income securities markets may experience heightened levels of interest rate, volatility and liquidity risk. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile. Duration is a measure used to determine the sensitivity of a security&#8217;s price to changes in interest rates that incorporates a security&#8217;s yield, coupon, final maturity and call features, among other characteristics. Duration is useful primarily as a measure of the sensitivity of a fixed income security&#8217;s market price to interest rate (i.e., yield) movements. All other things remaining equal, for each one percentage point increase in interest rates, the value of a portfolio of fixed income investments would generally be expected to decline by one percent for every year of the portfolio&#8217;s average duration above zero. For example, the value of a portfolio of fixed income securities with an average duration of fourteen years would generally be expected to decline by approximately 14% if interest rates rose by one percentage point. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Variable and floating rate securities may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Fund&#8217;s shares. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Measures such as average duration may not accurately reflect the true interest rate sensitivity of the Fund. This is especially the case if the Fund consists of securities with widely varying durations. Therefore, if the Fund has an average duration that suggests a certain level of interest rate risk, the Fund may in fact be subject to greater interest rate risk than the average would suggest. This risk is greater to the extent the Fund uses leverage or derivatives. </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Convexity is an additional measure used to understand a security&#8217;s or Fund&#8217;s interest rate sensitivity. Convexity measures the rate of change of duration in response to changes in interest rates. With respect to a security&#8217;s price, a larger convexity (positive or negative) may imply more dramatic price changes in response to changing interest rates. Convexity may be positive or negative. Negative convexity implies that interest rate increases result in increased duration, meaning increased sensitivity in prices in response to rising interest rates. Thus, securities with negative convexity, which may include bonds with traditional call features and certain mortgage-backed securities, may experience greater losses in periods of rising interest rates. Accordingly, if the Fund holds such securities, the Fund may be subject to a greater risk of losses in periods of rising interest rates. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Rising interest rates may result in periods of volatility and a decline in value of the Fund&#8217;s fixed income investments. Further, while U.S. bond markets have steadily grown over the past three decades, dealer &#8220;market making ability has remained relatively stagnant. As a result, dealer inventories of certain types of bonds and similar instruments, which provide a core indication of the ability of financial intermediaries to &#8220;make markets,&#8221; are at or near historic lows in relation to market size. Because market makers provide stability to a market through their intermediary services, a significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty. All of these factors, collectively and/or individually, could cause the Fund to lose value. </div></div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Credit Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling, or is perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor its obligations. The downgrade of the credit of a security held by the Fund may decrease its value. Measures such as average credit quality may not accurately reflect the true credit risk of the Fund. This is especially the case if the Fund consists of securities with widely varying credit ratings. This risk is greater to the extent the Fund uses leverage or derivatives. Municipal bonds are subject to the risk that litigation, legislation or other political events, local business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer&#8217;s ability to make payments of principal and/or interest. </div></div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The mortgage-related assets in which the Fund may invest include, but are not limited to, any security, instrument or other asset that is related to U.S. or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-U.S.</div> mortgages, including those issued by private originators or issuers, or issued or guaranteed as to principal or interest by the U.S. government or its agencies or instrumentalities or by non-U.S. governments or authorities, such as, without limitation, assets representing interests in, collateralized or backed by, or whose values are </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">determined in whole or in part by reference to any number of mortgages or pools of mortgages or the payment experience of such mortgages or pools of mortgages, including REMICs, which could include <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Re-REMICs,</div> mortgage pass-through securities, inverse floaters, CMOs, CLOs, multiclass pass-through securities, private mortgage pass-through securities, stripped mortgage securities (generally interest-only and principal-only securities), mortgage-related asset backed securities and mortgage-related loans (including through participations, assignments, originations and whole loans), including commercial and residential mortgage loans. Exposures to mortgage-related assets through derivatives or other financial instruments will be considered investments in mortgage-related assets. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may also invest in other types of ABS, including CDOs, CBOs and CLOs and other similarly structured securities See &#8220;The Fund&#8217;s Investment Objective and Strategies-Portfolio Contents and Other Information-Mortgage-Related and Other Asset-Backed Instruments&#8221; in this prospectus and &#8220;Investment Objective and Policies-Mortgage-Related and Other Asset- Backed Instruments&#8221; in the Statement of Additional Information for a description of the various mortgage-related and other asset-backed instruments in which the Fund may invest and their related risks. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Mortgage-related and other asset-backed instruments represent interests in &#8220;pools&#8221; of mortgages or other assets such as consumer loans or receivables held in trust and often involve risks that are different from or possibly more acute than risks associated with other types of debt instruments. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related assets, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Fund may exhibit additional volatility since individual mortgage holders are less likely to exercise prepayment options, thereby putting additional downward pressure on the value of these securities and potentially causing the Fund to lose money. This is known as extension risk. Mortgage-backed securities can be highly sensitive to rising interest rates, such that even small movements can cause the Fund to lose value. Mortgage-backed securities, and in particular those not backed by a government guarantee, are subject to credit risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund may have to reinvest that money at the lower prevailing interest rates. The Fund&#8217;s investments in other asset-backed instruments are subject to risks similar to those associated with mortgage-related assets, as well as additional risks associated with the nature of the assets and the servicing of those assets. Payment of principal and interest on asset-backed instruments may be largely dependent upon the cash flows generated by the assets backing the instruments, and asset-backed instruments may not have the benefit of any security interest in the related assets. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Subordinate mortgage-backed or asset-backed instruments are paid interest only to the extent that there are funds available to make payments. To the extent the collateral pool includes a large percentage of </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">delinquent loans, there is a risk that interest payments on subordinate mortgage-backed or asset-backed instruments will not be fully paid. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">There are multiple tranches of mortgage-backed and asset-backed instruments, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity or &#8220;first loss,&#8221; according to their degree of risk. The most senior tranche of a mortgage-backed or asset-backed instrument has the greatest collateralization and pays the lowest interest rate. If there are defaults or the collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. Lower tranches represent lower degrees of credit quality and pay higher interest rates intended to compensate for the attendant risks. The return on the lower tranches is especially sensitive to the rate of defaults in the collateral pool. The lowest tranche (i.e., the &#8220;equity&#8221; or &#8220;residual&#8221; tranche) specifically receives the residual interest payments (i.e., money that is left over after the higher tranches have been paid and expenses of the issuing entities have been paid) rather than a fixed interest rate. The Fund may also invest in the residual or equity tranches of mortgage-related and other asset-backed instruments, which may be referred to as subordinate mortgage-backed or asset-backed instruments and interest-only mortgage-backed or asset-backed instruments. The Fund expects that investments in subordinate mortgage-backed and other asset-backed instruments will be subject to risks arising from delinquencies and foreclosures, thereby exposing its investment portfolio to potential losses. Subordinate securities of mortgage-backed and other asset-backed instruments are also subject to greater credit risk than those mortgage-backed or other asset-backed instruments that are more highly rated. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The mortgage markets in the United States and in various foreign countries have experienced extreme difficulties in the past that adversely affected the performance and market value of certain mortgage-related investments. Delinquencies and losses on residential and commercial mortgage loans (especially subprime and second-lien mortgage loans) may increase, and a decline in or flattening of housing and other real property values may exacerbate such delinquencies and losses. In addition, reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could continue or worsen. </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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may engage in derivative transactions related to mortgage-backed securities, including purchasing and selling exchange-listed and OTC put and call options, futures and forwards on mortgages and mortgage-backed securities. The Fund may also invest in mortgage-backed securities credit default swaps, which include swaps the reference obligation for which is a mortgage-backed security or related index, such as the CMBX Index (a tradeable index referencing a basket of commercial </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">mortgage-backed securities), the TRX Index (a tradeable index referencing total return swaps based on commercial mortgage-backed securities) or the ABX (a tradeable index referencing a basket of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-prime</div> mortgage backed securities). The Fund may invest in newly developed mortgage related derivatives that may hereafter become available. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Derivative mortgage-backed securities (such as principal-only (&#8220;POs&#8221;), interest-only (&#8220;IOs&#8221;) or inverse floating rate securities) are particularly exposed to call and extension risks. Small changes in mortgage prepayments can significantly impact the cash flows and the market value of these derivative instruments. In general, the risk of faster than anticipated prepayments adversely affects IOs, super floaters and premium priced mortgage-backed securities. The risk of slower than anticipated prepayments generally affects POs, floating-rate securities subject to interest rate caps, support tranches and discount priced mortgage-backed securities. In addition, particular derivative instruments may be leveraged such that their exposure (i.e., price sensitivity) to interest rate and/or prepayment risk is magnified. Mortgage-related derivative instruments involve risks associated with mortgage-related and other asset-backed instruments, privately-issued mortgage-related securities, the mortgage market, the real estate industry, derivatives and credit default swaps. See &#8220;Mortgage-Related and Other Asset-Backed Instruments Risk&#8221;, &#8220;Privately-Issued Mortgage-Related Securities Risk,&#8221; &#8220;Derivatives Risk,&#8221; and &#8220;Credit Default Swaps Risk.&#8221; </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Mortgage-related derivative instruments involve risks associated with mortgage-related and other asset-backed instruments, privately-issued mortgage-related securities, the mortgage market, the real estate industry, derivatives and credit default swaps. See &#8220;Mortgage-Related and Other Asset-Backed Instruments Risk,&#8221; &#8220;Privately-Issued Mortgage-Related Securities Risk,&#8221; &#8220;Derivatives Risk,&#8221; and &#8220;Credit Default Swaps Risk.&#8221; </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="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">High Yield Securities Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">To the extent that the Fund invests in high yield securities and unrated securities of similar credit quality (commonly known as &#8220;high yield securities&#8221; or &#8220;junk bonds&#8221;), the Fund will be subject to greater levels of credit risk, call risk and liquidity risk than funds that do not invest in such securities, which could have a negative effect on the NAV and market price of the Fund&#8217;s Common Shares or Common Share dividends. These securities are considered predominantly speculative with respect to an issuer&#8217;s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely affect the market for these securities and reduce the Fund&#8217;s ability to sell these securities at an advantageous time or price. The Fund may purchase distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Issuers of high yield securities may have the right to &#8220;call or redeem the issue prior to maturity, which may result in the Fund having to reinvest the proceeds in other high yield securities or similar instruments that may pay lower interest rates. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in high yield securities. </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Consequently, transactions in high yield securities may involve greater costs than transactions in more actively traded securities. To the extent that the Fund invests in high yield securities and unrated securities of similar credit quality (commonly known as &#8220;high yield securities&#8221; or &#8220;junk bonds&#8221;), the Fund may be subject to greater levels of credit risk, call risk and liquidity risk than funds that do not invest in such securities, which could have a negative effect on the NAV and market price of the Fund&#8217;s Common Shares or Common Share dividends. These securities are considered predominantly speculative with respect to an issuer&#8217;s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely affect the market for these securities and reduce the Fund&#8217;s ability to sell these securities at an advantageous time or price. The Fund may purchase distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. Issuers of high yield securities may have the right to &#8220;call&#8221; or redeem the issue prior to maturity, which may result in the Fund having to reinvest the proceeds in other high yield securities or similar instruments that may pay lower interest rates. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in high yield securities. Consequently, transactions in high yield securities may involve greater costs than transactions in more actively traded securities. These factors may result in the Fund being unable to realize full value for these securities and/or may result in the Fund not receiving the proceeds from a sale of a high yield security for an extended period after such sale, each of which could result in losses to the Fund. Because of the risks involved in investing in high yield securities, an investment in the Fund should be considered speculative. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In general, lower rated debt securities carry a greater degree of risk that the issuer will lose its ability to make interest and principal payments, which could have a negative effect on the Fund. Securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal and are commonly referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; High yield securities involve a greater risk of default and their prices are generally more volatile and sensitive to actual or perceived negative developments. Debt securities in the lowest investment grade category also may be considered to possess some speculative characteristics by certain rating agencies. The Fund may purchase stressed or distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">An economic downturn could severely affect the ability of issuers (particularly those that are highly leveraged) to service or repay their debt obligations. Lower-rated securities are generally less liquid than higher-rated securities, which may have an adverse effect on the Fund&#8217;s ability to dispose of them. For example, under adverse market or economic conditions, the secondary market for below investment grade securities could contract further, independent of any specific adverse changes in the condition of a particular issuer, and certain securities in the Fund&#8217;s portfolio may become illiquid or less liquid. As a result, the Fund could find it more difficult to sell these securities or may be able to sell these securities only at prices lower than if such securities were widely traded. </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">To the extent the Fund focuses on below investment grade debt obligations, PIMCO&#8217;s capabilities in analyzing credit quality and associated risks will be particularly important, and there can be no assurance that PIMCO will be successful in this regard. Due to the risks involved in investing in high yield securities, an investment in the Fund should be considered speculative. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund&#8217;s credit quality policies apply only at the time a security is purchased, and the Fund is not required to dispose of a security in the event that a rating agency or PIMCO downgrades its assessment of the credit characteristics of a particular issue. Analysis of creditworthiness may be more complex for issuers of high yield securities than for issuers of higher quality debt securities. </div></div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Reinvestment Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Income from the Fund&#8217;s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called debt obligations at market interest rates that are below the portfolio&#8217;s current earnings rate. For instance, during periods of declining interest rates, an issuer of debt obligations may exercise an option to redeem securities prior to maturity, forcing the Fund to invest in lower-yielding securities The Fund also may choose to sell higher yielding portfolio securities and to purchase lower yielding securities to achieve greater portfolio diversification, because the portfolio managers believe the current holdings are overvalued or for other investment-related reasons. A decline in income received by the Fund from its investments is likely to have a negative effect on dividend levels and the market price, NAV and/or overall return of the Common Shares. </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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Securities Lending Risk. </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">For the purpose of achieving income, the Fund may lend its portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. Please see &#8220;Investment Objectives and Policies&#8212;Loans of Portfolio Securities&#8221; in the Statement of Additional Information for more details. When the Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. The Fund may pay lending fees to a party arranging the loan. Cash collateral received by the Fund in securities lending transactions may be invested in short-term liquid fixed income instruments or in money market or short-term mutual funds, or similar investment vehicles, including affiliated money market or short-term mutual funds. The Fund bears the risk of such investments. </div></div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Call Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Call risk refers to the possibility that an issuer may exercise its right to redeem a fixed income security earlier than expected. Issuers may call outstanding securities prior to their maturity for a number of reasons. If an issuer calls a security in which the Fund has invested, the Fund may </div></div>not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=cik0001170299_UsGovernmentSecuritiesRisk1Member', window );">U.S. Government Securities Risk 1</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Certain U.S. government securities, such as U.S. Treasury bills, notes, bonds and mortgage-related securities guaranteed by the GNMA, are supported by the full faith and credit of the United States; others, such as those of the FHLBs or the FHLMC, are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the FNMA, are supported by the discretionary authority of the U.S. government to purchase the agency&#8217;s obligations; and still others are supported only by the credit of the agency, instrumentality or corporation. Although legislation has been enacted to support certain government sponsored entities, including the FHLBs, FHLMC and FNMA, there is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact the government sponsored entities and the values of their related securities or obligations. In addition, certain governmental entities, including FNMA and FHLMC, have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability or investment character of securities issued by these entities. Yields available from U.S. government debt securities are generally lower than the yields available from other debt securities. The values of U.S. government securities change as interest rates fluctuate. </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="top.Show.showAR( this, 'defref_cef_RiskAxis=cik0001170299_CaliforniaStateSpecificRiskMember', window );">California State-Specific Risk</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">California State-Specific Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal. Certain issuers of California municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain California issuers to pay principal or interest on their obligations. Provisions of the California Constitution and State statutes which limit the taxing and spending authority of California governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California&#8217;s economy is broad, it does have major concentrations in advanced technology, aerospace and defense-related manufacturing, trade, entertainment, real estate and financial services, and may be sensitive to economic problems affecting those industries. Future California political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of California issuers. </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="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">New York State-Specific Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or </div></div>repay principal. Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations. Provisions of the New York Constitution and State statutes which limit the taxing and spending authority of New York governmental entities may impair the ability of New York issuers to pay principal and/or interest on their obligations. While New York&#8217;s economy is broad, it does have major concentrations in certain industries, such as financial services, and may be sensitive to economic problems affecting those industries. Future New York political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of New York issuers.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskAxis=cik0001170299_PuertoRicoSpecificRiskMember', window );">Puerto Rico-Specific Risk</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Puerto Rico-Specific Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may be affected significantly by economic, regulatory, restructuring or political developments affecting the ability of Puerto Rico issuers to pay interest or repay principal. Certain issuers of Puerto Rico municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain Puerto Rico issuers to pay principal or interest on their obligations. Provisions of the Puerto Rico Constitution and Commonwealth laws, including a federally-appointed oversight board to oversee the Commonwealth&#8217;s financial operations, which limit the taxing and spending authority of Puerto Rico governmental entities may impair the ability of Puerto Rico issuers to pay principal and/or interest on their obligations. While Puerto Rico&#8217;s economy is broad, it does have major concentrations in certain industries, such as manufacturing and service, and may be sensitive to economic problems affecting those industries. Future Puerto Rico political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation, debt restructuring, and voter initiatives could have an adverse effect on the debt obligations of Puerto Rico issuers. </div></div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Valuation Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Certain securities in which the Fund invests may be less liquid and more difficult to value than other types of securities. When market quotations or pricing service prices are not readily available or are deemed to be unreliable, the Fund values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. </div></div><span></span>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Leverage Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund&#8217;s use of leverage (as described under &#8220;Use of Leverage&#8221; in the body of this prospectus) creates the opportunity for increased Common Share net income, but also creates special risks for Common Shareholders. To the extent used, there is no assurance that the Fund&#8217;s leveraging strategies will be successful. Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. The Fund&#8217;s assets attributable to any outstanding Preferred Shares or the net proceeds that the Fund obtains from its use of TOBs, derivatives or other forms of leverage, if any, will be invested in accordance with the Fund&#8217;s investment objective and policies as described in this prospectus. Dividends payable with respect to Preferred Shares outstanding and interest expense payable by the Fund with respect to any TOBs, derivatives and other forms of leverage will generally be based on shorter-term interest rates that would be periodically reset. If shorter-term interest rates rise relative to the rate of return on the Fund&#8217;s portfolio, the interest and other costs to the Fund of leverage (including interest expenses on TOBs and the dividend rate on any outstanding Preferred Shares s, including the Preferred Shareholder <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Gross-Up</div> (as defined below)) could exceed the rate of return on the debt obligations and other investments held by the Fund, thereby reducing return to Common Shareholders. In addition, fees and expenses of any form of leverage used by the Fund will be borne entirely by the Common Shareholders (and not by preferred shareholders) and will reduce the investment return of the Common Shares. Therefore, there can be no assurance that the Fund&#8217;s use of leverage will result in a higher yield on the Common Shares, and it may result in losses. In addition, Preferred Shares issued by the Fund pay cumulative dividends, which may tend to increase leverage risk. Leverage creates several major types of risks for Common Shareholders, including: </div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="width:10.5pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 7pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#8718;</div></div></td>
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<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">the possibility either that Common Share dividends will fall if the interest and other costs of leverage rise, or that dividends paid on Common Shares will fluctuate because such costs vary over time; and </div></div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
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<td style="width:10.5pt;vertical-align:top;text-align:left;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 7pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;">&#8718;</div></div></td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;arial narrow&quot;; text-align: left; line-height: normal;"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">the effects of leverage in a declining market or a rising interest rate environment, as leverage is likely to cause a greater decline in the NAV of the Common Shares than if the Fund were not leveraged and may result in a greater decline in the market value of the Common Shares. </div></div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In addition, the counterparties to the Fund&#8217;s leveraging transactions and preferred shareholders of the Fund will have priority of payment over the Fund&#8217;s Common Shareholders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund is required to satisfy certain asset coverage requirements in connection with its use of Preferred Shares, including those imposed by regulatory and rating agency requirements. Accordingly, any decline in the net asset value of the Fund&#8217;s investments could result in the risk that the Fund will fail to meet its asset coverage requirements for Preferred Shares or the risk of the Preferred Shares being downgraded by a rating </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">agency. In an extreme case, the Fund&#8217;s current investment income might not be sufficient to meet the dividend requirements on Preferred Shares outstanding. In order to address these types of events, the Fund might need to dispose of investments in order to fund a redemption of some or all of the Preferred Shares. Dispositions at times of adverse economic conditions may result in a loss to the Fund. At other times, these dispositions may result in gain at the Fund level and thus in additional taxable distributions to Common Shareholders. See &#8220;Tax Matters&#8221; for more information. Any Preferred Shares, TOBs, loans of portfolio securities, short sales and when-issued, delayed delivery and forward commitment transactions, credit default swaps, reverse repurchases, or other derivatives by the Fund or counterparties to the Fund&#8217;s other leveraging transactions, if any, would have, seniority over the Fund&#8217;s Common Shares. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In connection with the adoption of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> under the 1940 Act, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> as of the compliance date, August&#160;19, 2022. See &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#8217;s use of leverage, derivatives and certain related instruments. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">When the Fund issues Preferred Shares, the Fund pays (and the Common Shareholders bear) all costs and expenses relating to the issuance and ongoing maintenance of Preferred Shares. In addition, holders of Preferred Shares issued by the Fund would have complete priority over Common Shareholders in the distribution of the Fund&#8217;s assets. Furthermore, preferred shareholders, voting separately as a single class, have the right to elect two members of the Board at all times and to elect a majority of the trustees in the event two full years&#8217; dividends on the Preferred Shares are unpaid, and also have separate class voting rights on certain matters. Accordingly, preferred shareholders may have interests that differ from those of Common Shareholders, and may at times have disproportionate influence over the Fund&#8217;s affairs. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Because the fees received by the Investment Manager are based on the average daily net asset value of the Fund (including daily net assets attributable to any Preferred Shares), the Investment Manager has a financial incentive for the Fund to utilize Preferred Shares, which may create a conflict of interest between the Investment Manager, on the one hand, and the Common Shareholders, on the other hand. </div></div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Segregation and Coverage Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Certain portfolio management techniques, such as, among other things, entering into TOBs, reverse repurchase agreement transactions, swap agreements, futures contracts or other derivative transactions, purchasing securities on a when-issued or delayed delivery basis or engaging in short sales currently may be considered senior securities unless steps are taken to segregate the Fund&#8217;s assets or otherwise cover its obligations. To avoid </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">having these instruments considered senior securities, the Fund may segregate liquid assets with a value equal (on a daily <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">mark-to-market</div></div> basis) to its obligations under these types of leveraged transactions, enter into offsetting transactions or otherwise cover such transactions. At times, all or a substantial portion of the Fund&#8217;s liquid assets may be segregated for purposes of various portfolio transactions. The Fund may be unable to use such segregated assets for certain other purposes, which could result in the Fund earning a lower return on its portfolio than it might otherwise earn if it did not have to segregate those assets in respect of, or otherwise cover, such portfolio positions. To the extent the Fund&#8217;s assets are segregated or committed as cover, it could limit the Fund&#8217;s investment flexibility. Segregating assets and covering positions will not limit or offset losses on related positions. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In connection with the adoption of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> under the 1940 Act, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> as of the compliance date, August&#160;19, 2022. See &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#8217;s use of leverage, derivatives and certain related instruments. </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="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Short Exposure Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund&#8217;s short sales, if any, are subject to special risks. A short sale involves the sale by the Fund of a security that it does not own with the hope of purchasing the same security at a later date at a lower price. The Fund may also enter into a short position through a forward commitment or a short derivative position through a futures contract or swap agreement. If the price of the security or derivative has increased during this time, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any transaction costs (i.e., premiums and interest) paid to the broker-dealer to borrow securities. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security&#8217;s value cannot decrease below zero. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase the Fund&#8217;s exposure to long security positions and make any change in the Fund&#8217;s NAV greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that any leveraging strategy the Fund employs will be successful during any period in which it is employed. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, </div></div>regulatory or political conditions generally may exist for long periods of time. Also, there is the risk that the third party to the short sale will not fulfill its contractual obligations, causing a loss to the Fund.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Derivatives Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Derivatives are subject to a number of risks, such as liquidity risk (which may be heightened for highly-customized derivatives), interest rate risk, market risk, credit risk, leveraging risk, counterparty risk, tax risk and management risk, as well as risks arising from changes in applicable requirements. They also involve the risk of mispricing, the risk of unfavorable or ambiguous documentation and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. If the Fund invests in a derivative instrument, the Fund could lose more than the amount invested and derivatives may increase the volatility of the Fund, especially in unusual or extreme market conditions. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial or that, if used, such strategies will be successful. The Fund&#8217;s use of derivatives may increase or accelerate the amount of taxes payable by Common Shareholders. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Over-the-counter</div></div> (&#8220;OTC&#8221;) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivative transactions. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund&#8217;s clearing broker, or the clearinghouse, rather than with a counterparty in an OTC derivative transaction. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with the Fund&#8217;s clearing broker, or the clearinghouse. Participation in the markets for derivative instruments involves investment risks and transaction costs to which the Fund may not be subject absent the use of these strategies. The skills needed to successfully execute derivative strategies may be different from those needed for other types of transactions. If the Fund incorrectly forecasts the value and/or creditworthiness of securities, currencies, interest rates, counterparties or other economic factors involved in a derivative transaction, the Fund might have been in a better position if the Fund had not entered into such derivative transaction. In evaluating the risks and contractual obligations associated with particular derivative instruments, it is important to consider that certain derivative transactions may be modified or terminated only by mutual consent of the Fund and its counterparty. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Therefore, it may not be possible for the Fund to modify, terminate, or offset the Fund&#8217;s obligations or the Fund&#8217;s exposure to the risks associated with a derivative transaction prior to its scheduled termination or maturity date, which may create a possibility of increased volatility and/or decreased liquidity to the Fund. </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Because the markets for certain derivative instruments (including markets located in foreign countries) are relatively new and still developing, appropriate derivative transactions may not be available in all circumstances for risk management or other purposes. Upon the expiration of a particular contract, the Fund may wish to retain the Fund&#8217;s position in the derivative instrument by entering into a similar contract, but may be unable to do so if the counterparty to the original contract is unwilling to enter into the new contract and no other appropriate counterparty can be found. When such markets are unavailable, the Fund will be subject to increased liquidity and investment risk. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund may enter into opposite sides of interest rate swap and other derivatives for the principal purpose of generating distributable gains on the one side (characterized as ordinary income for tax purposes) that are not part of the Fund&#8217;s duration or yield curve management strategies (&#8220;paired swap transactions&#8221;), and with a substantial possibility that the Fund will experience a corresponding capital loss and decline in NAV with respect to the opposite side transaction (to the extent it does not have corresponding offsetting capital gains). Consequently, Common Shareholders may receive distributions and owe tax on amounts that are effectively a taxable return of the shareholder&#8217;s investment in the Fund, at a time when their investment in the Fund has declined in value, which tax may be at ordinary income rates. The tax treatment of certain derivatives in which the Fund invests may be unclear and thus subject to recharacterization. Any recharacterization of payments made or received by the Fund pursuant to derivatives potentially could affect the amount, timing or character of Fund distributions. In addition, the tax treatment of such investment strategies may be changed by regulation or otherwise. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">When a derivative is used as a hedge against a position that the Fund holds, any loss generated by the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. Although hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the underlying instrument, and there can be no assurance that the Fund&#8217;s hedging transactions will be effective. In such case, the Fund may lose money. The regulation of the derivatives markets has increased over the past several years, and additional future regulation of the derivatives markets may make derivatives more costly, may limit the availability or reduce the liquidity of derivatives or may otherwise adversely affect the value or performance of derivatives. Any such adverse future developments could impair the effectiveness or raise the costs of the Fund&#8217;s derivative transactions, impede the employment of the Fund&#8217;s derivatives strategies, or adversely affect the Fund&#8217;s performance and cause the Fund to lose value. For instance, on October&#160;28, 2020, the SEC adopted Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> under the 1940 Act providing for the regulation of a registered investment company&#8217;s use of derivatives and certain related instruments. Among other things, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Rule&#160;18f-4</div> limits the Fund&#8217;s derivatives exposure through a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">value-at-risk</div></div> test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. Subject to certain conditions, limited derivatives users (as defined in Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4),</div> however, would not be subject to the full requirements of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4.</div> In connection with the adoption of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> under the 1940 Act, the SEC also </div></div>eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> as of the compliance date, August&#160;19, 2022. As the Fund comes into compliance, the Fund&#8217;s approach to asset segregation and coverage requirements will be impacted. In addition, Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">18f-4</div> could restrict the Fund&#8217;s ability to engage in certain derivatives transactions and/or increase the costs of such derivatives transactions, which could adversely affect the value or performance of the Fund and the Common Shares and/or the Fund&#8217;s distribution rate. See &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#8217;s use of leverage, derivatives and certain related instruments.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Counterparty Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund or held by special purpose or structured vehicles in which the Fund invests. In the event that the Fund enters into a derivative transaction with a counterparty that subsequently becomes insolvent or becomes the subject of a bankruptcy case, the derivative transaction may be terminated in accordance with its terms and the Fund&#8217;s ability to realize its rights under the derivative instrument and its ability to distribute the proceeds could be adversely affected. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) in a dissolution, assignment for the benefit of creditors, liquidation, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">winding-up,</div> bankruptcy or other analogous proceeding. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative transaction would typically be terminated at its fair market value. If the Fund is owed this fair market value in the termination of the derivative transaction and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty and will not have any claim with respect to any underlying security or asset. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. While the Fund may seek to manage its counterparty risk by transacting with a number of counterparties, concerns about the solvency of, or a default by, one large market participant could lead to significant impairment of liquidity and other adverse consequences for other counterparties. </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="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Additional Risks Associated with the Fund&#8217;s Preferred Shares </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Although the Fund&#8217;s ARPS ordinarily would pay dividends at rates set at periodic auctions, the weekly auctions for the ARPS (and auctions for similar preferred shares issued by <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">closed-end</div> funds in the U.S.) have failed since 2008. The dividend rates on the ARPS since that time have been paid, and the Fund expects that they will continue to be paid for the foreseeable future, at the &#8220;maximum applicable rate.&#8221; </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The maximum applicable rate for the ARPS and the RVMTP Share Dividend Rate (as defined below) is based in part on a multiple of or a spread plus a reference rate. An increase in market interest rates generally, therefore, could increase substantially the dividend rate required to be paid by the Fund to the holders of Preferred Shares, which would increase the costs associated with the Fund&#8217;s leverage and reduce the Fund&#8217;s net income available for distribution to holders of Common Shares. In addition, the multiple or spread used to calculate the maximum applicable rate for the ARPS and the RVMTP Share Dividend Rate is based in part on the credit rating assigned to the ARPS or RVMTP Shares by the applicable rating agency(ies), with the multiple or spread generally increasing as the rating declines. Accordingly, future ratings downgrades may result in increases to the maximum applicable rate for the ARPS or to the RVMTP Share Dividend Rate. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">Therefore, it is possible that a substantial rise in market interest rates and/or further ratings downgrades of the Preferred Shares could, by reducing income available for distribution to the holders of Common Shares and otherwise detracting from the Fund&#8217;s investment performance, make the Fund&#8217;s continued use of Preferred Shares for leverage purposes less attractive than such use is currently considered to be. In such case, the Fund may elect to redeem some or all of the Preferred Shares outstanding, which may require it to dispose of investments at inopportune times and to incur losses on such dispositions. Such dispositions may adversely affect the Fund&#8217;s investment performance generally, and the resultant loss of leverage may materially and adversely affect the Fund&#8217;s investment returns. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The Fund is also subject to certain asset coverage tests associated with the rating agencies that rate the Preferred Shares. Failure by the Fund to maintain the asset coverages (or to cure such failure in a timely manner) may require the Fund to redeem Preferred Shares and could preclude the Fund from declaring or paying any dividends or distributions to holders of Common Shares. Failure to satisfy ratings agency asset coverage tests or other guidelines could also result in the applicable ratings agency downgrading its then-current ratings on the Preferred Shares, as described above. Moreover, the rating agency guidelines impose restrictions or limitations on the Fund&#8217;s use of certain financial instruments or investment techniques that the Fund might otherwise utilize in order to achieve its investment objective, which may adversely affect the Fund&#8217;s investment performance. Rating agency guidelines may be modified by the rating agencies in the future and such modifications may make such guidelines substantially more restrictive or otherwise result in downgrades, which could further negatively affect the Fund&#8217;s investment performance. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">The ratings agencies that have assigned ratings to the Fund&#8217;s Preferred Shares may change their rating methodologies, perhaps substantially. Such a change could adversely affect the ratings assigned to the Fund&#8217;s Preferred Shares, the dividend rates paid thereon, and the expenses borne by holders of Common Shares. For instance, Fitch Ratings published ratings criteria relating to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">closed-end</div> funds on December&#160;4, 2020, which effectively result in a rating cap of &#8220;AA&#8221; for debt and preferred stock issued by all <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">closed-end</div> funds and a rating cap of &#8220;A&#8221; for debt and </div></div>preferred shares issued by <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(i)&#160;closed-end</div> funds exposed to emerging market debt, below-investment-grade and unrated debt, structured securities and equity, and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(ii)&#160;closed-end</div> funds with material exposure to &#8220;BBB&#8221; category rated assets. On December&#160;6, 2021, Fitch affirmed &#8220;AA&#8221; long-term ratings of the Fund&#8217;s RVMTP Shares. Fitch does not currently rate the Fund&#8217;s ARPS. In addition, future ratings downgrades by Moody&#8217;s or Fitch, as applicable, may result in an increase to the Fund&#8217;s Preferred Shares dividend rates.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Confidential Information Access Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">In managing the Fund (and other PIMCO clients), PIMCO may from time to time have the opportunity to receive material, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-public</div> information (&#8220;Confidential Information&#8221;) about the issuers of certain investments, including, without limitation, senior floating rate loans, other loans and related investments being considered for acquisition by the Fund or held in the Fund&#8217;s portfolio. For example, an issuer of privately placed loans considered by the Fund may offer to provide PIMCO with financial information and related documentation regarding the issuer that is not publicly available. Pursuant to applicable policies and procedures, PIMCO may (but is not required to) seek to avoid receipt of Confidential Information from the issuer so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of the Fund and other clients to which such Confidential Information relates. In such circumstances, the Fund (and other PIMCO clients) may be disadvantaged in comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells an investment. Further, PIMCO&#8217;s and the Fund&#8217;s abilities to assess the desirability of proposed consents, waivers or amendments with respect to certain investments may be compromised if they are not privy to available Confidential Information. PIMCO may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If PIMCO intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell investments to which such Confidential Information relates. </div></div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"><div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;">A private placement involves the sale of securities that have not been registered under the Securities Act or relevant provisions of applicable <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-U.S.</div> law to certain institutional and qualified individual purchasers, such as the Fund. In addition to the general risks to which all securities are subject, securities received in a private placement generally are subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities. See &#8220;Principal Risks of the Fund&#8212;Liquidity Risk.&#8221; Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most favorable time or price. Private placements may also raise valuation risks. Restricted securities are often purchased at a discount from the market price of unrestricted securities of the same issuer reflecting the fact that such securities may not be readily marketable without some time delay. Such securities are often more difficult to value and the sale of such securities often requires more time and results in higher brokerage </div></div>charges or dealer discounts and other selling expenses than does the sale of securities trading on national securities exchanges or in the <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">over-the-counter</div></div> markets. Until the Fund can sell such securities into the public markets, its holdings may be less liquid and any sales will need to be made pursuant to an exemption under the Securities Act.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Inflation/Deflation Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Inflation risk is the risk that the value of assets or income from the Fund&#8217;s investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of the Fund&#8217;s portfolio could decline. Inflation has recently increased and it cannot be predicted whether it may decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#8217;s portfolio and Common Shares. </div></div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Changes Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and /or preclude the Fund&#8217;s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. The Fund and the Investment Manager have historically been eligible for exemptions from certain regulations. However, there is no assurance that the Fund and the Investment Manager will continue to be eligible for such exemptions. Actions by governmental entities may also impact certain instruments in which the Fund invests. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Moreover, government regulation may have unpredictable and unintended effects. Legislative or regulatory actions to address perceived liquidity or other issues in fixed income markets generally, or in particular markets such as the municipal securities market, may alter or impair the Fund&#8217;s ability to pursue its investment objective or utilize certain investment strategies and techniques. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Current rules related to credit risk retention requirements for ABS may increase the cost to originators, securitizers and, in certain cases, asset managers of securitization vehicles in which the Fund may invest. The impact of the risk retention rules on the securitization markets is uncertain. These requirements may increase the costs to originators, securitizers, and, in certain cases, collateral managers of securitization vehicles in which the Fund may invest, which costs could be passed along to the Fund as an investor in such vehicles. In addition, the costs imposed by the risk retention rules on originators, securitizers and/or collateral managers may result in a reduction of the number of new offerings of ABS and thus in fewer investment opportunities for the Fund. A reduction in the number of new securitizations could also reduce liquidity in the markets for certain types of financial assets, which in turn could negatively affect the returns on the Fund&#8217;s investment. </div></div><span></span>
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<td class="text"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Risk &#8211; London Interbank Offered Rate (&#8220;LIBOR&#8221;) </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund&#8217;s investments (including, but not limited to, repurchase agreements, collateralized loan obligations and mortgage-backed securities), payment obligations and financing terms may rely in some fashion on the London Interbank Offered Rate (&#8220;LIBOR&#8221;). LIBOR is an average interest rate, determined by the ICE Benchmark Administration that banks charge one another for the use of short-term money. ,On July&#160;27, 2017, the Chief Executive of the FCA announced that after 2021 it would cease its active encouragement of banks to provide the quotations needed to sustain LIBOR due to the absence of an active market for interbank unsecured lending and other reasons. On March&#160;5, 2021, the FCA publicly announced that all U.S.&#160;Dollar LIBOR settings will either cease to be provided by any administrator or will no longer be representative (i)&#160;immediately after December&#160;31, 2021 for <div style="white-space:nowrap;display:inline;">one-week</div> and <div style="white-space:nowrap;display:inline;">two-month</div> U.S.&#160;Dollar LIBOR settings and (ii)&#160;immediately after June&#160;30, 2023 for the remaining U.S.&#160;Dollar LIBOR settings. As of January&#160;1, 2022, as a result of supervisory guidance from U.S. regulators, some U.S. regulated entities have ceased entering into new LIBOR contracts with limited exceptions. While publication of the <div style="white-space:nowrap;display:inline;">one-,</div> three- and <div style="white-space:nowrap;display:inline;">six-</div> month Sterling and Japanese yen LIBOR settings will continue at least through calendar year 2022 on the basis of a changed methodology (known as &#8220;synthetic LIBOR&#8221;), these rates have been designated by the FCA as unrepresentative of the underlying market they seek to measure and are solely available for use in legacy transactions. Certain bank-sponsored committees in other jurisdictions, including Europe, the United Kingdom, Japan and Switzerland, have selected alternative reference rates denominated in other currencies. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain, and they may vary depending on factors that include, but are not limited to: (i)&#160;existing fallback or termination provisions in individual contracts and (ii)&#160;whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. For example, certain of the Fund&#8217;s investments may involve individual contracts that have no existing fallback provision or language that contemplates the discontinuation of LIBOR, and those investments could experience increased volatility or illiquidity as a result of the transition process. In addition, interest rate provisions included in such contracts, or in contracts or other arrangements entered into by the Fund, may need to be renegotiated. On March&#160;15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System and based on the Secured Overnight Financing Rate for certain contracts that reference LIBOR and contain no, or insufficient, fallback provisions. It is expected that implementing </div></div>regulations in respect of the law will follow. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by the Fund, a change in the cost of borrowing or the dividend rate for any Preferred Shares that may be issued by the Fund, or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Regulatory Risk &#8211; Commodity Pool Operator </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The CFTC has adopted regulations that subject registered investment companies and their investment advisers to regulation by the CFTC if the registered investment company invests more than a prescribed level of its liquidation value in futures, options on futures or commodities, swaps, or other financial instruments regulated under the CEA and the rules thereunder (&#8220;commodity interests&#8221;), or if the Fund markets itself as providing investment exposure to such instruments. The Investment Manager is registered with the CFTC as a CPO. However, with respect to the Fund, the Investment Manager has claimed an exclusion from registration as a CPO pursuant to CFTC Rule 4.5. For the Investment Manager to remain eligible for this exclusion, the Fund must comply with certain limitations, including limits on its ability to use any commodity interests and limits on the manner in which the Fund holds out its use of such commodity interests. These limitations may restrict the Fund&#8217;s ability to pursue its investment objective and strategies increase the costs of implementing its strategies, result in higher expenses for the Fund, and/or adversely affect the Fund&#8217;s total return. To the extent the Fund becomes ineligible for this exclusion from CFTC regulation, the Fund may consider steps in order to continue to qualify for exemption from CFTC regulation, or may determine to operate subject to CFTC regulation. </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="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Liquidity Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Liquidity risk exists when particular investments are difficult to purchase or sell. Illiquid investments are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may become harder to value, especially in changing markets. The Fund&#8217;s investments in illiquid investments may reduce the returns of the Fund because it may be unable to sell the illiquid investments at an advantageous time or price or possibly require the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. Bond markets have consistently grown over the past three decades while the capacity for traditional dealer counterparties to engage in fixed income trading has not kept pace and in some cases has decreased. As a result, dealer inventories of corporate bonds, which provide a core indication of the ability of financial intermediaries to </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">&#8220;make markets,&#8221; are at or near historic lows in relation to market size. Because market makers seek to provide stability to a market through their intermediary services, a significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty. In such cases, the Fund, due to the difficulty in purchasing and selling such securities or instruments, may be unable to achieve its desired level of exposure to a certain sector. To the extent that the Fund invests in securities of companies with smaller market capitalizations, foreign <div style="white-space:nowrap;display:inline;">(non-U.S.)</div> securities, Rule 144A securities, illiquid sectors of fixed income securities, derivatives or securities with substantial market and/or credit risk, the Fund will tend to have greater exposure to liquidity risk. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Further fixed income securities with longer durations until maturity face heightened levels of liquidity risk as compared to fixed income securities with shorter durations until maturity. The risks associated with illiquid instruments may be particularly acute in situations in which the Fund&#8217;s operations require cash (such as in connection with tender offers) and could result in the Fund borrowing to meet its short-term needs or incurring losses on the sale of illiquid instruments. It may also be the case that other market participants may be attempting to liquidate fixed income holdings at the same time as the Fund, causing increased supply in the market and contributing to liquidity risk and downward pricing pressure. </div></div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Tax Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund has elected to be treated as a RIC under the Code and intends each year to qualify and be eligible to be treated as such, so that it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or long-term capital gains, that are distributed to shareholders. In order to qualify and be eligible for such treatment, the Fund must meet certain asset diversification tests, derive at least 90% of its gross income for such year from certain types of qualifying income, and distribute to its shareholders at least 90% of its &#8220;investment company taxable income&#8221; as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses). </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund&#8217;s investment strategy will potentially be limited by its intention to continue qualifying for treatment as a RIC, and can limit the Fund&#8217;s ability to continue qualifying as such. The tax treatment of certain of the Fund&#8217;s investments under one or more of the qualification or distribution tests applicable to RICs is uncertain. An adverse determination or future guidance by the IRS or a change in law might affect the Fund&#8217;s ability to qualify or be eligible for treatment as a RIC. Income and gains from certain of the Fund&#8217;s activities may not constitute qualifying income to a RIC for purposes of the 90% gross income test. If the Fund were to treat income or gain from a particular investment or activity as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other nonqualifying income, caused the Fund&#8217;s nonqualifying income to exceed 10% of its gross </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">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 the Fund level. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">If, in any year, the Fund were to fail to qualify for treatment as a RIC under the Code, and were ineligible to or did not otherwise cure such failure, the Fund would be subject to tax on its taxable income at corporate rates and, when such income is distributed, shareholders would be subject to further tax on such distributions to the extent of the Fund&#8217;s current or accumulated earnings and profits. </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="top.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="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Portfolio Turnover Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Investment Manager manages the Fund without regard generally to restrictions on portfolio turnover. The use of futures contracts and other derivative instruments with relatively short maturities may tend to exaggerate the portfolio turnover rate for the Fund. Trading in fixed income securities does not generally involve the payment of brokerage commissions, but does involve indirect transaction costs. The use of futures contracts and other derivative instruments may involve the payment of commissions to futures commission merchants or other intermediaries. Higher portfolio turnover involves correspondingly greater expenses to the Fund, including brokerage commissions or dealer <div style="white-space:nowrap;display:inline;">mark-ups</div> and other transaction costs on the sale of securities and reinvestments in other securities. The higher the rate of portfolio turnover of the Fund, the higher these transaction costs borne by the Fund generally will be. Such sales may result in realization of taxable capital gains (including short-term capital gains, which are generally taxed to shareholders at ordinary income tax rates when distributed net of short-term capital losses and net long-term capital losses), and may adversely impact the Fund&#8217;s <div style="white-space:nowrap;display:inline;">after-tax</div> returns. </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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Operational Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">An investment in the Fund, like any fund, involves operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund. </div></div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Other Investment Companies Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">When investing in an investment company, the Fund generally will bear its ratable share of that investment company&#8217;s expenses and remain subject to payment of the Fund&#8217;s management fees and other expenses with respect to assets so invested. Common Shareholders could therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. In addition, the securities of other investment companies may also be leveraged and will therefore be subject to the same leverage risks. </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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Cybersecurity Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">As the use of technology has become more prevalent in the course of business, the Fund is potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events from outside threat actors or internal resources that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction, lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security breaches may involve unauthorized access to the Fund&#8217;s digital information systems (e.g., through &#8220;hacking&#8221; or malicious software coding), and may come from multiple sources, including outside attacks such as <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">denial-of-service</div></div> attacks (i.e., efforts to make network services unavailable to intended users) or cyber extortion, including exfiltration of data held for ransom and/or &#8220;ransomware&#8221; attacks that renders systems inoperable until ransom is paid, or insider actions. In addition, cyber security breaches involving the Fund&#8217;s third party service providers (including but not limited to advisers, <div style="white-space:nowrap;display:inline;">sub-advisers,</div> administrators, transfer agents, custodians, vendors, suppliers, distributors and other third parties), trading counterparties or issuers in which the Fund invests can also subject the Fund to many of the same risks associated with direct cyber security breaches or extortion of company data. Moreover, cyber security breaches involving trading counterparties or issuers in which the Fund invests could adversely impact such counterparties or issuers and cause the Fund&#8217;s investment to lose value. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund&#8217;s ability to calculate its NAV, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Like with operational risk in general, the Fund has established business continuity plans and risk management systems designed to reduce the risks associated with cyber security. However, there are inherent limitations in these plans and systems, including that certain risks may not have been identified, in large part because different or unknown threats may emerge in the future. As such, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers in which the Fund may invest, trading counterparties or third party service providers to the Fund. Such entities have experienced cyber attacks and other attempts to gain unauthorized access to systems from time to time, and there is no guarantee that efforts to prevent or mitigate the effects of such attacks or other attempts to gain unauthorized access will be successful. There is also a risk that cyber security breaches may not be detected. The Fund and its </div></div></div><div style="clear:both; height:0pt; font-size:0pt"/><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</div>shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Potential Conflicts of Interest Risk&#8212;Allocation of Investment Opportunities </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Investment Manager and its affiliates are involved worldwide with a broad spectrum of financial services and asset management activities and may engage in the ordinary course of business in activities in which their interests or the interests of their clients may conflict with those of the Fund. The Investment Manager may provide investment management services to other funds and discretionary managed accounts that follow an investment program similar to that of the Fund. Subject to the requirements of the 1940 Act, the Investment Manager intends to engage in such activities and may receive compensation from third parties for its services. The results of the Fund&#8217;s investment activities may differ from those of other accounts managed by the Investment Manager or its affiliates, and it is possible that the Fund could sustain losses during periods in which one or more other accounts managed by the Investment Manager or its affiliates, including proprietary accounts, achieve profits on their trading. </div></div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Repurchase Agreements Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may enter into repurchase agreements, in which the Fund purchases a security from a bank or broker-dealer, which agrees to repurchase the security at the Fund&#8217;s cost plus interest within a specified time. If the party agreeing to repurchase should default, the Fund will seek to sell the securities which it holds. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price. Repurchase agreements may be or become illiquid. These events could also trigger adverse tax consequences for the Fund. </div></div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Structured Investments Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Holders of structured products, including structured notes, credit-linked notes and other types of structured products, bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product&#8217;s administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) are generally influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its </div></div>securities at below market prices if it experiences difficulty in obtaining such financing, which may adversely affect the value of the structured products owned by the Fund. Structured products generally entail risks associated with derivative instruments.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Market Disruptions Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets, interest rates, secondary trading, ratings, credit risk, inflation, deflation, other factors relating to the Fund&#8217;s investments or the Investment Manager&#8217;s operations and the value of an investment in the Fund, its distributions and its returns. These events can also impair the technology and other operational systems upon which the Fund&#8217;s service providers, including PIMCO as the Fund&#8217;s investment adviser, rely, and could otherwise disrupt the Fund&#8217;s service providers&#8217; ability to fulfill their obligations to the Fund. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as <div style="white-space:nowrap;display:inline;">COVID-19)</div> has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund&#8217;s investments and operations. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The U.S. Federal Reserve made emergency interest-rate cuts, moving short-term rates to near zero, issued forward guidance that rates would remain low until the economy weathers the <div style="white-space:nowrap;display:inline;">COVID-19</div> crisis, and resumed quantitative easing. Additionally, Congress approved stimulus to offset the severity and duration of the adverse economic effects of <div style="white-space:nowrap;display:inline;">COVID-19</div> and related disruptions in economic and business activity. Dozens of central banks across Europe, Asia, and elsewhere have announced and/or adopted similar economic relief packages. The end of any such programs could cause market downturns, disruptions and volatility, particularly if markets view the ending as premature. </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="top.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="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Certain Affiliations </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Certain broker-dealers may be considered to be affiliated persons of the Fund and/or the Investment Manager due to their possible affiliations with Allianz SE, the ultimate parent of the Investment Manager. Absent an exemption from the SEC or other regulatory relief, the Fund is generally precluded from effecting certain principal transactions with affiliated brokers, and its ability to purchase securities being underwritten by an affiliated broker or a syndicate including an affiliated broker, or to utilize affiliated brokers for agency transactions, is subject to restrictions. This could limit the Fund&#8217;s ability to engage in securities transactions and take advantage of market opportunities. </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="top.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="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Anti-Takeover Provisions </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Declaration includes provisions that could limit the ability of other entities or persons to acquire control of the Fund or to convert the Fund to <div style="white-space:nowrap;display:inline;">open-end</div> status. See &#8220;Anti-Takeover and Other Provisions in the Declaration of Trust and Bylaws.&#8221; These provisions in the Declaration could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares or at NAV. </div></div><span></span>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Distribution Rate Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Although the Fund may seek to maintain level distributions, the Fund&#8217;s distribution rates may be affected by numerous factors, including but not limited to changes in realized and projected market returns, fluctuations in market interest rates, Fund performance, and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in the Fund&#8217;s distribution rate or that the rate will be sustainable in the future. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">For instance, during periods of low or declining interest rates, the Fund&#8217;s distributable income and dividend levels may decline for many reasons. For example, the Fund may have to deploy uninvested assets (whether from purchases of Fund shares, proceeds from matured, traded or called debt obligations or other sources) in new, lower yielding instruments. Additionally, payments from certain instruments that may be held by the Fund (such as variable and floating rate securities) may be negatively impacted by declining interest rates, which may also lead to a decline in the Fund&#8217;s distributable income and dividend levels. </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="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">AMT Bonds Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Investments by the Fund in AMT Bonds may expose the Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. For shareholders subject to the federal alternative minimum tax, a portion of the Fund&#8217;s distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability. </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="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Focused Investment Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Substantial exposure to municipal bonds of particular issuers, geographies and/or jurisdictions will result in susceptibility to political, economic, regulatory and other factors affecting issuers of such bonds, their ability to meet their obligations and the economic condition of the facility or specific revenue source from whose revenues payments of obligations may be made. The ability of state, county, or local governments or other issuers to meet their obligations will depend primarily on the availability of tax and other revenues to those entities. The amounts of tax and other </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">revenues available to issuers may be affected from time to time by economic, political and demographic conditions that specifically impact such issuers. In addition, there are constitutional and statutory restrictions that limit the power of certain issuers to raise revenues or increase taxes. The availability of federal, state and local aid to issuers may also affect their ability to meet their obligations. The creditworthiness of obligations issued by local issuers within a given state may be unrelated to the creditworthiness of obligations issued by the state and there is no obligation on the part of the state to make payment on such local obligations in the event of default. Any reduction in the actual or perceived ability of an issuer to meet its obligations (including a reduction in the rating of its outstanding securities) would likely affect adversely the market value and marketability of its obligations and could adversely affect the values of other bonds as well. Moreover, in such circumstances, the value of the Fund&#8217;s shares may fluctuate more widely than the value of shares of a more diversified fund. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Many factors, including national economic, social and environmental policies and conditions, which are not within the control of issuers, could affect or could have an adverse impact on the financial condition of the issuers. The Fund is unable to predict whether or to what extent such factors or other factors may affect issuers, the market value or marketability of such bonds or the ability of the respective issuers of the bonds acquired by the Fund to pay interest on or principal of such bonds. </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="top.Show.showAR( this, 'defref_cef_RiskAxis=cik0001170299_CsdrRelatedRiskMember', window );">CSDR Related Risk</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">CSDR Related Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The European Union has adopted a settlement discipline regime under Regulation (EU) No 909/2014 and the Settlement Discipline RTS as they may be modified from time to time (&#8220;CSDR&#8221;), which will have phased compliance dates. It aims to reduce the number of settlement fails that occur in EEA central securities depositories (&#8220;CSDs&#8221;) and address settlement fails where they occur. The key elements of the regime are: (i)&#160;mandatory <div style="white-space:nowrap;display:inline;">buy-ins&#8212;if</div> a settlement fail continues for a specified period of time after the intended settlement date, a <div style="white-space:nowrap;display:inline;">buy-in</div> process must be initiated to effect the settlement; (ii)&#160;cash penalties&#8212;EEA CSDs are required to impose cash penalties on participants that cause settlement fails and distribute these to receiving participants; and (iii)&#160;allocations and confirmations&#8212;EEA investment firms are required to take measures to prevent settlement fails, including putting in place arrangements with their professional clients to communicate securities allocations and transaction confirmations. These requirements apply to transactions in transferable securities (e.g., shares and bonds), money market instruments, units in funds and emission allowances that are to be settled via an EEA CSD and, in the case of cash penalties and <div style="white-space:nowrap;display:inline;">buy-in</div> requirements only, are admitted to trading or traded on an EEA trading venue or cleared by an EEA central counterparty. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The implementation of the CSDR settlement discipline regime for funds that enter into <div style="white-space:nowrap;display:inline;">in-scope</div> transactions may result in increased operational and compliance costs being borne directly or indirectly by the Fund. CSDR may also affect liquidity and increase trading costs associated with relevant securities. If <div style="white-space:nowrap;display:inline;">in-scope</div> transactions are subject to additional expenses and penalties as a consequence of the CSDR settlement </div></div>discipline regime, such expenses and penalties may be charged to the relevant Fund depending upon their characterization under the Fund&#8217;s Investment Management Agreement.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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="top.Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#335367;display:inline;"><div style="font-weight:bold;display:inline;">Insurance Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide such credit enhancements will affect the value of those securities. Certain significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to <div style="white-space:nowrap;display:inline;">sub-prime</div> mortgages and other lower credit quality investments that have experienced recent defaults or otherwise suffered extreme credit deterioration. As a result, such losses reduced the insurers&#8217; capital and called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future. If the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the rating of the underlying municipal security will be more relevant and the value of the municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security would decline and may not add any value. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the net asset value of the common shares represented by such insured obligation. </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"><div style="color:#333333;display:inline;">Investing in the municipal bond market involves the risks of investing in debt securities generally and certain other risks. The amount of public information available about the municipal bonds in which the Fund may invest is generally less than that for corporate equities or bonds, and the investment performance of the Fund&#8217;s investment in municipal bonds may therefore be more dependent on the analytical abilities of PIMCO than its investments in taxable bonds. The secondary market for municipal bonds also tends to be less well developed or liquid than many other securities markets, which may adversely affect the Fund&#8217;s ability to sell municipal bonds at attractive prices. </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="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [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="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
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<td class="text">650 Newport Center Drive<span></span>
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<td class="text">Newport Beach<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
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<td class="text">92660<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_ContactPersonnelName', window );">Contact Personnel Name</a></td>
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<td class="text">Ryan G. Leshaw<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SecurityAxis=cik0001170299_ArpsMember', window );">ARPS</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_FinancialHighlightsAbstract', window );"><strong>Financial Highlights [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="top.Show.showAR( this, 'defref_cef_SeniorSecuritiesAmount', window );">Senior Securities Amount</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>
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</td>
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</td>
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<td class="nump">$ 298,275,000<span></span>
</td>
<td class="nump">$ 298,275,000<span></span>
</td>
<td class="nump">$ 298,275,000<span></span>
</td>
<td class="nump">$ 298,275,000<span></span>
</td>
<td class="nump">$ 367,000,000<span></span>
</td>
<td class="nump">$ 367,000,000<span></span>
</td>
<td class="nump">$ 367,000,000<span></span>
</td>
<td class="nump">$ 367,000,000<span></span>
</td>
<td class="nump">$ 367,000,000<span></span>
</td>
<td class="nump">$ 367,000,000<span></span>
</td>
<td class="nump">$ 367,000,000<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="top.Show.showAR( this, 'defref_cef_SeniorSecuritiesCoveragePerUnit', window );">Senior Securities Coverage per Unit</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 78,363<span></span>
</td>
<td class="nump">$ 78,293<span></span>
</td>
<td class="nump">$ 78,308<span></span>
</td>
<td class="nump">$ 74,285<span></span>
</td>
<td class="nump">$ 76,136<span></span>
</td>
<td class="nump">$ 74,548<span></span>
</td>
<td class="nump">$ 76,782<span></span>
</td>
<td class="nump">$ 75,553<span></span>
</td>
<td class="nump">$ 74,733<span></span>
</td>
<td class="nump">$ 75,501<span></span>
</td>
<td class="nump">$ 74,192<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit', window );">Senior Securities Involuntary Liquidating Preference per Unit</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[11]</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="nump">25,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SeniorSecuritiesAverageMarketValuePerUnit', window );">Senior Securities Average Market Value per Unit</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[12]</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>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
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<td class="text"> <span></span>
</td>
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</td>
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</td>
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</td>
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</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SecurityAxis=cik0001170299_RvmtpMember', window );">RVMTP</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>
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</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>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</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="top.Show.showAR( this, 'defref_cef_FinancialHighlightsAbstract', window );"><strong>Financial Highlights [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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.Show.showAR( this, 'defref_cef_SeniorSecuritiesAmount', window );">Senior Securities Amount</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="nump">$ 68,700,000<span></span>
</td>
<td class="nump">$ 68,700,000<span></span>
</td>
<td class="nump">$ 68,700,000<span></span>
</td>
<td class="nump">$ 68,700,000<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.Show.showAR( this, 'defref_cef_SeniorSecuritiesCoveragePerUnit', window );">Senior Securities Coverage per Unit</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 313,450<span></span>
</td>
<td class="nump">$ 313,170<span></span>
</td>
<td class="nump">$ 313,230<span></span>
</td>
<td class="nump">$ 297,110<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.Show.showAR( this, 'defref_cef_SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit', window );">Senior Securities Involuntary Liquidating Preference per Unit</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[11]</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="nump">100,000<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.Show.showAR( this, 'defref_cef_SeniorSecuritiesAverageMarketValuePerUnit', window );">Senior Securities Average Market Value per Unit</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[13]</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"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.Show.showAR( this, 'defref_cef_SecurityAxis=cik0001170299_CommonSharesMember', window );">Common Shares</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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.Show.showAR( this, 'defref_cef_LowestPriceOrBid', window );">Lowest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[14]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.12<span></span>
</td>
<td class="nump">$ 11.2<span></span>
</td>
<td class="nump">$ 13.86<span></span>
</td>
<td class="nump">$ 14.74<span></span>
</td>
<td class="nump">$ 14.53<span></span>
</td>
<td class="nump">$ 14.15<span></span>
</td>
<td class="nump">$ 13.09<span></span>
</td>
<td class="nump">$ 13.14<span></span>
</td>
<td class="nump">$ 11.59<span></span>
</td>
<td class="nump">$ 10.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.Show.showAR( this, 'defref_cef_HighestPriceOrBid', window );">Highest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[14]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11.82<span></span>
</td>
<td class="nump">14.55<span></span>
</td>
<td class="nump">14.83<span></span>
</td>
<td class="nump">15.31<span></span>
</td>
<td class="nump">15.08<span></span>
</td>
<td class="nump">15.35<span></span>
</td>
<td class="nump">14.71<span></span>
</td>
<td class="nump">14.28<span></span>
</td>
<td class="nump">13.45<span></span>
</td>
<td class="nump">15.97<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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">9.14<span></span>
</td>
<td class="nump">10.7<span></span>
</td>
<td class="nump">12.15<span></span>
</td>
<td class="nump">12.32<span></span>
</td>
<td class="nump">12.26<span></span>
</td>
<td class="nump">12.14<span></span>
</td>
<td class="nump">11.87<span></span>
</td>
<td class="nump">11.95<span></span>
</td>
<td class="nump">10.95<span></span>
</td>
<td class="nump">10.12<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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">$ 10.78<span></span>
</td>
<td class="nump">$ 12.37<span></span>
</td>
<td class="nump">$ 12.42<span></span>
</td>
<td class="nump">$ 12.77<span></span>
</td>
<td class="nump">$ 12.68<span></span>
</td>
<td class="nump">$ 12.65<span></span>
</td>
<td class="nump">$ 12.42<span></span>
</td>
<td class="nump">$ 12.44<span></span>
</td>
<td class="nump">$ 11.95<span></span>
</td>
<td class="nump">$ 13.3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="top.Show.showAR( this, 'defref_cef_OutstandingSecurityHeldShares', window );">Outstanding Security, Held [Shares]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SecurityAxis=cik0001170299_SeriesAArpsMember', window );">Series A ARPS</a></td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecurityTitleTextBlock', window );">Outstanding Security, Title [Text Block]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecurityAuthorizedShares', window );">Outstanding Security, Authorized [Shares]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecurityHeldShares', window );">Outstanding Security, Held [Shares]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SecurityAxis=cik0001170299_SeriesBArpsMember', window );">Series B ARPS</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecurityTitleTextBlock', window );">Outstanding Security, Title [Text Block]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecurityAuthorizedShares', window );">Outstanding Security, Authorized [Shares]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecurityHeldShares', window );">Outstanding Security, Held [Shares]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SecurityAxis=cik0001170299_SeriesCArpsMember', window );">Series C ARPS</a></td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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">Series C ARPS<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>
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</td>
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</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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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecurityAuthorizedShares', window );">Outstanding Security, Authorized [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td class="nump">4,040<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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>
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<td class="nump">2,422<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>
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</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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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SecurityAxis=cik0001170299_SeriesDArpsMember', window );">Series D ARPS</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>
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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="top.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>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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>
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<td class="text">Series D ARPS<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">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecurityAuthorizedShares', window );">Outstanding Security, Authorized [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td class="nump">4,040<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="top.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">2,300<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>
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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="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SecurityAxis=cik0001170299_SeriesEArpsMember', window );">Series E ARPS</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>
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</td>
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</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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>
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</td>
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</td>
<td class="text">&#160;<span></span>
</td>
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</td>
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</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.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">Series E ARPS<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>
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</td>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecurityAuthorizedShares', window );">Outstanding Security, Authorized [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,040<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="top.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">2,353<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SecurityAxis=cik0001170299_SeriesTwoThousandAndFiftyOneRvmtpSharesMember', window );">Series 2051 RVMTP Shares</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>
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</td>
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</td>
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</td>
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</td>
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</td>
<td class="text">&#160;<span></span>
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</td>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr><td colspan="24"><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 0.685% of the Fund&#8217;s average daily net assets (including daily net assets attributable to any Preferred Shares). 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.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">Restated to reflect the Fund&#8217;s outstanding ARPS and RVMTP averaged over the year ended December 31, 2021, which represented 22.02% and 5.07%, respectively, of the Fund&#8217;s total average managed assets (including the liquidation preference of outstanding Preferred Shares and assets attributable to TOBs), at an annual estimated dividend cost to the Fund of 1.93% for ARPS and 1.83% for RVMTP as of June 30, 2022, and assumes the Fund will continue to pay dividends on the ARPS at the &#8220;maximum applicable rate&#8221; called for under the Fund&#8217;s Bylaws due to the ongoing failure of auctions for the ARPS. The actual dividend rate paid on the Preferred Shares will vary over time in accordance with variations in market interest rates. See &#8220;Use of Leverage&#8221; and &#8220;Description of Capital Structure.&#8221;</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">Restated to reflect the Fund&#8217;s use of leverage in the form of TOBs averaged over the year ended December 31, 2021, which represented 14.89% of the Fund&#8217;s total average managed assets (including assets attributable to Preferred Shares and TOBs), at an estimated annual interest rate cost to the Fund of 0.84% as of June 30, 2022. 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 Preferred Shares, TOBs and/or other forms of borrowing 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">[7]</td>
<td style="vertical-align: top;" valign="top">&#8220;Other Expenses&#8221; are estimated for the Fund&#8217;s current fiscal year ending December 31, 2022.</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 the management fees paid to PIMCO. Excluding such expenses, Total Annual Expenses are 1.03%.</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">&#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 or RVMTP, bears to the aggregate of the involuntary liquidation preference of ARPS or RVMTP, expressed as a dollar amount per ARPS or RVMTP.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[11]</td>
<td style="vertical-align: top;" valign="top">&#8220;Involuntary Liquidating Preference&#8221; means the amount to which a holder of ARPS or RVMTP would be entitled upon the involuntary liquidation of the Fund in preference to the Common Shareholders, expressed as a dollar amount per Preferred Share.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[12]</td>
<td style="vertical-align: top;" valign="top">The ARPS have no readily ascertainable market value. Auctions for the ARPS have failed since February 2008, there is currently no active trading market for the ARPS and the Fund is not able to reliably estimate what their value would be in a 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.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[13]</td>
<td style="vertical-align: top;" valign="top">The RVMTP have no readily ascertainable market value. The liquidation value of the RVMTP represents its liquidation preference, which approximates fair value of the shares less any unamortized debt issuance costs.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[14]</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>
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<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_EffectsOfLeverageTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_FinancialHighlightsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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 4<br></p></div>
<a href="javascript:void(0);" onclick="top.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_FinancialHighlightsAbstract</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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_IntervalFundFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_LatestNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_LatestNav</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_LatestPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_LatestSharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_LatestSharePrice</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_LowestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_OtherAnnualExpense1Percent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_OtherAnnualExpense1Percent</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_OtherAnnualExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_OtherExpensesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_OtherTransactionExpense1Percent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_OtherTransactionExpense1Percent</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_OtherTransactionExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_OutstandingSecuritiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_OutstandingSecurityAuthorizedShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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 2<br></p></div>
<a href="javascript:void(0);" onclick="top.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_OutstandingSecurityAuthorizedShares</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_OutstandingSecurityHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_SecurityTitleTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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>
<a href="javascript:void(0);" onclick="top.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_SecurityTitleTextBlock</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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_SeniorSecuritiesAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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 4<br> -Subsection 3<br> -Paragraph 2<br></p></div>
<a href="javascript:void(0);" onclick="top.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_SeniorSecuritiesAmount</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_SeniorSecuritiesAverageMarketValuePerUnit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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 4<br> -Subsection 3<br> -Paragraph 5<br></p></div>
<a href="javascript:void(0);" onclick="top.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_SeniorSecuritiesAverageMarketValuePerUnit</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_SeniorSecuritiesAveragingMethodNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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 4<br> -Subsection 3<br> -Paragraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="top.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_SeniorSecuritiesAveragingMethodNoteTextBlock</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>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SeniorSecuritiesCoveragePerUnit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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 4<br> -Subsection 3<br> -Paragraph 3<br> -Subparagraph Instruction 2<br></p></div>
<a href="javascript:void(0);" onclick="top.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_SeniorSecuritiesCoveragePerUnit</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_SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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 4<br> -Subsection 3<br> -Paragraph 4<br> -Subparagraph Instruction 3<br></p></div>
<a href="javascript:void(0);" onclick="top.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_SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit</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_SeniorSecuritiesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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 4<br> -Subsection 3<br> -Paragraph Instruction 1<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br> -Subsection 1<br> -Paragraph Instruction 2<br></p></div>
<a href="javascript:void(0);" onclick="top.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_SeniorSecuritiesNoteTextBlock</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_SeniorSecuritiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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 4<br> -Subsection 3<br></p></div>
<a href="javascript:void(0);" onclick="top.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_SeniorSecuritiesTableTextBlock</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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_SharePricesNotActualTransactionsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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 2<br></p></div>
<a href="javascript:void(0);" onclick="top.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_SharePricesNotActualTransactionsTextBlock</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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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>
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<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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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>
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</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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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>
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</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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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>
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<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>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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</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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:dateOrAsapItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of contact personnel</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.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_cef_RiskAxis=cik0001170299_MarketDiscountRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_MarketDiscountRiskMember</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=cik0001170299_MarketRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_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=cik0001170299_MunicipalBondRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_MunicipalBondRiskMember</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=cik0001170299_MunicipalProjectSpecificRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_MunicipalProjectSpecificRiskMember</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=cik0001170299_UsGovernmentSecuritiesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_UsGovernmentSecuritiesRiskMember</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=cik0001170299_AssetAllocationRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_AssetAllocationRiskMember</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=cik0001170299_ManagementRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_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=cik0001170299_IssuerRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_IssuerRiskMember</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=cik0001170299_InterestRateRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_InterestRateRiskMember</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=cik0001170299_CreditRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_CreditRiskMember</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=cik0001170299_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember</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=cik0001170299_MortgageRelatedDerivativeInstrumentsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_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=cik0001170299_HighYieldSecuritiesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_HighYieldSecuritiesRiskMember</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=cik0001170299_ReinvestmentRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_ReinvestmentRiskMember</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=cik0001170299_SecuritiesLendingRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_SecuritiesLendingRiskMember</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=cik0001170299_CallRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_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=cik0001170299_UsGovernmentSecuritiesRisk1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_UsGovernmentSecuritiesRisk1Member</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=cik0001170299_CaliforniaStateSpecificRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_CaliforniaStateSpecificRiskMember</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=cik0001170299_NewYorkStateSpecificRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_NewYorkStateSpecificRiskMember</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=cik0001170299_PuertoRicoSpecificRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_PuertoRicoSpecificRiskMember</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=cik0001170299_ValuationRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_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=cik0001170299_LeverageRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_LeverageRiskMember</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=cik0001170299_SegregationAndCoverageRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_SegregationAndCoverageRiskMember</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=cik0001170299_ShortExposureRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_ShortExposureRiskMember</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=cik0001170299_DerivativesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_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=cik0001170299_CounterpartyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_CounterpartyRiskMember</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=cik0001170299_AdditionalRisksAssociatedWithTheFundsPreferredSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_AdditionalRisksAssociatedWithTheFundsPreferredSharesMember</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=cik0001170299_ConfidentialInformationAccessRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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=cik0001170299_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>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001170299_PrivatePlacementsAndRestrictedSecuritiesRiskMember</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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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001170299_InflationDeflationRiskMember</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> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001170299_RegulatoryChangesRiskMember</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> 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=cik0001170299_RegulatoryRiskLondonInterbankOfferedRateLiborMember</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 style="white-space:nowrap;">cef_RiskAxis=cik0001170299_RegulatoryRiskCommodityPoolOperatorMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=cik0001170299_LiquidityRiskMember</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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<tr>
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<td style="white-space:nowrap;">cef_RiskAxis=cik0001170299_TaxRiskMember</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> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001170299_PortfolioTurnoverRiskMember</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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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001170299_OperationalRiskMember</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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<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=cik0001170299_OtherInvestmentCompaniesRiskMember</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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<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=cik0001170299_CybersecurityRiskMember</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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<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=cik0001170299_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember</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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<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=cik0001170299_RepurchaseAgreementsRiskMember</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> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<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=cik0001170299_StructuredInvestmentsRiskMember</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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<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 style="white-space:nowrap;">cef_RiskAxis=cik0001170299_CertainAffiliationsMember</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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<tr>
<td><strong> Period Type:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=cik0001170299_AntiTakeoverProvisionsMember</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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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=cik0001170299_DistributionRateRiskMember</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>
<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=cik0001170299_AmtBondsRiskMember</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>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</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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<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>
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</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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<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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    <context id="P08_10_2022To08_10_2022_RegulatoryRiskLondonInterbankOfferedRateLiborMembercefRiskAxis">
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&lt;td colspan="4" style="BORDER-LEFT:0.75pt solid #ffffff;height:3pt"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="vertical-align:top"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &amp;quot;Arial Narrow&amp;quot;; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Offering Expenses Borne by Common Shareholders (as a percentage of offering price)&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px"&gt;(2)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;[-&lt;/div&gt;&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;]%&#160;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="font-size:1pt"&gt;
&lt;td style="height:3pt"/&gt;
&lt;td colspan="4" style="BORDER-LEFT:0.75pt solid #ffffff;height:3pt"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7.5pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &amp;quot;Arial Narrow&amp;quot;; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Dividend Reinvestment Plan Fees&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px"&gt;(3)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;None&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:12pt;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px"&gt;(1)&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &amp;quot;Arial Narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;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. &lt;/div&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:12pt;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px"&gt;(2)&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &amp;quot;Arial Narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;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. &lt;/div&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:12pt;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px"&gt;(3)&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &amp;quot;Arial Narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); 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 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&#x2019;s Dividend Reinvestment Plan. See &#x201c;Dividend Reinvestment Plan.&#x201d; &lt;/div&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; </cef:ShareholderTransactionExpensesTableTextBlock>
    <cef:BasisOfTransactionFeesNoteTextBlock contextRef="P08_10_2022To08_10_2022">as a percentage of offering price</cef:BasisOfTransactionFeesNoteTextBlock>
    <cef:SalesLoadPercent
      contextRef="P08_10_2022To08_10_2022"
      id="Fact_53875355"
      unitRef="Unit_pure"
      xsi:nil="true"/>
    <cef:OtherTransactionExpense1Percent
      contextRef="P08_10_2022To08_10_2022"
      id="Fact_53875357"
      unitRef="Unit_pure"
      xsi:nil="true"/>
    <cef:DividendReinvestmentAndCashPurchaseFees
      contextRef="P08_10_2022To08_10_2022"
      decimals="0"
      id="Fact_53875356"
      unitRef="Unit_USD">0</cef:DividendReinvestmentAndCashPurchaseFees>
    <cef:AnnualExpensesTableTextBlock contextRef="P08_10_2022To08_10_2022">&lt;div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt;width:100%;border:0;margin:0 auto"&gt;
&lt;tr style="font-size: 0px;"&gt;
&lt;td style="width:60%"/&gt;
&lt;td style="vertical-align:bottom;width:37%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt"&gt;
&lt;td style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &amp;quot;Arial Narrow&amp;quot;; text-align: center; line-height: normal;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Percentage of Net Assets&lt;br/&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 7pt; font-family: &amp;quot;Arial Narrow&amp;quot;; text-align: center; line-height: normal;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Attributable&#160;to&#160;Common&lt;br/&gt;Shares&#160;(reflecting&lt;br/&gt;leverage&#160;attributable&#160;to&lt;br/&gt;Preferred&#160;Shares&#160;and&#160;TOBs)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="font-size:1pt"&gt;
&lt;td style="height:3pt"/&gt;
&lt;td colspan="4" style="BORDER-LEFT:0.75pt solid #ffffff;height:3pt"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7.5pt"&gt;
&lt;td style="vertical-align:top"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &amp;quot;Arial Narrow&amp;quot;; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Management Fees&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px"&gt;(1)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1.00&lt;/div&gt;&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&#160;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="font-size:1pt;background-color:#f4f6f7"&gt;
&lt;td style="height:3pt"/&gt;
&lt;td colspan="4" style="BORDER-LEFT:0.75pt solid #ffffff;height:3pt"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="vertical-align:top"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &amp;quot;Arial Narrow&amp;quot;; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Dividend Cost on Preferred Shares&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px"&gt;(2)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;0.94&lt;/div&gt;&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&#160;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="font-size:1pt"&gt;
&lt;td style="height:3pt"/&gt;
&lt;td colspan="4" style="BORDER-LEFT:0.75pt solid #ffffff;height:3pt"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7.5pt"&gt;
&lt;td style="vertical-align:top"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &amp;quot;Arial Narrow&amp;quot;; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest Payments on Borrowed Funds&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px"&gt;(3)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;0.22&lt;/div&gt;&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&#160;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="font-size:1pt;background-color:#f4f6f7"&gt;
&lt;td style="height:3pt"/&gt;
&lt;td colspan="4" style="BORDER-LEFT:0.75pt solid #ffffff;height:3pt"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="vertical-align:top"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &amp;quot;Arial Narrow&amp;quot;; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other Expenses&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px"&gt;(4)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;0.03&lt;/div&gt;&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&#160;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="font-size:1pt"&gt;
&lt;td style="height:3pt"/&gt;
&lt;td colspan="4" style="BORDER-LEFT:0.75pt solid #ffffff;height:3pt"&gt;&#160;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7.5pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &amp;quot;Arial Narrow&amp;quot;; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total Annual Expenses&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.2px"&gt;(5)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2.19&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&#160;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:12pt;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px"&gt;(1)&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &amp;quot;Arial Narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;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 &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;all-in&lt;/div&gt; fee structure (the &#x201c;unified management fee&#x201d;). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 0.685% of the Fund&#x2019;s average daily net assets (including daily net assets attributable to any Preferred Shares). 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 &lt;/div&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:11.25pt"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#x201c;Management of the Fund&#x2013;Investment Management Agreement&#x201d; for an explanation of the unified management fee. &lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:12pt;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px"&gt;(2)&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &amp;quot;Arial Narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Restated to reflect the Fund&#x2019;s outstanding ARPS and RVMTP averaged over the year ended December&#160;31, 2021, which represented 22.02% and 5.07%, respectively, of the Fund&#x2019;s total average managed assets (including the liquidation preference of outstanding Preferred Shares and assets attributable to TOBs), at an annual estimated dividend cost to the Fund of &lt;div style="display:inline;"&gt;1&lt;/div&gt;.9&lt;div style="display:inline;"&gt;3&lt;/div&gt;% for ARPS and 1.83% for RVMTP as of June&#160;30, 2022, and assumes the Fund will continue to pay dividends on the ARPS at the &#x201c;maximum applicable rate&#x201d; called for under the Fund&#x2019;s Bylaws due to the ongoing failure of auctions for the ARPS. The actual dividend rate paid on the Preferred Shares will vary over time in accordance with variations in market interest rates. See &#x201c;Use of Leverage&#x201d; and &#x201c;Description of Capital Structure.&#x201d; &lt;/div&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:12pt;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px"&gt;(3)&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &amp;quot;Arial Narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Restated to reflect the Fund&#x2019;s use of leverage in the form of TOBs averaged over the year ended December&#160;31, 2021, which represented 14.89% of the Fund&#x2019;s total average managed assets (including assets attributable to Preferred Shares and TOBs), at an estimated annual interest rate cost to the Fund of 0.84% as of June 30, 2022. See &#x201c;Use of Leverage&#x2014;Effects of Leverage.&#x201d; The actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund&#x2019;s use of Preferred Shares, TOBs and/or other forms of borrowing 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&#x2019;s performance results. &lt;/div&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:12pt;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px"&gt;(4)&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &amp;quot;Arial Narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#x201c;Other Expenses&#x201d; are estimated for the Fund&#x2019;s current fiscal year ending December&#160;31, 2022. &lt;/div&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:12pt;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px"&gt;(5)&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &amp;quot;Arial Narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#x201c;Dividend Cost on Preferred Shares&#x201d;, including distributions on Preferred Shares, and &#x201c;Interest Payments on Borrowed Funds&#x201d; are borne by the Fund separately from the management fees paid to PIMCO. Excluding such expenses, Total Annual Expenses are 1.03%. &lt;/div&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; </cef:AnnualExpensesTableTextBlock>
    <cef:ManagementFeesPercent
      contextRef="P08_10_2022To08_10_2022"
      decimals="4"
      id="Fact_53875359"
      unitRef="Unit_pure">0.01</cef:ManagementFeesPercent>
    <cef:DividendExpenseOnPreferredSharesPercent
      contextRef="P08_10_2022To08_10_2022"
      decimals="4"
      id="Fact_53875360"
      unitRef="Unit_pure">0.0094</cef:DividendExpenseOnPreferredSharesPercent>
    <cef:DividendAndInterestExpensesOnShortSalesPercent
      contextRef="P08_10_2022To08_10_2022"
      decimals="4"
      id="Fact_53875361"
      unitRef="Unit_pure">0.0022</cef:DividendAndInterestExpensesOnShortSalesPercent>
    <cef:OtherAnnualExpense1Percent
      contextRef="P08_10_2022To08_10_2022"
      decimals="4"
      id="Fact_53875362"
      unitRef="Unit_pure">0.0003</cef:OtherAnnualExpense1Percent>
    <cef:TotalAnnualExpensesPercent
      contextRef="P08_10_2022To08_10_2022"
      decimals="4"
      id="Fact_53875363"
      unitRef="Unit_pure">0.0219</cef:TotalAnnualExpensesPercent>
    <cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock contextRef="P08_10_2022To08_10_2022">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 &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;all-in&lt;/div&gt; fee structure (the &#x201c;unified management fee&#x201d;). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 0.685% of the Fund&#x2019;s average daily net assets (including daily net assets attributable to any Preferred Shares). 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
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:11.25pt"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#x201c;Management of the Fund&#x2013;Investment Management Agreement&#x201d; for an explanation of the unified management fee. &lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; </cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock>
    <cef:OtherExpensesNoteTextBlock contextRef="P08_10_2022To08_10_2022">&#x201c;Other Expenses&#x201d; are estimated for the Fund&#x2019;s current fiscal year ending December&#160;31, 2022.</cef:OtherExpensesNoteTextBlock>
    <cef:ExpenseExampleTableTextBlock contextRef="P08_10_2022To08_10_2022">&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares of the Fund, assuming (1)&#160;that the Fund&#x2019;s net assets do not increase or decrease, (2)&#160;that the Fund incurs total annual expenses of 2.19% of net assets attributable to Common Shares in years 1 through 10 (assuming outstanding Preferred Shares and TOBs representing 41.98% of the Fund&#x2019;s total managed assets) and (3)&#160;a 5% annual return&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px"&gt;(1)&lt;/div&gt;: &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7.5pt;width:100%;border:0;margin:0 auto"&gt;
&lt;tr style="font-size: 0px;"&gt;
&lt;td style="width:48%"/&gt;
&lt;td style="vertical-align:bottom;width:10%"/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:10%"/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:10%"/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:10%"/&gt;
&lt;td/&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 0.375pt;"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid rgb(51, 83, 103); line-height: normal;"&gt;&#160;&lt;/div&gt; &lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;1&#160;Year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;3&#160;Years&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;5&#160;Years&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="font-family: &amp;quot;Arial Narrow&amp;quot;; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;10&#160;Years&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:middle;background-color:#f4f6f7"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total&#160;Expenses&#160;Incurred&lt;/div&gt;&lt;/div&gt; &lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#f4f6f7"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:middle;background-color:#f4f6f7;text-align:center;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$22&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#f4f6f7"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:middle;background-color:#f4f6f7;text-align:center;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$69&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#f4f6f7"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:middle;background-color:#f4f6f7;text-align:center;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$117&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#f4f6f7"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:middle;background-color:#f4f6f7;text-align:center;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$252&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style="font-size:1pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:8pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:12pt;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px"&gt;(1)&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &amp;quot;Arial Narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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 expenses. Actual expenses may be higher or lower than those shown.&lt;/div&gt;&lt;/div&gt; 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&#x2019;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. &lt;/div&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; </cef:ExpenseExampleTableTextBlock>
    <cef:ExpenseExampleYear01
      contextRef="P08_10_2022To08_10_2022"
      decimals="0"
      id="Fact_53875365"
      unitRef="Unit_USD">22</cef:ExpenseExampleYear01>
    <cef:ExpenseExampleYears1to3
      contextRef="P08_10_2022To08_10_2022"
      decimals="0"
      id="Fact_53875366"
      unitRef="Unit_USD">69</cef:ExpenseExampleYears1to3>
    <cef:ExpenseExampleYears1to5
      contextRef="P08_10_2022To08_10_2022"
      decimals="0"
      id="Fact_53875367"
      unitRef="Unit_USD">117</cef:ExpenseExampleYears1to5>
    <cef:ExpenseExampleYears1to10
      contextRef="P08_10_2022To08_10_2022"
      decimals="0"
      id="Fact_53875368"
      unitRef="Unit_USD">252</cef:ExpenseExampleYears1to10>
    <cef:SeniorSecuritiesNoteTextBlock contextRef="P08_10_2022To08_10_2022">&lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt; &lt;div id="pro288652_3" style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Financial Highlights &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:8pt;width:100%;border:0;margin:0 auto"&gt;
&lt;tr style="font-size: 0px;"&gt;
&lt;td style="width:45%"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
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&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt"&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 0.375pt;"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="14" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;ARPS&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 0.375pt;"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 0.375pt;"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="14" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;RVMTP&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;(5)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Selected&#160;Per&#160;Share&#160;Data&lt;br/&gt;for&#160;the&#160;Year&#160;Ended^:&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total Amount&lt;br/&gt;Outstanding&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Asset&lt;br/&gt;Coverage&lt;br/&gt;per&lt;br/&gt;Preferred&lt;br/&gt;Share&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;(1)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Involuntary&lt;br/&gt;Liquidating&lt;br/&gt;Preference&lt;br/&gt;per&lt;br/&gt;Preferred&lt;br/&gt;Share&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;(2)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Average&lt;br/&gt;Market&#160;Value&lt;br/&gt;per ARPS&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;(3)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&#160;Amount&lt;br/&gt;Outstanding&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Asset&lt;br/&gt;Coverage&lt;br/&gt;per&lt;br/&gt;Preferred&lt;br/&gt;Share&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;(1)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Involuntary&lt;br/&gt;Liquidating&lt;br/&gt;Preference&lt;br/&gt;per&lt;br/&gt;Preferred&lt;br/&gt;Share&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;(2)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Average&lt;br/&gt;Market&#160;Value&lt;br/&gt;per&#160;RVMTP&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;(4)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;12/31/2021&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;$&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;298,275,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;$&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;78,363&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;$25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;N/A&lt;/div&gt;&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;$68,700,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;$&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;313,450&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;$100,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;12/31/2020&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;298,275,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;78,293&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;68,700,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;313,170&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;100,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;12/31/2019&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;298,275,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;78,308&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;68,700,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;313,230&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;100,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;12/31/2018&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;298,275,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;74,285&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;68,700,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;297,110&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;100,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;12/31/2017&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;367,000,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;76,136&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;100,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;12/31/2016&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;367,000,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;74,548&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;06/01/2015&#160;-&#160;12/31/2015&lt;/div&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px"&gt;(g)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;367,000,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;76,782&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;05/31/2015&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;367,000,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;75,553&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;05/31/2014&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;367,000,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;74,733&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;05/31/2013&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;367,000,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;75,501&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;05/31/2012&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;367,000,000&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;74,192&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;1&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &amp;quot;arial narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#x201c;Asset Coverage per Preferred Share&#x201d; means the ratio that the value of the total assets of the Fund, less all liabilities and indebtedness not represented by ARPS or RVMTP, bears to the aggregate of the involuntary liquidation preference of ARPS or RVMTP, expressed as a dollar amount per ARPS or RVMTP. &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;2&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &amp;quot;arial narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#x201c;Involuntary Liquidating Preference&#x201d; means the amount to which a holder of ARPS or RVMTP would be entitled upon the involuntary liquidation of the Fund in preference to the Common Shareholders, expressed as a dollar amount per Preferred Share. &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;3&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &amp;quot;arial narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The ARPS have no readily ascertainable market value. Auctions for the ARPS have failed since February 2008, there is currently no active trading market for the ARPS and the Fund is not able to reliably estimate what their value would be in a 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. &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;4&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &amp;quot;arial narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The RVMTP have no readily ascertainable market value. The liquidation value of the RVMTP represents its liquidation preference, which approximates fair value of the shares less any unamortized debt issuance costs. &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;5&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &amp;quot;arial narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Prior to July&#160;14, 2021, RVMTP Shares were VMTP Shares. &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;</cef:SeniorSecuritiesNoteTextBlock>
    <cef:SeniorSecuritiesTableTextBlock contextRef="P08_10_2022To08_10_2022">
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:8pt;width:100%;border:0;margin:0 auto"&gt;
&lt;tr style="font-size: 0px;"&gt;
&lt;td style="width:45%"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
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&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
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&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
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&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
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&lt;td&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;width:1%"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt"&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 0.375pt;"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="14" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;ARPS&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 0.375pt;"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 0.375pt;"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="14" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;RVMTP&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;(5)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Selected&#160;Per&#160;Share&#160;Data&lt;br/&gt;for&#160;the&#160;Year&#160;Ended^:&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total Amount&lt;br/&gt;Outstanding&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Asset&lt;br/&gt;Coverage&lt;br/&gt;per&lt;br/&gt;Preferred&lt;br/&gt;Share&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;(1)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Involuntary&lt;br/&gt;Liquidating&lt;br/&gt;Preference&lt;br/&gt;per&lt;br/&gt;Preferred&lt;br/&gt;Share&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;(2)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Average&lt;br/&gt;Market&#160;Value&lt;br/&gt;per ARPS&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;(3)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&#160;Amount&lt;br/&gt;Outstanding&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Asset&lt;br/&gt;Coverage&lt;br/&gt;per&lt;br/&gt;Preferred&lt;br/&gt;Share&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;(1)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Involuntary&lt;br/&gt;Liquidating&lt;br/&gt;Preference&lt;br/&gt;per&lt;br/&gt;Preferred&lt;br/&gt;Share&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;(2)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;white-space:nowrap;text-align:center;"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Average&lt;br/&gt;Market&#160;Value&lt;br/&gt;per&#160;RVMTP&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;(4)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;12/31/2021&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;$&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;298,275,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;$&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;78,363&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;$25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;N/A&lt;/div&gt;&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;$68,700,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;$&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;313,450&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;$100,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;12/31/2020&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;298,275,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;78,293&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;68,700,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;313,170&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;100,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;12/31/2019&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;298,275,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;78,308&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;68,700,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;313,230&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;100,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;12/31/2018&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;298,275,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;74,285&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;68,700,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;297,110&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;100,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;12/31/2017&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;367,000,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;76,136&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;100,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;12/31/2016&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;367,000,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;74,548&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;06/01/2015&#160;-&#160;12/31/2015&lt;/div&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px"&gt;(g)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;367,000,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;76,782&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;05/31/2015&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;367,000,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;75,553&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;05/31/2014&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;367,000,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;74,733&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;05/31/2013&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;367,000,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;75,501&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:8pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;background-color:#eceff1"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;05/31/2012&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;367,000,000&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;74,192&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;25,000&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1;text-align:right;"&gt;N/A&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-LEFT:0.75pt solid #ffffff; BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;background-color:#eceff1"&gt;&lt;div style="font-size: x-small; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;1&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &amp;quot;arial narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#x201c;Asset Coverage per Preferred Share&#x201d; means the ratio that the value of the total assets of the Fund, less all liabilities and indebtedness not represented by ARPS or RVMTP, bears to the aggregate of the involuntary liquidation preference of ARPS or RVMTP, expressed as a dollar amount per ARPS or RVMTP. &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;2&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &amp;quot;arial narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#x201c;Involuntary Liquidating Preference&#x201d; means the amount to which a holder of ARPS or RVMTP would be entitled upon the involuntary liquidation of the Fund in preference to the Common Shareholders, expressed as a dollar amount per Preferred Share. &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;3&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &amp;quot;arial narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The ARPS have no readily ascertainable market value. Auctions for the ARPS have failed since February 2008, there is currently no active trading market for the ARPS and the Fund is not able to reliably estimate what their value would be in a 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. &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;4&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &amp;quot;arial narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The RVMTP have no readily ascertainable market value. The liquidation value of the RVMTP represents its liquidation preference, which approximates fair value of the shares less any unamortized debt issuance costs. &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;5&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7pt; font-family: &amp;quot;arial narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Prior to July&#160;14, 2021, RVMTP Shares were VMTP Shares. &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;</cef:SeniorSecuritiesTableTextBlock>
    <cef:SeniorSecuritiesAmount
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    <cef:SeniorSecuritiesAmount
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      decimals="INF"
      unitRef="Unit_USD">367000000</cef:SeniorSecuritiesAmount>
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    <cef:SeniorSecuritiesAmount
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      decimals="INF"
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      decimals="INF"
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    <cef:SeniorSecuritiesAmount
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      decimals="INF"
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      unitRef="Unit_USD_per_Share">74733</cef:SeniorSecuritiesCoveragePerUnit>
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      decimals="INF"
      id="Fact_53875403"
      unitRef="Unit_USD_per_Share">75501</cef:SeniorSecuritiesCoveragePerUnit>
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      decimals="INF"
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    <cef:SeniorSecuritiesAmount
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      decimals="INF"
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    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="P06_01_2011To05_31_2012_ArpsMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875404"
      unitRef="Unit_USD_per_Share">74192</cef:SeniorSecuritiesCoveragePerUnit>
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      contextRef="P06_01_2011To05_31_2012_ArpsMembercefSecurityAxis"
      decimals="INF"
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    <cef:SeniorSecuritiesAverageMarketValuePerUnit
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      id="Fact_53875432"
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    <cef:SeniorSecuritiesAveragingMethodNoteTextBlock contextRef="P08_10_2022To08_10_2022">The ARPS have no readily ascertainable market value. Auctions for the ARPS have failed since February 2008, there is currently no active trading market for the ARPS and the Fund is not able to reliably estimate what their value would be in a 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.</cef:SeniorSecuritiesAveragingMethodNoteTextBlock>
    <cef:InvestmentObjectivesAndPracticesTextBlock contextRef="P08_10_2022To08_10_2022">&lt;div id="pro288652_6" style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Investment Objective and Policies &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund seeks to provide current income exempt from federal income tax. In pursuing the Fund&#x2019;s investment objective, the Fund&#x2019;s investment manager, Pacific Investment Management Company LLC (&#x201c;PIMCO or the &#x201c;Investment Manager&#x201d;), also seeks to preserve and enhance the value of the Fund&#x2019;s holdings relative to the municipal bond market generally, using proprietary analytical models that test and evaluate the sensitivity of those holdings to changes in interest rates and yield relationships. The Fund cannot assure you that it will achieve its investment objective, and you could lose all of your investment in the Fund. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Portfolio Investment Strategies &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Under normal circumstances, the Fund expects to invest at least 90% of its net assets in municipal bonds which pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by PIMCO to be reliable), is exempt from regular federal income taxes (i.e., excluded from gross income for federal income tax purposes but not necessarily exempt from the federal alternative minimum tax). Subject to its other investment policies, the Fund may invest up to 20% of its total assets in investments the interest from which is subject to the federal alternative minimum tax. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund invests at least 80% of its net assets in municipal bonds that at the time of investment are investment grade quality. Investment grade quality bonds are bonds rated within the four highest grades (Baa by Moody&#x2019;s or BBB or better by S&amp;amp;P or Fitch), or bonds that are unrated but &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;determined to be of comparable quality by PIMCO. The Fund may invest up to 20% of its net assets in municipal bonds that are, at the time of investment, rated Ba/BB or B or lower by Moody&#x2019;s, S&amp;amp;P or Fitch or that are unrated but judged to be of comparable quality by PIMCO. Bonds of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal, and are commonly referred to as &#x201c;junk bonds.&#x201d; Bonds in the lowest investment grade category may also be considered to possess some speculative characteristics. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund&#x2019;s investment in municipal bonds may be based on PIMCO&#x2019;s belief that they have attractive yield and/or total return potential. The Fund attempts to produce returns relative to the municipal bond market generally by prudent selection of municipal bonds. The Fund may invest in bonds associated with a particular municipal market sector (for example, electric utilities), issued by a particular municipal issuer, or having particular structural characteristics, that PIMCO believes may be undervalued. PIMCO may purchase such a bond for the Fund&#x2019;s portfolio because it represents a market sector or issuer that PIMCO considers undervalued. For example, municipal bonds of particular types (e.g., hospital bonds, industrial revenue bonds or bonds issued by a particular municipal issuer) could be undervalued if there is a temporary excess of supply in that market sector, or because of a general decline in the market price of municipal bonds of the market sector for reasons that do not apply to the particular municipal bonds that are considered undervalued. &lt;/div&gt;&lt;/div&gt;</cef:InvestmentObjectivesAndPracticesTextBlock>
    <cef:EffectsOfLeverageTextBlock contextRef="P08_10_2022To08_10_2022">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of senior securities, as that term is defined under Section&#160;18 of the 1940 Act, on Common Share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in the Fund&#x2019;s portfolio) of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;-10%,&lt;/div&gt; &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;-5%,&lt;/div&gt; 0%, 5% and 10%. The table below assumes the Fund&#x2019;s continued use of Preferred Shares averaged over the year ended December&#160;31, 2021, representing approximately 27.09% of the Fund&#x2019;s total managed assets, and, although not senior securities under the 1940 Act, the Fund&#x2019;s use of TOBs averaged over the year ended December&#160;31, 2021, representing approximately 14.89% of the Fund&#x2019;s total average managed assets. The table below also assumes that the Fund will pay dividends on Preferred Shares at an estimated annual effective Preferred Share dividend rate of &lt;div style="display:inline;"&gt;1&lt;/div&gt;.9&lt;div style="display:inline;"&gt;3&lt;/div&gt;% for ARPS and 1.83% for RVMTP (as of June&#160;30, 2022) and interest on TOBs at an estimated annual effective interest expense rate of 0.84% (as of June 30, 2022). Based on such estimates, the annual return that the Fund&#x2019;s portfolio must experience (net of expenses) in order to cover such costs is 0.64%. The information below does not reflect any Fund&#x2019;s use of certain other forms of economic leverage achieved through the use of other instruments or transactions not considered to be senior securities under the 1940 Act, such as covered credit default swaps or other derivative instruments. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. Your actual returns may be greater or less than those appearing below. In addition, the actual Preferred Share dividend rate and the actual borrowing expenses associated with TOBs (or other forms of leverage, if any) used by the Fund may vary frequently and may be significantly higher or lower than the rates used for the example below. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7.5pt;width:100%;border:0;margin:0 auto"&gt;
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&lt;td style="padding-bottom:4pt ;vertical-align:top"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;Assumed Portfolio Total Return&lt;/div&gt;&lt;/div&gt; &lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(10.00&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)%&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5.00&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)%&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;0.00&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5.00&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;10.00&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&#160;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="font-size:1pt"&gt;
&lt;td style="height:1.5pt"/&gt;
&lt;td colspan="4" style="height:1.5pt"/&gt;
&lt;td colspan="4" style="height:1.5pt"/&gt;
&lt;td colspan="4" style="height:1.5pt"/&gt;
&lt;td colspan="4" style="height:1.5pt"/&gt;
&lt;td colspan="4" style="height:1.5pt"/&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;Common Share Total Return&lt;/div&gt;&lt;/div&gt; &lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(18.34&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)%&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(9.73&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)%&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1.11&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)%&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;7.51&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;16.13&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&#160;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;  &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Common Share total return is composed of two elements&#x2014;the Common Share dividends paid by the Fund (the amount of which is largely determined by the net investment income of the Fund after paying dividends on Preferred Shares and expenses on any forms of leverage outstanding, including TOBs) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that the Fund is more likely to suffer capital losses than &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;to enjoy capital appreciation. For example, to assume a portfolio total return of 0%, the Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical performance of the Fund&#x2019;s portfolio and not the actual performance of the Fund&#x2019;s Common Shares, the value of which is determined by market forces and other factors. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Should the Fund elect to add additional leverage to its portfolio following an offering, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund&#x2019;s investment objective and policies. As noted above, the Fund&#x2019;s willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors, including, among other things, PIMCO&#x2019;s assessment of the yield curve environment, interest rate trends, market conditions and other factors. &lt;/div&gt;&lt;/div&gt; </cef:EffectsOfLeverageTextBlock>
    <cef:EffectsOfLeverageTableTextBlock contextRef="P08_10_2022To08_10_2022">&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7.5pt;width:100%;border:0;margin:0 auto"&gt;
&lt;tr style="font-size: 0px;"&gt;
&lt;td style="width:49%"/&gt;
&lt;td style="vertical-align:bottom;width:5%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:3%"/&gt;
&lt;td style="vertical-align:bottom;width:4%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td style="vertical-align:bottom;width:4%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td style="vertical-align:bottom;width:4%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:4%"/&gt; &lt;/tr&gt;
&lt;tr style="font-size:1pt;background-color:#f4f6f7"&gt;
&lt;td style="height:1.5pt"/&gt;
&lt;td colspan="4" style="height:1.5pt"/&gt;
&lt;td colspan="4" style="height:1.5pt"/&gt;
&lt;td colspan="4" style="height:1.5pt"/&gt;
&lt;td colspan="4" style="height:1.5pt"/&gt;
&lt;td colspan="4" style="height:1.5pt"/&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:top"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;Assumed Portfolio Total Return&lt;/div&gt;&lt;/div&gt; &lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(10.00&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)%&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5.00&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)%&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;0.00&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5.00&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;10.00&lt;/div&gt;&lt;/td&gt;
&lt;td style="padding-bottom:4pt ;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&#160;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="font-size:1pt"&gt;
&lt;td style="height:1.5pt"/&gt;
&lt;td colspan="4" style="height:1.5pt"/&gt;
&lt;td colspan="4" style="height:1.5pt"/&gt;
&lt;td colspan="4" style="height:1.5pt"/&gt;
&lt;td colspan="4" style="height:1.5pt"/&gt;
&lt;td colspan="4" style="height:1.5pt"/&gt; &lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt; &lt;div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 7.5pt; font-family: &amp;quot;arial narrow&amp;quot;; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;Common Share Total Return&lt;/div&gt;&lt;/div&gt; &lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(18.34&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)%&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(9.73&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)%&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1.11&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)%&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;7.51&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:right;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;16.13&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:bottom"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&#160;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; </cef:EffectsOfLeverageTableTextBlock>
    <cef:ReturnAtMinusTenPercent
      contextRef="P08_10_2022To08_10_2022"
      decimals="INF"
      unitRef="Unit_pure">-0.1834</cef:ReturnAtMinusTenPercent>
    <cef:ReturnAtMinusFivePercent
      contextRef="P08_10_2022To08_10_2022"
      decimals="INF"
      unitRef="Unit_pure">-0.0973</cef:ReturnAtMinusFivePercent>
    <cef:ReturnAtZeroPercent
      contextRef="P08_10_2022To08_10_2022"
      decimals="INF"
      unitRef="Unit_pure">-0.0111</cef:ReturnAtZeroPercent>
    <cef:ReturnAtPlusFivePercent
      contextRef="P08_10_2022To08_10_2022"
      decimals="INF"
      unitRef="Unit_pure">0.0751</cef:ReturnAtPlusFivePercent>
    <cef:ReturnAtPlusTenPercent
      contextRef="P08_10_2022To08_10_2022"
      decimals="4"
      unitRef="Unit_pure">0.1613</cef:ReturnAtPlusTenPercent>
    <cef:RiskFactorsTableTextBlock contextRef="P08_10_2022To08_10_2022">&lt;div id="pro288652_8" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund is subject to the principal risks noted below, whether through the Fund&#x2019;s direct investments or derivatives positions. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The price of the Fund&#x2019;s Common Shares will fluctuate with market conditions and other factors. If you sell your Common Shares, the price received may be more or less than your original investment. The Common Shares are designed for long-term investors and should not be treated as trading vehicles. Shares of closed-end management investment companies frequently trade at a discount from their NAV. The Common Shares may trade at a price that is less than the offering price for Common Shares issued pursuant to an offering. This risk may be greater for investors who sell their Common Shares relatively shortly after completion of an offering. The sale of Common 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 Shares, may have an adverse effect on the market price of the Common Shares. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities. Credit ratings downgrades may also negatively affect securities &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;held by the Fund. Even when markets perform well, there is no assurance that the investments held by the Fund will increase in value along with the broader market. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters can all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. The current contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as presidential elections in the United States or abroad or the U.S. government&#x2019;s inability at times to agree on a long-term budget and deficit reduction plan, has in the past resulted, and may in the future result, in a government shutdown or otherwise adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund&#x2019;s investments and operations. Additional and/or prolonged U.S. federal government shutdowns may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund&#x2019;s investments. Any market disruptions could also prevent the Fund from executing advantageous investment decisions in a timely manner. Funds that have focused their investments in a region enduring geopolitical market disruption, it will face higher risks of loss. Thus, investors should closely monitor current market conditions to determine whether the Fund meets their individual financial needs and tolerance for risk. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current market conditions may pose heightened risks with respect to the Fund&#x2019;s investment in fixed income securities. As such, fixed income securities markets may experience heightened levels of interest rate, volatility and liquidity risk. Any interest rate increases in the future could cause the value of any Fund, such as the Fund, that invests in fixed income securities to decrease. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Exchanges and securities markets may close early, close late or issue trading halts on specific securities, which may result in, among other things, the Fund being unable to buy or sell certain securities or financial instruments at an advantageous time or accurately price its portfolio investments. &lt;/div&gt;&lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Municipal Bond Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns, by litigation, legislation or political events, or by the bankruptcy of the issuer. Laws, referenda, ordinances or regulations enacted in the future by Congress or state legislatures or the applicable governmental entity could extend the time for payment of principal and/or interest, or impose other constraints on enforcement of such obligations, or on the ability of municipal issuers to levy taxes. Issuers of municipal securities also might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, the Fund could experience delays in collecting principal and interest and the Fund may not, in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in the payment of interest or repayment of principal, or both, the Fund may take possession of and manage the assets securing the issuer&#x2019;s obligations on such securities, which may increase the Fund&#x2019;s operating expenses. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may invest in revenue bonds, which are typically issued to fund a wide variety of capital projects including electric, gas, water and sewer systems; highways, bridges and tunnels; port and airport facilities; colleges and universities; and hospitals. Because the principal security for a revenue bond is generally the net revenues derived from a particular facility or group of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source, there is no guarantee that the particular project will generate enough revenue to pay its obligations, in which case the Fund&#x2019;s performance may be adversely affected. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may invest in taxable municipal bonds, such as Build America Bonds. Build America Bonds are tax credit bonds created by the American Recovery and Reinvestment Act of 2009, which authorized state and local governments to issue Build America Bonds as taxable bonds in 2009 and 2010, without volume limitations, to finance any capital expenditures for which such issuers could otherwise issue traditional &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;tax-exempt&lt;/div&gt; bonds. The Fund&#x2019;s investments in Build America Bonds or similar taxable municipal bonds will result in taxable income and the Fund may elect to pass through to holders of the Fund&#x2019;s common shares (&#x201c;Common Shares&#x201d;) the corresponding tax credits. The tax credits can generally be used to offset federal income taxes and the alternative minimum tax, but such credits are generally not refundable. Taxable municipal bonds involve similar risks as &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;tax-exempt&lt;/div&gt; municipal bonds, including credit and market risk. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Municipal securities are also subject to interest rate, credit, and liquidity risk, which are discussed generally elsewhere in this section, and elaborated upon below with respect to municipal bonds. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Interest Rate Risk.&lt;/div&gt;&lt;/div&gt; The value of municipal securities, similar to other fixed income securities, will likely drop as interest rates rise in the general market. Conversely, when rates decline, bond prices generally rise. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Credit Risk.&lt;/div&gt;&lt;/div&gt; The risk that a borrower may be unable to make interest or principal payments when they are due. A fund that invests in municipal securities relies on the ability of the issuer to service its debt. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;This subjects the Fund to credit risk in that the municipal issuer may be fiscally unstable or exposed to large liabilities that could impair its ability to honor its obligations. Municipal issuers with significant debt service requirements, in the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;near-to&lt;/div&gt; &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;mid-term;&lt;/div&gt; unrated issuers and those with less capital and liquidity to absorb additional expenses may be most at risk. To the extent the Fund invests in lower quality or high yield municipal securities, it may be more sensitive to the adverse credit events in the municipal market. The treatment of municipalities in bankruptcy is more uncertain, and potentially more adverse to debt holders, than for corporate issues. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Liquidity Risk.&lt;/div&gt;&lt;/div&gt; The risk that investors may have difficulty finding a buyer when they seek to sell, and therefore, may be forced to sell at a discount to the market value. Liquidity may sometimes be impaired in the municipal market and because the Fund primarily invests in municipal securities, it may find it difficult to purchase or sell such securities at opportune times. Liquidity can be impaired due to interest rate concerns, credit events, or general supply and demand imbalances. Depending on the particular issuer and current economic conditions, municipal securities could be deemed more volatile investments. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In addition to general municipal market risks, different municipal sectors may face different risks. For instance, general obligation bonds are secured by the full faith, credit, and taxing power of the municipality issuing the obligation. As such, timely payment depends on the municipality&#x2019;s ability to raise tax revenue and maintain a fiscally sound budget. The timely payments may also be influenced by any unfunded pension liabilities or other post-employee benefit plan (OPEB) liabilities. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Revenue bonds are secured by special tax revenues or other revenue sources. If the specified revenues do not materialize, then the bonds may not be repaid. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Private activity bonds are yet another type of municipal security. Municipalities use private activity bonds to finance the development of industrial facilities for use by private enterprise. Principal and interest payments are to be made by the private enterprise benefitting from the development, which means that the holder of the bond is exposed to the risk that the private issuer may default on the bond. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Moral obligation bonds are usually issued by special purpose public entities. If the public entity defaults, repayment becomes a &#x201c;moral obligation&#x201d; instead of a legal one. The lack of a legally enforceable right to payment in the event of default poses a special risk for a holder of the bond because it has little or no ability to seek recourse in the event of default. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In addition, a significant restructuring of federal income tax rates or even serious discussion on the topic in Congress could cause municipal bond prices to fall. The demand for municipal securities is strongly influenced by the value of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;tax-exempt&lt;/div&gt; income to investors. Lower income tax rates could reduce the advantage of owning municipal securities. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Municipal notes are similar to general municipal debt obligations, but they generally possess shorter terms. Municipal notes can be used to provide interim financing and may not be repaid if anticipated revenues are not realized. &lt;/div&gt;&lt;/div&gt;  &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Municipal Project-Specific Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in general obligation bonds, particularly if there is a large concentration from issuers in a single state. This is because the value of municipal securities can be significantly affected by the political, economic, legal, and legislative realities of the particular issuer&#x2019;s locality or municipal sector events. Similarly, changes to state or federal regulation tied to a specific sector, such as the hospital sector, could have an impact on the revenue stream for a given subset of the market. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Certain U.S. government securities, such as U.S. Treasury bills, notes, bonds and mortgage-related securities guaranteed by the GNMA, are supported by the full faith and credit of the United States; others, such as those of the FHLBs or the FHLMC, are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the FNMA, are supported by the discretionary authority of the U.S. government to purchase the agency&#x2019;s obligations; and still others are supported only by the credit of the agency, instrumentality or corporation. Although legislation has been enacted to support certain government sponsored entities, including the FHLBs, FHLMC and FNMA, there is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact the government sponsored entities and the values of their related securities or obligations. In addition, certain governmental entities, including FNMA and FHLMC, have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability or investment character of securities issued by these entities. Yields available from U.S. government debt securities are generally lower than the yields available from other debt securities. The values of U.S. government securities change as interest rates fluctuate. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund&#x2019;s investment performance depends upon how its assets are allocated and reallocated. A principal risk of investing in the Fund is that PIMCO may make less than optimal or poor asset allocation decisions. PIMCO employs an active approach to allocation among multiple fixed-income sectors, but there is no guarantee that such allocation techniques will produce the desired results. It is possible that PIMCO will focus on an investment that performs poorly or underperforms other investments under various market conditions. You could lose money on your investment in the Fund as a result of these allocation decisions. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund is subject to management risk because it is an actively managed investment portfolio. PIMCO and each individual portfolio manager will &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;apply investment techniques and risk analysis in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. Certain securities or other instruments in which the Fund seeks to invest may not be available in the quantities desired. In addition, regulatory restrictions, actual or potential conflicts of interest or other considerations may cause PIMCO to restrict or prohibit participation in certain investments. In such circumstances, PIMCO or the individual portfolio managers may determine to purchase other securities or instruments as substitutes. Such substitute securities or instruments may not perform as intended, which could result in losses to the Fund. The Fund is also subject to the risk that deficiencies in the internal systems or controls of PIMCO or another service provider will cause losses for the Fund or hinder Fund operations. For example, trading delays or errors (both human and systemic) could prevent the Fund from purchasing a security expected to appreciate in value. To the extent the Fund employs strategies targeting perceived pricing inefficiencies, arbitrage strategies or similar strategies, it is subject to the risk that the pricing or valuation of the securities and instruments involved in such strategies may change unexpectedly, which may result in reduced returns or losses to the Fund. Additionally, actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each individual portfolio manager in connection with managing the Fund and may also adversely affect the ability of the Fund to achieve its investment objective. There also can be no assurance that all of the personnel of PIMCO will continue to be associated with PIMCO for any length of time. The loss of the services of one or more key employees of PIMCO could have an adverse impact on the Fund&#x2019;s ability to realize its investment objective. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In addition, the Fund may rely on various third-party sources to calculate its NAV. As a result, the Fund is subject to certain operational risks associated with reliance on service providers and service providers&#x2019; data sources. In particular, errors or systems failures and other technological issues may adversely impact the Fund&#x2019;s calculations of its NAV, and such NAV calculation issues may result in inaccurately calculated NAV, delays in NAV calculation and/or the inability to calculate NAVs over extended periods. The Fund may be unable to recover any losses associated with such failures. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The value of a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#x2019;s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. A change in the financial condition of a single issuer may affect securities markets as a whole. These risks can apply to the Common Shares issued by the Fund and to the issuers of securities and other instruments in which the Fund invests. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest rate risk is the risk that fixed income securities and other instruments in the Fund&#x2019;s portfolio will decline in value because of a &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;change in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and the Fund may lose money as a result of movements in interest rates. The Fund may not be able to effectively hedge against changes in interest rates or may choose not to do so for cost or other reasons. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions). Recently, there have been signs of inflationary price movements. As such, fixed income securities markets may experience heightened levels of interest rate, volatility and liquidity risk. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile. Duration is a measure used to determine the sensitivity of a security&#x2019;s price to changes in interest rates that incorporates a security&#x2019;s yield, coupon, final maturity and call features, among other characteristics. Duration is useful primarily as a measure of the sensitivity of a fixed income security&#x2019;s market price to interest rate (i.e., yield) movements. All other things remaining equal, for each one percentage point increase in interest rates, the value of a portfolio of fixed income investments would generally be expected to decline by one percent for every year of the portfolio&#x2019;s average duration above zero. For example, the value of a portfolio of fixed income securities with an average duration of fourteen years would generally be expected to decline by approximately 14% if interest rates rose by one percentage point. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Variable and floating rate securities may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Fund&#x2019;s shares. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Measures such as average duration may not accurately reflect the true interest rate sensitivity of the Fund. This is especially the case if the Fund consists of securities with widely varying durations. Therefore, if the Fund has an average duration that suggests a certain level of interest rate risk, the Fund may in fact be subject to greater interest rate risk than the average would suggest. This risk is greater to the extent the Fund uses leverage or derivatives. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Convexity is an additional measure used to understand a security&#x2019;s or Fund&#x2019;s interest rate sensitivity. Convexity measures the rate of change of duration in response to changes in interest rates. With respect to a security&#x2019;s price, a larger convexity (positive or negative) may imply more dramatic price changes in response to changing interest rates. Convexity may be positive or negative. Negative convexity implies that interest rate increases result in increased duration, meaning increased sensitivity in prices in response to rising interest rates. Thus, securities with negative convexity, which may include bonds with traditional call features and certain mortgage-backed securities, may experience greater losses in periods of rising interest rates. Accordingly, if the Fund holds such securities, the Fund may be subject to a greater risk of losses in periods of rising interest rates. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Rising interest rates may result in periods of volatility and a decline in value of the Fund&#x2019;s fixed income investments. Further, while U.S. bond markets have steadily grown over the past three decades, dealer &#x201c;market making ability has remained relatively stagnant. As a result, dealer inventories of certain types of bonds and similar instruments, which provide a core indication of the ability of financial intermediaries to &#x201c;make markets,&#x201d; are at or near historic lows in relation to market size. Because market makers provide stability to a market through their intermediary services, a significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty. All of these factors, collectively and/or individually, could cause the Fund to lose value. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling, or is perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor its obligations. The downgrade of the credit of a security held by the Fund may decrease its value. Measures such as average credit quality may not accurately reflect the true credit risk of the Fund. This is especially the case if the Fund consists of securities with widely varying credit ratings. This risk is greater to the extent the Fund uses leverage or derivatives. Municipal bonds are subject to the risk that litigation, legislation or other political events, local business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer&#x2019;s ability to make payments of principal and/or interest. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The mortgage-related assets in which the Fund may invest include, but are not limited to, any security, instrument or other asset that is related to U.S. or &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-U.S.&lt;/div&gt; mortgages, including those issued by private originators or issuers, or issued or guaranteed as to principal or interest by the U.S. government or its agencies or instrumentalities or by non-U.S. governments or authorities, such as, without limitation, assets representing interests in, collateralized or backed by, or whose values are &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;determined in whole or in part by reference to any number of mortgages or pools of mortgages or the payment experience of such mortgages or pools of mortgages, including REMICs, which could include &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Re-REMICs,&lt;/div&gt; mortgage pass-through securities, inverse floaters, CMOs, CLOs, multiclass pass-through securities, private mortgage pass-through securities, stripped mortgage securities (generally interest-only and principal-only securities), mortgage-related asset backed securities and mortgage-related loans (including through participations, assignments, originations and whole loans), including commercial and residential mortgage loans. Exposures to mortgage-related assets through derivatives or other financial instruments will be considered investments in mortgage-related assets. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may also invest in other types of ABS, including CDOs, CBOs and CLOs and other similarly structured securities See &#x201c;The Fund&#x2019;s Investment Objective and Strategies-Portfolio Contents and Other Information-Mortgage-Related and Other Asset-Backed Instruments&#x201d; in this prospectus and &#x201c;Investment Objective and Policies-Mortgage-Related and Other Asset- Backed Instruments&#x201d; in the Statement of Additional Information for a description of the various mortgage-related and other asset-backed instruments in which the Fund may invest and their related risks. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Mortgage-related and other asset-backed instruments represent interests in &#x201c;pools&#x201d; of mortgages or other assets such as consumer loans or receivables held in trust and often involve risks that are different from or possibly more acute than risks associated with other types of debt instruments. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related assets, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Fund may exhibit additional volatility since individual mortgage holders are less likely to exercise prepayment options, thereby putting additional downward pressure on the value of these securities and potentially causing the Fund to lose money. This is known as extension risk. Mortgage-backed securities can be highly sensitive to rising interest rates, such that even small movements can cause the Fund to lose value. Mortgage-backed securities, and in particular those not backed by a government guarantee, are subject to credit risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund may have to reinvest that money at the lower prevailing interest rates. The Fund&#x2019;s investments in other asset-backed instruments are subject to risks similar to those associated with mortgage-related assets, as well as additional risks associated with the nature of the assets and the servicing of those assets. Payment of principal and interest on asset-backed instruments may be largely dependent upon the cash flows generated by the assets backing the instruments, and asset-backed instruments may not have the benefit of any security interest in the related assets. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Subordinate mortgage-backed or asset-backed instruments are paid interest only to the extent that there are funds available to make payments. To the extent the collateral pool includes a large percentage of &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;delinquent loans, there is a risk that interest payments on subordinate mortgage-backed or asset-backed instruments will not be fully paid. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;There are multiple tranches of mortgage-backed and asset-backed instruments, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity or &#x201c;first loss,&#x201d; according to their degree of risk. The most senior tranche of a mortgage-backed or asset-backed instrument has the greatest collateralization and pays the lowest interest rate. If there are defaults or the collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. Lower tranches represent lower degrees of credit quality and pay higher interest rates intended to compensate for the attendant risks. The return on the lower tranches is especially sensitive to the rate of defaults in the collateral pool. The lowest tranche (i.e., the &#x201c;equity&#x201d; or &#x201c;residual&#x201d; tranche) specifically receives the residual interest payments (i.e., money that is left over after the higher tranches have been paid and expenses of the issuing entities have been paid) rather than a fixed interest rate. The Fund may also invest in the residual or equity tranches of mortgage-related and other asset-backed instruments, which may be referred to as subordinate mortgage-backed or asset-backed instruments and interest-only mortgage-backed or asset-backed instruments. The Fund expects that investments in subordinate mortgage-backed and other asset-backed instruments will be subject to risks arising from delinquencies and foreclosures, thereby exposing its investment portfolio to potential losses. Subordinate securities of mortgage-backed and other asset-backed instruments are also subject to greater credit risk than those mortgage-backed or other asset-backed instruments that are more highly rated. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The mortgage markets in the United States and in various foreign countries have experienced extreme difficulties in the past that adversely affected the performance and market value of certain mortgage-related investments. Delinquencies and losses on residential and commercial mortgage loans (especially subprime and second-lien mortgage loans) may increase, and a decline in or flattening of housing and other real property values may exacerbate such delinquencies and losses. In addition, reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could continue or worsen. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may engage in derivative transactions related to mortgage-backed securities, including purchasing and selling exchange-listed and OTC put and call options, futures and forwards on mortgages and mortgage-backed securities. The Fund may also invest in mortgage-backed securities credit default swaps, which include swaps the reference obligation for which is a mortgage-backed security or related index, such as the CMBX Index (a tradeable index referencing a basket of commercial &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;mortgage-backed securities), the TRX Index (a tradeable index referencing total return swaps based on commercial mortgage-backed securities) or the ABX (a tradeable index referencing a basket of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;sub-prime&lt;/div&gt; mortgage backed securities). The Fund may invest in newly developed mortgage related derivatives that may hereafter become available. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Derivative mortgage-backed securities (such as principal-only (&#x201c;POs&#x201d;), interest-only (&#x201c;IOs&#x201d;) or inverse floating rate securities) are particularly exposed to call and extension risks. Small changes in mortgage prepayments can significantly impact the cash flows and the market value of these derivative instruments. In general, the risk of faster than anticipated prepayments adversely affects IOs, super floaters and premium priced mortgage-backed securities. The risk of slower than anticipated prepayments generally affects POs, floating-rate securities subject to interest rate caps, support tranches and discount priced mortgage-backed securities. In addition, particular derivative instruments may be leveraged such that their exposure (i.e., price sensitivity) to interest rate and/or prepayment risk is magnified. Mortgage-related derivative instruments involve risks associated with mortgage-related and other asset-backed instruments, privately-issued mortgage-related securities, the mortgage market, the real estate industry, derivatives and credit default swaps. See &#x201c;Mortgage-Related and Other Asset-Backed Instruments Risk&#x201d;, &#x201c;Privately-Issued Mortgage-Related Securities Risk,&#x201d; &#x201c;Derivatives Risk,&#x201d; and &#x201c;Credit Default Swaps Risk.&#x201d; &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Mortgage-related derivative instruments involve risks associated with mortgage-related and other asset-backed instruments, privately-issued mortgage-related securities, the mortgage market, the real estate industry, derivatives and credit default swaps. See &#x201c;Mortgage-Related and Other Asset-Backed Instruments Risk,&#x201d; &#x201c;Privately-Issued Mortgage-Related Securities Risk,&#x201d; &#x201c;Derivatives Risk,&#x201d; and &#x201c;Credit Default Swaps Risk.&#x201d; &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;To the extent that the Fund invests in high yield securities and unrated securities of similar credit quality (commonly known as &#x201c;high yield securities&#x201d; or &#x201c;junk bonds&#x201d;), the Fund will be subject to greater levels of credit risk, call risk and liquidity risk than funds that do not invest in such securities, which could have a negative effect on the NAV and market price of the Fund&#x2019;s Common Shares or Common Share dividends. These securities are considered predominantly speculative with respect to an issuer&#x2019;s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely affect the market for these securities and reduce the Fund&#x2019;s ability to sell these securities at an advantageous time or price. The Fund may purchase distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Issuers of high yield securities may have the right to &#x201c;call or redeem the issue prior to maturity, which may result in the Fund having to reinvest the proceeds in other high yield securities or similar instruments that may pay lower interest rates. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in high yield securities. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Consequently, transactions in high yield securities may involve greater costs than transactions in more actively traded securities. To the extent that the Fund invests in high yield securities and unrated securities of similar credit quality (commonly known as &#x201c;high yield securities&#x201d; or &#x201c;junk bonds&#x201d;), the Fund may be subject to greater levels of credit risk, call risk and liquidity risk than funds that do not invest in such securities, which could have a negative effect on the NAV and market price of the Fund&#x2019;s Common Shares or Common Share dividends. These securities are considered predominantly speculative with respect to an issuer&#x2019;s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely affect the market for these securities and reduce the Fund&#x2019;s ability to sell these securities at an advantageous time or price. The Fund may purchase distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. Issuers of high yield securities may have the right to &#x201c;call&#x201d; or redeem the issue prior to maturity, which may result in the Fund having to reinvest the proceeds in other high yield securities or similar instruments that may pay lower interest rates. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in high yield securities. Consequently, transactions in high yield securities may involve greater costs than transactions in more actively traded securities. These factors may result in the Fund being unable to realize full value for these securities and/or may result in the Fund not receiving the proceeds from a sale of a high yield security for an extended period after such sale, each of which could result in losses to the Fund. Because of the risks involved in investing in high yield securities, an investment in the Fund should be considered speculative. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In general, lower rated debt securities carry a greater degree of risk that the issuer will lose its ability to make interest and principal payments, which could have a negative effect on the Fund. Securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal and are commonly referred to as &#x201c;high yield&#x201d; securities or &#x201c;junk bonds.&#x201d; High yield securities involve a greater risk of default and their prices are generally more volatile and sensitive to actual or perceived negative developments. Debt securities in the lowest investment grade category also may be considered to possess some speculative characteristics by certain rating agencies. The Fund may purchase stressed or distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;An economic downturn could severely affect the ability of issuers (particularly those that are highly leveraged) to service or repay their debt obligations. Lower-rated securities are generally less liquid than higher-rated securities, which may have an adverse effect on the Fund&#x2019;s ability to dispose of them. For example, under adverse market or economic conditions, the secondary market for below investment grade securities could contract further, independent of any specific adverse changes in the condition of a particular issuer, and certain securities in the Fund&#x2019;s portfolio may become illiquid or less liquid. As a result, the Fund could find it more difficult to sell these securities or may be able to sell these securities only at prices lower than if such securities were widely traded. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;To the extent the Fund focuses on below investment grade debt obligations, PIMCO&#x2019;s capabilities in analyzing credit quality and associated risks will be particularly important, and there can be no assurance that PIMCO will be successful in this regard. Due to the risks involved in investing in high yield securities, an investment in the Fund should be considered speculative. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund&#x2019;s credit quality policies apply only at the time a security is purchased, and the Fund is not required to dispose of a security in the event that a rating agency or PIMCO downgrades its assessment of the credit characteristics of a particular issue. Analysis of creditworthiness may be more complex for issuers of high yield securities than for issuers of higher quality debt securities. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Income from the Fund&#x2019;s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called debt obligations at market interest rates that are below the portfolio&#x2019;s current earnings rate. For instance, during periods of declining interest rates, an issuer of debt obligations may exercise an option to redeem securities prior to maturity, forcing the Fund to invest in lower-yielding securities The Fund also may choose to sell higher yielding portfolio securities and to purchase lower yielding securities to achieve greater portfolio diversification, because the portfolio managers believe the current holdings are overvalued or for other investment-related reasons. A decline in income received by the Fund from its investments is likely to have a negative effect on dividend levels and the market price, NAV and/or overall return of the Common Shares. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;For the purpose of achieving income, the Fund may lend its portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. Please see &#x201c;Investment Objectives and Policies&#x2014;Loans of Portfolio Securities&#x201d; in the Statement of Additional Information for more details. When the Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. The Fund may pay lending fees to a party arranging the loan. Cash collateral received by the Fund in securities lending transactions may be invested in short-term liquid fixed income instruments or in money market or short-term mutual funds, or similar investment vehicles, including affiliated money market or short-term mutual funds. The Fund bears the risk of such investments. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Call risk refers to the possibility that an issuer may exercise its right to redeem a fixed income security earlier than expected. Issuers may call outstanding securities prior to their maturity for a number of reasons. If an issuer calls a security in which the Fund has invested, the Fund may &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Certain U.S. government securities, such as U.S. Treasury bills, notes, bonds and mortgage-related securities guaranteed by the GNMA, are supported by the full faith and credit of the United States; others, such as those of the FHLBs or the FHLMC, are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the FNMA, are supported by the discretionary authority of the U.S. government to purchase the agency&#x2019;s obligations; and still others are supported only by the credit of the agency, instrumentality or corporation. Although legislation has been enacted to support certain government sponsored entities, including the FHLBs, FHLMC and FNMA, there is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact the government sponsored entities and the values of their related securities or obligations. In addition, certain governmental entities, including FNMA and FHLMC, have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability or investment character of securities issued by these entities. Yields available from U.S. government debt securities are generally lower than the yields available from other debt securities. The values of U.S. government securities change as interest rates fluctuate. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;California State-Specific Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal. Certain issuers of California municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain California issuers to pay principal or interest on their obligations. Provisions of the California Constitution and State statutes which limit the taxing and spending authority of California governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California&#x2019;s economy is broad, it does have major concentrations in advanced technology, aerospace and defense-related manufacturing, trade, entertainment, real estate and financial services, and may be sensitive to economic problems affecting those industries. Future California political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of California issuers. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;New York State-Specific Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;repay principal. Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations. Provisions of the New York Constitution and State statutes which limit the taxing and spending authority of New York governmental entities may impair the ability of New York issuers to pay principal and/or interest on their obligations. While New York&#x2019;s economy is broad, it does have major concentrations in certain industries, such as financial services, and may be sensitive to economic problems affecting those industries. Future New York political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of New York issuers. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Puerto Rico-Specific Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may be affected significantly by economic, regulatory, restructuring or political developments affecting the ability of Puerto Rico issuers to pay interest or repay principal. Certain issuers of Puerto Rico municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain Puerto Rico issuers to pay principal or interest on their obligations. Provisions of the Puerto Rico Constitution and Commonwealth laws, including a federally-appointed oversight board to oversee the Commonwealth&#x2019;s financial operations, which limit the taxing and spending authority of Puerto Rico governmental entities may impair the ability of Puerto Rico issuers to pay principal and/or interest on their obligations. While Puerto Rico&#x2019;s economy is broad, it does have major concentrations in certain industries, such as manufacturing and service, and may be sensitive to economic problems affecting those industries. Future Puerto Rico political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation, debt restructuring, and voter initiatives could have an adverse effect on the debt obligations of Puerto Rico issuers. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Certain securities in which the Fund invests may be less liquid and more difficult to value than other types of securities. When market quotations or pricing service prices are not readily available or are deemed to be unreliable, the Fund values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); 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 body of this prospectus) creates the opportunity for increased Common Share net income, but also creates special risks for Common Shareholders. To the extent used, there is no assurance that the Fund&#x2019;s leveraging strategies will be successful. Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. The Fund&#x2019;s assets attributable to any outstanding Preferred Shares or the net proceeds that the Fund obtains from its use of TOBs, derivatives or other forms of leverage, if any, will be invested in accordance with the Fund&#x2019;s investment objective and policies as described in this prospectus. Dividends payable with respect to Preferred Shares outstanding and interest expense payable by the Fund with respect to any TOBs, derivatives and other forms of leverage will generally be based on shorter-term interest rates that would be periodically reset. If shorter-term interest rates rise relative to the rate of return on the Fund&#x2019;s portfolio, the interest and other costs to the Fund of leverage (including interest expenses on TOBs and the dividend rate on any outstanding Preferred Shares s, including the Preferred Shareholder &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Gross-Up&lt;/div&gt; (as defined below)) could exceed the rate of return on the debt obligations and other investments held by the Fund, thereby reducing return to Common Shareholders. In addition, fees and expenses of any form of leverage used by the Fund will be borne entirely by the Common Shareholders (and not by preferred shareholders) and will reduce the investment return of the Common Shares. Therefore, there can be no assurance that the Fund&#x2019;s use of leverage will result in a higher yield on the Common Shares, and it may result in losses. In addition, Preferred Shares issued by the Fund pay cumulative dividends, which may tend to increase leverage risk. Leverage creates several major types of risks for Common Shareholders, including: &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:9.75pt"&gt;&#160;&lt;/td&gt;
&lt;td style="width:10.5pt;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 7pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#x220e;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &amp;quot;arial narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;the likelihood of greater volatility of NAV and market price of Common Shares, and of the investment return to Common Shareholders, than a comparable portfolio without leverage; &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:9.75pt"&gt;&#160;&lt;/td&gt;
&lt;td style="width:10.5pt;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 7pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#x220e;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &amp;quot;arial narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;the possibility either that Common Share dividends will fall if the interest and other costs of leverage rise, or that dividends paid on Common Shares will fluctuate because such costs vary over time; and &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:9.75pt"&gt;&#160;&lt;/td&gt;
&lt;td style="width:10.5pt;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 7pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#x220e;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &amp;quot;arial narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;the effects of leverage in a declining market or a rising interest rate environment, as leverage is likely to cause a greater decline in the NAV of the Common Shares than if the Fund were not leveraged and may result in a greater decline in the market value of the Common Shares. &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In addition, the counterparties to the Fund&#x2019;s leveraging transactions and preferred shareholders of the Fund will have priority of payment over the Fund&#x2019;s Common Shareholders. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund is required to satisfy certain asset coverage requirements in connection with its use of Preferred Shares, including those imposed by regulatory and rating agency requirements. Accordingly, any decline in the net asset value of the Fund&#x2019;s investments could result in the risk that the Fund will fail to meet its asset coverage requirements for Preferred Shares or the risk of the Preferred Shares being downgraded by a rating &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;agency. In an extreme case, the Fund&#x2019;s current investment income might not be sufficient to meet the dividend requirements on Preferred Shares outstanding. In order to address these types of events, the Fund might need to dispose of investments in order to fund a redemption of some or all of the Preferred Shares. Dispositions at times of adverse economic conditions may result in a loss to the Fund. At other times, these dispositions may result in gain at the Fund level and thus in additional taxable distributions to Common Shareholders. See &#x201c;Tax Matters&#x201d; for more information. Any Preferred Shares, TOBs, loans of portfolio securities, short sales and when-issued, delayed delivery and forward commitment transactions, credit default swaps, reverse repurchases, or other derivatives by the Fund or counterparties to the Fund&#x2019;s other leveraging transactions, if any, would have, seniority over the Fund&#x2019;s Common Shares. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In connection with the adoption of Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4&lt;/div&gt; under the 1940 Act, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4&lt;/div&gt; as of the compliance date, August&#160;19, 2022. See &#x201c;The New SEC Derivatives Rule and Potential Implications for the Fund&#x201d; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#x2019;s use of leverage, derivatives and certain related instruments. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;When the Fund issues Preferred Shares, the Fund pays (and the Common Shareholders bear) all costs and expenses relating to the issuance and ongoing maintenance of Preferred Shares. In addition, holders of Preferred Shares issued by the Fund would have complete priority over Common Shareholders in the distribution of the Fund&#x2019;s assets. Furthermore, preferred shareholders, voting separately as a single class, have the right to elect two members of the Board at all times and to elect a majority of the trustees in the event two full years&#x2019; dividends on the Preferred Shares are unpaid, and also have separate class voting rights on certain matters. Accordingly, preferred shareholders may have interests that differ from those of Common Shareholders, and may at times have disproportionate influence over the Fund&#x2019;s affairs. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Because the fees received by the Investment Manager are based on the average daily net asset value of the Fund (including daily net assets attributable to any Preferred Shares), the Investment Manager has a financial incentive for the Fund to utilize Preferred Shares, which may create a conflict of interest between the Investment Manager, on the one hand, and the Common Shareholders, on the other hand. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Segregation and Coverage Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Certain portfolio management techniques, such as, among other things, entering into TOBs, reverse repurchase agreement transactions, swap agreements, futures contracts or other derivative transactions, purchasing securities on a when-issued or delayed delivery basis or engaging in short sales currently may be considered senior securities unless steps are taken to segregate the Fund&#x2019;s assets or otherwise cover its obligations. To avoid &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;having these instruments considered senior securities, the Fund may segregate liquid assets with a value equal (on a daily &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;mark-to-market&lt;/div&gt;&lt;/div&gt; basis) to its obligations under these types of leveraged transactions, enter into offsetting transactions or otherwise cover such transactions. At times, all or a substantial portion of the Fund&#x2019;s liquid assets may be segregated for purposes of various portfolio transactions. The Fund may be unable to use such segregated assets for certain other purposes, which could result in the Fund earning a lower return on its portfolio than it might otherwise earn if it did not have to segregate those assets in respect of, or otherwise cover, such portfolio positions. To the extent the Fund&#x2019;s assets are segregated or committed as cover, it could limit the Fund&#x2019;s investment flexibility. Segregating assets and covering positions will not limit or offset losses on related positions. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In connection with the adoption of Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4&lt;/div&gt; under the 1940 Act, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4&lt;/div&gt; as of the compliance date, August&#160;19, 2022. See &#x201c;The New SEC Derivatives Rule and Potential Implications for the Fund&#x201d; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#x2019;s use of leverage, derivatives and certain related instruments. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund&#x2019;s short sales, if any, are subject to special risks. A short sale involves the sale by the Fund of a security that it does not own with the hope of purchasing the same security at a later date at a lower price. The Fund may also enter into a short position through a forward commitment or a short derivative position through a futures contract or swap agreement. If the price of the security or derivative has increased during this time, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any transaction costs (i.e., premiums and interest) paid to the broker-dealer to borrow securities. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security&#x2019;s value cannot decrease below zero. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase the Fund&#x2019;s exposure to long security positions and make any change in the Fund&#x2019;s NAV greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that any leveraging strategy the Fund employs will be successful during any period in which it is employed. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;regulatory or political conditions generally may exist for long periods of time. Also, there is the risk that the third party to the short sale will not fulfill its contractual obligations, causing a loss to the Fund. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Derivatives are subject to a number of risks, such as liquidity risk (which may be heightened for highly-customized derivatives), interest rate risk, market risk, credit risk, leveraging risk, counterparty risk, tax risk and management risk, as well as risks arising from changes in applicable requirements. They also involve the risk of mispricing, the risk of unfavorable or ambiguous documentation and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. If the Fund invests in a derivative instrument, the Fund could lose more than the amount invested and derivatives may increase the volatility of the Fund, especially in unusual or extreme market conditions. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial or that, if used, such strategies will be successful. The Fund&#x2019;s use of derivatives may increase or accelerate the amount of taxes payable by Common Shareholders. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Over-the-counter&lt;/div&gt;&lt;/div&gt; (&#x201c;OTC&#x201d;) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivative transactions. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund&#x2019;s clearing broker, or the clearinghouse, rather than with a counterparty in an OTC derivative transaction. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with the Fund&#x2019;s clearing broker, or the clearinghouse. Participation in the markets for derivative instruments involves investment risks and transaction costs to which the Fund may not be subject absent the use of these strategies. The skills needed to successfully execute derivative strategies may be different from those needed for other types of transactions. If the Fund incorrectly forecasts the value and/or creditworthiness of securities, currencies, interest rates, counterparties or other economic factors involved in a derivative transaction, the Fund might have been in a better position if the Fund had not entered into such derivative transaction. In evaluating the risks and contractual obligations associated with particular derivative instruments, it is important to consider that certain derivative transactions may be modified or terminated only by mutual consent of the Fund and its counterparty. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Therefore, it may not be possible for the Fund to modify, terminate, or offset the Fund&#x2019;s obligations or the Fund&#x2019;s exposure to the risks associated with a derivative transaction prior to its scheduled termination or maturity date, which may create a possibility of increased volatility and/or decreased liquidity to the Fund. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Because the markets for certain derivative instruments (including markets located in foreign countries) are relatively new and still developing, appropriate derivative transactions may not be available in all circumstances for risk management or other purposes. Upon the expiration of a particular contract, the Fund may wish to retain the Fund&#x2019;s position in the derivative instrument by entering into a similar contract, but may be unable to do so if the counterparty to the original contract is unwilling to enter into the new contract and no other appropriate counterparty can be found. When such markets are unavailable, the Fund will be subject to increased liquidity and investment risk. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may enter into opposite sides of interest rate swap and other derivatives for the principal purpose of generating distributable gains on the one side (characterized as ordinary income for tax purposes) that are not part of the Fund&#x2019;s duration or yield curve management strategies (&#x201c;paired swap transactions&#x201d;), and with a substantial possibility that the Fund will experience a corresponding capital loss and decline in NAV with respect to the opposite side transaction (to the extent it does not have corresponding offsetting capital gains). Consequently, Common Shareholders may receive distributions and owe tax on amounts that are effectively a taxable return of the shareholder&#x2019;s investment in the Fund, at a time when their investment in the Fund has declined in value, which tax may be at ordinary income rates. The tax treatment of certain derivatives in which the Fund invests may be unclear and thus subject to recharacterization. Any recharacterization of payments made or received by the Fund pursuant to derivatives potentially could affect the amount, timing or character of Fund distributions. In addition, the tax treatment of such investment strategies may be changed by regulation or otherwise. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;When a derivative is used as a hedge against a position that the Fund holds, any loss generated by the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. Although hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the underlying instrument, and there can be no assurance that the Fund&#x2019;s hedging transactions will be effective. In such case, the Fund may lose money. The regulation of the derivatives markets has increased over the past several years, and additional future regulation of the derivatives markets may make derivatives more costly, may limit the availability or reduce the liquidity of derivatives or may otherwise adversely affect the value or performance of derivatives. Any such adverse future developments could impair the effectiveness or raise the costs of the Fund&#x2019;s derivative transactions, impede the employment of the Fund&#x2019;s derivatives strategies, or adversely affect the Fund&#x2019;s performance and cause the Fund to lose value. For instance, on October&#160;28, 2020, the SEC adopted Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4&lt;/div&gt; under the 1940 Act providing for the regulation of a registered investment company&#x2019;s use of derivatives and certain related instruments. Among other things, &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Rule&#160;18f-4&lt;/div&gt; limits the Fund&#x2019;s derivatives exposure through a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;value-at-risk&lt;/div&gt;&lt;/div&gt; test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. Subject to certain conditions, limited derivatives users (as defined in Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4),&lt;/div&gt; however, would not be subject to the full requirements of Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4.&lt;/div&gt; In connection with the adoption of Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4&lt;/div&gt; under the 1940 Act, the SEC also &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4&lt;/div&gt; as of the compliance date, August&#160;19, 2022. As the Fund comes into compliance, the Fund&#x2019;s approach to asset segregation and coverage requirements will be impacted. In addition, Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4&lt;/div&gt; could restrict the Fund&#x2019;s ability to engage in certain derivatives transactions and/or increase the costs of such derivatives transactions, which could adversely affect the value or performance of the Fund and the Common Shares and/or the Fund&#x2019;s distribution rate. See &#x201c;The New SEC Derivatives Rule and Potential Implications for the Fund&#x201d; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#x2019;s use of leverage, derivatives and certain related instruments. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund or held by special purpose or structured vehicles in which the Fund invests. In the event that the Fund enters into a derivative transaction with a counterparty that subsequently becomes insolvent or becomes the subject of a bankruptcy case, the derivative transaction may be terminated in accordance with its terms and the Fund&#x2019;s ability to realize its rights under the derivative instrument and its ability to distribute the proceeds could be adversely affected. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) in a dissolution, assignment for the benefit of creditors, liquidation, &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;winding-up,&lt;/div&gt; bankruptcy or other analogous proceeding. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative transaction would typically be terminated at its fair market value. If the Fund is owed this fair market value in the termination of the derivative transaction and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty and will not have any claim with respect to any underlying security or asset. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. While the Fund may seek to manage its counterparty risk by transacting with a number of counterparties, concerns about the solvency of, or a default by, one large market participant could lead to significant impairment of liquidity and other adverse consequences for other counterparties. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Additional Risks Associated with the Fund&#x2019;s Preferred Shares &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Although the Fund&#x2019;s ARPS ordinarily would pay dividends at rates set at periodic auctions, the weekly auctions for the ARPS (and auctions for similar preferred shares issued by &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;closed-end&lt;/div&gt; funds in the U.S.) have failed since 2008. The dividend rates on the ARPS since that time have been paid, and the Fund expects that they will continue to be paid for the foreseeable future, at the &#x201c;maximum applicable rate.&#x201d; &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The maximum applicable rate for the ARPS and the RVMTP Share Dividend Rate (as defined below) is based in part on a multiple of or a spread plus a reference rate. An increase in market interest rates generally, therefore, could increase substantially the dividend rate required to be paid by the Fund to the holders of Preferred Shares, which would increase the costs associated with the Fund&#x2019;s leverage and reduce the Fund&#x2019;s net income available for distribution to holders of Common Shares. In addition, the multiple or spread used to calculate the maximum applicable rate for the ARPS and the RVMTP Share Dividend Rate is based in part on the credit rating assigned to the ARPS or RVMTP Shares by the applicable rating agency(ies), with the multiple or spread generally increasing as the rating declines. Accordingly, future ratings downgrades may result in increases to the maximum applicable rate for the ARPS or to the RVMTP Share Dividend Rate. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Therefore, it is possible that a substantial rise in market interest rates and/or further ratings downgrades of the Preferred Shares could, by reducing income available for distribution to the holders of Common Shares and otherwise detracting from the Fund&#x2019;s investment performance, make the Fund&#x2019;s continued use of Preferred Shares for leverage purposes less attractive than such use is currently considered to be. In such case, the Fund may elect to redeem some or all of the Preferred Shares outstanding, which may require it to dispose of investments at inopportune times and to incur losses on such dispositions. Such dispositions may adversely affect the Fund&#x2019;s investment performance generally, and the resultant loss of leverage may materially and adversely affect the Fund&#x2019;s investment returns. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund is also subject to certain asset coverage tests associated with the rating agencies that rate the Preferred Shares. Failure by the Fund to maintain the asset coverages (or to cure such failure in a timely manner) may require the Fund to redeem Preferred Shares and could preclude the Fund from declaring or paying any dividends or distributions to holders of Common Shares. Failure to satisfy ratings agency asset coverage tests or other guidelines could also result in the applicable ratings agency downgrading its then-current ratings on the Preferred Shares, as described above. Moreover, the rating agency guidelines impose restrictions or limitations on the Fund&#x2019;s use of certain financial instruments or investment techniques that the Fund might otherwise utilize in order to achieve its investment objective, which may adversely affect the Fund&#x2019;s investment performance. Rating agency guidelines may be modified by the rating agencies in the future and such modifications may make such guidelines substantially more restrictive or otherwise result in downgrades, which could further negatively affect the Fund&#x2019;s investment performance. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The ratings agencies that have assigned ratings to the Fund&#x2019;s Preferred Shares may change their rating methodologies, perhaps substantially. Such a change could adversely affect the ratings assigned to the Fund&#x2019;s Preferred Shares, the dividend rates paid thereon, and the expenses borne by holders of Common Shares. For instance, Fitch Ratings published ratings criteria relating to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;closed-end&lt;/div&gt; funds on December&#160;4, 2020, which effectively result in a rating cap of &#x201c;AA&#x201d; for debt and preferred stock issued by all &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;closed-end&lt;/div&gt; funds and a rating cap of &#x201c;A&#x201d; for debt and &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;preferred shares issued by &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(i)&#160;closed-end&lt;/div&gt; funds exposed to emerging market debt, below-investment-grade and unrated debt, structured securities and equity, and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(ii)&#160;closed-end&lt;/div&gt; funds with material exposure to &#x201c;BBB&#x201d; category rated assets. On December&#160;6, 2021, Fitch affirmed &#x201c;AA&#x201d; long-term ratings of the Fund&#x2019;s RVMTP Shares. Fitch does not currently rate the Fund&#x2019;s ARPS. In addition, future ratings downgrades by Moody&#x2019;s or Fitch, as applicable, may result in an increase to the Fund&#x2019;s Preferred Shares dividend rates. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In managing the Fund (and other PIMCO clients), PIMCO may from time to time have the opportunity to receive material, &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-public&lt;/div&gt; information (&#x201c;Confidential Information&#x201d;) about the issuers of certain investments, including, without limitation, senior floating rate loans, other loans and related investments being considered for acquisition by the Fund or held in the Fund&#x2019;s portfolio. For example, an issuer of privately placed loans considered by the Fund may offer to provide PIMCO with financial information and related documentation regarding the issuer that is not publicly available. Pursuant to applicable policies and procedures, PIMCO may (but is not required to) seek to avoid receipt of Confidential Information from the issuer so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of the Fund and other clients to which such Confidential Information relates. In such circumstances, the Fund (and other PIMCO clients) may be disadvantaged in comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells an investment. Further, PIMCO&#x2019;s and the Fund&#x2019;s abilities to assess the desirability of proposed consents, waivers or amendments with respect to certain investments may be compromised if they are not privy to available Confidential Information. PIMCO may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If PIMCO intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell investments to which such Confidential Information relates. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Private Placements and Restricted Securities Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;A private placement involves the sale of securities that have not been registered under the Securities Act or relevant provisions of applicable &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-U.S.&lt;/div&gt; law to certain institutional and qualified individual purchasers, such as the Fund. In addition to the general risks to which all securities are subject, securities received in a private placement generally are subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities. See &#x201c;Principal Risks of the Fund&#x2014;Liquidity Risk.&#x201d; Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most favorable time or price. Private placements may also raise valuation risks. Restricted securities are often purchased at a discount from the market price of unrestricted securities of the same issuer reflecting the fact that such securities may not be readily marketable without some time delay. Such securities are often more difficult to value and the sale of such securities often requires more time and results in higher brokerage &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;charges or dealer discounts and other selling expenses than does the sale of securities trading on national securities exchanges or in the &lt;div style="white-space:nowrap;display:inline;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;over-the-counter&lt;/div&gt;&lt;/div&gt; markets. Until the Fund can sell such securities into the public markets, its holdings may be less liquid and any sales will need to be made pursuant to an exemption under the Securities Act. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Inflation risk is the risk that the value of assets or income from the Fund&#x2019;s investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of the Fund&#x2019;s portfolio could decline. Inflation has recently increased and it cannot be predicted whether it may decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#x2019;s portfolio and Common Shares. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and /or preclude the Fund&#x2019;s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. The Fund and the Investment Manager have historically been eligible for exemptions from certain regulations. However, there is no assurance that the Fund and the Investment Manager will continue to be eligible for such exemptions. Actions by governmental entities may also impact certain instruments in which the Fund invests. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Moreover, government regulation may have unpredictable and unintended effects. Legislative or regulatory actions to address perceived liquidity or other issues in fixed income markets generally, or in particular markets such as the municipal securities market, may alter or impair the Fund&#x2019;s ability to pursue its investment objective or utilize certain investment strategies and techniques. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Current rules related to credit risk retention requirements for ABS may increase the cost to originators, securitizers and, in certain cases, asset managers of securitization vehicles in which the Fund may invest. The impact of the risk retention rules on the securitization markets is uncertain. These requirements may increase the costs to originators, securitizers, and, in certain cases, collateral managers of securitization vehicles in which the Fund may invest, which costs could be passed along to the Fund as an investor in such vehicles. In addition, the costs imposed by the risk retention rules on originators, securitizers and/or collateral managers may result in a reduction of the number of new offerings of ABS and thus in fewer investment opportunities for the Fund. A reduction in the number of new securitizations could also reduce liquidity in the markets for certain types of financial assets, which in turn could negatively affect the returns on the Fund&#x2019;s investment. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Regulatory Risk &#x2013; London Interbank Offered Rate (&#x201c;LIBOR&#x201d;) &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund&#x2019;s investments (including, but not limited to, repurchase agreements, collateralized loan obligations and mortgage-backed securities), payment obligations and financing terms may rely in some fashion on the London Interbank Offered Rate (&#x201c;LIBOR&#x201d;). LIBOR is an average interest rate, determined by the ICE Benchmark Administration that banks charge one another for the use of short-term money. ,On July&#160;27, 2017, the Chief Executive of the FCA announced that after 2021 it would cease its active encouragement of banks to provide the quotations needed to sustain LIBOR due to the absence of an active market for interbank unsecured lending and other reasons. On March&#160;5, 2021, the FCA publicly announced that all U.S.&#160;Dollar LIBOR settings will either cease to be provided by any administrator or will no longer be representative (i)&#160;immediately after December&#160;31, 2021 for &lt;div style="white-space:nowrap;display:inline;"&gt;one-week&lt;/div&gt; and &lt;div style="white-space:nowrap;display:inline;"&gt;two-month&lt;/div&gt; U.S.&#160;Dollar LIBOR settings and (ii)&#160;immediately after June&#160;30, 2023 for the remaining U.S.&#160;Dollar LIBOR settings. As of January&#160;1, 2022, as a result of supervisory guidance from U.S. regulators, some U.S. regulated entities have ceased entering into new LIBOR contracts with limited exceptions. While publication of the &lt;div style="white-space:nowrap;display:inline;"&gt;one-,&lt;/div&gt; three- and &lt;div style="white-space:nowrap;display:inline;"&gt;six-&lt;/div&gt; month Sterling and Japanese yen LIBOR settings will continue at least through calendar year 2022 on the basis of a changed methodology (known as &#x201c;synthetic LIBOR&#x201d;), these rates have been designated by the FCA as unrepresentative of the underlying market they seek to measure and are solely available for use in legacy transactions. Certain bank-sponsored committees in other jurisdictions, including Europe, the United Kingdom, Japan and Switzerland, have selected alternative reference rates denominated in other currencies. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain, and they may vary depending on factors that include, but are not limited to: (i)&#160;existing fallback or termination provisions in individual contracts and (ii)&#160;whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. For example, certain of the Fund&#x2019;s investments may involve individual contracts that have no existing fallback provision or language that contemplates the discontinuation of LIBOR, and those investments could experience increased volatility or illiquidity as a result of the transition process. In addition, interest rate provisions included in such contracts, or in contracts or other arrangements entered into by the Fund, may need to be renegotiated. On March&#160;15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System and based on the Secured Overnight Financing Rate for certain contracts that reference LIBOR and contain no, or insufficient, fallback provisions. It is expected that implementing &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;regulations in respect of the law will follow. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by the Fund, a change in the cost of borrowing or the dividend rate for any Preferred Shares that may be issued by the Fund, or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b; &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Regulatory Risk &#x2013; Commodity Pool Operator &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The CFTC has adopted regulations that subject registered investment companies and their investment advisers to regulation by the CFTC if the registered investment company invests more than a prescribed level of its liquidation value in futures, options on futures or commodities, swaps, or other financial instruments regulated under the CEA and the rules thereunder (&#x201c;commodity interests&#x201d;), or if the Fund markets itself as providing investment exposure to such instruments. The Investment Manager is registered with the CFTC as a CPO. However, with respect to the Fund, the Investment Manager has claimed an exclusion from registration as a CPO pursuant to CFTC Rule 4.5. For the Investment Manager to remain eligible for this exclusion, the Fund must comply with certain limitations, including limits on its ability to use any commodity interests and limits on the manner in which the Fund holds out its use of such commodity interests. These limitations may restrict the Fund&#x2019;s ability to pursue its investment objective and strategies increase the costs of implementing its strategies, result in higher expenses for the Fund, and/or adversely affect the Fund&#x2019;s total return. To the extent the Fund becomes ineligible for this exclusion from CFTC regulation, the Fund may consider steps in order to continue to qualify for exemption from CFTC regulation, or may determine to operate subject to CFTC regulation. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Liquidity risk exists when particular investments are difficult to purchase or sell. Illiquid investments are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may become harder to value, especially in changing markets. The Fund&#x2019;s investments in illiquid investments may reduce the returns of the Fund because it may be unable to sell the illiquid investments at an advantageous time or price or possibly require the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. Bond markets have consistently grown over the past three decades while the capacity for traditional dealer counterparties to engage in fixed income trading has not kept pace and in some cases has decreased. As a result, dealer inventories of corporate bonds, which provide a core indication of the ability of financial intermediaries to &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&#x201c;make markets,&#x201d; are at or near historic lows in relation to market size. Because market makers seek to provide stability to a market through their intermediary services, a significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty. In such cases, the Fund, due to the difficulty in purchasing and selling such securities or instruments, may be unable to achieve its desired level of exposure to a certain sector. To the extent that the Fund invests in securities of companies with smaller market capitalizations, foreign &lt;div style="white-space:nowrap;display:inline;"&gt;(non-U.S.)&lt;/div&gt; securities, Rule 144A securities, illiquid sectors of fixed income securities, derivatives or securities with substantial market and/or credit risk, the Fund will tend to have greater exposure to liquidity risk. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Further fixed income securities with longer durations until maturity face heightened levels of liquidity risk as compared to fixed income securities with shorter durations until maturity. The risks associated with illiquid instruments may be particularly acute in situations in which the Fund&#x2019;s operations require cash (such as in connection with tender offers) and could result in the Fund borrowing to meet its short-term needs or incurring losses on the sale of illiquid instruments. It may also be the case that other market participants may be attempting to liquidate fixed income holdings at the same time as the Fund, causing increased supply in the market and contributing to liquidity risk and downward pricing pressure. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund has elected to be treated as a RIC under the Code and intends each year to qualify and be eligible to be treated as such, so that it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or long-term capital gains, that are distributed to shareholders. In order to qualify and be eligible for such treatment, the Fund must meet certain asset diversification tests, derive at least 90% of its gross income for such year from certain types of qualifying income, and distribute to its shareholders at least 90% of its &#x201c;investment company taxable income&#x201d; as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses). &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund&#x2019;s investment strategy will potentially be limited by its intention to continue qualifying for treatment as a RIC, and can limit the Fund&#x2019;s ability to continue qualifying as such. The tax treatment of certain of the Fund&#x2019;s investments under one or more of the qualification or distribution tests applicable to RICs is uncertain. An adverse determination or future guidance by the IRS or a change in law might affect the Fund&#x2019;s ability to qualify or be eligible for treatment as a RIC. Income and gains from certain of the Fund&#x2019;s activities may not constitute qualifying income to a RIC for purposes of the 90% gross income test. If the Fund were to treat income or gain from a particular investment or activity as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other nonqualifying income, caused the Fund&#x2019;s nonqualifying income to exceed 10% of its gross &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;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 the Fund level. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;If, in any year, the Fund were to fail to qualify for treatment as a RIC under the Code, and were ineligible to or did not otherwise cure such failure, the Fund would be subject to tax on its taxable income at corporate rates and, when such income is distributed, shareholders would be subject to further tax on such distributions to the extent of the Fund&#x2019;s current or accumulated earnings and profits. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Investment Manager manages the Fund without regard generally to restrictions on portfolio turnover. The use of futures contracts and other derivative instruments with relatively short maturities may tend to exaggerate the portfolio turnover rate for the Fund. Trading in fixed income securities does not generally involve the payment of brokerage commissions, but does involve indirect transaction costs. The use of futures contracts and other derivative instruments may involve the payment of commissions to futures commission merchants or other intermediaries. Higher portfolio turnover involves correspondingly greater expenses to the Fund, including brokerage commissions or dealer &lt;div style="white-space:nowrap;display:inline;"&gt;mark-ups&lt;/div&gt; and other transaction costs on the sale of securities and reinvestments in other securities. The higher the rate of portfolio turnover of the Fund, the higher these transaction costs borne by the Fund generally will be. Such sales may result in realization of taxable capital gains (including short-term capital gains, which are generally taxed to shareholders at ordinary income tax rates when distributed net of short-term capital losses and net long-term capital losses), and may adversely impact the Fund&#x2019;s &lt;div style="white-space:nowrap;display:inline;"&gt;after-tax&lt;/div&gt; returns. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;An investment in the Fund, like any fund, involves operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;When investing in an investment company, the Fund generally will bear its ratable share of that investment company&#x2019;s expenses and remain subject to payment of the Fund&#x2019;s management fees and other expenses with respect to assets so invested. Common Shareholders could therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. In addition, the securities of other investment companies may also be leveraged and will therefore be subject to the same leverage risks. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cybersecurity Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;As the use of technology has become more prevalent in the course of business, the Fund is potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events from outside threat actors or internal resources that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction, lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security breaches may involve unauthorized access to the Fund&#x2019;s digital information systems (e.g., through &#x201c;hacking&#x201d; or malicious software coding), and may come from multiple sources, including outside attacks such as &lt;div style="white-space:nowrap;display:inline;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;denial-of-service&lt;/div&gt;&lt;/div&gt; attacks (i.e., efforts to make network services unavailable to intended users) or cyber extortion, including exfiltration of data held for ransom and/or &#x201c;ransomware&#x201d; attacks that renders systems inoperable until ransom is paid, or insider actions. In addition, cyber security breaches involving the Fund&#x2019;s third party service providers (including but not limited to advisers, &lt;div style="white-space:nowrap;display:inline;"&gt;sub-advisers,&lt;/div&gt; administrators, transfer agents, custodians, vendors, suppliers, distributors and other third parties), trading counterparties or issuers in which the Fund invests can also subject the Fund to many of the same risks associated with direct cyber security breaches or extortion of company data. Moreover, cyber security breaches involving trading counterparties or issuers in which the Fund invests could adversely impact such counterparties or issuers and cause the Fund&#x2019;s investment to lose value. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund&#x2019;s ability to calculate its NAV, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Like with operational risk in general, the Fund has established business continuity plans and risk management systems designed to reduce the risks associated with cyber security. However, there are inherent limitations in these plans and systems, including that certain risks may not have been identified, in large part because different or unknown threats may emerge in the future. As such, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers in which the Fund may invest, trading counterparties or third party service providers to the Fund. Such entities have experienced cyber attacks and other attempts to gain unauthorized access to systems from time to time, and there is no guarantee that efforts to prevent or mitigate the effects of such attacks or other attempts to gain unauthorized access will be successful. There is also a risk that cyber security breaches may not be detected. The Fund and its &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b; &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Potential Conflicts of Interest Risk&#x2014;Allocation of Investment Opportunities &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Investment Manager and its affiliates are involved worldwide with a broad spectrum of financial services and asset management activities and may engage in the ordinary course of business in activities in which their interests or the interests of their clients may conflict with those of the Fund. The Investment Manager may provide investment management services to other funds and discretionary managed accounts that follow an investment program similar to that of the Fund. Subject to the requirements of the 1940 Act, the Investment Manager intends to engage in such activities and may receive compensation from third parties for its services. The results of the Fund&#x2019;s investment activities may differ from those of other accounts managed by the Investment Manager or its affiliates, and it is possible that the Fund could sustain losses during periods in which one or more other accounts managed by the Investment Manager or its affiliates, including proprietary accounts, achieve profits on their trading. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund may enter into repurchase agreements, in which the Fund purchases a security from a bank or broker-dealer, which agrees to repurchase the security at the Fund&#x2019;s cost plus interest within a specified time. If the party agreeing to repurchase should default, the Fund will seek to sell the securities which it holds. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price. Repurchase agreements may be or become illiquid. These events could also trigger adverse tax consequences for the Fund. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Holders of structured products, including structured notes, credit-linked notes and other types of structured products, bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product&#x2019;s administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) are generally influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;securities at below market prices if it experiences difficulty in obtaining such financing, which may adversely affect the value of the structured products owned by the Fund. Structured products generally entail risks associated with derivative instruments. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets, interest rates, secondary trading, ratings, credit risk, inflation, deflation, other factors relating to the Fund&#x2019;s investments or the Investment Manager&#x2019;s operations and the value of an investment in the Fund, its distributions and its returns. These events can also impair the technology and other operational systems upon which the Fund&#x2019;s service providers, including PIMCO as the Fund&#x2019;s investment adviser, rely, and could otherwise disrupt the Fund&#x2019;s service providers&#x2019; ability to fulfill their obligations to the Fund. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as &lt;div style="white-space:nowrap;display:inline;"&gt;COVID-19)&lt;/div&gt; has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund&#x2019;s investments and operations. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The U.S. Federal Reserve made emergency interest-rate cuts, moving short-term rates to near zero, issued forward guidance that rates would remain low until the economy weathers the &lt;div style="white-space:nowrap;display:inline;"&gt;COVID-19&lt;/div&gt; crisis, and resumed quantitative easing. Additionally, Congress approved stimulus to offset the severity and duration of the adverse economic effects of &lt;div style="white-space:nowrap;display:inline;"&gt;COVID-19&lt;/div&gt; and related disruptions in economic and business activity. Dozens of central banks across Europe, Asia, and elsewhere have announced and/or adopted similar economic relief packages. The end of any such programs could cause market downturns, disruptions and volatility, particularly if markets view the ending as premature. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Certain broker-dealers may be considered to be affiliated persons of the Fund and/or the Investment Manager due to their possible affiliations with Allianz SE, the ultimate parent of the Investment Manager. Absent an exemption from the SEC or other regulatory relief, the Fund is generally precluded from effecting certain principal transactions with affiliated brokers, and its ability to purchase securities being underwritten by an affiliated broker or a syndicate including an affiliated broker, or to utilize affiliated brokers for agency transactions, is subject to restrictions. This could limit the Fund&#x2019;s ability to engage in securities transactions and take advantage of market opportunities. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Declaration includes provisions that could limit the ability of other entities or persons to acquire control of the Fund or to convert the Fund to &lt;div style="white-space:nowrap;display:inline;"&gt;open-end&lt;/div&gt; status. See &#x201c;Anti-Takeover and Other Provisions in the Declaration of Trust and Bylaws.&#x201d; These provisions in the Declaration could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares or at NAV. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Although the Fund may seek to maintain level distributions, the Fund&#x2019;s distribution rates may be affected by numerous factors, including but not limited to changes in realized and projected market returns, fluctuations in market interest rates, Fund performance, and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in the Fund&#x2019;s distribution rate or that the rate will be sustainable in the future. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;For instance, during periods of low or declining interest rates, the Fund&#x2019;s distributable income and dividend levels may decline for many reasons. For example, the Fund may have to deploy uninvested assets (whether from purchases of Fund shares, proceeds from matured, traded or called debt obligations or other sources) in new, lower yielding instruments. Additionally, payments from certain instruments that may be held by the Fund (such as variable and floating rate securities) may be negatively impacted by declining interest rates, which may also lead to a decline in the Fund&#x2019;s distributable income and dividend levels. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;AMT Bonds Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Investments by the Fund in AMT Bonds may expose the Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. For shareholders subject to the federal alternative minimum tax, a portion of the Fund&#x2019;s distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Substantial exposure to municipal bonds of particular issuers, geographies and/or jurisdictions will result in susceptibility to political, economic, regulatory and other factors affecting issuers of such bonds, their ability to meet their obligations and the economic condition of the facility or specific revenue source from whose revenues payments of obligations may be made. The ability of state, county, or local governments or other issuers to meet their obligations will depend primarily on the availability of tax and other revenues to those entities. The amounts of tax and other &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;revenues available to issuers may be affected from time to time by economic, political and demographic conditions that specifically impact such issuers. In addition, there are constitutional and statutory restrictions that limit the power of certain issuers to raise revenues or increase taxes. The availability of federal, state and local aid to issuers may also affect their ability to meet their obligations. The creditworthiness of obligations issued by local issuers within a given state may be unrelated to the creditworthiness of obligations issued by the state and there is no obligation on the part of the state to make payment on such local obligations in the event of default. Any reduction in the actual or perceived ability of an issuer to meet its obligations (including a reduction in the rating of its outstanding securities) would likely affect adversely the market value and marketability of its obligations and could adversely affect the values of other bonds as well. Moreover, in such circumstances, the value of the Fund&#x2019;s shares may fluctuate more widely than the value of shares of a more diversified fund. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Many factors, including national economic, social and environmental policies and conditions, which are not within the control of issuers, could affect or could have an adverse impact on the financial condition of the issuers. The Fund is unable to predict whether or to what extent such factors or other factors may affect issuers, the market value or marketability of such bonds or the ability of the respective issuers of the bonds acquired by the Fund to pay interest on or principal of such bonds. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;CSDR Related Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The European Union has adopted a settlement discipline regime under Regulation (EU) No 909/2014 and the Settlement Discipline RTS as they may be modified from time to time (&#x201c;CSDR&#x201d;), which will have phased compliance dates. It aims to reduce the number of settlement fails that occur in EEA central securities depositories (&#x201c;CSDs&#x201d;) and address settlement fails where they occur. The key elements of the regime are: (i)&#160;mandatory &lt;div style="white-space:nowrap;display:inline;"&gt;buy-ins&#x2014;if&lt;/div&gt; a settlement fail continues for a specified period of time after the intended settlement date, a &lt;div style="white-space:nowrap;display:inline;"&gt;buy-in&lt;/div&gt; process must be initiated to effect the settlement; (ii)&#160;cash penalties&#x2014;EEA CSDs are required to impose cash penalties on participants that cause settlement fails and distribute these to receiving participants; and (iii)&#160;allocations and confirmations&#x2014;EEA investment firms are required to take measures to prevent settlement fails, including putting in place arrangements with their professional clients to communicate securities allocations and transaction confirmations. These requirements apply to transactions in transferable securities (e.g., shares and bonds), money market instruments, units in funds and emission allowances that are to be settled via an EEA CSD and, in the case of cash penalties and &lt;div style="white-space:nowrap;display:inline;"&gt;buy-in&lt;/div&gt; requirements only, are admitted to trading or traded on an EEA trading venue or cleared by an EEA central counterparty. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The implementation of the CSDR settlement discipline regime for funds that enter into &lt;div style="white-space:nowrap;display:inline;"&gt;in-scope&lt;/div&gt; transactions may result in increased operational and compliance costs being borne directly or indirectly by the Fund. CSDR may also affect liquidity and increase trading costs associated with relevant securities. If &lt;div style="white-space:nowrap;display:inline;"&gt;in-scope&lt;/div&gt; transactions are subject to additional expenses and penalties as a consequence of the CSDR settlement &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;discipline regime, such expenses and penalties may be charged to the relevant Fund depending upon their characterization under the Fund&#x2019;s Investment Management Agreement.&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b; &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Insurance Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide such credit enhancements will affect the value of those securities. Certain significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to &lt;div style="white-space:nowrap;display:inline;"&gt;sub-prime&lt;/div&gt; mortgages and other lower credit quality investments that have experienced recent defaults or otherwise suffered extreme credit deterioration. As a result, such losses reduced the insurers&#x2019; capital and called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future. If the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the rating of the underlying municipal security will be more relevant and the value of the municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security would decline and may not add any value. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the net asset value of the common shares represented by such insured obligation. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Investing in the municipal bond market involves the risks of investing in debt securities generally and certain other risks. The amount of public information available about the municipal bonds in which the Fund may invest is generally less than that for corporate equities or bonds, and the investment performance of the Fund&#x2019;s investment in municipal bonds may therefore be more dependent on the analytical abilities of PIMCO than its investments in taxable bonds. The secondary market for municipal bonds also tends to be less well developed or liquid than many other securities markets, which may adversely affect the Fund&#x2019;s ability to sell municipal bonds at attractive prices. &lt;/div&gt;&lt;/div&gt; </cef:RiskFactorsTableTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_MarketDiscountRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The price of the Fund&#x2019;s Common Shares will fluctuate with market conditions and other factors. If you sell your Common Shares, the price received may be more or less than your original investment. The Common Shares are designed for long-term investors and should not be treated as trading vehicles. Shares of closed-end management investment companies frequently trade at a discount from their NAV. The Common Shares may trade at a price that is less than the offering price for Common Shares issued pursuant to an offering. This risk may be greater for investors who sell their Common Shares relatively shortly after completion of an offering. The sale of Common 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 Shares, may have an adverse effect on the market price of the Common Shares. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_MarketRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities. Credit ratings downgrades may also negatively affect securities &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;held by the Fund. Even when markets perform well, there is no assurance that the investments held by the Fund will increase in value along with the broader market. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters can all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. The current contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as presidential elections in the United States or abroad or the U.S. government&#x2019;s inability at times to agree on a long-term budget and deficit reduction plan, has in the past resulted, and may in the future result, in a government shutdown or otherwise adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund&#x2019;s investments and operations. Additional and/or prolonged U.S. federal government shutdowns may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund&#x2019;s investments. Any market disruptions could also prevent the Fund from executing advantageous investment decisions in a timely manner. Funds that have focused their investments in a region enduring geopolitical market disruption, it will face higher risks of loss. Thus, investors should closely monitor current market conditions to determine whether the Fund meets their individual financial needs and tolerance for risk. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current market conditions may pose heightened risks with respect to the Fund&#x2019;s investment in fixed income securities. As such, fixed income securities markets may experience heightened levels of interest rate, volatility and liquidity risk. Any interest rate increases in the future could cause the value of any Fund, such as the Fund, that invests in fixed income securities to decrease. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Exchanges and securities markets may close early, close late or issue trading halts on specific securities, which may result in, among other things, the Fund being unable to buy or sell certain securities or financial instruments at an advantageous time or accurately price its portfolio investments. &lt;/div&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_MunicipalBondRiskMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Municipal Bond Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns, by litigation, legislation or political events, or by the bankruptcy of the issuer. Laws, referenda, ordinances or regulations enacted in the future by Congress or state legislatures or the applicable governmental entity could extend the time for payment of principal and/or interest, or impose other constraints on enforcement of such obligations, or on the ability of municipal issuers to levy taxes. Issuers of municipal securities also might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, the Fund could experience delays in collecting principal and interest and the Fund may not, in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in the payment of interest or repayment of principal, or both, the Fund may take possession of and manage the assets securing the issuer&#x2019;s obligations on such securities, which may increase the Fund&#x2019;s operating expenses. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may invest in revenue bonds, which are typically issued to fund a wide variety of capital projects including electric, gas, water and sewer systems; highways, bridges and tunnels; port and airport facilities; colleges and universities; and hospitals. Because the principal security for a revenue bond is generally the net revenues derived from a particular facility or group of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source, there is no guarantee that the particular project will generate enough revenue to pay its obligations, in which case the Fund&#x2019;s performance may be adversely affected. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may invest in taxable municipal bonds, such as Build America Bonds. Build America Bonds are tax credit bonds created by the American Recovery and Reinvestment Act of 2009, which authorized state and local governments to issue Build America Bonds as taxable bonds in 2009 and 2010, without volume limitations, to finance any capital expenditures for which such issuers could otherwise issue traditional &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;tax-exempt&lt;/div&gt; bonds. The Fund&#x2019;s investments in Build America Bonds or similar taxable municipal bonds will result in taxable income and the Fund may elect to pass through to holders of the Fund&#x2019;s common shares (&#x201c;Common Shares&#x201d;) the corresponding tax credits. The tax credits can generally be used to offset federal income taxes and the alternative minimum tax, but such credits are generally not refundable. Taxable municipal bonds involve similar risks as &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;tax-exempt&lt;/div&gt; municipal bonds, including credit and market risk. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Municipal securities are also subject to interest rate, credit, and liquidity risk, which are discussed generally elsewhere in this section, and elaborated upon below with respect to municipal bonds. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Interest Rate Risk.&lt;/div&gt;&lt;/div&gt; The value of municipal securities, similar to other fixed income securities, will likely drop as interest rates rise in the general market. Conversely, when rates decline, bond prices generally rise. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Credit Risk.&lt;/div&gt;&lt;/div&gt; The risk that a borrower may be unable to make interest or principal payments when they are due. A fund that invests in municipal securities relies on the ability of the issuer to service its debt. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;This subjects the Fund to credit risk in that the municipal issuer may be fiscally unstable or exposed to large liabilities that could impair its ability to honor its obligations. Municipal issuers with significant debt service requirements, in the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;near-to&lt;/div&gt; &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;mid-term;&lt;/div&gt; unrated issuers and those with less capital and liquidity to absorb additional expenses may be most at risk. To the extent the Fund invests in lower quality or high yield municipal securities, it may be more sensitive to the adverse credit events in the municipal market. The treatment of municipalities in bankruptcy is more uncertain, and potentially more adverse to debt holders, than for corporate issues. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Liquidity Risk.&lt;/div&gt;&lt;/div&gt; The risk that investors may have difficulty finding a buyer when they seek to sell, and therefore, may be forced to sell at a discount to the market value. Liquidity may sometimes be impaired in the municipal market and because the Fund primarily invests in municipal securities, it may find it difficult to purchase or sell such securities at opportune times. Liquidity can be impaired due to interest rate concerns, credit events, or general supply and demand imbalances. Depending on the particular issuer and current economic conditions, municipal securities could be deemed more volatile investments. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In addition to general municipal market risks, different municipal sectors may face different risks. For instance, general obligation bonds are secured by the full faith, credit, and taxing power of the municipality issuing the obligation. As such, timely payment depends on the municipality&#x2019;s ability to raise tax revenue and maintain a fiscally sound budget. The timely payments may also be influenced by any unfunded pension liabilities or other post-employee benefit plan (OPEB) liabilities. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Revenue bonds are secured by special tax revenues or other revenue sources. If the specified revenues do not materialize, then the bonds may not be repaid. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Private activity bonds are yet another type of municipal security. Municipalities use private activity bonds to finance the development of industrial facilities for use by private enterprise. Principal and interest payments are to be made by the private enterprise benefitting from the development, which means that the holder of the bond is exposed to the risk that the private issuer may default on the bond. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Moral obligation bonds are usually issued by special purpose public entities. If the public entity defaults, repayment becomes a &#x201c;moral obligation&#x201d; instead of a legal one. The lack of a legally enforceable right to payment in the event of default poses a special risk for a holder of the bond because it has little or no ability to seek recourse in the event of default. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In addition, a significant restructuring of federal income tax rates or even serious discussion on the topic in Congress could cause municipal bond prices to fall. The demand for municipal securities is strongly influenced by the value of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;tax-exempt&lt;/div&gt; income to investors. Lower income tax rates could reduce the advantage of owning municipal securities. &lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Municipal notes are similar to general municipal debt obligations, but they generally possess shorter terms. Municipal notes can be used to provide interim financing and may not be repaid if anticipated revenues are not realized. &lt;/div&gt;&lt;/div&gt; </cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_MunicipalProjectSpecificRiskMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Municipal Project-Specific Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in general obligation bonds, particularly if there is a large concentration from issuers in a single state. This is because the value of municipal securities can be significantly affected by the political, economic, legal, and legislative realities of the particular issuer&#x2019;s locality or municipal sector events. Similarly, changes to state or federal regulation tied to a specific sector, such as the hospital sector, could have an impact on the revenue stream for a given subset of the market. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_UsGovernmentSecuritiesRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Certain U.S. government securities, such as U.S. Treasury bills, notes, bonds and mortgage-related securities guaranteed by the GNMA, are supported by the full faith and credit of the United States; others, such as those of the FHLBs or the FHLMC, are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the FNMA, are supported by the discretionary authority of the U.S. government to purchase the agency&#x2019;s obligations; and still others are supported only by the credit of the agency, instrumentality or corporation. Although legislation has been enacted to support certain government sponsored entities, including the FHLBs, FHLMC and FNMA, there is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact the government sponsored entities and the values of their related securities or obligations. In addition, certain governmental entities, including FNMA and FHLMC, have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability or investment character of securities issued by these entities. Yields available from U.S. government debt securities are generally lower than the yields available from other debt securities. The values of U.S. government securities change as interest rates fluctuate. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_AssetAllocationRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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&gt; &lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund&#x2019;s investment performance depends upon how its assets are allocated and reallocated. A principal risk of investing in the Fund is that PIMCO may make less than optimal or poor asset allocation decisions. PIMCO employs an active approach to allocation among multiple fixed-income sectors, but there is no guarantee that such allocation techniques will produce the desired results. It is possible that PIMCO will focus on an investment that performs poorly or underperforms other investments under various market conditions. You could lose money on your investment in the Fund as a result of these allocation decisions. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_ManagementRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund is subject to management risk because it is an actively managed investment portfolio. PIMCO and each individual portfolio manager will &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;apply investment techniques and risk analysis in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. Certain securities or other instruments in which the Fund seeks to invest may not be available in the quantities desired. In addition, regulatory restrictions, actual or potential conflicts of interest or other considerations may cause PIMCO to restrict or prohibit participation in certain investments. In such circumstances, PIMCO or the individual portfolio managers may determine to purchase other securities or instruments as substitutes. Such substitute securities or instruments may not perform as intended, which could result in losses to the Fund. The Fund is also subject to the risk that deficiencies in the internal systems or controls of PIMCO or another service provider will cause losses for the Fund or hinder Fund operations. For example, trading delays or errors (both human and systemic) could prevent the Fund from purchasing a security expected to appreciate in value. To the extent the Fund employs strategies targeting perceived pricing inefficiencies, arbitrage strategies or similar strategies, it is subject to the risk that the pricing or valuation of the securities and instruments involved in such strategies may change unexpectedly, which may result in reduced returns or losses to the Fund. Additionally, actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each individual portfolio manager in connection with managing the Fund and may also adversely affect the ability of the Fund to achieve its investment objective. There also can be no assurance that all of the personnel of PIMCO will continue to be associated with PIMCO for any length of time. The loss of the services of one or more key employees of PIMCO could have an adverse impact on the Fund&#x2019;s ability to realize its investment objective. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In addition, the Fund may rely on various third-party sources to calculate its NAV. As a result, the Fund is subject to certain operational risks associated with reliance on service providers and service providers&#x2019; data sources. In particular, errors or systems failures and other technological issues may adversely impact the Fund&#x2019;s calculations of its NAV, and such NAV calculation issues may result in inaccurately calculated NAV, delays in NAV calculation and/or the inability to calculate NAVs over extended periods. The Fund may be unable to recover any losses associated with such failures. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_IssuerRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The value of a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#x2019;s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. A change in the financial condition of a single issuer may affect securities markets as a whole. These risks can apply to the Common Shares issued by the Fund and to the issuers of securities and other instruments in which the Fund invests. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_InterestRateRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest rate risk is the risk that fixed income securities and other instruments in the Fund&#x2019;s portfolio will decline in value because of a &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;change in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and the Fund may lose money as a result of movements in interest rates. The Fund may not be able to effectively hedge against changes in interest rates or may choose not to do so for cost or other reasons. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions). Recently, there have been signs of inflationary price movements. As such, fixed income securities markets may experience heightened levels of interest rate, volatility and liquidity risk. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile. Duration is a measure used to determine the sensitivity of a security&#x2019;s price to changes in interest rates that incorporates a security&#x2019;s yield, coupon, final maturity and call features, among other characteristics. Duration is useful primarily as a measure of the sensitivity of a fixed income security&#x2019;s market price to interest rate (i.e., yield) movements. All other things remaining equal, for each one percentage point increase in interest rates, the value of a portfolio of fixed income investments would generally be expected to decline by one percent for every year of the portfolio&#x2019;s average duration above zero. For example, the value of a portfolio of fixed income securities with an average duration of fourteen years would generally be expected to decline by approximately 14% if interest rates rose by one percentage point. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Variable and floating rate securities may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Fund&#x2019;s shares. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Measures such as average duration may not accurately reflect the true interest rate sensitivity of the Fund. This is especially the case if the Fund consists of securities with widely varying durations. Therefore, if the Fund has an average duration that suggests a certain level of interest rate risk, the Fund may in fact be subject to greater interest rate risk than the average would suggest. This risk is greater to the extent the Fund uses leverage or derivatives. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Convexity is an additional measure used to understand a security&#x2019;s or Fund&#x2019;s interest rate sensitivity. Convexity measures the rate of change of duration in response to changes in interest rates. With respect to a security&#x2019;s price, a larger convexity (positive or negative) may imply more dramatic price changes in response to changing interest rates. Convexity may be positive or negative. Negative convexity implies that interest rate increases result in increased duration, meaning increased sensitivity in prices in response to rising interest rates. Thus, securities with negative convexity, which may include bonds with traditional call features and certain mortgage-backed securities, may experience greater losses in periods of rising interest rates. Accordingly, if the Fund holds such securities, the Fund may be subject to a greater risk of losses in periods of rising interest rates. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Rising interest rates may result in periods of volatility and a decline in value of the Fund&#x2019;s fixed income investments. Further, while U.S. bond markets have steadily grown over the past three decades, dealer &#x201c;market making ability has remained relatively stagnant. As a result, dealer inventories of certain types of bonds and similar instruments, which provide a core indication of the ability of financial intermediaries to &#x201c;make markets,&#x201d; are at or near historic lows in relation to market size. Because market makers provide stability to a market through their intermediary services, a significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty. All of these factors, collectively and/or individually, could cause the Fund to lose value. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_CreditRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling, or is perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor its obligations. The downgrade of the credit of a security held by the Fund may decrease its value. Measures such as average credit quality may not accurately reflect the true credit risk of the Fund. This is especially the case if the Fund consists of securities with widely varying credit ratings. This risk is greater to the extent the Fund uses leverage or derivatives. Municipal bonds are subject to the risk that litigation, legislation or other political events, local business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer&#x2019;s ability to make payments of principal and/or interest. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The mortgage-related assets in which the Fund may invest include, but are not limited to, any security, instrument or other asset that is related to U.S. or &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-U.S.&lt;/div&gt; mortgages, including those issued by private originators or issuers, or issued or guaranteed as to principal or interest by the U.S. government or its agencies or instrumentalities or by non-U.S. governments or authorities, such as, without limitation, assets representing interests in, collateralized or backed by, or whose values are &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;determined in whole or in part by reference to any number of mortgages or pools of mortgages or the payment experience of such mortgages or pools of mortgages, including REMICs, which could include &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Re-REMICs,&lt;/div&gt; mortgage pass-through securities, inverse floaters, CMOs, CLOs, multiclass pass-through securities, private mortgage pass-through securities, stripped mortgage securities (generally interest-only and principal-only securities), mortgage-related asset backed securities and mortgage-related loans (including through participations, assignments, originations and whole loans), including commercial and residential mortgage loans. Exposures to mortgage-related assets through derivatives or other financial instruments will be considered investments in mortgage-related assets. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may also invest in other types of ABS, including CDOs, CBOs and CLOs and other similarly structured securities See &#x201c;The Fund&#x2019;s Investment Objective and Strategies-Portfolio Contents and Other Information-Mortgage-Related and Other Asset-Backed Instruments&#x201d; in this prospectus and &#x201c;Investment Objective and Policies-Mortgage-Related and Other Asset- Backed Instruments&#x201d; in the Statement of Additional Information for a description of the various mortgage-related and other asset-backed instruments in which the Fund may invest and their related risks. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Mortgage-related and other asset-backed instruments represent interests in &#x201c;pools&#x201d; of mortgages or other assets such as consumer loans or receivables held in trust and often involve risks that are different from or possibly more acute than risks associated with other types of debt instruments. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related assets, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Fund may exhibit additional volatility since individual mortgage holders are less likely to exercise prepayment options, thereby putting additional downward pressure on the value of these securities and potentially causing the Fund to lose money. This is known as extension risk. Mortgage-backed securities can be highly sensitive to rising interest rates, such that even small movements can cause the Fund to lose value. Mortgage-backed securities, and in particular those not backed by a government guarantee, are subject to credit risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund may have to reinvest that money at the lower prevailing interest rates. The Fund&#x2019;s investments in other asset-backed instruments are subject to risks similar to those associated with mortgage-related assets, as well as additional risks associated with the nature of the assets and the servicing of those assets. Payment of principal and interest on asset-backed instruments may be largely dependent upon the cash flows generated by the assets backing the instruments, and asset-backed instruments may not have the benefit of any security interest in the related assets. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Subordinate mortgage-backed or asset-backed instruments are paid interest only to the extent that there are funds available to make payments. To the extent the collateral pool includes a large percentage of &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;delinquent loans, there is a risk that interest payments on subordinate mortgage-backed or asset-backed instruments will not be fully paid. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;There are multiple tranches of mortgage-backed and asset-backed instruments, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity or &#x201c;first loss,&#x201d; according to their degree of risk. The most senior tranche of a mortgage-backed or asset-backed instrument has the greatest collateralization and pays the lowest interest rate. If there are defaults or the collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. Lower tranches represent lower degrees of credit quality and pay higher interest rates intended to compensate for the attendant risks. The return on the lower tranches is especially sensitive to the rate of defaults in the collateral pool. The lowest tranche (i.e., the &#x201c;equity&#x201d; or &#x201c;residual&#x201d; tranche) specifically receives the residual interest payments (i.e., money that is left over after the higher tranches have been paid and expenses of the issuing entities have been paid) rather than a fixed interest rate. The Fund may also invest in the residual or equity tranches of mortgage-related and other asset-backed instruments, which may be referred to as subordinate mortgage-backed or asset-backed instruments and interest-only mortgage-backed or asset-backed instruments. The Fund expects that investments in subordinate mortgage-backed and other asset-backed instruments will be subject to risks arising from delinquencies and foreclosures, thereby exposing its investment portfolio to potential losses. Subordinate securities of mortgage-backed and other asset-backed instruments are also subject to greater credit risk than those mortgage-backed or other asset-backed instruments that are more highly rated. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The mortgage markets in the United States and in various foreign countries have experienced extreme difficulties in the past that adversely affected the performance and market value of certain mortgage-related investments. Delinquencies and losses on residential and commercial mortgage loans (especially subprime and second-lien mortgage loans) may increase, and a decline in or flattening of housing and other real property values may exacerbate such delinquencies and losses. In addition, reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could continue or worsen. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_MortgageRelatedDerivativeInstrumentsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may engage in derivative transactions related to mortgage-backed securities, including purchasing and selling exchange-listed and OTC put and call options, futures and forwards on mortgages and mortgage-backed securities. The Fund may also invest in mortgage-backed securities credit default swaps, which include swaps the reference obligation for which is a mortgage-backed security or related index, such as the CMBX Index (a tradeable index referencing a basket of commercial &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;mortgage-backed securities), the TRX Index (a tradeable index referencing total return swaps based on commercial mortgage-backed securities) or the ABX (a tradeable index referencing a basket of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;sub-prime&lt;/div&gt; mortgage backed securities). The Fund may invest in newly developed mortgage related derivatives that may hereafter become available. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Derivative mortgage-backed securities (such as principal-only (&#x201c;POs&#x201d;), interest-only (&#x201c;IOs&#x201d;) or inverse floating rate securities) are particularly exposed to call and extension risks. Small changes in mortgage prepayments can significantly impact the cash flows and the market value of these derivative instruments. In general, the risk of faster than anticipated prepayments adversely affects IOs, super floaters and premium priced mortgage-backed securities. The risk of slower than anticipated prepayments generally affects POs, floating-rate securities subject to interest rate caps, support tranches and discount priced mortgage-backed securities. In addition, particular derivative instruments may be leveraged such that their exposure (i.e., price sensitivity) to interest rate and/or prepayment risk is magnified. Mortgage-related derivative instruments involve risks associated with mortgage-related and other asset-backed instruments, privately-issued mortgage-related securities, the mortgage market, the real estate industry, derivatives and credit default swaps. See &#x201c;Mortgage-Related and Other Asset-Backed Instruments Risk&#x201d;, &#x201c;Privately-Issued Mortgage-Related Securities Risk,&#x201d; &#x201c;Derivatives Risk,&#x201d; and &#x201c;Credit Default Swaps Risk.&#x201d; &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Mortgage-related derivative instruments involve risks associated with mortgage-related and other asset-backed instruments, privately-issued mortgage-related securities, the mortgage market, the real estate industry, derivatives and credit default swaps. See &#x201c;Mortgage-Related and Other Asset-Backed Instruments Risk,&#x201d; &#x201c;Privately-Issued Mortgage-Related Securities Risk,&#x201d; &#x201c;Derivatives Risk,&#x201d; and &#x201c;Credit Default Swaps Risk.&#x201d; &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_HighYieldSecuritiesRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;To the extent that the Fund invests in high yield securities and unrated securities of similar credit quality (commonly known as &#x201c;high yield securities&#x201d; or &#x201c;junk bonds&#x201d;), the Fund will be subject to greater levels of credit risk, call risk and liquidity risk than funds that do not invest in such securities, which could have a negative effect on the NAV and market price of the Fund&#x2019;s Common Shares or Common Share dividends. These securities are considered predominantly speculative with respect to an issuer&#x2019;s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely affect the market for these securities and reduce the Fund&#x2019;s ability to sell these securities at an advantageous time or price. The Fund may purchase distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Issuers of high yield securities may have the right to &#x201c;call or redeem the issue prior to maturity, which may result in the Fund having to reinvest the proceeds in other high yield securities or similar instruments that may pay lower interest rates. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in high yield securities. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Consequently, transactions in high yield securities may involve greater costs than transactions in more actively traded securities. To the extent that the Fund invests in high yield securities and unrated securities of similar credit quality (commonly known as &#x201c;high yield securities&#x201d; or &#x201c;junk bonds&#x201d;), the Fund may be subject to greater levels of credit risk, call risk and liquidity risk than funds that do not invest in such securities, which could have a negative effect on the NAV and market price of the Fund&#x2019;s Common Shares or Common Share dividends. These securities are considered predominantly speculative with respect to an issuer&#x2019;s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely affect the market for these securities and reduce the Fund&#x2019;s ability to sell these securities at an advantageous time or price. The Fund may purchase distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. Issuers of high yield securities may have the right to &#x201c;call&#x201d; or redeem the issue prior to maturity, which may result in the Fund having to reinvest the proceeds in other high yield securities or similar instruments that may pay lower interest rates. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in high yield securities. Consequently, transactions in high yield securities may involve greater costs than transactions in more actively traded securities. These factors may result in the Fund being unable to realize full value for these securities and/or may result in the Fund not receiving the proceeds from a sale of a high yield security for an extended period after such sale, each of which could result in losses to the Fund. Because of the risks involved in investing in high yield securities, an investment in the Fund should be considered speculative. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In general, lower rated debt securities carry a greater degree of risk that the issuer will lose its ability to make interest and principal payments, which could have a negative effect on the Fund. Securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal and are commonly referred to as &#x201c;high yield&#x201d; securities or &#x201c;junk bonds.&#x201d; High yield securities involve a greater risk of default and their prices are generally more volatile and sensitive to actual or perceived negative developments. Debt securities in the lowest investment grade category also may be considered to possess some speculative characteristics by certain rating agencies. The Fund may purchase stressed or distressed securities that are in default or the issuers of which are in bankruptcy, which involve heightened risks. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;An economic downturn could severely affect the ability of issuers (particularly those that are highly leveraged) to service or repay their debt obligations. Lower-rated securities are generally less liquid than higher-rated securities, which may have an adverse effect on the Fund&#x2019;s ability to dispose of them. For example, under adverse market or economic conditions, the secondary market for below investment grade securities could contract further, independent of any specific adverse changes in the condition of a particular issuer, and certain securities in the Fund&#x2019;s portfolio may become illiquid or less liquid. As a result, the Fund could find it more difficult to sell these securities or may be able to sell these securities only at prices lower than if such securities were widely traded. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;To the extent the Fund focuses on below investment grade debt obligations, PIMCO&#x2019;s capabilities in analyzing credit quality and associated risks will be particularly important, and there can be no assurance that PIMCO will be successful in this regard. Due to the risks involved in investing in high yield securities, an investment in the Fund should be considered speculative. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund&#x2019;s credit quality policies apply only at the time a security is purchased, and the Fund is not required to dispose of a security in the event that a rating agency or PIMCO downgrades its assessment of the credit characteristics of a particular issue. Analysis of creditworthiness may be more complex for issuers of high yield securities than for issuers of higher quality debt securities. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_ReinvestmentRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Income from the Fund&#x2019;s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called debt obligations at market interest rates that are below the portfolio&#x2019;s current earnings rate. For instance, during periods of declining interest rates, an issuer of debt obligations may exercise an option to redeem securities prior to maturity, forcing the Fund to invest in lower-yielding securities The Fund also may choose to sell higher yielding portfolio securities and to purchase lower yielding securities to achieve greater portfolio diversification, because the portfolio managers believe the current holdings are overvalued or for other investment-related reasons. A decline in income received by the Fund from its investments is likely to have a negative effect on dividend levels and the market price, NAV and/or overall return of the Common Shares. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_SecuritiesLendingRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;For the purpose of achieving income, the Fund may lend its portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. Please see &#x201c;Investment Objectives and Policies&#x2014;Loans of Portfolio Securities&#x201d; in the Statement of Additional Information for more details. When the Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. The Fund may pay lending fees to a party arranging the loan. Cash collateral received by the Fund in securities lending transactions may be invested in short-term liquid fixed income instruments or in money market or short-term mutual funds, or similar investment vehicles, including affiliated money market or short-term mutual funds. The Fund bears the risk of such investments. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_CallRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Call risk refers to the possibility that an issuer may exercise its right to redeem a fixed income security earlier than expected. Issuers may call outstanding securities prior to their maturity for a number of reasons. If an issuer calls a security in which the Fund has invested, the Fund may &lt;/div&gt;&lt;/div&gt;not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_UsGovernmentSecuritiesRisk1MembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Certain U.S. government securities, such as U.S. Treasury bills, notes, bonds and mortgage-related securities guaranteed by the GNMA, are supported by the full faith and credit of the United States; others, such as those of the FHLBs or the FHLMC, are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the FNMA, are supported by the discretionary authority of the U.S. government to purchase the agency&#x2019;s obligations; and still others are supported only by the credit of the agency, instrumentality or corporation. Although legislation has been enacted to support certain government sponsored entities, including the FHLBs, FHLMC and FNMA, there is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact the government sponsored entities and the values of their related securities or obligations. In addition, certain governmental entities, including FNMA and FHLMC, have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability or investment character of securities issued by these entities. Yields available from U.S. government debt securities are generally lower than the yields available from other debt securities. The values of U.S. government securities change as interest rates fluctuate. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_CaliforniaStateSpecificRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;California State-Specific Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal. Certain issuers of California municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain California issuers to pay principal or interest on their obligations. Provisions of the California Constitution and State statutes which limit the taxing and spending authority of California governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California&#x2019;s economy is broad, it does have major concentrations in advanced technology, aerospace and defense-related manufacturing, trade, entertainment, real estate and financial services, and may be sensitive to economic problems affecting those industries. Future California political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of California issuers. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_NewYorkStateSpecificRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;New York State-Specific Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or &lt;/div&gt;&lt;/div&gt;repay principal. Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations. Provisions of the New York Constitution and State statutes which limit the taxing and spending authority of New York governmental entities may impair the ability of New York issuers to pay principal and/or interest on their obligations. While New York&#x2019;s economy is broad, it does have major concentrations in certain industries, such as financial services, and may be sensitive to economic problems affecting those industries. Future New York political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of New York issuers.</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_PuertoRicoSpecificRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Puerto Rico-Specific Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may be affected significantly by economic, regulatory, restructuring or political developments affecting the ability of Puerto Rico issuers to pay interest or repay principal. Certain issuers of Puerto Rico municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain Puerto Rico issuers to pay principal or interest on their obligations. Provisions of the Puerto Rico Constitution and Commonwealth laws, including a federally-appointed oversight board to oversee the Commonwealth&#x2019;s financial operations, which limit the taxing and spending authority of Puerto Rico governmental entities may impair the ability of Puerto Rico issuers to pay principal and/or interest on their obligations. While Puerto Rico&#x2019;s economy is broad, it does have major concentrations in certain industries, such as manufacturing and service, and may be sensitive to economic problems affecting those industries. Future Puerto Rico political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation, debt restructuring, and voter initiatives could have an adverse effect on the debt obligations of Puerto Rico issuers. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_ValuationRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Certain securities in which the Fund invests may be less liquid and more difficult to value than other types of securities. When market quotations or pricing service prices are not readily available or are deemed to be unreliable, the Fund values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_LeverageRiskMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); 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 body of this prospectus) creates the opportunity for increased Common Share net income, but also creates special risks for Common Shareholders. To the extent used, there is no assurance that the Fund&#x2019;s leveraging strategies will be successful. Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. The Fund&#x2019;s assets attributable to any outstanding Preferred Shares or the net proceeds that the Fund obtains from its use of TOBs, derivatives or other forms of leverage, if any, will be invested in accordance with the Fund&#x2019;s investment objective and policies as described in this prospectus. Dividends payable with respect to Preferred Shares outstanding and interest expense payable by the Fund with respect to any TOBs, derivatives and other forms of leverage will generally be based on shorter-term interest rates that would be periodically reset. If shorter-term interest rates rise relative to the rate of return on the Fund&#x2019;s portfolio, the interest and other costs to the Fund of leverage (including interest expenses on TOBs and the dividend rate on any outstanding Preferred Shares s, including the Preferred Shareholder &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Gross-Up&lt;/div&gt; (as defined below)) could exceed the rate of return on the debt obligations and other investments held by the Fund, thereby reducing return to Common Shareholders. In addition, fees and expenses of any form of leverage used by the Fund will be borne entirely by the Common Shareholders (and not by preferred shareholders) and will reduce the investment return of the Common Shares. Therefore, there can be no assurance that the Fund&#x2019;s use of leverage will result in a higher yield on the Common Shares, and it may result in losses. In addition, Preferred Shares issued by the Fund pay cumulative dividends, which may tend to increase leverage risk. Leverage creates several major types of risks for Common Shareholders, including: &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:9.75pt"&gt;&#160;&lt;/td&gt;
&lt;td style="width:10.5pt;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 7pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#x220e;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &amp;quot;arial narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;the likelihood of greater volatility of NAV and market price of Common Shares, and of the investment return to Common Shareholders, than a comparable portfolio without leverage; &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:9.75pt"&gt;&#160;&lt;/td&gt;
&lt;td style="width:10.5pt;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 7pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#x220e;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &amp;quot;arial narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;the possibility either that Common Share dividends will fall if the interest and other costs of leverage rise, or that dividends paid on Common Shares will fluctuate because such costs vary over time; and &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:10pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:9.75pt"&gt;&#160;&lt;/td&gt;
&lt;td style="width:10.5pt;vertical-align:top;text-align:left;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 7pt; color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&#x220e;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &amp;quot;arial narrow&amp;quot;; text-align: left; line-height: normal;"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;the effects of leverage in a declining market or a rising interest rate environment, as leverage is likely to cause a greater decline in the NAV of the Common Shares than if the Fund were not leveraged and may result in a greater decline in the market value of the Common Shares. &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In addition, the counterparties to the Fund&#x2019;s leveraging transactions and preferred shareholders of the Fund will have priority of payment over the Fund&#x2019;s Common Shareholders. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund is required to satisfy certain asset coverage requirements in connection with its use of Preferred Shares, including those imposed by regulatory and rating agency requirements. Accordingly, any decline in the net asset value of the Fund&#x2019;s investments could result in the risk that the Fund will fail to meet its asset coverage requirements for Preferred Shares or the risk of the Preferred Shares being downgraded by a rating &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;agency. In an extreme case, the Fund&#x2019;s current investment income might not be sufficient to meet the dividend requirements on Preferred Shares outstanding. In order to address these types of events, the Fund might need to dispose of investments in order to fund a redemption of some or all of the Preferred Shares. Dispositions at times of adverse economic conditions may result in a loss to the Fund. At other times, these dispositions may result in gain at the Fund level and thus in additional taxable distributions to Common Shareholders. See &#x201c;Tax Matters&#x201d; for more information. Any Preferred Shares, TOBs, loans of portfolio securities, short sales and when-issued, delayed delivery and forward commitment transactions, credit default swaps, reverse repurchases, or other derivatives by the Fund or counterparties to the Fund&#x2019;s other leveraging transactions, if any, would have, seniority over the Fund&#x2019;s Common Shares. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In connection with the adoption of Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4&lt;/div&gt; under the 1940 Act, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4&lt;/div&gt; as of the compliance date, August&#160;19, 2022. See &#x201c;The New SEC Derivatives Rule and Potential Implications for the Fund&#x201d; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#x2019;s use of leverage, derivatives and certain related instruments. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;When the Fund issues Preferred Shares, the Fund pays (and the Common Shareholders bear) all costs and expenses relating to the issuance and ongoing maintenance of Preferred Shares. In addition, holders of Preferred Shares issued by the Fund would have complete priority over Common Shareholders in the distribution of the Fund&#x2019;s assets. Furthermore, preferred shareholders, voting separately as a single class, have the right to elect two members of the Board at all times and to elect a majority of the trustees in the event two full years&#x2019; dividends on the Preferred Shares are unpaid, and also have separate class voting rights on certain matters. Accordingly, preferred shareholders may have interests that differ from those of Common Shareholders, and may at times have disproportionate influence over the Fund&#x2019;s affairs. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Because the fees received by the Investment Manager are based on the average daily net asset value of the Fund (including daily net assets attributable to any Preferred Shares), the Investment Manager has a financial incentive for the Fund to utilize Preferred Shares, which may create a conflict of interest between the Investment Manager, on the one hand, and the Common Shareholders, on the other hand. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_SegregationAndCoverageRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Segregation and Coverage Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Certain portfolio management techniques, such as, among other things, entering into TOBs, reverse repurchase agreement transactions, swap agreements, futures contracts or other derivative transactions, purchasing securities on a when-issued or delayed delivery basis or engaging in short sales currently may be considered senior securities unless steps are taken to segregate the Fund&#x2019;s assets or otherwise cover its obligations. To avoid &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;having these instruments considered senior securities, the Fund may segregate liquid assets with a value equal (on a daily &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;mark-to-market&lt;/div&gt;&lt;/div&gt; basis) to its obligations under these types of leveraged transactions, enter into offsetting transactions or otherwise cover such transactions. At times, all or a substantial portion of the Fund&#x2019;s liquid assets may be segregated for purposes of various portfolio transactions. The Fund may be unable to use such segregated assets for certain other purposes, which could result in the Fund earning a lower return on its portfolio than it might otherwise earn if it did not have to segregate those assets in respect of, or otherwise cover, such portfolio positions. To the extent the Fund&#x2019;s assets are segregated or committed as cover, it could limit the Fund&#x2019;s investment flexibility. Segregating assets and covering positions will not limit or offset losses on related positions. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In connection with the adoption of Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4&lt;/div&gt; under the 1940 Act, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4&lt;/div&gt; as of the compliance date, August&#160;19, 2022. See &#x201c;The New SEC Derivatives Rule and Potential Implications for the Fund&#x201d; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#x2019;s use of leverage, derivatives and certain related instruments. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_ShortExposureRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund&#x2019;s short sales, if any, are subject to special risks. A short sale involves the sale by the Fund of a security that it does not own with the hope of purchasing the same security at a later date at a lower price. The Fund may also enter into a short position through a forward commitment or a short derivative position through a futures contract or swap agreement. If the price of the security or derivative has increased during this time, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any transaction costs (i.e., premiums and interest) paid to the broker-dealer to borrow securities. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security&#x2019;s value cannot decrease below zero. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase the Fund&#x2019;s exposure to long security positions and make any change in the Fund&#x2019;s NAV greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that any leveraging strategy the Fund employs will be successful during any period in which it is employed. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, &lt;/div&gt;&lt;/div&gt;regulatory or political conditions generally may exist for long periods of time. Also, there is the risk that the third party to the short sale will not fulfill its contractual obligations, causing a loss to the Fund.</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_DerivativesRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Derivatives are subject to a number of risks, such as liquidity risk (which may be heightened for highly-customized derivatives), interest rate risk, market risk, credit risk, leveraging risk, counterparty risk, tax risk and management risk, as well as risks arising from changes in applicable requirements. They also involve the risk of mispricing, the risk of unfavorable or ambiguous documentation and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. If the Fund invests in a derivative instrument, the Fund could lose more than the amount invested and derivatives may increase the volatility of the Fund, especially in unusual or extreme market conditions. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial or that, if used, such strategies will be successful. The Fund&#x2019;s use of derivatives may increase or accelerate the amount of taxes payable by Common Shareholders. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Over-the-counter&lt;/div&gt;&lt;/div&gt; (&#x201c;OTC&#x201d;) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivative transactions. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund&#x2019;s clearing broker, or the clearinghouse, rather than with a counterparty in an OTC derivative transaction. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with the Fund&#x2019;s clearing broker, or the clearinghouse. Participation in the markets for derivative instruments involves investment risks and transaction costs to which the Fund may not be subject absent the use of these strategies. The skills needed to successfully execute derivative strategies may be different from those needed for other types of transactions. If the Fund incorrectly forecasts the value and/or creditworthiness of securities, currencies, interest rates, counterparties or other economic factors involved in a derivative transaction, the Fund might have been in a better position if the Fund had not entered into such derivative transaction. In evaluating the risks and contractual obligations associated with particular derivative instruments, it is important to consider that certain derivative transactions may be modified or terminated only by mutual consent of the Fund and its counterparty. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Therefore, it may not be possible for the Fund to modify, terminate, or offset the Fund&#x2019;s obligations or the Fund&#x2019;s exposure to the risks associated with a derivative transaction prior to its scheduled termination or maturity date, which may create a possibility of increased volatility and/or decreased liquidity to the Fund. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Because the markets for certain derivative instruments (including markets located in foreign countries) are relatively new and still developing, appropriate derivative transactions may not be available in all circumstances for risk management or other purposes. Upon the expiration of a particular contract, the Fund may wish to retain the Fund&#x2019;s position in the derivative instrument by entering into a similar contract, but may be unable to do so if the counterparty to the original contract is unwilling to enter into the new contract and no other appropriate counterparty can be found. When such markets are unavailable, the Fund will be subject to increased liquidity and investment risk. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund may enter into opposite sides of interest rate swap and other derivatives for the principal purpose of generating distributable gains on the one side (characterized as ordinary income for tax purposes) that are not part of the Fund&#x2019;s duration or yield curve management strategies (&#x201c;paired swap transactions&#x201d;), and with a substantial possibility that the Fund will experience a corresponding capital loss and decline in NAV with respect to the opposite side transaction (to the extent it does not have corresponding offsetting capital gains). Consequently, Common Shareholders may receive distributions and owe tax on amounts that are effectively a taxable return of the shareholder&#x2019;s investment in the Fund, at a time when their investment in the Fund has declined in value, which tax may be at ordinary income rates. The tax treatment of certain derivatives in which the Fund invests may be unclear and thus subject to recharacterization. Any recharacterization of payments made or received by the Fund pursuant to derivatives potentially could affect the amount, timing or character of Fund distributions. In addition, the tax treatment of such investment strategies may be changed by regulation or otherwise. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;When a derivative is used as a hedge against a position that the Fund holds, any loss generated by the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. Although hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the underlying instrument, and there can be no assurance that the Fund&#x2019;s hedging transactions will be effective. In such case, the Fund may lose money. The regulation of the derivatives markets has increased over the past several years, and additional future regulation of the derivatives markets may make derivatives more costly, may limit the availability or reduce the liquidity of derivatives or may otherwise adversely affect the value or performance of derivatives. Any such adverse future developments could impair the effectiveness or raise the costs of the Fund&#x2019;s derivative transactions, impede the employment of the Fund&#x2019;s derivatives strategies, or adversely affect the Fund&#x2019;s performance and cause the Fund to lose value. For instance, on October&#160;28, 2020, the SEC adopted Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4&lt;/div&gt; under the 1940 Act providing for the regulation of a registered investment company&#x2019;s use of derivatives and certain related instruments. Among other things, &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Rule&#160;18f-4&lt;/div&gt; limits the Fund&#x2019;s derivatives exposure through a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;value-at-risk&lt;/div&gt;&lt;/div&gt; test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. Subject to certain conditions, limited derivatives users (as defined in Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4),&lt;/div&gt; however, would not be subject to the full requirements of Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4.&lt;/div&gt; In connection with the adoption of Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4&lt;/div&gt; under the 1940 Act, the SEC also &lt;/div&gt;&lt;/div&gt;eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments, such as TOBs. Accordingly, all disclosure in this Prospectus and the Statement of Additional Information regarding how the Fund will segregate, cover or earmark for derivative investments, including TOBs, will be superseded by the requirements of Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4&lt;/div&gt; as of the compliance date, August&#160;19, 2022. As the Fund comes into compliance, the Fund&#x2019;s approach to asset segregation and coverage requirements will be impacted. In addition, Rule &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;18f-4&lt;/div&gt; could restrict the Fund&#x2019;s ability to engage in certain derivatives transactions and/or increase the costs of such derivatives transactions, which could adversely affect the value or performance of the Fund and the Common Shares and/or the Fund&#x2019;s distribution rate. See &#x201c;The New SEC Derivatives Rule and Potential Implications for the Fund&#x201d; in the Statement of Additional Information for a discussion of how these regulatory changes will affect the Fund&#x2019;s use of leverage, derivatives and certain related instruments.</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_CounterpartyRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund or held by special purpose or structured vehicles in which the Fund invests. In the event that the Fund enters into a derivative transaction with a counterparty that subsequently becomes insolvent or becomes the subject of a bankruptcy case, the derivative transaction may be terminated in accordance with its terms and the Fund&#x2019;s ability to realize its rights under the derivative instrument and its ability to distribute the proceeds could be adversely affected. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) in a dissolution, assignment for the benefit of creditors, liquidation, &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;winding-up,&lt;/div&gt; bankruptcy or other analogous proceeding. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative transaction would typically be terminated at its fair market value. If the Fund is owed this fair market value in the termination of the derivative transaction and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty and will not have any claim with respect to any underlying security or asset. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. While the Fund may seek to manage its counterparty risk by transacting with a number of counterparties, concerns about the solvency of, or a default by, one large market participant could lead to significant impairment of liquidity and other adverse consequences for other counterparties. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_AdditionalRisksAssociatedWithTheFundsPreferredSharesMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Additional Risks Associated with the Fund&#x2019;s Preferred Shares &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Although the Fund&#x2019;s ARPS ordinarily would pay dividends at rates set at periodic auctions, the weekly auctions for the ARPS (and auctions for similar preferred shares issued by &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;closed-end&lt;/div&gt; funds in the U.S.) have failed since 2008. The dividend rates on the ARPS since that time have been paid, and the Fund expects that they will continue to be paid for the foreseeable future, at the &#x201c;maximum applicable rate.&#x201d; &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The maximum applicable rate for the ARPS and the RVMTP Share Dividend Rate (as defined below) is based in part on a multiple of or a spread plus a reference rate. An increase in market interest rates generally, therefore, could increase substantially the dividend rate required to be paid by the Fund to the holders of Preferred Shares, which would increase the costs associated with the Fund&#x2019;s leverage and reduce the Fund&#x2019;s net income available for distribution to holders of Common Shares. In addition, the multiple or spread used to calculate the maximum applicable rate for the ARPS and the RVMTP Share Dividend Rate is based in part on the credit rating assigned to the ARPS or RVMTP Shares by the applicable rating agency(ies), with the multiple or spread generally increasing as the rating declines. Accordingly, future ratings downgrades may result in increases to the maximum applicable rate for the ARPS or to the RVMTP Share Dividend Rate. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Therefore, it is possible that a substantial rise in market interest rates and/or further ratings downgrades of the Preferred Shares could, by reducing income available for distribution to the holders of Common Shares and otherwise detracting from the Fund&#x2019;s investment performance, make the Fund&#x2019;s continued use of Preferred Shares for leverage purposes less attractive than such use is currently considered to be. In such case, the Fund may elect to redeem some or all of the Preferred Shares outstanding, which may require it to dispose of investments at inopportune times and to incur losses on such dispositions. Such dispositions may adversely affect the Fund&#x2019;s investment performance generally, and the resultant loss of leverage may materially and adversely affect the Fund&#x2019;s investment returns. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Fund is also subject to certain asset coverage tests associated with the rating agencies that rate the Preferred Shares. Failure by the Fund to maintain the asset coverages (or to cure such failure in a timely manner) may require the Fund to redeem Preferred Shares and could preclude the Fund from declaring or paying any dividends or distributions to holders of Common Shares. Failure to satisfy ratings agency asset coverage tests or other guidelines could also result in the applicable ratings agency downgrading its then-current ratings on the Preferred Shares, as described above. Moreover, the rating agency guidelines impose restrictions or limitations on the Fund&#x2019;s use of certain financial instruments or investment techniques that the Fund might otherwise utilize in order to achieve its investment objective, which may adversely affect the Fund&#x2019;s investment performance. Rating agency guidelines may be modified by the rating agencies in the future and such modifications may make such guidelines substantially more restrictive or otherwise result in downgrades, which could further negatively affect the Fund&#x2019;s investment performance. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;The ratings agencies that have assigned ratings to the Fund&#x2019;s Preferred Shares may change their rating methodologies, perhaps substantially. Such a change could adversely affect the ratings assigned to the Fund&#x2019;s Preferred Shares, the dividend rates paid thereon, and the expenses borne by holders of Common Shares. For instance, Fitch Ratings published ratings criteria relating to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;closed-end&lt;/div&gt; funds on December&#160;4, 2020, which effectively result in a rating cap of &#x201c;AA&#x201d; for debt and preferred stock issued by all &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;closed-end&lt;/div&gt; funds and a rating cap of &#x201c;A&#x201d; for debt and &lt;/div&gt;&lt;/div&gt;preferred shares issued by &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(i)&#160;closed-end&lt;/div&gt; funds exposed to emerging market debt, below-investment-grade and unrated debt, structured securities and equity, and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(ii)&#160;closed-end&lt;/div&gt; funds with material exposure to &#x201c;BBB&#x201d; category rated assets. On December&#160;6, 2021, Fitch affirmed &#x201c;AA&#x201d; long-term ratings of the Fund&#x2019;s RVMTP Shares. Fitch does not currently rate the Fund&#x2019;s ARPS. In addition, future ratings downgrades by Moody&#x2019;s or Fitch, as applicable, may result in an increase to the Fund&#x2019;s Preferred Shares dividend rates.</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_ConfidentialInformationAccessRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;In managing the Fund (and other PIMCO clients), PIMCO may from time to time have the opportunity to receive material, &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-public&lt;/div&gt; information (&#x201c;Confidential Information&#x201d;) about the issuers of certain investments, including, without limitation, senior floating rate loans, other loans and related investments being considered for acquisition by the Fund or held in the Fund&#x2019;s portfolio. For example, an issuer of privately placed loans considered by the Fund may offer to provide PIMCO with financial information and related documentation regarding the issuer that is not publicly available. Pursuant to applicable policies and procedures, PIMCO may (but is not required to) seek to avoid receipt of Confidential Information from the issuer so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of the Fund and other clients to which such Confidential Information relates. In such circumstances, the Fund (and other PIMCO clients) may be disadvantaged in comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells an investment. Further, PIMCO&#x2019;s and the Fund&#x2019;s abilities to assess the desirability of proposed consents, waivers or amendments with respect to certain investments may be compromised if they are not privy to available Confidential Information. PIMCO may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If PIMCO intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell investments to which such Confidential Information relates. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_PrivatePlacementsAndRestrictedSecuritiesRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 83, 103); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Private Placements and Restricted Securities Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color: rgb(51, 51, 51); letter-spacing: 0px; top: 0px;;display:inline;"&gt;A private placement involves the sale of securities that have not been registered under the Securities Act or relevant provisions of applicable &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-U.S.&lt;/div&gt; law to certain institutional and qualified individual purchasers, such as the Fund. In addition to the general risks to which all securities are subject, securities received in a private placement generally are subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities. See &#x201c;Principal Risks of the Fund&#x2014;Liquidity Risk.&#x201d; Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most favorable time or price. Private placements may also raise valuation risks. Restricted securities are often purchased at a discount from the market price of unrestricted securities of the same issuer reflecting the fact that such securities may not be readily marketable without some time delay. Such securities are often more difficult to value and the sale of such securities often requires more time and results in higher brokerage &lt;/div&gt;&lt;/div&gt;charges or dealer discounts and other selling expenses than does the sale of securities trading on national securities exchanges or in the &lt;div style="white-space:nowrap;display:inline;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;over-the-counter&lt;/div&gt;&lt;/div&gt; markets. Until the Fund can sell such securities into the public markets, its holdings may be less liquid and any sales will need to be made pursuant to an exemption under the Securities Act.</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_InflationDeflationRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Inflation risk is the risk that the value of assets or income from the Fund&#x2019;s investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of the Fund&#x2019;s portfolio could decline. Inflation has recently increased and it cannot be predicted whether it may decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#x2019;s portfolio and Common Shares. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_RegulatoryChangesRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and /or preclude the Fund&#x2019;s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. The Fund and the Investment Manager have historically been eligible for exemptions from certain regulations. However, there is no assurance that the Fund and the Investment Manager will continue to be eligible for such exemptions. Actions by governmental entities may also impact certain instruments in which the Fund invests. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Moreover, government regulation may have unpredictable and unintended effects. Legislative or regulatory actions to address perceived liquidity or other issues in fixed income markets generally, or in particular markets such as the municipal securities market, may alter or impair the Fund&#x2019;s ability to pursue its investment objective or utilize certain investment strategies and techniques. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Current rules related to credit risk retention requirements for ABS may increase the cost to originators, securitizers and, in certain cases, asset managers of securitization vehicles in which the Fund may invest. The impact of the risk retention rules on the securitization markets is uncertain. These requirements may increase the costs to originators, securitizers, and, in certain cases, collateral managers of securitization vehicles in which the Fund may invest, which costs could be passed along to the Fund as an investor in such vehicles. In addition, the costs imposed by the risk retention rules on originators, securitizers and/or collateral managers may result in a reduction of the number of new offerings of ABS and thus in fewer investment opportunities for the Fund. A reduction in the number of new securitizations could also reduce liquidity in the markets for certain types of financial assets, which in turn could negatively affect the returns on the Fund&#x2019;s investment. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_RegulatoryRiskLondonInterbankOfferedRateLiborMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Regulatory Risk &#x2013; London Interbank Offered Rate (&#x201c;LIBOR&#x201d;) &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund&#x2019;s investments (including, but not limited to, repurchase agreements, collateralized loan obligations and mortgage-backed securities), payment obligations and financing terms may rely in some fashion on the London Interbank Offered Rate (&#x201c;LIBOR&#x201d;). LIBOR is an average interest rate, determined by the ICE Benchmark Administration that banks charge one another for the use of short-term money. ,On July&#160;27, 2017, the Chief Executive of the FCA announced that after 2021 it would cease its active encouragement of banks to provide the quotations needed to sustain LIBOR due to the absence of an active market for interbank unsecured lending and other reasons. On March&#160;5, 2021, the FCA publicly announced that all U.S.&#160;Dollar LIBOR settings will either cease to be provided by any administrator or will no longer be representative (i)&#160;immediately after December&#160;31, 2021 for &lt;div style="white-space:nowrap;display:inline;"&gt;one-week&lt;/div&gt; and &lt;div style="white-space:nowrap;display:inline;"&gt;two-month&lt;/div&gt; U.S.&#160;Dollar LIBOR settings and (ii)&#160;immediately after June&#160;30, 2023 for the remaining U.S.&#160;Dollar LIBOR settings. As of January&#160;1, 2022, as a result of supervisory guidance from U.S. regulators, some U.S. regulated entities have ceased entering into new LIBOR contracts with limited exceptions. While publication of the &lt;div style="white-space:nowrap;display:inline;"&gt;one-,&lt;/div&gt; three- and &lt;div style="white-space:nowrap;display:inline;"&gt;six-&lt;/div&gt; month Sterling and Japanese yen LIBOR settings will continue at least through calendar year 2022 on the basis of a changed methodology (known as &#x201c;synthetic LIBOR&#x201d;), these rates have been designated by the FCA as unrepresentative of the underlying market they seek to measure and are solely available for use in legacy transactions. Certain bank-sponsored committees in other jurisdictions, including Europe, the United Kingdom, Japan and Switzerland, have selected alternative reference rates denominated in other currencies. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain, and they may vary depending on factors that include, but are not limited to: (i)&#160;existing fallback or termination provisions in individual contracts and (ii)&#160;whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. For example, certain of the Fund&#x2019;s investments may involve individual contracts that have no existing fallback provision or language that contemplates the discontinuation of LIBOR, and those investments could experience increased volatility or illiquidity as a result of the transition process. In addition, interest rate provisions included in such contracts, or in contracts or other arrangements entered into by the Fund, may need to be renegotiated. On March&#160;15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System and based on the Secured Overnight Financing Rate for certain contracts that reference LIBOR and contain no, or insufficient, fallback provisions. It is expected that implementing &lt;/div&gt;&lt;/div&gt;regulations in respect of the law will follow. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by the Fund, a change in the cost of borrowing or the dividend rate for any Preferred Shares that may be issued by the Fund, or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_RegulatoryRiskCommodityPoolOperatorMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Regulatory Risk &#x2013; Commodity Pool Operator &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The CFTC has adopted regulations that subject registered investment companies and their investment advisers to regulation by the CFTC if the registered investment company invests more than a prescribed level of its liquidation value in futures, options on futures or commodities, swaps, or other financial instruments regulated under the CEA and the rules thereunder (&#x201c;commodity interests&#x201d;), or if the Fund markets itself as providing investment exposure to such instruments. The Investment Manager is registered with the CFTC as a CPO. However, with respect to the Fund, the Investment Manager has claimed an exclusion from registration as a CPO pursuant to CFTC Rule 4.5. For the Investment Manager to remain eligible for this exclusion, the Fund must comply with certain limitations, including limits on its ability to use any commodity interests and limits on the manner in which the Fund holds out its use of such commodity interests. These limitations may restrict the Fund&#x2019;s ability to pursue its investment objective and strategies increase the costs of implementing its strategies, result in higher expenses for the Fund, and/or adversely affect the Fund&#x2019;s total return. To the extent the Fund becomes ineligible for this exclusion from CFTC regulation, the Fund may consider steps in order to continue to qualify for exemption from CFTC regulation, or may determine to operate subject to CFTC regulation. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_LiquidityRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Liquidity risk exists when particular investments are difficult to purchase or sell. Illiquid investments are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may become harder to value, especially in changing markets. The Fund&#x2019;s investments in illiquid investments may reduce the returns of the Fund because it may be unable to sell the illiquid investments at an advantageous time or price or possibly require the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. Bond markets have consistently grown over the past three decades while the capacity for traditional dealer counterparties to engage in fixed income trading has not kept pace and in some cases has decreased. As a result, dealer inventories of corporate bonds, which provide a core indication of the ability of financial intermediaries to &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&#x201c;make markets,&#x201d; are at or near historic lows in relation to market size. Because market makers seek to provide stability to a market through their intermediary services, a significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty. In such cases, the Fund, due to the difficulty in purchasing and selling such securities or instruments, may be unable to achieve its desired level of exposure to a certain sector. To the extent that the Fund invests in securities of companies with smaller market capitalizations, foreign &lt;div style="white-space:nowrap;display:inline;"&gt;(non-U.S.)&lt;/div&gt; securities, Rule 144A securities, illiquid sectors of fixed income securities, derivatives or securities with substantial market and/or credit risk, the Fund will tend to have greater exposure to liquidity risk. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Further fixed income securities with longer durations until maturity face heightened levels of liquidity risk as compared to fixed income securities with shorter durations until maturity. The risks associated with illiquid instruments may be particularly acute in situations in which the Fund&#x2019;s operations require cash (such as in connection with tender offers) and could result in the Fund borrowing to meet its short-term needs or incurring losses on the sale of illiquid instruments. It may also be the case that other market participants may be attempting to liquidate fixed income holdings at the same time as the Fund, causing increased supply in the market and contributing to liquidity risk and downward pricing pressure. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_TaxRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund has elected to be treated as a RIC under the Code and intends each year to qualify and be eligible to be treated as such, so that it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or long-term capital gains, that are distributed to shareholders. In order to qualify and be eligible for such treatment, the Fund must meet certain asset diversification tests, derive at least 90% of its gross income for such year from certain types of qualifying income, and distribute to its shareholders at least 90% of its &#x201c;investment company taxable income&#x201d; as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses). &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund&#x2019;s investment strategy will potentially be limited by its intention to continue qualifying for treatment as a RIC, and can limit the Fund&#x2019;s ability to continue qualifying as such. The tax treatment of certain of the Fund&#x2019;s investments under one or more of the qualification or distribution tests applicable to RICs is uncertain. An adverse determination or future guidance by the IRS or a change in law might affect the Fund&#x2019;s ability to qualify or be eligible for treatment as a RIC. Income and gains from certain of the Fund&#x2019;s activities may not constitute qualifying income to a RIC for purposes of the 90% gross income test. If the Fund were to treat income or gain from a particular investment or activity as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other nonqualifying income, caused the Fund&#x2019;s nonqualifying income to exceed 10% of its gross &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;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 the Fund level. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;If, in any year, the Fund were to fail to qualify for treatment as a RIC under the Code, and were ineligible to or did not otherwise cure such failure, the Fund would be subject to tax on its taxable income at corporate rates and, when such income is distributed, shareholders would be subject to further tax on such distributions to the extent of the Fund&#x2019;s current or accumulated earnings and profits. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_PortfolioTurnoverRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Investment Manager manages the Fund without regard generally to restrictions on portfolio turnover. The use of futures contracts and other derivative instruments with relatively short maturities may tend to exaggerate the portfolio turnover rate for the Fund. Trading in fixed income securities does not generally involve the payment of brokerage commissions, but does involve indirect transaction costs. The use of futures contracts and other derivative instruments may involve the payment of commissions to futures commission merchants or other intermediaries. Higher portfolio turnover involves correspondingly greater expenses to the Fund, including brokerage commissions or dealer &lt;div style="white-space:nowrap;display:inline;"&gt;mark-ups&lt;/div&gt; and other transaction costs on the sale of securities and reinvestments in other securities. The higher the rate of portfolio turnover of the Fund, the higher these transaction costs borne by the Fund generally will be. Such sales may result in realization of taxable capital gains (including short-term capital gains, which are generally taxed to shareholders at ordinary income tax rates when distributed net of short-term capital losses and net long-term capital losses), and may adversely impact the Fund&#x2019;s &lt;div style="white-space:nowrap;display:inline;"&gt;after-tax&lt;/div&gt; returns. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_OperationalRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;An investment in the Fund, like any fund, involves operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_OtherInvestmentCompaniesRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;When investing in an investment company, the Fund generally will bear its ratable share of that investment company&#x2019;s expenses and remain subject to payment of the Fund&#x2019;s management fees and other expenses with respect to assets so invested. Common Shareholders could therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. In addition, the securities of other investment companies may also be leveraged and will therefore be subject to the same leverage risks. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_CybersecurityRiskMembercefRiskAxis">&lt;div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cybersecurity Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;As the use of technology has become more prevalent in the course of business, the Fund is potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events from outside threat actors or internal resources that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction, lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security breaches may involve unauthorized access to the Fund&#x2019;s digital information systems (e.g., through &#x201c;hacking&#x201d; or malicious software coding), and may come from multiple sources, including outside attacks such as &lt;div style="white-space:nowrap;display:inline;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;denial-of-service&lt;/div&gt;&lt;/div&gt; attacks (i.e., efforts to make network services unavailable to intended users) or cyber extortion, including exfiltration of data held for ransom and/or &#x201c;ransomware&#x201d; attacks that renders systems inoperable until ransom is paid, or insider actions. In addition, cyber security breaches involving the Fund&#x2019;s third party service providers (including but not limited to advisers, &lt;div style="white-space:nowrap;display:inline;"&gt;sub-advisers,&lt;/div&gt; administrators, transfer agents, custodians, vendors, suppliers, distributors and other third parties), trading counterparties or issuers in which the Fund invests can also subject the Fund to many of the same risks associated with direct cyber security breaches or extortion of company data. Moreover, cyber security breaches involving trading counterparties or issuers in which the Fund invests could adversely impact such counterparties or issuers and cause the Fund&#x2019;s investment to lose value. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund&#x2019;s ability to calculate its NAV, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Like with operational risk in general, the Fund has established business continuity plans and risk management systems designed to reduce the risks associated with cyber security. However, there are inherent limitations in these plans and systems, including that certain risks may not have been identified, in large part because different or unknown threats may emerge in the future. As such, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers in which the Fund may invest, trading counterparties or third party service providers to the Fund. Such entities have experienced cyber attacks and other attempts to gain unauthorized access to systems from time to time, and there is no guarantee that efforts to prevent or mitigate the effects of such attacks or other attempts to gain unauthorized access will be successful. There is also a risk that cyber security breaches may not be detected. The Fund and its &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="clear:both; height:0pt; font-size:0pt"/&gt;&lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Potential Conflicts of Interest Risk&#x2014;Allocation of Investment Opportunities &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Investment Manager and its affiliates are involved worldwide with a broad spectrum of financial services and asset management activities and may engage in the ordinary course of business in activities in which their interests or the interests of their clients may conflict with those of the Fund. The Investment Manager may provide investment management services to other funds and discretionary managed accounts that follow an investment program similar to that of the Fund. Subject to the requirements of the 1940 Act, the Investment Manager intends to engage in such activities and may receive compensation from third parties for its services. The results of the Fund&#x2019;s investment activities may differ from those of other accounts managed by the Investment Manager or its affiliates, and it is possible that the Fund could sustain losses during periods in which one or more other accounts managed by the Investment Manager or its affiliates, including proprietary accounts, achieve profits on their trading. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_RepurchaseAgreementsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund may enter into repurchase agreements, in which the Fund purchases a security from a bank or broker-dealer, which agrees to repurchase the security at the Fund&#x2019;s cost plus interest within a specified time. If the party agreeing to repurchase should default, the Fund will seek to sell the securities which it holds. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price. Repurchase agreements may be or become illiquid. These events could also trigger adverse tax consequences for the Fund. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_StructuredInvestmentsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Holders of structured products, including structured notes, credit-linked notes and other types of structured products, bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product&#x2019;s administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) are generally influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its &lt;/div&gt;&lt;/div&gt;securities at below market prices if it experiences difficulty in obtaining such financing, which may adversely affect the value of the structured products owned by the Fund. Structured products generally entail risks associated with derivative instruments.</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_MarketDisruptionsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets, interest rates, secondary trading, ratings, credit risk, inflation, deflation, other factors relating to the Fund&#x2019;s investments or the Investment Manager&#x2019;s operations and the value of an investment in the Fund, its distributions and its returns. These events can also impair the technology and other operational systems upon which the Fund&#x2019;s service providers, including PIMCO as the Fund&#x2019;s investment adviser, rely, and could otherwise disrupt the Fund&#x2019;s service providers&#x2019; ability to fulfill their obligations to the Fund. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as &lt;div style="white-space:nowrap;display:inline;"&gt;COVID-19)&lt;/div&gt; has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund&#x2019;s investments and operations. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The U.S. Federal Reserve made emergency interest-rate cuts, moving short-term rates to near zero, issued forward guidance that rates would remain low until the economy weathers the &lt;div style="white-space:nowrap;display:inline;"&gt;COVID-19&lt;/div&gt; crisis, and resumed quantitative easing. Additionally, Congress approved stimulus to offset the severity and duration of the adverse economic effects of &lt;div style="white-space:nowrap;display:inline;"&gt;COVID-19&lt;/div&gt; and related disruptions in economic and business activity. Dozens of central banks across Europe, Asia, and elsewhere have announced and/or adopted similar economic relief packages. The end of any such programs could cause market downturns, disruptions and volatility, particularly if markets view the ending as premature. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_CertainAffiliationsMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Certain broker-dealers may be considered to be affiliated persons of the Fund and/or the Investment Manager due to their possible affiliations with Allianz SE, the ultimate parent of the Investment Manager. Absent an exemption from the SEC or other regulatory relief, the Fund is generally precluded from effecting certain principal transactions with affiliated brokers, and its ability to purchase securities being underwritten by an affiliated broker or a syndicate including an affiliated broker, or to utilize affiliated brokers for agency transactions, is subject to restrictions. This could limit the Fund&#x2019;s ability to engage in securities transactions and take advantage of market opportunities. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_AntiTakeoverProvisionsMembercefRiskAxis">&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Declaration includes provisions that could limit the ability of other entities or persons to acquire control of the Fund or to convert the Fund to &lt;div style="white-space:nowrap;display:inline;"&gt;open-end&lt;/div&gt; status. See &#x201c;Anti-Takeover and Other Provisions in the Declaration of Trust and Bylaws.&#x201d; These provisions in the Declaration could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares or at NAV. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_DistributionRateRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Although the Fund may seek to maintain level distributions, the Fund&#x2019;s distribution rates may be affected by numerous factors, including but not limited to changes in realized and projected market returns, fluctuations in market interest rates, Fund performance, and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in the Fund&#x2019;s distribution rate or that the rate will be sustainable in the future. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;For instance, during periods of low or declining interest rates, the Fund&#x2019;s distributable income and dividend levels may decline for many reasons. For example, the Fund may have to deploy uninvested assets (whether from purchases of Fund shares, proceeds from matured, traded or called debt obligations or other sources) in new, lower yielding instruments. Additionally, payments from certain instruments that may be held by the Fund (such as variable and floating rate securities) may be negatively impacted by declining interest rates, which may also lead to a decline in the Fund&#x2019;s distributable income and dividend levels. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_AmtBondsRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;AMT Bonds Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Investments by the Fund in AMT Bonds may expose the Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. For shareholders subject to the federal alternative minimum tax, a portion of the Fund&#x2019;s distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_FocusedInvestmentRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Substantial exposure to municipal bonds of particular issuers, geographies and/or jurisdictions will result in susceptibility to political, economic, regulatory and other factors affecting issuers of such bonds, their ability to meet their obligations and the economic condition of the facility or specific revenue source from whose revenues payments of obligations may be made. The ability of state, county, or local governments or other issuers to meet their obligations will depend primarily on the availability of tax and other revenues to those entities. The amounts of tax and other &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;revenues available to issuers may be affected from time to time by economic, political and demographic conditions that specifically impact such issuers. In addition, there are constitutional and statutory restrictions that limit the power of certain issuers to raise revenues or increase taxes. The availability of federal, state and local aid to issuers may also affect their ability to meet their obligations. The creditworthiness of obligations issued by local issuers within a given state may be unrelated to the creditworthiness of obligations issued by the state and there is no obligation on the part of the state to make payment on such local obligations in the event of default. Any reduction in the actual or perceived ability of an issuer to meet its obligations (including a reduction in the rating of its outstanding securities) would likely affect adversely the market value and marketability of its obligations and could adversely affect the values of other bonds as well. Moreover, in such circumstances, the value of the Fund&#x2019;s shares may fluctuate more widely than the value of shares of a more diversified fund. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Many factors, including national economic, social and environmental policies and conditions, which are not within the control of issuers, could affect or could have an adverse impact on the financial condition of the issuers. The Fund is unable to predict whether or to what extent such factors or other factors may affect issuers, the market value or marketability of such bonds or the ability of the respective issuers of the bonds acquired by the Fund to pay interest on or principal of such bonds. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_CsdrRelatedRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;CSDR Related Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The European Union has adopted a settlement discipline regime under Regulation (EU) No 909/2014 and the Settlement Discipline RTS as they may be modified from time to time (&#x201c;CSDR&#x201d;), which will have phased compliance dates. It aims to reduce the number of settlement fails that occur in EEA central securities depositories (&#x201c;CSDs&#x201d;) and address settlement fails where they occur. The key elements of the regime are: (i)&#160;mandatory &lt;div style="white-space:nowrap;display:inline;"&gt;buy-ins&#x2014;if&lt;/div&gt; a settlement fail continues for a specified period of time after the intended settlement date, a &lt;div style="white-space:nowrap;display:inline;"&gt;buy-in&lt;/div&gt; process must be initiated to effect the settlement; (ii)&#160;cash penalties&#x2014;EEA CSDs are required to impose cash penalties on participants that cause settlement fails and distribute these to receiving participants; and (iii)&#160;allocations and confirmations&#x2014;EEA investment firms are required to take measures to prevent settlement fails, including putting in place arrangements with their professional clients to communicate securities allocations and transaction confirmations. These requirements apply to transactions in transferable securities (e.g., shares and bonds), money market instruments, units in funds and emission allowances that are to be settled via an EEA CSD and, in the case of cash penalties and &lt;div style="white-space:nowrap;display:inline;"&gt;buy-in&lt;/div&gt; requirements only, are admitted to trading or traded on an EEA trading venue or cleared by an EEA central counterparty. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The implementation of the CSDR settlement discipline regime for funds that enter into &lt;div style="white-space:nowrap;display:inline;"&gt;in-scope&lt;/div&gt; transactions may result in increased operational and compliance costs being borne directly or indirectly by the Fund. CSDR may also affect liquidity and increase trading costs associated with relevant securities. If &lt;div style="white-space:nowrap;display:inline;"&gt;in-scope&lt;/div&gt; transactions are subject to additional expenses and penalties as a consequence of the CSDR settlement &lt;/div&gt;&lt;/div&gt;discipline regime, such expenses and penalties may be charged to the relevant Fund depending upon their characterization under the Fund&#x2019;s Investment Management Agreement.</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="P08_10_2022To08_10_2022_InsuranceRiskMembercefRiskAxis">&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Insurance Risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide such credit enhancements will affect the value of those securities. Certain significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to &lt;div style="white-space:nowrap;display:inline;"&gt;sub-prime&lt;/div&gt; mortgages and other lower credit quality investments that have experienced recent defaults or otherwise suffered extreme credit deterioration. As a result, such losses reduced the insurers&#x2019; capital and called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future. If the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the rating of the underlying municipal security will be more relevant and the value of the municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security would decline and may not add any value. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the net asset value of the common shares represented by such insured obligation. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Investing in the municipal bond market involves the risks of investing in debt securities generally and certain other risks. The amount of public information available about the municipal bonds in which the Fund may invest is generally less than that for corporate equities or bonds, and the investment performance of the Fund&#x2019;s investment in municipal bonds may therefore be more dependent on the analytical abilities of PIMCO than its investments in taxable bonds. The secondary market for municipal bonds also tends to be less well developed or liquid than many other securities markets, which may adversely affect the Fund&#x2019;s ability to sell municipal bonds at attractive prices. &lt;/div&gt;&lt;/div&gt;</cef:RiskTextBlock>
    <cef:CapitalStockTableTextBlock contextRef="P08_10_2022To08_10_2022">&lt;div id="pro288652_14" style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;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 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 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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund is an unincorporated voluntary association with transferable shares of beneficial interest (commonly referred to as a &#x201c;Massachusetts business trust&#x201d;) established under the laws of the Commonwealth of Massachusetts by the Declaration. The Declaration provides that the Trustees of the Fund may authorize separate classes of shares of beneficial interest. Preferred shares (such as the ARPS and the RVMTP Shares) are permitted to be issued in one or more series, with such par value and with such rights as determined by the Board, by action of the Board without the approval of the Common Shareholders. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The following table shows, for each class of authorized securities of the Fund, the amount of (i)&#160;shares authorized and (ii)&#160;shares outstanding, each as of June&#160;30, 2022. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7.5pt;width:100%;border:0;margin:0 auto"&gt;
&lt;tr&gt;
&lt;td style="width:75%"/&gt;
&lt;td style="vertical-align:bottom;width:7%"/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:7%"/&gt;
&lt;td/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;Title of Class&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amount&#160;Authorized&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;&#160;Amount&#160;Outstanding&#160;&#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-size:1pt;background-color:#f4f6f7"&gt;
&lt;td style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Common Shares&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;Unlimited&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;63,519,359&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-size:1pt"&gt;
&lt;td style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Preferred Shares&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"/&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"/&gt;&lt;/tr&gt;
&lt;tr style="font-size:1pt;background-color:#f4f6f7"&gt;
&lt;td style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;Series A ARPS&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;4,040&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;2,279&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-size:1pt"&gt;
&lt;td style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;Series B ARPS&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;4,040&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;2,577&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-size:1pt;background-color:#f4f6f7"&gt;
&lt;td style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;Series C ARPS&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;4,040&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;2,422&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-size:1pt"&gt;
&lt;td style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;Series D ARPS&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;4,040&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;2,300&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-size:1pt;background-color:#f4f6f7"&gt;
&lt;td style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;Series E ARPS&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;4,040&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;2,353&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-size:1pt"&gt;
&lt;td style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Series 2051 RVMTP Shares&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;Unlimited&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;687&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Common Shares of the Fund commenced trading on the NYSE in June 2002, under the trading or &#x201c;ticker&#x201d; symbol &#x201c;PML.&#x201d; As of the close of trading on the NYSE on June&#160;30, 2022, the NAV per Common Share was $9.52, and the closing price per Common Share on the NYSE was $10.74, representing a premium to NAV of 12.82%. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Common Shareholders will be entitled to the payment of dividends and other distributions when, as and if declared by the Board after payment of preferential amounts payable to holders of Preferred Shares.&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b; All Common Shares have equal rights to the payment of dividends and the distribution of assets upon liquidation after payment of the preferential amounts payable to holders of Preferred Shares. Common Shares will, when issued, be fully paid and, subject to matters discussed in &#x201c;Anti-Takeover and Other Provisions in the Declaration of Trust,&#x201d; &lt;div style="white-space:nowrap;display:inline;"&gt;non-assessable,&lt;/div&gt; and will have no &lt;div style="white-space:nowrap;display:inline;"&gt;pre-emptive&lt;/div&gt; or conversion rights or rights to cumulative voting.&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b; Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding Preferred Shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among the Fund&#x2019;s Common Shareholders.&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b; &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Preferred Shares &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Declaration authorizes the issuance of an unlimited number of preferred shares. Preferred shares may be issued in one or more classes or series, with such par value and rights as determined by the Board of Trustees, by action of the Board of Trustees without the approval of the Common Shareholders. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund initially issued ARPS in five series (Series A, Series B, Series C, Series D and Series E) in August 2002, in the amount of 4,040 shares per series. The ARPS have a par value of $0.00001 and liquidation value of $25,000 per share. The ARPS have various rights determined by action of the Board without the approval of Common Shareholders, most of which are specified in Article 11 of the Bylaws. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;On September&#160;18, 2018, the Fund issued 687 variable municipal term preferred shares in a single series (the &#x201c;VMTP Shares&#x201d;). On June&#160;30, 2021, pursuant to the authority expressly vested in the Board, the Board authorized the redesignation of the Fund&#x2019;s VMTP Shares as Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2051 (the &#x201c;RVMTP Shares&#x201d; and, together with the ARPS and any other preferred shares the Fund may have outstanding, the &#x201c;Preferred Shares&#x201d;), effective July&#160;14, 2021. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;For so long as any Preferred Shares are outstanding, the Fund generally may not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of additional Common Shares or options, warrants or rights to subscribe for or purchase Common Shares or other shares ranking junior to the Preferred Shares as to dividends or upon liquidation) in respect of Common Shares or any other shares of the Fund ranking junior to or on a parity with the Preferred Shares as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other such junior shares (except by conversion into or exchange for shares of beneficial interest of the Fund ranking junior to Preferred Shares as to dividends and upon liquidation) or any such parity shares (except by conversion into or exchange for shares of beneficial interest of the Fund ranking junior to or on a parity with Preferred Shares as to dividends and upon liquidation), unless and only if: (i)&#160;immediately after such transaction, the Fund would satisfy Moody&#x2019;s Ratings Agency Preferred Shares Asset Coverage and 1940 Act Preferred Shares Asset Coverage (each as defined and described under &#x201c;&#x2014;Rating Agency Guidelines and Asset Coverage&#x201d;); (ii) full cumulative dividends on the Preferred Shares due on or prior to the date of the transaction have been declared and paid or shall have been declared and sufficient funds for the payment thereof deposited with the auction agent for the Preferred Shares; and (iii)&#160;the Fund has redeemed the full number of Preferred Shares required to be redeemed by any provision for mandatory redemption contained in the Bylaws. See &#x201c;Preferred Shares Redemption.&#x201d; Further, so long as any Preferred Shares are outstanding, the Fund generally may not declare, pay or set apart for payment any dividend or other distribution on any parity shares other than the Preferred Shares unless the Fund contemporaneously declares, pays or sets apart for payment, as the case may be, the same proportionate share of dividends on the Preferred Shares. The Fund expects that similar restrictions would apply to any other classes of Preferred Shares that the Fund might choose to issue in the future. In addition, if the Fund has outstanding any senior security representing indebtedness, the 1940 Act prohibits the Fund from declaring any dividend or distribution on the Fund&#x2019;s Common Shares (other than a dividend or distribution paid in shares of additional Common Shares) unless such senior securities representing indebtedness have, at the time of the declaration, asset coverage of at least 300% after deducting the amount of such dividend or distribution. See &#x201c;Use of Leverage.&#x201d; &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;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 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 Bylaws or applicable law. Except as otherwise provided by the Declaration, the Bylaws or applicable law, holders of Preferred Shares, voting as a separate class, are entitled to elect two of the Fund&#x2019;s Trustees. The remaining Trustees are elected by Common Shareholders and holders of Preferred Shares, voting together as a single class. In the unlikely event that two full years of accrued dividends are unpaid on the Preferred Shares, the holders of all outstanding Preferred Shares, voting as a separate class, will be entitled to elect a majority of the Fund&#x2019;s Trustees until all dividends in arrears have been paid or declared and set apart for payment. The holders of Preferred Shares also have the right to elect a majority of the Fund&#x2019;s Trustees as may be required under the 1940 Act. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Preferred Shares have various rights that were approved by the Board without the approval of Common Shareholders, which are specified in the Fund&#x2019;s Bylaws. Certain rights, terms and conditions the Preferred Shares are summarized below: &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Distribution Preference.&lt;/div&gt; Any Preferred Shares, including, without limitation, the ARPS and the RVMTP Shares, have complete priority over the Common Shares as to distribution of assets. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Voting Rights.&lt;/div&gt; Under the 1940 Act, Preferred Shares (including, without limitation, the ARPS and the RVMTP Shares) are required to be voting shares and to have equal voting rights with Common Shares. Except as otherwise indicated in the Prospectus or this Statement of Additional Information, and except as otherwise required by applicable law, Preferred Shares vote together with Common Shareholders as a single class. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;In addition, holders of Preferred Shares, including the ARPS and the RVMTP Shares, voting as a separate class, are entitled to elect two of the Fund&#x2019;s trustees. The remaining trustees are elected by Common Shareholders and Preferred Shareholders, voting together as a single class. In the unlikely event that two full years of accrued dividends are unpaid on the Preferred Shares, the holders of all outstanding Preferred Shares voting as a separate class, are entitled to elect a majority of the Fund&#x2019;s trustees until all dividends in arrears with respect to the Preferred Shares have been paid or declared and set apart for payment. In order for the Fund to take certain actions or enter into certain transactions, a separate class vote of Preferred Shareholders is required, in addition to the single class vote of the holders of Preferred Shares and Common Shares. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Liquidation Preference.&lt;/div&gt; Subject to the rights of holders of any series or class or classes of shares&#160;ranking on a parity with the Preferred Shares with respect to the&#160;distribution of assets upon liquidation of the Fund, upon a liquidation of the&#160;Fund (whether voluntary or involuntary), the holders of Preferred Shares&#160;then outstanding would be entitled to receive and to be paid, out of the&#160;assets of the Fund available for distribution to its shareholders, before any&#160;payment or distribution would be made on the Fund&#x2019;s Common Shares or&#160;any other class of shares of the Fund ranking junior in right of payment&#160;upon liquidation to the Preferred Shares, an amount equal to the&#160;liquidation preference with respect to such Preferred Shares ($25,000 per&#160;share for the ARPS and $100,000 per share for the RVMTP Shares), plus an amount equal to all dividends thereon&#160;(whether or not earned or declared by the Fund, but excluding the interest&#160;thereon) accumulated but unpaid to (but not including) the date of final&#160;distribution in &lt;div style="white-space:nowrap;display:inline;"&gt;same-day&lt;/div&gt; funds in connection with the liquidation of the&#160;Fund. If such assets of the Fund are insufficient to make the full liquidation&#160;payment on outstanding Preferred Shares, then such assets will be&#160;distributed among the holders of Preferred Shares and the holders of shares of such&#160;other class or series ratably in proportion to the respective preferential&#160;amounts to which they are entitled. After the payment to the holders of&#160;Preferred Shares of the full preferential amounts provided for as described&#160;herein, the holders of Preferred Shares as such would have no right or claim&#160;to any of the remaining assets of the Fund. For these purposes, a&#160;liquidation of the Fund does not include the sale of all or any portion of the&#160;assets of the Fund or the merger, consolidation or statutory share exchange&#160;of the Fund into or with any trust or other entity. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;As used in this prospectus, unless otherwise noted, the Fund&#x2019;s &#x201c;net assets&#x201d;&#160;include assets of the Fund attributable to any outstanding Preferred Shares,&#160;with no deduction for the liquidation preference of the Preferred Shares.&#160;Solely for financial reporting purposes, however, the Fund is required to&#160;exclude the liquidation preference of the Preferred Shares from &#x201c;net&#160;assets,&#x201d; so long as the Preferred Shares have redemption features that are&#160;not solely within the control of the Fund. For all regulatory and tax&#160;purposes, the Fund&#x2019;s Preferred Shares will be treated as stock (rather than&#160;indebtedness). &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;1940 Act Asset Coverage.&lt;/div&gt; In accordance with the Fund&#x2019;s governing documents and the 1940 Act, the Fund is required to maintain certain asset coverage with respect to all outstanding senior securities of the Fund which are stocks for purposes of the 1940 Act, including the ARPS and the RVMTP Shares. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Under the 1940 Act, the Fund is not permitted to issue preferred shares unless, immediately after such issuance, the Fund has &#x201c;asset coverage,&#x201d; as defined in Section&#160;18(h) of the 1940 Act (&#x201c;1940 Act Asset Coverage&#x201d;) with respect to at least 200% of the liquidation value of any outstanding preferred shares and the newly issued preferred shares plus the aggregate amount of any senior securities of the Fund representing indebtedness (i.e., such liquidation value plus the aggregate amount of senior securities representing indebtedness may not exceed 50% of the Fund&#x2019;s total net assets). In addition, the Fund is not permitted to declare or pay common share dividends unless immediately thereafter the Fund has a minimum asset coverage ratio of 200% with respect to all outstanding senior securities of the Fund which are stocks for purposes of the 1940 Act after deducting the amount of such common share dividends. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Issuance of Additional Preferred Shares.&lt;/div&gt; So long as any Preferred Shares are outstanding, the Fund may, without the vote or consent of the holders thereof, authorize, establish and create and issue and sell shares of one or more series of Preferred Shares ranking on a parity with the ARPS and the RVMTP Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or the winding up of the affairs of the Fund, in addition to then outstanding series of Preferred Shares, including additional series of RVMTP Shares, and authorize, issue and sell additional shares of any such Series of Preferred Shares then outstanding or so established or created, including additional series of RVMTP Shares, in each case in accordance with applicable law, provided that the Fund shall, immediately after giving effect to the issuance of such Preferred Shares and to its receipt and application of the proceeds thereof, including to the redemption of Preferred Shares with such proceeds, have &#x201c;asset coverage,&#x201d; as defined for the purposes of Section&#160;18(h) of the Act, of at least 200%. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Redemption.&lt;/div&gt; Although the Preferred Shares are subject to redemption under certain&#160;circumstances as described below, unlike the shares of an &lt;div style="white-space:nowrap;display:inline;"&gt;open-end&lt;/div&gt; mutual&#160;fund, the Preferred Shares may not be redeemed at a shareholder&#x2019;s option&#160;at NAV or otherwise. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;RVMTP SHARES &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Dividends.&lt;/div&gt; The dividend rate paid on the RVMTP Shares is determined over the course of &#x201c;Rate Period,&#x201d; which generally begins each Thursday and ends the following Wednesday. The dividends per share for the RVMTP Shares for a given Rate Period are dependent on the RVMTP Share dividend rate (the &#x201c;RVMTP Share Dividend Rate&#x201d;) for that Rate Period. The RVMTP Share Dividend Rate for the RMVTP Shares is equal to the greater of (i)&#160;the sum of the &#x201c;Index Rate&#x201d;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px"&gt;1&lt;/div&gt; plus an &#x201c;Applicable Spread&#x201d;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px"&gt;2&lt;/div&gt; for the Rate Period plus the &#x201c;Failed Remarketing Spread,&#x201d;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px"&gt;3&lt;/div&gt; if applicable, and (ii)&#160;the sum of (a)&#160;the product of the Index Rate multiplied by the &#x201c;Applicable Multiplier&#x201d;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px"&gt;4&lt;/div&gt; for such Rate Period plus (b) 0.92% plus (c)&#160;the Failed Remarketing Spread, if applicable. The dividend per RVMTP Share for the Rate Period is then determined as described in the table below.&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px"&gt;5&lt;/div&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7.5pt;width:100%;border:0;margin:0 auto"&gt;
&lt;tr&gt;
&lt;td style="width:20%"/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td style="width:4%"/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td style="width:29pt"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="width:29pt"/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td style="width:0pt"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="width:0pt"/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td style="width:16pt"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="width:16pt"/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td style="width:0pt"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="width:0pt"/&gt;
&lt;td style="vertical-align:bottom;width:2%"/&gt;
&lt;td style="width:17%"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial narrow;text-align:center"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Dividend&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial narrow;text-align:center"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Rate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="font-family:arial narrow;color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Rate&#160;Period&#160;Fraction&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial narrow;text-align:center"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;RVMTP&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial narrow;text-align:center"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Shares&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial narrow;text-align:center"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Liquidation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:arial narrow;text-align:center"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Preference&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="font-family:arial narrow;color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;&#160;Dividend&#160;&#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="vertical-align:top"/&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"/&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="4" style="vertical-align:top;text-align:center;"&gt;&lt;div style="font-family:arial narrow;display:inline;"&gt;Number&#160;of&#160;days&#160;in&#160;the&#160;Rate&#160;Period&#160;(or&#160;a&#160;part&#160;thereof)&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"/&gt;
&lt;td style="vertical-align:top"/&gt;
&lt;td style="vertical-align:top"/&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"/&gt;
&lt;td style="vertical-align:top"/&gt;
&lt;td style="vertical-align:top"/&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"/&gt;
&lt;td style="vertical-align:top"/&gt;
&lt;td style="vertical-align:top"/&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="vertical-align:top;text-align:center;"&gt;Dividend&#160;Rate&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:center;"&gt;X&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="4" style="vertical-align:top;text-align:center;"&gt;Divided by&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:center;"&gt;X&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"/&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:center;"&gt;100,000&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"/&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:center;"&gt;=&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"/&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:center;"&gt;Dividends&#160;per&#160;RVMTP&#160;Share&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&lt;div style="font-size:x-small;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&lt;div style="font-size:x-small;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:center;"&gt;&lt;div style="font-family:arial narrow;display:inline;"&gt;Total&#160;number&#160;of&#160;days&#160;in&#160;the&#160;year&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&lt;div style="font-size:x-small;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&lt;div style="font-size:x-small;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&lt;div style="font-size:x-small;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&lt;div style="font-size:x-small;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&lt;div style="font-size:x-small;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&lt;div style="font-size:x-small;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&lt;div style="font-size:x-small;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&lt;div style="font-size:x-small;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&lt;div style="font-size:x-small;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&lt;div style="font-size:x-small;display:inline;"&gt;&#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;RVMTP Special Terms Period.&lt;/div&gt; The Fund, at its option, may designate special terms applicable to all of the outstanding RVMTP Shares for a certain period (a &#x201c;Special Terms Period&#x201d;) pursuant to a notice of special terms. Such special terms may differ from those provided in the current governing documents of the RVMTP Shares and may include, without limitation, changes to the RVMTP Dividend Rate, dividend payment dates, redemption provisions (including, without limitation, the RVMTP Term Redemption Date or the RVMTP Early Term Redemption Date), required Effective Leverage Ratio, and the Preferred Shareholder &lt;div style="white-space:nowrap;display:inline;"&gt;Gross-Up&lt;/div&gt; (each as defined below); provided that such special terms do not affect the parity ranking of the RVMTP Shares to any other class or series of Preferred Shares then outstanding with respect to dividends or distribution of assets upon dissolution, liquidation, or winding up of the affairs of the Fund. No Special Terms Period with respect to the RVMTP Shares will become effective unless certain conditions are satisfied, including that all of the RVMTP Shares are remarketed (except with respect to any RVMTP Shares whose holders have elected to retain their RVMTP Shares for the Special Terms Period). A Special Terms Period will not become effective before the &lt;div style="white-space:nowrap;display:inline;"&gt;12-month&lt;/div&gt; anniversary of the date of original issue of the RVMTP Shares. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Preferred Shareholder &lt;div style="white-space:nowrap;display:inline;"&gt;Gross-Up.&lt;/div&gt;&lt;/div&gt; As noted above, RVMTP Shares each pay dividend distributions at stated rates, which rates are based generally on the assumption that such dividend distributions consist entirely of &#x201c;exempt-interest dividends&#x201d; (as defined below under &#x201c;Taxation&#x2014;Exempt-Interest Dividends&#x201d;). The terms of the RVMTP Shares provide further that, in the event less than the entire amount of any particular dividend distribution paid pursuant to the stated rate were to consist of &#x201c;exempt-interest dividends&#x201d; (i.e., if a portion of any particular dividend were to derive from ordinary &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:8.5pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.1px"&gt;1&lt;/div&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left"&gt;The "Index Rate" means the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index, or such other weekly, high-grade index comprised of seven-day, tax-exempt variable rate demand notes produced by Municipal Market Data, Inc. or its successor, or as otherwise designated by the Securities Industry and Financial Markets Association; provided that if the SIFMA Municipal Swap Index is less than zero (0), the SIFMA Municipal Swap Index will be deemed to be zero (0)&#160;for purposes of the determination of the Index Rate. &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:8.5pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.1px"&gt;2&lt;/div&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left"&gt;For the RVMTP Shares, the Applicable Spread for a Rate Period is a percentage per annum that is based on the long-term rating most recently assigned by the applicable ratings agency to such RVMTP Shares. &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:8.5pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.1px"&gt;3&lt;/div&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left"&gt;With respect to the RVMTP Shares, a Failed Remarketing Spread means (a)&#160;in the case of a Failed Special Terms Period Remarketing (as defined below): (i) for so long as two or more Failed Special Terms Period Remarketings have not occurred, 0.05%, and (ii)&#160;following the second occurrence of a Failed Special Terms Period Remarketing, 0.10% multiplied by the number of Failed Special Terms Period Remarketings that have occurred after the first Failed Special Terms Period Remarketing, and (b)&#160;in the case of a Failed Early Term Redemption Date Remarketing (as defined below): (i) 0.75% for the first 59 days following the applicable Early Term Redemption Date, (ii) 1.00% for the 60th to the 89th day following such Early Term Redemption Date, (iii) 1.25% for the 90th to the 119th day following such Early Term Redemption Date, (iv) 1.50% for the 120th to the 149th day following such Early Term Redemption Date, and (v) 1.75% for the 150th day following such Early Term Redemption Date to the date of the associated mandatory redemption of the Series &lt;div style="white-space:nowrap;display:inline;"&gt;2052-A&lt;/div&gt; RVMTP Shares. With respect to the RVMTP Shares, a &#x201c;Failed Special Terms Period Remarketing&#x201d; will occur if any RVMTP Shares subject to a Mandatory Tender Event due to the Fund designating a Special Terms Period have not been either retained by the holders or successfully remarketed by the Mandatory Tender Date. In addition, with respect to the RVMTP Shares, a &#x201c;Failed Early Term Redemption Date Remarketing&#x201d; will occur if any RVMTP Shares subject to a Mandatory Tender Event have not been either retained by the holders or successfully remarketed by the Early Term Redemption Date. &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:8.5pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.1px"&gt;4&lt;/div&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left"&gt;The Applicable Multiplier for a Rate Period is a percentage that is based on the long-term rating most recently assigned by the applicable ratings agency to such series of the RVMTP Shares. &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:8.5pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.1px"&gt;5&lt;/div&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left"&gt;An increased RVMTP Share Dividend Rate could be triggered by the Fund&#x2019;s failure to comply with certain requirements relating to the RVMTP Shares, certain actions taken by the applicable ratings agency or certain determinations regarding the tax status of such series of the RVMTP Shares made by a court or other applicable governmental authority. The RVMTP Share Dividend Rate will in no event exceed 15% per year. &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;income or capital gain, including short-term capital gain taxable as ordinary income when distributed), the amount of such dividend would increase by an amount (the &#x201c;Preferred Shareholder &lt;div style="white-space:nowrap;display:inline;"&gt;Gross-Up&#x201d;)&lt;/div&gt; such that the &lt;div style="white-space:nowrap;display:inline;"&gt;after-tax&lt;/div&gt; amount of such dividend, as increased by the Preferred Shareholder &lt;div style="white-space:nowrap;display:inline;"&gt;Gross-Up,&lt;/div&gt; would equal the total amount the holder of such RVMTP Shares would have received if the dividend at the stated rate had consisted entirely of &#x201c;exempt-interest dividends.&#x201d; The Preferred Shareholder &lt;div style="white-space:nowrap;display:inline;"&gt;Gross-Up&lt;/div&gt; is calculated (i)&#160;without consideration being given to the time value of money, (ii)&#160;assuming that no holder of RVMTP Shares is subject to the federal alternative minimum tax, and (iii)&#160;assuming that the portion of any dividend distribution (including the amount of the Preferred Shareholder &lt;div style="white-space:nowrap;display:inline;"&gt;Gross-Up)&lt;/div&gt; that is not an exempt interest dividend would be taxable (x), in the hands of the initial purchaser of the RVMTP Shares (or certain of its affiliates), at the maximum marginal regular federal corporate income tax rate, and (y)&#160;in the case of any other holder, at the greater of (a)&#160;the maximum marginal regular federal individual income tax rate (taking into account the 3.8% Medicare contribution tax on net investment income) applicable to ordinary income or net capital gain, as applicable, or (b)&#160;the maximum marginal regular federal corporate income tax rate applicable to ordinary income or net capital gain, as applicable, in each case disregarding the effect of any state or local taxes. Any Preferred Shareholder &lt;div style="white-space:nowrap;display:inline;"&gt;Gross-Up&lt;/div&gt; will reduce the amount that would otherwise be distributable to Common Shareholders. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Additional Investment Limitations.&lt;/div&gt; Under the terms of purchase agreement between the Fund and the initial investor in the RVMTP Shares, the Fund is subject to various investment limitations. These investment limitations are in addition to, and may be more restrictive than, those to which the Fund is subject in accordance with its investment objective and policies as described herein and in the Prospectus. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Effective Leverage Ratio Requirement.&lt;/div&gt; In accordance with the Bylaws, without the prior written consent of the holders of RVMTP Shares, the Fund&#x2019;s Effective Leverage Ratio may not exceed 50% (or 51% solely by reason of fluctuations in the market value of the Fund&#x2019;s portfolio securities) as of the close of business on any business day. If the Fund fails to comply with any additional requirements relating to the calculation of the Effective Leverage Ratio requirement applicable to the RVMTP Shares and, in any such case, such failure is not cured as of the close of business on the date that is ten business days following the business day on which such &lt;div style="white-space:nowrap;display:inline;"&gt;non-compliance&lt;/div&gt; is first determined (the &#x201c;Effective Leverage Ratio Cure Date&#x201d;), the Fund shall cause the Effective Leverage Ratio to not exceed 42.5% (or 43.5% solely by reason of fluctuations in the market value of the Fund&#x2019;s portfolio securities), by (i)&#160;not later than the close of business on the business day next following the Effective Leverage Ratio Cure Date, engaging in transactions involving or relating to any floating rate securities not owned by the Fund and/or any inverse floating rate securities owned by the Fund, including the purchase, sale or retirement thereof, (ii)&#160;to the extent permitted by law, not later than the close of business on the second business day next following the Effective Leverage Ratio Cure Date, causing a notice of redemption to be issued for the redemption of a sufficient number of Preferred Shares, in accordance with the terms of the Preferred Shares, or (iii)&#160;engaging in any combination, in the Fund&#x2019;s discretion, of the actions contemplated by clauses (i)&#160;and (ii). &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Calculation of Effective Leverage Ratio.&lt;/div&gt; For purposes of determining whether the effective leverage requirement discussed above is satisfied, the &#x201c;Effective Leverage Ratio&#x201d; on any date shall mean the quotient of: (i)&#160;The sum of (A)&#160;the aggregate liquidation preference of the Fund&#x2019;s &#x201c;senior securities&#x201d; (as that term is defined in the Act) that are stock for purposes of the Act, excluding, without duplication, (1)&#160;any such senior securities for which the Fund has issued a notice of redemption and either has delivered deposit securities or sufficient securities or funds, (as applicable in accordance with the terms of such senior securities) to the paying agent for such senior securities or otherwise has adequate deposit securities or sufficient securities or funds on hand for the purpose of such redemption (as applicable in accordance with the terms of such senior securities) and (2)&#160;any such senior securities that are to be redeemed with net proceeds from the sale of the RVMTP Shares, for which the Fund has delivered deposit securities or sufficient securities or funds (as applicable in accordance with the terms of such senior securities) to the paying agent for such senior securities or otherwise has adequate deposit securities or sufficient securities or funds on hand (as applicable in accordance with the terms of such senior securities) for the purpose of such redemption; (B)&#160;the aggregate principal amount of the Fund&#x2019;s &#x201c;senior securities representing indebtedness&#x201d; (as that term is defined in the 1940 Act giving effect to any interpretations thereof by the SEC or its staff); and (C)&#160;the aggregate principal amount of floating rate securities corresponding to any associated residual floating rate securities not owned by the Fund (less the aggregate principal amount of any such floating rate securities owned by the Fund and corresponding to the associated residual floating rate securities owned by the Fund). &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Ratings Agency Guidelines.&lt;/div&gt; The Fund has obtained ratings for the RVMTP Shares from Fitch. For so long as Fitch is rating the RVMTP Shares, the Fund has agreed to adhere to separate guidelines and asset coverage requirements specific to Fitch (&#x201c;Fitch Preferred Shares Asset Coverage&#x201d;) as described in Fitch&#x2019;s published &lt;div style="white-space:nowrap;display:inline;"&gt;Closed-End&lt;/div&gt; Funds and Market Value Structures Rating Criteria (&#x201c;Fitch Rating Criteria&#x201d;). These guidelines may be changed by Fitch, in its sole discretion, from time to time. These guidelines impose asset coverage or portfolio composition requirements that may be more stringent than those imposed on the Fund by the 1940 Act. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Satisfaction of Fitch Preferred Shares Asset Coverage for the RVMTP Shares requires that the Fund satisfy both a &#x201c;Fitch Total Overcollateralization Test&#x201d; (&#x201c;Fitch Total OC&#x201d;) and a &#x201c;Fitch Net Over Collateralization Test&#x201d; (&#x201c;Fitch Net OC&#x201d;, and together with Fitch Total OC, the &#x201c;Fitch OC Tests&#x201d;), in each case to be consistent with the then-current rating of the RVMTP Shares assigned by Fitch using the calculations set forth in the Fitch Rating Criteria, including information therein relating to diversification guidelines as applied to the Fund. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund has agreed that it will adhere to the Fitch OC Tests as described above as of the close of business on the last business day of each month for so long as Fitch is rating the RVMTP Shares. If the Fund fails to adhere to the Fitch OC Tests as described in the preceding sentence, the Fund will cure such &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;failure (including, without limitation, by causing a notice of redemption to be issued for the redemption of a sufficient number of the Fund&#x2019;s Preferred Shares) within ten days following the business day on which such failure is first determined. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;Fitch may change its rating methodologies for evaluating and providing ratings for shares of &lt;div style="white-space:nowrap;display:inline;"&gt;closed-end&lt;/div&gt; funds at any time and in its sole discretion, perhaps substantially. Such a change could adversely affect the ratings assigned to the Fund&#x2019;s Preferred Shares (including the RVMTP Shares), the dividend rates paid thereon, and the expenses borne by the Fund&#x2019;s Common Shareholders. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Mandatory Redemptions.&lt;/div&gt; The RVMTP Shares are subject to a mandatory term redemption date on July&#160;14, 2051, subject to the Fund&#x2019;s right to extend the term with the consent of the holders of the RVMTP Shares (the &#x201c;RVMTP Share Term Redemption Date&#x201d;). There is no assurance that the term of the RVMTP Shares will be extended. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;In addition, with respect to the RVMTP Shares, a &#x201c;Mandatory Tender Event&#x201d; will occur on each date that is (i) 20 business days before each three-year anniversary of the date of original issue of such series of the RVMTP Shares, (ii)&#160;the date the Fund delivers a notice designating a Special Terms Period, and (iii) 20 business days before the end of a Special Terms Period (provided that no subsequent Terms Period is designated). If any RVMTP Shares subject to a Mandatory Tender Event upon a three-year anniversary of the date of original issue of the RVMTP Shares or upon the end of a Special Terms Period (each, an &#x201c;RVMTP Early Term Redemption Date&#x201d;) have not been either retained by the holders or remarketed by the Mandatory Tender Date, the Fund will redeem such RVMTP Shares on the RVMTP Early Term Redemption Date.&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:8.3px"&gt;6&lt;/div&gt; &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The RVMTP Shares are also subject to mandatory redemption by the Fund, in whole or in part, in certain circumstances, such as the failure by the Fund to comply with asset coverage and/or effective leverage ratio requirements described above (and the failure to cure any such failure within the applicable cure period) or certain actions taken by the applicable ratings agency. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Term Redemption and Early Term Redemption Liquidity Account.&lt;/div&gt; At least six months prior to the RVMTP Share Redemption Date, or the RVMTP Early Term Redemption Date (each, a &#x201c;Redemption Date&#x201d;), the Fund will maintain segregated assets of a minimum credit rating quality with a market value equal to at least 110% of the redemption price of all outstanding RVMTP Shares to be redeemed until the redemption of all such outstanding RVMTP Shares, as applicable. The Fund will include certain liquid and/or highly rated assets in an amount equal to 20% of such segregated assets with five months remaining to the Redemption Date, which amount will increase monthly by 20% and reach 100% with one month remaining to the Redemption Date. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Optional redemption.&lt;/div&gt; The Fund may redeem, in whole or from time to time in part, the outstanding RVMTP Shares at a redemption price per share equal to (i)&#160;the liquidation preference of the RVMTP Shares, as applicable, plus (ii)&#160;an amount equal to all unpaid dividends and other distributions on such RVMTP Shares, as applicable, accumulated from and including the date of issuance to (but excluding) the date of redemption (whether or not earned or declared by the Fund, but without interest thereon) plus (iii)&#160;any applicable optional redemption premium. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;RVMTP Mandatory Tender.&lt;/div&gt; Upon the occurrence of a Mandatory Tender Event with respect to a series of RVMTP Shares, all RVMTP Shares in such series will be subject to mandatory tender (subject to the holders&#x2019; election to retain their RVMTP Shares) and the Fund will issue or cause to be issued a notice of mandatory tender to the holders of such RVMTP Shares for remarketing on the Mandatory Tender Date. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;ARPS &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Dividends.&lt;/div&gt; The ARPS have complete priority over the Common Shares as to&#160;distribution of assets and equal priority with the RVMTP Shares. The terms of the ARPS provide that they would&#160;ordinarily pay dividends at a rate set at auctions held every seven days,&#160;normally payable on the first business day following the end of the rate&#160;period, subject to a &#x201c;maximum applicable rate&#x201d; calculated as a function of&#160;the ARPS&#x2019; then-current ratings and a reference interest rate as described&#160;below. However, the weekly auctions for the ARPS, as well as auctions for&#160;similar preferred shares issued by &lt;div style="white-space:nowrap;display:inline;"&gt;closed-end&lt;/div&gt; funds in the U.S., have failed&#160;since February 2008, and the dividend rates on the ARPS since that time&#160;have been paid at the maximum applicable rate under the Bylaws. Ratings agencies may change their methodologies for evaluating and providing ratings for shares of &lt;div style="white-space:nowrap;display:inline;"&gt;closed-end&lt;/div&gt; funds at any time and in their sole discretion, which may affect the rating (if any) of the Fund&#x2019;s shares. Fitch Ratings published ratings criteria relating to &lt;div style="white-space:nowrap;display:inline;"&gt;closed-end&lt;/div&gt; funds on December&#160;4, 2020, which effectively result in a rating cap of &#x201c;AA&#x201d; for debt and preferred stock issued by all &lt;div style="white-space:nowrap;display:inline;"&gt;closed-end&lt;/div&gt; funds and a rating cap of &#x201c;A&#x201d; for (i)&#160;debt and preferred shares issued by &lt;div style="white-space:nowrap;display:inline;"&gt;closed-end&lt;/div&gt; funds exposed to emerging market debt, below-investment-grade and unrated debt, structured securities and equity, (ii)&#160;and &lt;div style="white-space:nowrap;display:inline;"&gt;closed-end&lt;/div&gt; funds with material exposure to &#x201c;BBB&#x201d; category rated assets. The long-term rating actions were driven by changes in the updated ratings criteria for &lt;div style="white-space:nowrap;display:inline;"&gt;closed-end&lt;/div&gt; funds rather than by any fundamental changes to the Fund&#x2019;s credit profile. The&#160;Fund expects that the ARPS will continue to pay dividends at the maximum applicable rate for the foreseeable future and cannot predict whether or&#160;when the auction markets for the ARPS may resume normal functioning. &lt;/div&gt;&lt;/div&gt;&lt;div style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:8.5pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:3%;vertical-align:top;text-align:left;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:7.1px"&gt;6&lt;/div&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:arial narrow;text-align:left"&gt;With respect to the Mandatory Tender Events described in clauses (i), (ii) and (iii)&#160;above, the corresponding &#x201c;Mandatory Tender Date&#x201d; means, respectively: (i)&#160;the date that is 180 calendar days following the Early Redemption Date, (ii)&#160;the date on which the related Special Terms Period becomes effective, and (iii)&#160;the last day of the related Special Terms Period (subject, in each case, to the holders&#x2019; election to retain their RVMTP Shares). &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;As noted, the &#x201c;maximum applicable rate&#x201d; for each series of ARPS depends&#160;on the credit ratings assigned to such shares. The maximum applicable rate for any&#160;regular rate period (i.e., any rate period other than a &lt;div style="white-space:nowrap;display:inline;"&gt;non-payment&lt;/div&gt; period)&#160;will be the applicable percentage of the reference rate. The reference rate is&#160;the applicable &#x201c;AA&#x201d; Financial Composite Commercial Paper Rate (for a&#160;Dividend Period of fewer than 184 days) or the applicable Treasury Index&#160;Rate (for a Dividend Period of 184 days or more). The applicable&#160;percentage for any Dividend Period is generally determined based on the&#160;lower of the credit ratings assigned to the ARPS by Moody&#x2019;s or Fitch on the auction date for such&#160;period (as set forth in the table below). &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7.5pt;width:100%;border:0;margin:0 auto"&gt;
&lt;tr&gt;
&lt;td style="width:71%"/&gt;
&lt;td style="vertical-align:bottom;width:9%"/&gt;
&lt;td style="width:27pt"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="width:27pt"/&gt;
&lt;td style="vertical-align:bottom;width:11%"/&gt;
&lt;td style="width:36pt"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="width:36pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;Moody&#x2019;s Credit Rating&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Fitch&#160;Credit&#160;Rating&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;&#160;Applicable&#160;Percentage&#160;&#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Aa3 or above&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="4" style="vertical-align:bottom;text-align:center;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;AA-&#160;or&#160;above&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="4" style="vertical-align:bottom;text-align:center;"&gt;150%&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;A3 to A1&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="4" style="vertical-align:bottom;text-align:center;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;A-&#160;to&#160;A+&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="4" style="vertical-align:bottom;text-align:center;"&gt;160%&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Baa3 to Baa1&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="4" style="vertical-align:bottom;text-align:center;"&gt;&lt;div style="white-space:nowrap;display:inline;"&gt;BBB-&#160;to&#160;BBB+&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="4" style="vertical-align:bottom;text-align:center;"&gt;250%&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Below Baa3&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;Below BBB-&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="4" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;275%&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Ratings Agency Preferred Shares Asset Coverage.&lt;/div&gt; The Fund is required under the Bylaws to satisfy separate asset coverage&#160;tests specific to each rating agency (the &#x201c;Ratings Agency Preferred Shares&#160;Asset Coverage&#x201d;). &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Moody&#x2019;s Preferred Shares Asset Coverage.&lt;/div&gt; Satisfaction of Moody&#x2019;s Ratings Agency Preferred Shares Asset Coverage&#160;generally requires the Fund to have eligible assets having in the aggregate&#160;a discounted value equal to or in excess of a &#x201c;Preferred Shares Basic Maintenance Amount.&#x201d; Generally, the Preferred Shares Basic Maintenance&#160;Amount includes the sum of (a)&#160;the aggregate liquidation preference of the&#160;Fund&#x2019;s Preferred Shares then outstanding (including the ARPS) and (b)&#160;certain accrued and projected payment obligations of the Fund, including&#160;without limit any accrued and projected dividends on its Preferred Shares&#160;then outstanding (including the ARPS). Article 11 of the Bylaws includes &lt;div style="white-space:nowrap;display:inline;"&gt;Moody&#x2019;s-specific&lt;/div&gt; guidelines for calculating&#160;discounted value for purposes of determining whether the Moody&#x2019;s Ratings&#160;Agency Preferred Shares Asset Coverage test is satisfied. These guidelines&#160;specify discount factors that the Fund must apply to various types of&#160;securities in its portfolio for purposes of calculating whether the discounted&#160;value of the Fund&#x2019;s eligible assets is at least equal to the Preferred Shares&#160;Basic Maintenance Amount (with the level of discount generally becoming&#160;greater as the credit quality of a security becomes lower). In addition, under&#160;the Moody&#x2019;s guidelines, certain types of securities (including securities in&#160;which the Fund may otherwise invest) are not eligible for inclusion in the&#160;calculation of the discounted value of the Fund&#x2019;s portfolio. The Moody&#x2019;s guidelines for calculating discounted value do not&#160;impose any limitations on the percentage of the Fund&#x2019;s assets that may be&#160;invested in ineligible assets, and the amount of ineligible assets included in&#160;the Fund&#x2019;s portfolio at any time may vary depending upon the rating,&#160;diversification and other characteristics of the Moody&#x2019;s eligible assets&#160;included in the portfolio. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Fitch Preferred Shares Asset Coverage.&lt;/div&gt; Satisfaction of Fitch Preferred Shares Asset Coverage requires that the Fund satisfy both a &#x201c;Fitch Total Overcollateralization Test (&#x201c;Fitch Total OC&#x201d;) and a &#x201c;Fitch Net Over Collateralization Test (&#x201c;Fitch Net OC&#x201d;), in each case to be consistent with the then-current rating from Fitch. Under the Bylaws, Fitch Preferred Shares Asset Coverage is satisfied if, as of a particular date or time, the Fund has sufficient asset coverage with respect to the Preferred Shares such that the Fund satisfies both the (i)&#160;Fitch Total OC test and the (ii)&#160;Fitch Net OC test as of such date or time. The Fitch Total OC test and the Fitch Net OC test are satisfied if the Fund has Fitch Total OC or Fitch Net OC, as the case may be, in excess of &lt;div style="white-space:nowrap;display:inline;"&gt;one-hundred&lt;/div&gt; percent (100%) pursuant to the applicable formula below. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund&#x2019;s Bylaws incorporate by reference the &lt;div style="white-space:nowrap;display:inline;"&gt;Closed-End&lt;/div&gt; Fund Criteria Report issued by Fitch entitled &#x201c;Rating &lt;div style="white-space:nowrap;display:inline;"&gt;Closed-End&lt;/div&gt; Fund and Market Value Structures Rating Criteria&#x201d; or similar future report most recently published by Fitch and approved for use by the Trust by resolution of the Board of Trustees of the Trust (the &#x201c;Fitch Criteria&#x201d;). The Fitch Criteria include, among other things, the current formulations for satisfaction of the Fitch Total OC test and the Fitch Net OC test, asset discount factors (used in part to calculate Fitch Total OC and Fitch Net OC), issuer and industry diversification and concentration thresholds and guidelines and a description of other rating considerations. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fitch Criteria define Fitch Total OC and Fitch Net OC as follows: &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7.5pt;width:100%;border:0"&gt;
&lt;tr&gt;
&lt;td style="width:7%"/&gt;
&lt;td style="vertical-align:bottom;width:1%"/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:1%"/&gt;
&lt;td style="width:90%"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td rowspan="2" style="vertical-align:middle;text-align:center;"&gt;&lt;div style="color:#333333;display:inline;"&gt;Fitch&#160;Total&#160;OC&lt;/div&gt;&lt;/td&gt;
&lt;td rowspan="2" style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td rowspan="2" style="vertical-align:middle"&gt;&lt;div style="color:#333333;display:inline;"&gt;=&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:middle"&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:arial narrow;text-align:center"&gt;&lt;div style="color:#333333;display:inline;"&gt;Total Net Discounted Assets at MV*&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt;margin-bottom:1pt;border-bottom:1px solid #000000;text-align:left"&gt;&#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#333333;display:inline;"&gt;Fitch Rated Liability + Other Liabilities Pari Passu and Senior to Rated Liability&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;In the event the Fund does not timely cure a failure to maintain (a)&#160;both Moody&#x2019;s&#160;Ratings Agency Preferred Shares Asset Coverage and Fitch Preferred shares Asset Coverage or (b) 1940 Act Preferred&#160;Shares Asset Coverage, in each case in accordance with the requirements&#160;of the rating agency or agencies then rating the ARPS, the Fund will be&#160;required to redeem ARPS as described under &#x201c;Mandatory Redemption&#x201d; below. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;In addition to the requirements described above, the rating agency&#160;guidelines impose restrictions or limitations on the Fund&#x2019;s use of certain&#160;financial instruments or investment techniques that the Fund might&#160;otherwise utilize in order to obtain and maintain a rating from Moody&#x2019;s and Fitch on&#160;the ARPS. It is not currently anticipated that these guidelines will materially&#160;impede PIMCO from managing the Fund&#x2019;s portfolio in accordance with the&#160;Fund&#x2019;s investment objective and policies. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund may, but is not required to, adopt any modifications to the&#160;guidelines that may be established by Moody&#x2019;s and/or Fitch with respect to their ratings&#160;of the ARPS. Failure to adopt any such modifications, however, may result&#160;in a reduction in the rating described above or a withdrawal of &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;rating&#160;altogether. In addition, any rating agency providing a rating for the ARPS&#160;may, at any time, change or withdraw any such rating. The Board may,&#160;without shareholder approval, amend, alter or repeal various definitions&#160;and related provisions that have been adopted by the Fund pursuant to the&#160;rating agency guidelines in the event the Fund receives written confirmation&#160;from Moody&#x2019;s or Fitch (or any substitute rating agency) that any such amendment,&#160;alteration or repeal would not impair the rating then assigned by the rating&#160;agency to the ARPS. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The ratings of the ARPS are based on current information furnished to&#160;Moody&#x2019;s and Fitch by the Fund or the Investment Manager or information obtained from other sources. The ratings may be changed, suspended or withdrawn as a result of changes in, or the unavailability of, such information. The Common Shares have not been rated by any nationally recognized statistical rating organizations (&#x201c;NRSROs&#x201d;). A rating agency&#x2019;s guidelines will apply to the ARPS Shares only so long as the rating agency is rating the shares. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund pays certain fees to Moody&#x2019;s and Fitch for rating the ARPS. The foregoing description of the rating agency guidelines and asset coverage requirements applicable to the ARPS is intended only as a summary and is qualified in its entirety by reference to the actual terms of Article 11 and other relevant provisions of the Bylaws and Exhibit 1 thereto. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Mandatory redemption&lt;/div&gt;. As noted above, the Fund is required under the Bylaws to maintain (a)&#160;Moody&#x2019;s Ratings Agency Preferred Shares Asset Coverage, (b)&#160;Fitch Preferred Shares Asset Coverage, and (c) 1940 Act&#160;Asset Coverage. Eligible portfolio securities for the&#160;purposes of (a)&#160;and (b) above will be determined from time to time by the rating&#160;agency then rating the then outstanding ARPS. If the Fund fails to maintain&#160;such asset coverage amounts and does not timely cure such failure in&#160;accordance with the Bylaws, the Fund would be required to redeem all or a&#160;portion of the ARPS. This mandatory redemption would take place on a&#160;date that the Board specifies out of legally available funds in accordance&#160;with the Declaration, the Bylaws and applicable law, at the redemption&#160;price of $25,000 per share, plus accumulated but unpaid dividends&#160;(whether or not earned or declared) to (but not including) the date fixed for&#160;redemption. In determining the number of Preferred Shares required to be&#160;redeemed in accordance with the foregoing, the Fund would redeem the&#160;lesser of (a)&#160;the minimum number of ARPS necessary to satisfy the Ratings&#160;Agency Preferred Shares Asset Coverage or 1940 Act Preferred Shares&#160;Asset Coverage, as the case may be, and (b)&#160;the maximum number of ARPS&#160;and any other Preferred Shares of the Fund subject to redemption or&#160;retirement that can be redeemed out of funds expected to be legally&#160;available therefor at the time of redemption, and in any case will redeem&#160;such Preferred Shares pro rata among the Preferred Shares subject to redemption or retirement. The&#160;mandatory redemption will be limited to the number of ARPS and any other&#160;Preferred Shares necessary to restore the required Ratings Agency Preferred&#160;Shares Asset Coverage or 1940 Act Preferred Shares Asset Coverage, as&#160;the case may be. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;"&gt;Optional redemption&lt;/div&gt;. To the extent permitted under the 1940 Act and under Massachusetts law,&#160;upon giving notice of redemption, as provided below, the Fund, at its&#160;option, may redeem Preferred Shares, in whole or in part, out of funds&#160;legally available therefore, at the Optional Redemption Price (as defined&#160;below) per share on any dividend payment date, provided that no Preferred&#160;Shares may be redeemed at the option of the Fund during (a)&#160;the initial rate&#160;period with respect to the Preferred Shares or (b)&#160;a &lt;div style="white-space:nowrap;display:inline;"&gt;non-call&lt;/div&gt; period to which&#160;such shares are subject. &#x201c;Optional Redemption Price&#x201d; means $25,000 per&#160;Preferred Share plus an amount equal to accumulated but unpaid dividends&#160;(whether or not earned or declared) to the date fixed for redemption plus&#160;the applicable redemption premium, if any. The Fund has the authority to&#160;redeem Preferred Shares for any reason and may redeem all or part of the&#160;outstanding Preferred Shares if it anticipates that the Fund&#x2019;s leveraged&#160;capital structure will result, for a significant period of time, in a lower rate&#160;of return to Common Shareholders than that obtainable if the Common&#160;Shares were not so leveraged. &lt;/div&gt;&lt;/div&gt;</cef:CapitalStockTableTextBlock>
    <cef:OutstandingSecuritiesTableTextBlock contextRef="P08_10_2022To08_10_2022">&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The following table shows, for each class of authorized securities of the Fund, the amount of (i)&#160;shares authorized and (ii)&#160;shares outstanding, each as of June&#160;30, 2022. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7.5pt;width:100%;border:0;margin:0 auto"&gt;
&lt;tr&gt;
&lt;td style="width:75%"/&gt;
&lt;td style="vertical-align:bottom;width:7%"/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:7%"/&gt;
&lt;td/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;Title of Class&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amount&#160;Authorized&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;&#160;Amount&#160;Outstanding&#160;&#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-size:1pt;background-color:#f4f6f7"&gt;
&lt;td style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Common Shares&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;Unlimited&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;63,519,359&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-size:1pt"&gt;
&lt;td style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Preferred Shares&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"/&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"/&gt;&lt;/tr&gt;
&lt;tr style="font-size:1pt;background-color:#f4f6f7"&gt;
&lt;td style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;Series A ARPS&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;4,040&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;2,279&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-size:1pt"&gt;
&lt;td style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;Series B ARPS&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;4,040&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;2,577&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-size:1pt;background-color:#f4f6f7"&gt;
&lt;td style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;Series C ARPS&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;4,040&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;2,422&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-size:1pt"&gt;
&lt;td style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;Series D ARPS&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;4,040&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;2,300&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-size:1pt;background-color:#f4f6f7"&gt;
&lt;td style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;Series E ARPS&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;4,040&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;vertical-align:bottom;text-align:center;"&gt;2,353&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-size:1pt"&gt;
&lt;td style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;
&lt;td colspan="2" style="height:0.75pt"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Series 2051 RVMTP Shares&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;Unlimited&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;687&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cef:OutstandingSecuritiesTableTextBlock>
    <cef:OutstandingSecurityTitleTextBlock contextRef="P06_30_2022To06_30_2022_CommonSharesMembercefSecurityAxis">Common Shares</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityHeldShares
      contextRef="P06_30_2022To06_30_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_shares">63519359</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityTitleTextBlock contextRef="P06_30_2022To06_30_2022_SeriesAArpsMembercefSecurityAxis">Series A ARPS</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="P06_30_2022To06_30_2022_SeriesAArpsMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_shares">4040</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityHeldShares
      contextRef="P06_30_2022To06_30_2022_SeriesAArpsMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_shares">2279</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityTitleTextBlock contextRef="P06_30_2022To06_30_2022_SeriesBArpsMembercefSecurityAxis">Series B ARPS</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="P06_30_2022To06_30_2022_SeriesBArpsMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_shares">4040</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityHeldShares
      contextRef="P06_30_2022To06_30_2022_SeriesBArpsMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_shares">2577</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityTitleTextBlock contextRef="P06_30_2022To06_30_2022_SeriesCArpsMembercefSecurityAxis">Series C ARPS</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="P06_30_2022To06_30_2022_SeriesCArpsMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_shares">4040</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityHeldShares
      contextRef="P06_30_2022To06_30_2022_SeriesCArpsMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_shares">2422</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityTitleTextBlock contextRef="P06_30_2022To06_30_2022_SeriesDArpsMembercefSecurityAxis">Series D ARPS</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="P06_30_2022To06_30_2022_SeriesDArpsMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_shares">4040</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityHeldShares
      contextRef="P06_30_2022To06_30_2022_SeriesDArpsMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_shares">2300</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityTitleTextBlock contextRef="P06_30_2022To06_30_2022_SeriesEArpsMembercefSecurityAxis">Series E ARPS</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="P06_30_2022To06_30_2022_SeriesEArpsMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_shares">4040</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityHeldShares
      contextRef="P06_30_2022To06_30_2022_SeriesEArpsMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_shares">2353</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityTitleTextBlock contextRef="P06_30_2022To06_30_2022_SeriesTwoThousandAndFiftyOneRvmtpSharesMembercefSecurityAxis">Series 2051 RVMTP Shares</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityHeldShares
      contextRef="P06_30_2022To06_30_2022_SeriesTwoThousandAndFiftyOneRvmtpSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_shares">687</cef:OutstandingSecurityHeldShares>
    <cef:SecurityTitleTextBlock contextRef="P08_10_2022To08_10_2022">Common Shareholders will be entitled to the payment of dividends and other distributions when, as and if declared by the Board after payment of preferential amounts payable to holders of Preferred Shares.&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b; All Common Shares have equal rights to the payment of dividends and the distribution of assets upon liquidation after payment of the preferential amounts payable to holders of Preferred Shares. Common Shares will, when issued, be fully paid and, subject to matters discussed in &#x201c;Anti-Takeover and Other Provisions in the Declaration of Trust,&#x201d; &lt;div style="white-space:nowrap;display:inline;"&gt;non-assessable,&lt;/div&gt; and will have no &lt;div style="white-space:nowrap;display:inline;"&gt;pre-emptive&lt;/div&gt; or conversion rights or rights to cumulative voting.&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b; Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding Preferred Shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among the Fund&#x2019;s Common Shareholders.&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;</cef:SecurityTitleTextBlock>
    <cef:SecurityDividendsTextBlock contextRef="P08_10_2022To08_10_2022">Common Shareholders will be entitled to the payment of dividends and other distributions when, as and if declared by the Board after payment of preferential amounts payable to holders of Preferred Shares.</cef:SecurityDividendsTextBlock>
    <cef:SecurityLiquidationRightsTextBlock contextRef="P08_10_2022To08_10_2022">All Common Shares have equal rights to the payment of dividends and the distribution of assets upon liquidation after payment of the preferential amounts payable to holders of Preferred Shares. Common Shares will, when issued, be fully paid and, subject to matters discussed in &#x201c;Anti-Takeover and Other Provisions in the Declaration of Trust,&#x201d; &lt;div style="white-space:nowrap;display:inline;"&gt;non-assessable,&lt;/div&gt; and will have no &lt;div style="white-space:nowrap;display:inline;"&gt;pre-emptive&lt;/div&gt; or conversion rights or rights to cumulative voting.&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b; Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding Preferred Shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among the Fund&#x2019;s Common Shareholders.</cef:SecurityLiquidationRightsTextBlock>
    <cef:SecurityVotingRightsTextBlock contextRef="P08_10_2022To08_10_2022">Common Shares will, when issued, be fully paid and, subject to matters discussed in &#x201c;Anti-Takeover and Other Provisions in the Declaration of Trust,&#x201d; &lt;div style="white-space:nowrap;display:inline;"&gt;non-assessable,&lt;/div&gt; and will have no &lt;div style="white-space:nowrap;display:inline;"&gt;pre-emptive&lt;/div&gt; or conversion rights or rights to cumulative voting.</cef:SecurityVotingRightsTextBlock>
    <cef:DistributionsMayReducePrincipalTextBlock contextRef="P08_10_2022To08_10_2022">&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The Fund may sell Common Shares through underwriters or dealers, directly to one or more purchasers (including existing shareholders in a rights offering), through agents, to or through underwriters or dealers, or through a combination of any such methods of sale. The applicable prospectus supplement will identify any underwriter or agent involved in the offer and sale of the Common Shares, any sales loads, discounts, commissions, fees or other compensation paid to any underwriter, dealer or agent, the offering price, net proceeds and use of proceeds and the terms of any sale. &lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;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 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 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 Shares, may have an adverse effect on the market price of the Common Shares. &lt;/div&gt;&lt;/div&gt;</cef:DistributionsMayReducePrincipalTextBlock>
    <cef:SharePriceTableTextBlock contextRef="P08_10_2022To08_10_2022">&lt;div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:arial narrow"&gt;&lt;div style="color:#333333;display:inline;"&gt;The following table sets forth, for each of the periods indicated, the high&#160;and low closing market prices of the Fund&#x2019;s Common Shares on the NYSE, 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 as to how the Fund&#x2019;s NAV is determined. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7.5pt;width:100%;border:0;margin:0 auto"&gt;
&lt;tr&gt;
&lt;td style="width:72%"/&gt;
&lt;td style="vertical-align:bottom;width:1%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:1%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:1%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:1%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:1%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:1%"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="6" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Common&#160;share&lt;br/&gt;market&#160;price&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;(1)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="6" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Common&#160;share&lt;br/&gt;net&#160;asset&#160;value&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="6" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Premium&lt;br/&gt;(discount)&#160;as&lt;br/&gt;a&#160;%&#160;of&#160;net&#160;asset&lt;br/&gt;value&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="color:#5b7585;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;Quarter&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;&#160;High&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;&#160;Low&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;&#160;High&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;Low&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;High&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;&#160;Low&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Quarter ended June&#160;30, 2022&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$11.82&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$10.12&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$10.78&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$&#160;&#160;9.14&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;16.48&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;2.22&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Quarter ended March&#160;31, 2022&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$14.55&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$11.20&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$12.37&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$10.70&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;19.55&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;3.99&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Quarter ended December&#160;31, 2021&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$14.83&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$13.86&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$12.42&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$12.15&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;19.58&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;13.51&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"&gt;&#160;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:7.5pt;width:100%;border:0;margin:0 auto"&gt;
&lt;tr&gt;
&lt;td style="width:72%"/&gt;
&lt;td style="vertical-align:bottom;width:1%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:1%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:1%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:1%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:1%"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom"/&gt;
&lt;td/&gt;
&lt;td/&gt;
&lt;td style="vertical-align:bottom;width:1%"/&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="6" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Common&#160;share&lt;br/&gt;market&#160;price&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:5.8px"&gt;(1)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="6" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Common&#160;share&lt;br/&gt;net&#160;asset&#160;value&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="6" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Premium&lt;br/&gt;(discount)&#160;as&lt;br/&gt;a&#160;%&#160;of&#160;net&#160;asset&lt;br/&gt;value&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&lt;div style="color:#5b7585;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;Quarter&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;&#160;High&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;&#160;Low&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;&#160;High&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;Low&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;High&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td colspan="2" style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom;text-align:center;"&gt;&lt;div style="color:#335367;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&#160;&#160;Low&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Quarter ended September&#160;30, 2021&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$15.31&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$14.74&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$12.77&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$12.32&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;20.72&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;16.72&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Quarter ended June&#160;30, 2021&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$15.08&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$14.53&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$12.68&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$12.26&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;22.02&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;16.48&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Quarter ended March&#160;31, 2021&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$15.35&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$14.15&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$12.65&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$12.14&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;21.67&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;13.63&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Quarter ended December&#160;31, 2020&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$14.71&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$13.09&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$12.42&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$11.87&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;18.92&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;9.91&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Quarter ended September&#160;30, 2020&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$14.28&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$13.14&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$12.44&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$11.95&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;14.93&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;8.86&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt;background-color:#f4f6f7"&gt;
&lt;td style="vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Quarter ended June&#160;30, 2020&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$13.45&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$11.59&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$11.95&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;$10.95&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;13.64&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;
&lt;td style="vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:right;"&gt;4.70&lt;/td&gt;
&lt;td style="white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="page-break-inside:avoid ; font-family:arial narrow; font-size:7.5pt"&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:arial narrow"&gt;&#160;Quarter ended March&#160;31, 2020&lt;/div&gt;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;"&gt;$15.97&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;"&gt;$10.10&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;"&gt;$13.30&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;"&gt;$10.12&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;"&gt;27.45&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top"&gt;%&#160;&lt;/td&gt;
&lt;td style=" BORDER-BOTTOM:0.75pt solid #335367;vertical-align:bottom"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top"&gt;&#160;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;vertical-align:top;text-align:right;"&gt;(11.79&lt;/td&gt;
&lt;td style="BORDER-BOTTOM:0.75pt solid #335367;white-space:nowrap;vertical-align:top"&gt;)%&#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:arial narrow; font-size:8pt;border:0;width:100%"&gt;
&lt;tr style="page-break-inside:avoid"&gt;
&lt;td style="width:2%;vertical-align:top;text-align:left;"&gt;&lt;div style="color:#333333;display:inline;"&gt;&lt;div style="font-size:75%; vertical-align:top;display:inline;;font-size:6.6px"&gt;1&lt;/div&gt;&#160;&lt;/div&gt;&lt;/td&gt;
&lt;td style="vertical-align:top;text-align:left;"&gt;&lt;div style=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:arial narrow;text-align:left"&gt;&lt;div style="color:#333333;display:inline;"&gt;Such prices reflect inter-dealer prices, without retail &lt;div style="white-space:nowrap;display:inline;"&gt;mark-up,&lt;/div&gt; mark-down or commission and may not represent actual transactions.&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b;&#x200b; &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;The Fund&#x2019;s NAV per Common share at the close of business on June&#160;30, 2022 was $9.52 and the last reported sale price of a Common Share&#160;on the NYSE on that day was $10.74, representing a 12.82% premium to&#160;such NAV.</cef:SharePriceTableTextBlock>
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      contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis"
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      contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis"
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      unitRef="Unit_USD_per_Share">10.78</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P04_01_2022To06_30_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">9.14</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P04_01_2022To06_30_2022"
      decimals="4"
      unitRef="Unit_pure">0.1648</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P04_01_2022To06_30_2022"
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      unitRef="Unit_pure">0.0222</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
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      contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875519"
      unitRef="Unit_USD_per_Share">14.55</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875506"
      unitRef="Unit_USD_per_Share">11.2</cef:LowestPriceOrBid>
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      contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">12.37</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P01_01_2022To03_31_2022_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">10.7</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P01_01_2022To03_31_2022"
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    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P01_01_2022To03_31_2022"
      decimals="4"
      unitRef="Unit_pure">0.0399</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="P10_01_2021To12_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
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      unitRef="Unit_USD_per_Share">14.83</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="P10_01_2021To12_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875507"
      unitRef="Unit_USD_per_Share">13.86</cef:LowestPriceOrBid>
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      contextRef="P10_01_2021To12_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">12.42</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P10_01_2021To12_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">12.15</cef:LowestPriceOrBidNav>
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      contextRef="P10_01_2021To12_31_2021"
      decimals="4"
      unitRef="Unit_pure">0.1958</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P10_01_2021To12_31_2021"
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      unitRef="Unit_pure">0.1351</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875521"
      unitRef="Unit_USD_per_Share">15.31</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875508"
      unitRef="Unit_USD_per_Share">14.74</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">12.77</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P07_01_2021To09_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">12.32</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P07_01_2021To09_30_2021"
      decimals="INF"
      unitRef="Unit_pure">0.2072</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P07_01_2021To09_30_2021"
      decimals="INF"
      unitRef="Unit_pure">0.1672</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875522"
      unitRef="Unit_USD_per_Share">15.08</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875509"
      unitRef="Unit_USD_per_Share">14.53</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">12.68</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P04_01_2021To06_30_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">12.26</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P04_01_2021To06_30_2021"
      decimals="INF"
      unitRef="Unit_pure">0.2202</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P04_01_2021To06_30_2021"
      decimals="INF"
      unitRef="Unit_pure">0.1648</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875523"
      unitRef="Unit_USD_per_Share">15.35</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875510"
      unitRef="Unit_USD_per_Share">14.15</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">12.65</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P01_01_2021To03_31_2021_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">12.14</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P01_01_2021To03_31_2021"
      decimals="INF"
      unitRef="Unit_pure">0.2167</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P01_01_2021To03_31_2021"
      decimals="INF"
      unitRef="Unit_pure">0.1363</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="P10_01_2020To12_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875524"
      unitRef="Unit_USD_per_Share">14.71</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="P10_01_2020To12_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875511"
      unitRef="Unit_USD_per_Share">13.09</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="P10_01_2020To12_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">12.42</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P10_01_2020To12_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.87</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P10_01_2020To12_31_2020"
      decimals="INF"
      unitRef="Unit_pure">0.1892</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P10_01_2020To12_31_2020"
      decimals="INF"
      unitRef="Unit_pure">0.0991</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="P07_01_2020To09_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875525"
      unitRef="Unit_USD_per_Share">14.28</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="P07_01_2020To09_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875512"
      unitRef="Unit_USD_per_Share">13.14</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="P07_01_2020To09_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">12.44</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P07_01_2020To09_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.95</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P07_01_2020To09_30_2020"
      decimals="INF"
      unitRef="Unit_pure">0.1493</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P07_01_2020To09_30_2020"
      decimals="INF"
      unitRef="Unit_pure">0.0886</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875526"
      unitRef="Unit_USD_per_Share">13.45</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875513"
      unitRef="Unit_USD_per_Share">11.59</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">11.95</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P04_01_2020To06_30_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">10.95</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P04_01_2020To06_30_2020"
      decimals="INF"
      unitRef="Unit_pure">0.1364</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P04_01_2020To06_30_2020"
      decimals="INF"
      unitRef="Unit_pure">0.047</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875527"
      unitRef="Unit_USD_per_Share">15.97</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      id="Fact_53875514"
      unitRef="Unit_USD_per_Share">10.1</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">13.3</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="P01_01_2020To03_31_2020_CommonSharesMembercefSecurityAxis"
      decimals="INF"
      unitRef="Unit_USD_per_Share">10.12</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P01_01_2020To03_31_2020"
      decimals="INF"
      unitRef="Unit_pure">0.2745</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="P01_01_2020To03_31_2020"
      decimals="INF"
      unitRef="Unit_pure">-0.1179</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:SharePricesNotActualTransactionsTextBlock contextRef="P08_10_2022To08_10_2022">Such prices reflect inter-dealer prices, without retail &lt;div style="white-space:nowrap;display:inline;"&gt;mark-up,&lt;/div&gt; mark-down or commission and may not represent actual transactions.</cef:SharePricesNotActualTransactionsTextBlock>
    <cef:LatestNav
      contextRef="P04_01_2022To06_30_2022"
      decimals="INF"
      unitRef="Unit_USD_per_Share">9.52</cef:LatestNav>
    <cef:LatestSharePrice
      contextRef="P04_01_2022To06_30_2022"
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      unitRef="Unit_USD_per_Share">10.74</cef:LatestSharePrice>
    <cef:LatestPremiumDiscountToNavPercent
      contextRef="P04_01_2022To06_30_2022"
      decimals="INF"
      unitRef="Unit_pure">0.1282</cef:LatestPremiumDiscountToNavPercent>
    <link:footnoteLink
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        <link:loc
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        <link:footnote id="FN_174755" xlink:label="FN_174755" 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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          xlink:label="Fact_53875356"
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        <link:footnote id="FN_174757" xlink:label="FN_174757" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" 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&#x2019;s Dividend Reinvestment Plan. See &#x201c;Dividend Reinvestment Plan.&#x201d; </link:footnote>
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        <link:footnote id="FN_174756" xlink:label="FN_174756" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" 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. </link:footnote>
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        <link:footnote id="FN_174758" xlink:label="FN_174758" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" 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 &#x201c;unified management fee&#x201d;). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 0.685% of the Fund&#x2019;s average daily net assets (including daily net assets attributable to any Preferred Shares). 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 &#x201c;Management of the Fund&#x2013;Investment Management Agreement&#x201d; for an explanation of the unified management fee. </link:footnote>
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        <link:footnote id="FN_174759" xlink:label="FN_174759" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Restated to reflect the Fund&#x2019;s outstanding ARPS and RVMTP averaged over the year ended December 31, 2021, which represented 22.02% and 5.07%, respectively, of the Fund&#x2019;s total average managed assets (including the liquidation preference of outstanding Preferred Shares and assets attributable to TOBs), at an annual estimated dividend cost to the Fund of 1.93% for ARPS and 1.83% for RVMTP as of June 30, 2022, and assumes the Fund will continue to pay dividends on the ARPS at the &#x201c;maximum applicable rate&#x201d; called for under the Fund&#x2019;s Bylaws due to the ongoing failure of auctions for the ARPS. The actual dividend rate paid on the Preferred Shares will vary over time in accordance with variations in market interest rates. See &#x201c;Use of Leverage&#x201d; and &#x201c;Description of Capital Structure.&#x201d; </link:footnote>
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        <link:footnote id="FN_174760" xlink:label="FN_174760" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Restated to reflect the Fund&#x2019;s use of leverage in the form of TOBs averaged over the year ended December 31, 2021, which represented 14.89% of the Fund&#x2019;s total average managed assets (including assets attributable to Preferred Shares and TOBs), at an estimated annual interest rate cost to the Fund of 0.84% as of June 30, 2022. See &#x201c;Use of Leverage&#x2014;Effects of Leverage.&#x201d; The actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund&#x2019;s use of Preferred Shares, TOBs and/or other forms of borrowing 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&#x2019;s performance results. </link:footnote>
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        <link:footnote id="FN_174761" xlink:label="FN_174761" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">&#x201c;Other Expenses&#x201d; are estimated for the Fund&#x2019;s current fiscal year ending December 31, 2022. </link:footnote>
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        <link:footnote id="FN_174762" xlink:label="FN_174762" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">&#x201c;Dividend Cost on Preferred Shares&#x201d;, including distributions on Preferred Shares, and &#x201c;Interest Payments on Borrowed Funds&#x201d; are borne by the Fund separately from the management fees paid to PIMCO. Excluding such expenses, Total Annual Expenses are 1.03%. </link:footnote>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
