<SEC-DOCUMENT>0001193125-25-185283.txt : 20250821
<SEC-HEADER>0001193125-25-185283.hdr.sgml : 20250821
<ACCEPTANCE-DATETIME>20250821160229
ACCESSION NUMBER:		0001193125-25-185283
CONFORMED SUBMISSION TYPE:	POS EX
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20250821
DATE AS OF CHANGE:		20250821
EFFECTIVENESS DATE:		20250821

FILER:

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

	FILING VALUES:
		FORM TYPE:		POS EX
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-286391
		FILM NUMBER:		251240692

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS EX
<SEQUENCE>1
<FILENAME>d45603dposex.htm
<DESCRIPTION>POS EX
<TEXT>
<HTML><HEAD>
<TITLE>POS EX</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Filed with the U.S. Securities and Exchange Commission on August&nbsp;21, 2025 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><B>Securities Act <FONT STYLE="white-space:nowrap">File&nbsp;No.&nbsp;333-286391</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">FORM&nbsp;N-14</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNDER </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE SECURITIES ACT
OF 1933 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">Pre-Effective&nbsp;Amendment</FONT> No. <U>&#8195;</U> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Post-Effective Amendment No.&nbsp;1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:16pt; 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:8pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Charter) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1633 Broadway </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York,
New York 10019 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(844)&nbsp;337-4626</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#8217;s Telephone Number, Including Area Code) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ryan G. Leshaw </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>c/o
Pacific Investment Management Company LLC </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>650 Newport Center Drive </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Newport Beach, California 92660 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name and Address of Agent for Service) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Copies of Communications to: </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>David C. Sullivan, Esq. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ropes&nbsp;&amp; Gray LLP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Prudential Tower, 800 Boylston Street </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boston, Massachusetts 02199 </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chelsea M. Childs, Esq. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ropes&nbsp;&amp; Gray LLP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3 Embarcadero Center </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>San
Francisco, California 94111 </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXPLANATORY NOTE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">This Post-Effective Amendment is being filed solely to file as an exhibit the final opinion of Ropes&nbsp;&amp; Gray LLP supporting the tax consequences of the
reorganizations (Exhibit 12 to Item 16) of this Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;N-14</FONT> (the &#8220;Registration Statement&#8221;) and does not modify any other part of the Registrant&#8217;s Registration
Statement.&nbsp;This Post-Effective Amendment will become effective automatically upon filing with the Commission pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). </P>
</DIV>


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


<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">The joint <A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525118607/d929588d424b3.htm">Proxy Statement/Prospectus
 and Statement of Additional Information</A>, each dated as of May&nbsp;13, 2025 and as filed on May&nbsp;13, 2025 pursuant to Rule 424(b)(3) of the Securities Act <FONT STYLE="white-space:nowrap">(File&nbsp;No.&nbsp;333-286391),</FONT> is
incorporated herein by reference. </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV>


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


<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART C </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OTHER INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Item&#8201;15.&nbsp;<U>Indemnification</U> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Reference is
made to <A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000092701602003368/dex99a2.txt">Article VIII, Sections 1 through 5, of the Registrant&#8217;s Amended and Restated Agreement and Declaration of Trust</A>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; 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="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Item&#8201;16.&nbsp;<U>Exhibits</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(1)<I></I><I>&nbsp;Charter of Registrant</I> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000092701602003368/dex99a2.txt">Amended and Restated Agreement
 and Declaration of Trust dated June&nbsp;18, 2002</A>.<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312522217547/d288652dex99a3.htm">Notice of Change of
Trustees and Principal Address dated September&nbsp;5, 2014</A>.<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312522217547/d288652dex99a4.htm">Notice of Change of
Trustees dated January&nbsp;16, 2019</A>.<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312522217547/d288652dex99a5.htm">Notice of Change of
Trustees dated January&nbsp;8, 2020</A>.<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312522217547/d288652dex99a6.htm">Notice of Change of
Trustees dated July&nbsp;9, 2020</A>.<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312522217547/d288652dex99a7.htm">Notice of Change of
Trustees dated January&nbsp;29, 2021</A>.<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">g.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312522217547/d288652dex99a8.htm">Notice of Change of
Trustees dated June&nbsp;30, 2021</A>.<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">h.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312522217547/d288652dex99a9.htm">Notice of Change of
Trustees dated January&nbsp;5, 2022</A>.<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312522217547/d288652dex99a10.htm">Notice of Change of
 Trustees dated July&nbsp;18, 2022</A>.<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">j.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312523100690/d299075dex99a10.htm">Notice of Change of
 Trustees dated March&nbsp;13, 2023.</A><SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">k.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312523226429/d463528dex99a11.htm">Notice of Change of
 Trustees dated May&nbsp;8, 2023.</A><SUP STYLE="font-size:75%; vertical-align:top">(4)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">l.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525073435/d902000dex991l.htm">Notice of Change of
Trustees dated July&nbsp;1, 2024.</A><SUP STYLE="font-size:75%; vertical-align:top">(6)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">m.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525073435/d902000dex991m.htm">Notice of Change of
Trustees dated December&nbsp;31, 2024.</A><SUP STYLE="font-size:75%; vertical-align:top">(6)</SUP> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(2)<I>&nbsp;Bylaws</I> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525073435/d902000dex992a.htm">Amended and Restated
 Bylaws of Registrant dated November&nbsp;11, 2024.</A><SUP STYLE="font-size:75%; vertical-align:top">(6)</SUP> </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(3)<I>&nbsp;Voting
Trust Agreement &#8211;</I><I></I>&nbsp;None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(4)<I>&nbsp;Agreement of Reorganization</I> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left">Form of Agreement and Plan of Reorganization &#8211; Filed as an Appendix to the Proxy Statement/Prospectus.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(5)<I>&nbsp;Instruments Defining the Rights of Holders of the Securities being Registered</I> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left">Article III (Shares) and Article V (Shareholders&#8217; Voting Powers and Meetings) of the Amended and Restated
Agreement and Declaration of Trust (see (1)(a) above). </P></TD></TR></TABLE>
</DIV>


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


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

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left">Article 10 (Shareholders&#8217; Voting Powers and Meetings) of the Amended and Restated Bylaws of Registrant
(see (2)&nbsp;above). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000092701602003368/dex99d3.txt">Form of Share Certificate
 of the Common Shares</A>.<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(6)<I>&nbsp;Investment Advisory Contracts</I> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><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&nbsp;5, 2014.</A><SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><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&nbsp;25, 2022</A>.<SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525073435/d902000dex996c.htm">Investment Management
 Agreement between 1860 SPV I LLC (fka PML SPV I LLC) and Pacific Investment Management Company LLC dated June&nbsp;29, 2023.</A><SUP STYLE="font-size:75%; vertical-align:top">(6)</SUP> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(7)<I>&nbsp;Distribution Contracts</I><I></I>&nbsp;&#8211; None </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(8)<I>&nbsp;Bonus or Profit Sharing Contracts</I>&nbsp;&#8211; None </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(9)<I>&nbsp;Custodian Agreements</I> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525073435/d902000dex999a.htm">Custodian Agreement
 between Registrant and State Street Bank and Trust Company.</A><SUP STYLE="font-size:75%; vertical-align:top">(6)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99j2.htm">Amendment to Custodian
 Agreement between Registrant and State Street Bank&nbsp;&amp; Trust Co. dated&nbsp;September&nbsp;5, 2014</A>.<SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(10)<I>&nbsp;Rule</I><I></I><I><FONT STYLE="white-space:nowrap">&nbsp;12b-1</FONT></I><I></I><I>&nbsp;and
Rule</I><I></I><I><FONT STYLE="white-space:nowrap">&nbsp;18f-3</FONT></I><I></I><I>&nbsp;Plans</I><I></I>&nbsp;&#8211; None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(11)&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525117264/d875825dex9911.htm">Opinion of Counsel Regarding Legality of the Securities Being Registered</A><SUP STYLE="font-size:75%; vertical-align:top">(7)</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(12)<I>&nbsp;<A HREF="d45603dex12.htm">Tax Opinion</A>*</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(13)<I>&nbsp;Other Material Contracts</I> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99k1.htm">Transfer Agency Services
 Agreement between Registrant and American Stock Transfer&nbsp;&amp; Trust Company, LLC dated as of April&nbsp;19, 2016.</A><SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><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.</A><SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99k4.htm">Amendment to Transfer
 Agency and Registrar Services Agreement dated December&nbsp;15, 2020.</A><SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99k5.htm">Amendment to Transfer
 Agency and Registrar Services Agreement dated December&nbsp;9, 2021</A>.<SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(14)<I>&nbsp;Other Opinions</I> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525117264/d875825dex9914a.htm">Consent of Independent
 Registered Public Accounting Firm</A><SUP STYLE="font-size:75%; vertical-align:top">(8)</SUP> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(15)<I>&nbsp;Omitted Financial
Statements</I>&nbsp;&#8211; None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(16) Powers of Attorney </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525073435/d902000dex9916a.htm">Power of Attorney
 for Libby D. Cantrill, Sarah E. Cogan, Deborah A. DeCotis, David Flattum, Kathleen A. McCartney, Alan Rappaport and E. Grace Vandecruze.</A><SUP STYLE="font-size:75%; vertical-align:top">(6)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525117917/d875825dex9916b.htm">Power of Attorney
 for Joshua D. Ratner.</A><SUP STYLE="font-size:75%; vertical-align:top">(9)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525117917/d875825dex9916c.htm">Power of Attorney
 for Bijal Parikh.</A><SUP STYLE="font-size:75%; vertical-align:top">(9)</SUP> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525073435/d902000dex9916d.htm">Certified Resolution
 of the Board of Trustees of Registrant.</A><SUP STYLE="font-size:75%; vertical-align:top">(6)</SUP> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(17)<I>&nbsp;Additional
Exhibits</I>&nbsp;
&#8211; None </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(18) <A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525117264/d875825dexfilingfees.htm">Filing Fee Tables</A><SUP
STYLE="font-size:75%; vertical-align:top">(7)</SUP> </P>
</DIV>


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


<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:9pt; font-family:Times New Roman">(1)&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000092701602003368/dn2a.txt">Incorporated by reference <FONT STYLE="white-space:nowrap">to&nbsp;Pre-Effective&nbsp;Amendment</FONT> No.&nbsp;
2 to the Registrant&#8217;s Initial Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;N-2,&nbsp;File</FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Nos.&nbsp;333-86282&nbsp;and&nbsp;811-21076&nbsp;
(filed</FONT></FONT> on June&nbsp;25, 2002). </A> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:9pt; font-family:Times New Roman">(2)&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001170299/000119312522217547/d288652dn2asr.htm">Incorporated by reference to the Registrant&#8217;s Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;N-2,&nbsp;File
</FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Nos.&nbsp;333-266754&nbsp;and&nbsp;811-21076&nbsp;(filed</FONT></FONT> on August&nbsp;11, 2022). </A> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:9pt; font-family:Times New Roman">(3)&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312523100690/d299075dn2.htm">Incorporated by reference to the Registrant&#8217;s Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;N-2,&nbsp;File</FONT> <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Nos.&nbsp;333-271243&nbsp;and&nbsp;811-21076&nbsp;(filed</FONT></FONT> on April&nbsp;13, 2023).</A> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:9pt; font-family:Times New Roman">(4)&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312523226429/d463528dn2a.htm">Incorporated by reference to the Registrant&#8217;s Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;N-2,&nbsp;File</FONT> <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Nos.&nbsp;333-271243&nbsp;and&nbsp;811-21076&nbsp;(filed</FONT></FONT> on August&nbsp;31, 2023).</A> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:9pt; font-family:Times New Roman">(5)&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dn2asr.htm">Incorporated by reference to PIMCO High Income Fund&#8217;s Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;N-2,&nbsp;File</FONT> <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Nos.&nbsp;333-265327&nbsp;and&nbsp;811-21311&nbsp;(filed</FONT></FONT> on May&nbsp;31, 2022).</A> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:9pt; font-family:Times New Roman">(6)&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525073435/d902000dn148c.htm">Incorporated by reference to the Registrant&#8217;s Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;N-14,&nbsp;File</FONT> <FONT
STYLE="white-space:nowrap">No.&nbsp;333-286391&nbsp;(filed</FONT> on April&nbsp;4, 2025).</A> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:9pt; font-family:Times New Roman">(7)&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525117264/d875825dn148ca.htm">Incorporated by reference to the Registrant&#8217;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-14,</FONT> File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-286391,</FONT> accession no. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">0001193125-25-117264</FONT></FONT> (filed on May&nbsp;12, 2025).</A> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:9pt; font-family:Times New Roman">(8)&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525117264/d875825dn148ca.htm">Consent was previously filed with the Registrant&#8217;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-14,</FONT> File No.<U></U><FONT
STYLE="white-space:nowrap">&nbsp;333-286391,</FONT> accession no. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">0001193125-25-117264</FONT></FONT> (filed on May<U></U>&nbsp;12, 2025).</A> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:9pt; font-family:Times New Roman">(9) <A HREF="http://www.sec.gov/Archives/edgar/data/1170299/000119312525117917/d875825dn148ca.htm">Incorporated by reference to the Registrant&#8217;s
 Registration Statement on Form <FONT STYLE="white-space:nowrap">N-14,</FONT> File No.<U></U><FONT STYLE="white-space:nowrap">&nbsp;333-286391,</FONT> accession no.
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">0001193125-25-117917</FONT></FONT> (filed on May<U></U>&nbsp;12, 2025).</A> </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:3%; font-size:11pt; font-family:Times New Roman">*Filed herewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Item&#8201;17.&nbsp;<U>Undertakings</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(1) The
undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this Registration Statement by any person or party who is deemed to be an underwriter within the
meaning of Rule 145(c) of the Securities Act [17 CFR 230.145c], the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the
information called for by the other items of the applicable form. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">(2) The undersigned Registrant agrees that every prospectus that is filed under
paragraph (1)&nbsp;above will be filed as a part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act, each post-effective amendment
shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them. </P>
</DIV>


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


<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">As required by the Securities Act of 1933, this Registration Statement has been signed on behalf of the Registrant, in the City of Boston, Massachusetts, on
the 21<SUP STYLE="font-size:75%; vertical-align:top">st</SUP> day of August, 2025. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="30%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt">


<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3">PIMCO MUNICIPAL INCOME FUND II</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><U>Joshua D. Ratner*</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Joshua D. Ratner</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">President</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">As required by the Securities Act of 1933, this Registration Statement has been signed by the following persons in the
capacities and on the dates indicated: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt">


<TR>

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

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"><B>Signature</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Title</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Date</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Libby D. Cantrill*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">August&nbsp;21, 2025</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; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Libby D. Cantrill</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Sarah E. Cogan*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">August&nbsp;21, 2025</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; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Sarah E. Cogan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Deborah A. DeCotis*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">August&nbsp;21, 2025</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; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Deborah A. DeCotis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">David Flattum*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">August&nbsp;21, 2025</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; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">David Flattum*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Kathleen McCartney*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">August&nbsp;21, 2025</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; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Kathleen McCartney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Alan Rappaport*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">August&nbsp;21, 2025</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; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Alan Rappaport</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">E. Grace Vandecruze*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">August&nbsp;21, 2025</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; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">E. Grace Vandecruze</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Joshua D. Ratner*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">President</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">August&nbsp;21, 2025</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; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Joshua D. Ratner</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">(Principal Executive Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Bijal Parikh*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Treasurer</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">August&nbsp;21, 2025</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; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Bijal Parikh</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">(Principal Financial and Accounting Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt">


<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="83%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom">*By:&#8195;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>/s/ David C. Sullivan</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">David C. Sullivan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">as&nbsp;attorney-in-fact</FONT></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">*Pursuant to Powers of Attorney. </P>
</DIV>


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


<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


<TR>

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

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">12.&#8195;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&#8194;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Tax Opinion.</TD></TR>
</TABLE>
</DIV>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>2
<FILENAME>d45603dex12.htm
<DESCRIPTION>EX-12
<TEXT>
<HTML><HEAD>
<TITLE>EX-12</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


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

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">


<TR>

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

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">


<IMG SRC="g45603g18c05.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">ROPES&nbsp;&amp; GRAY LLP</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">PRUDENTIAL TOWER</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">800 BOYLSTON STREET</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">BOSTON, MA 02199-3600</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">WWW.ROPESGRAY.COM</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="right"><B><I>Execution Version</I></B></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">August&nbsp;1, 2025 </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal Income Fund III </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: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">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:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">We have acted as counsel in
connection with the Agreement and Plan of Reorganization (the &#8220;<U>Agreement</U>&#8221;) dated July&nbsp;17, 2025 by and among PIMCO Municipal Income Fund III, a Massachusetts business trust (the &#8220;<U>Acquired Fund</U>&#8221;), and PIMCO
Municipal Income Fund II, a Massachusetts business trust (the &#8220;<U>Acquiring Fund</U>&#8221; and together with the Acquired Fund, the &#8220;<U>Funds</U>&#8221;). The Agreement describes a proposed transaction (the
&#8220;<U>Reorganization</U>&#8221;) to occur as of the date of this letter, pursuant to which (i)&nbsp;the Acquiring Fund will acquire all of the assets of the Acquired Fund in exchange for common shares of beneficial interest in the Acquiring Fund
(the &#8220;<U>Common Merger Shares</U>&#8221;) and Remarketable Variable Rate MuniFund Term Preferred Shares (&#8220;<U>RVMTP Shares</U>&#8221;) issued by the Acquiring Fund (the &#8220;<U>RVMTP Merger Shares</U>&#8221; and, together with the
Common Merger Shares, the &#8220;<U>Merger Shares</U>&#8221;) (and cash in lieu of fractional Common Merger Shares, if any), (ii)&nbsp;the Acquiring Fund will assume all of the liabilities of the Acquired Fund, (iii)&nbsp;the Acquired Fund will
distribute the Common Merger Shares and RVMTP Merger Shares (and cash in lieu of fractional Common Merger Shares, if any) to its common shareholders and holders of RVMTP Shares issued by the Acquired Fund (&#8220;<U>Acquired Fund RVMTP
Shares</U>&#8221;), respectively, in complete liquidation of the Acquired Fund, and (iv)&nbsp;the Acquired Fund will be terminated as soon as practicable following the Reorganization. This opinion as to certain U.S. federal income tax consequences
of the Reorganization is furnished to you pursuant to Section&nbsp;9(e) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Each of the Acquired Fund and the Acquiring Fund is registered under the Investment Company Act of 1940, as amended (the &#8220;<U>1940 Act</U>&#8221;), as a
closed-end management investment company. Each of the Acquired Fund and the Acquiring Fund has elected to be a regulated investment company for U.S. federal income tax purposes under Section&nbsp;851 of the Internal Revenue Code </P>
</DIV>


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


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

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g45603g45f03.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal Income Fund III</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal
Income Fund II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">August 1, 2025</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">of 1986, as amended (the &#8220;<U>Code</U>&#8221;). For purposes of this opinion, we have considered the
materials listed in Appendix A and such other items as we have deemed necessary to render this opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In addition, each of the Acquired Fund and the
Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the &#8220;<U>Representation Letters</U>&#8221;) representing as to certain facts, occurrences, and information upon which the respective Fund has indicated that
we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In reviewing the foregoing
materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that
(i)&nbsp;all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions
set forth in the Agreement without the waiver or modification of any such terms and conditions; (ii)&nbsp;all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and
complete; and (iii)&nbsp;any representation made in any of the documents referred to herein &#8220;to the best of the knowledge&#8221; of any person or party is true without regard to such qualification. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In connection with the issuance of each of (i)&nbsp;RVMTP Shares, Series 2053, of the Acquired Fund on September&nbsp;20, 2023, (ii)&nbsp;RVMTP Shares, Series
2054, of the Acquired Fund on April&nbsp;17, 2024, (iii)&nbsp;RVMTP Shares, Series 2054-A, of the Acquired Fund on June&nbsp;12, 2024 and (iv)&nbsp;the RVMTP Merger Shares on the date hereof, we issued an opinion concluding that the Acquired Fund
RVMTP Shares and the RVMTP Merger Shares, respectively, constitute equity in the issuing Fund for U.S. federal income tax purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Based on and subject
to the foregoing and subject to the final paragraphs hereof, we are of the opinion that, for U.S. federal income tax purposes: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">The Reorganization will constitute a &#8220;reorganization&#8221; within the meaning of Section&nbsp;368(a)(1)
of the Code, and each of the Acquiring Fund and the Acquired Fund will be &#8220;a party to a reorganization&#8221; within the meaning of Section&nbsp;368(b) of the Code; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Under Sections 361 and 357(a) of the Code, the Acquired Fund will not recognize gain or loss upon the transfer
of its assets to the Acquiring Fund in the Reorganization in exchange solely for Merger Shares (and cash in lieu of fractional Common Merger Shares, if any) and the assumption by the Acquiring Fund of the liabilities of the Acquired Fund, or upon
the distribution of Merger Shares (and cash in lieu of fractional Common Merger Shares, if any) by the Acquired Fund to its shareholders in liquidation of the Acquired Fund, except for </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>

</DIV>


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


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

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g45603g45f03.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal Income Fund III</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal
Income Fund II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">August 1, 2025</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
(A) any gain or loss recognized on (1)&nbsp;&#8220;section 1256 contracts&#8221; as defined in Section&nbsp;1256(b) of the Code or (2)&nbsp;stock in a &#8220;passive foreign investment
company&#8221; as defined in Section&nbsp;1297(a) of the Code, and (B)&nbsp;any other gain or loss that may be required to be recognized (1)&nbsp;as a result of the closing of the tax year of the Acquired Fund, (2)&nbsp;upon the termination of a
position, or (3)&nbsp;upon the transfer of an asset regardless of whether such a transfer would otherwise be a nontaxable transaction under the Code; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Under Section&nbsp;354 of the Code, the Acquired Fund&#8217;s shareholders will not recognize any gain or loss
upon the exchange of their Acquired Fund shares for Merger Shares in the Reorganization other than any gain in respect of cash received in lieu of fractional Common Merger Shares under the terms described in the Agreement; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Under Section&nbsp;358 of the Code, the aggregate tax basis in Merger Shares that the Acquired Fund&#8217;s
shareholders receive in exchange for their shares of the Acquired Fund will be the same as the aggregate tax basis of the shares of exchanged therefor; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Under Section&nbsp;1223(1) of the Code, an Acquired Fund shareholder&#8217;s holding period for the Merger
Shares received in the Reorganization will include the shareholder&#8217;s holding period for the Acquired Fund&#8217;s shares exchanged therefor, provided that the shareholder held the Acquired Fund&#8217;s shares as capital assets on the date of
the exchange; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Under Section&nbsp;1032 of the Code, the Acquiring Fund will not recognize any gain or loss upon the receipt of
the assets of the Acquired Fund solely in exchange for Merger Shares (and cash in lieu of fractional Common Merger Shares, if any) and the assumption by the Acquiring Fund of all the liabilities of the Acquired Fund; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Under Section&nbsp;362(b) of the Code, the Acquiring Fund&#8217;s tax basis in the assets of the Acquired Fund
will be the same as the Acquired Fund&#8217;s tax basis immediately prior to the transfer, increased by any gain or decreased by any loss required to be recognized as described in (ii)&nbsp;above; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Under Section&nbsp;1223(2) of the Code, the holding period of each asset of the Acquired Fund in the hands of
the Acquiring Fund, other than any asset with respect to which gain or loss is required to be recognized as described in (ii) above, will include the period during which such asset was held or treated for U.S. federal income tax purposes as held by
the Acquired Fund; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">The Acquiring Fund will succeed to and take into account the items of the Acquired Fund described in
Section&nbsp;381(c) of the Code, subject to the conditions </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 3 - </P>

</DIV>


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


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

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g45603g45f03.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal Income Fund III</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal
Income Fund II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">August 1, 2025</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
and limitations specified in Sections 381, 382, 383, and 384 of the Code and the Regulations thereunder. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We believe that (i)&nbsp;the Acquiring Fund will continue the Acquired Fund&#8217;s historic business within the meaning of Treas. Reg. &#167; 1.368-1(d), as
a closed-end investment company that seeks to provide current income exempt from federal income tax by investing at least 90 percent of its net assets in municipal bonds that pay interest that the issuer&#8217;s bond counsel (or another reliable
authority) believes is exempt from regular federal income taxes, and therefore (ii)&nbsp;the continuity of business enterprise test required for qualification under Section&nbsp;368(a) of the Code is met in the Reorganization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">You should recognize that our opinions are not binding on the Internal Revenue Service (the &#8220;<U>IRS</U>&#8221;). No ruling has been or will be obtained
from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions,
and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed
above. We undertake no obligation to update or supplement this opinion to reflect any such changes that may occur. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<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="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:0.17em">


<IMG SRC="g45603g75o07.jpg" ALT="LOGO">
</P></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:12pt; font-family:Times New Roman" ALIGN="center">- 4 - </P>

</DIV>


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


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

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g45603g45f03.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal Income Fund III</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal
Income Fund II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">August 1, 2025</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">Appendix A </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="3%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Agreement and Plan of Reorganization dated July&nbsp;17, 2025 </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Proxy Statement/Prospectus dated May&nbsp;12, 2025 </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Each Fund&#8217;s Agreement and Declaration of Trust </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Each Fund&#8217;s Bylaws </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">With respect to the RVMTP Shares, Series 2053, of the Acquired Fund: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Second Amended and Restated RVMTP Purchase Agreement dated September&nbsp;20, 2023 between the Acquiring Fund
and Wells Fargo Municipal Capital Strategies, LLC (&#8220;<U>Wells Fargo</U>&#8221;) </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Second Amended and Restated RVMTP Purchase Agreement dated September&nbsp;20, 2023 between the Acquired Fund
and Wells Fargo </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable
Rate MuniFund Term Preferred Shares of the Acquired Fund, dated September&nbsp;20, 2023 </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The confidential private offering memorandum dated September&nbsp;20, 2023 </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable
Rate MuniFund Term Preferred Shares, dated August&nbsp;1, 2025 and the Amended and Restated Appendix B thereto </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Series 2053 RVMTP Exchange Agreement, dated as of August&nbsp;1, 2025, by and between the Acquiring Fund, the
Acquired Fund and Wells Fargo </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Third Amended and Restated Registration Rights Agreement, dated August&nbsp;1, 2025, between the Acquiring
Fund and Wells Fargo </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">With respect to the RVMTP Shares, Series 2054, of the Acquired Fund: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The RVMTP Purchase Agreement dated April&nbsp;17, 2024 between the Acquiring Fund and Banc of America Preferred
Funding Corporation (&#8220;<U>Banc of America</U>&#8221;) </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The RVMTP Purchase Agreement dated April&nbsp;17, 2024 between the Acquired Fund and Banc of America
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 5 - </P>

</DIV>


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


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

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g45603g45f03.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal Income Fund III</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal
Income Fund II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">August 1, 2025</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term
Preferred Shares, dated April&nbsp;17, 2024 </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The confidential private offering memorandum dated April&nbsp;17, 2024 </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable
Rate MuniFund Term Preferred Shares, dated August&nbsp;1, 2025 and the Amended and Restated Appendix thereto </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Series 2054 RVMTP Exchange Agreement, dated as of August&nbsp;1, 2025, by and between the Acquiring Fund, the
Acquired Fund and Banc of America </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Amended and Restated Registration Rights Agreement, dated August&nbsp;1, 2025, between the Acquiring Fund and
Banc of America </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">With respect to the RVMTP Shares, Series 2054-A, of the Acquired Fund: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The RVMTP Purchase Agreement dated June&nbsp;12, 2024 between the Acquiring Fund and JPMorgan Chase Bank, N.A.
(&#8220;<U>JPMorgan</U>&#8221;) </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The RVMTP Purchase Agreement dated June&nbsp;12, 2024 between the Acquired Fund and JPMorgan
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term
Preferred Shares, dated June&nbsp;12, 2024 </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The confidential private offering memorandum dated June&nbsp;12, 2024 </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable
Rate MuniFund Term Preferred Shares, dated August&nbsp;1, 2025 and the Amended and Restated Appendix A thereto </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Series 2054-A RVMTP Exchange Agreement, dated as of August&nbsp;1, 2025, by and between the Acquiring Fund,
the Acquired Fund and JPMorgan </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Amended and Restated Registration Rights Agreement, dated August&nbsp;1, 2025, between the Acquiring Fund and
JPMorgan </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 6 - </P>

</DIV>


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


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

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">


<TR>

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

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">


<IMG SRC="g45603g18c05.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">ROPES&nbsp;&amp; GRAY LLP</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">PRUDENTIAL TOWER</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">800 BOYLSTON STREET</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">BOSTON, MA 02199-3600</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman">WWW.ROPESGRAY.COM</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="right"><B><I>Execution Version</I></B></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">August&nbsp;1, 2025 </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal Income Fund </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: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">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:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">We have acted as counsel in
connection with the Agreement and Plan of Reorganization (the &#8220;<U>Agreement</U>&#8221;) dated July&nbsp;17, 2025 by and among PIMCO Municipal Income Fund, a Massachusetts business trust (the &#8220;<U>Acquired Fund</U>&#8221;), and PIMCO
Municipal Income Fund II, a Massachusetts business trust (the &#8220;<U>Acquiring Fund</U>&#8221; and together with the Acquired Fund, the &#8220;<U>Funds</U>&#8221;). The Agreement describes a proposed transaction (the
&#8220;<U>Reorganization</U>&#8221;) to occur as of the date of this letter, pursuant to which (i)&nbsp;the Acquiring Fund will acquire all of the assets of the Acquired Fund in exchange for common shares of beneficial interest in the Acquiring Fund
(the &#8220;<U>Common Merger Shares</U>&#8221;) and Remarketable Variable Rate MuniFund Term Preferred Shares (&#8220;<U>RVMTP Shares</U>&#8221;) issued by the Acquiring Fund (the &#8220;<U>RVMTP Merger Shares</U>&#8221; and, together with the
Common Merger Shares, the &#8220;<U>Merger Shares</U>&#8221;) (and cash in lieu of fractional Common Merger Shares, if any), (ii)&nbsp;the Acquiring Fund will assume all of the liabilities of the Acquired Fund, (iii)&nbsp;the Acquired Fund will
distribute the Common Merger Shares and RVMTP Merger Shares (and cash in lieu of fractional Common Merger Shares, if any) to its common shareholders and holders of RVMTP Shares issued by the Acquired Fund (&#8220;<U>Acquired Fund RVMTP
Shares</U>&#8221;), respectively, in complete liquidation of the Acquired Fund, and (iv)&nbsp;the Acquired Fund will be terminated as soon as practicable following the Reorganization. This opinion as to certain U.S. federal income tax consequences
of the Reorganization is furnished to you pursuant to Section&nbsp;9(e) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Each of the Acquired Fund and the Acquiring Fund is registered under the Investment Company Act of 1940, as amended (the &#8220;<U>1940 Act</U>&#8221;), as a
closed-end management investment company. Each of the Acquired Fund and the Acquiring Fund has elected to be a regulated investment company for U.S. federal income tax purposes under Section&nbsp;851 of the Internal Revenue Code
</P>
</DIV>


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


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

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g45603g45f03.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal Income Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal
Income Fund II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">August 1, 2025</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">of 1986, as amended (the &#8220;<U>Code</U>&#8221;). For purposes of this opinion, we have considered the
materials listed in Appendix A and such other items as we have deemed necessary to render this opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In addition, each of the Acquired Fund and the
Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the &#8220;<U>Representation Letters</U>&#8221;) representing as to certain facts, occurrences, and information upon which the respective Fund has indicated that
we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In reviewing the foregoing
materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that
(i)&nbsp;all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions
set forth in the Agreement without the waiver or modification of any such terms and conditions; (ii)&nbsp;all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and
complete; and (iii)&nbsp;any representation made in any of the documents referred to herein &#8220;to the best of the knowledge&#8221; of any person or party is true without regard to such qualification. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In connection with the issuance of each of (i)&nbsp;RVMTP Shares, Series 2053, of the Acquired Fund on September&nbsp;20, 2023, (ii)&nbsp;RVMTP Shares, Series
2054, of the Acquired Fund on April&nbsp;17, 2024, (iii)&nbsp;RVMTP Shares, Series 2054-A, of the Acquired Fund on June&nbsp;12, 2024 and (iv)&nbsp;the RVMTP Merger Shares on the date hereof, we issued an opinion concluding that the Acquired Fund
RVMTP Shares and the RVMTP Merger Shares, respectively, constitute equity in the issuing Fund for U.S. federal income tax purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Based on and subject
to the foregoing and subject to the final paragraphs hereof, we are of the opinion that, for U.S. federal income tax purposes: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">The Reorganization will constitute a &#8220;reorganization&#8221; within the meaning of Section&nbsp;368(a)(1)
of the Code, and each of the Acquiring Fund and the Acquired Fund will be &#8220;a party to a reorganization&#8221; within the meaning of Section&nbsp;368(b) of the Code; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Under Sections 361 and 357(a) of the Code, the Acquired Fund will not recognize gain or loss upon the transfer
of its assets to the Acquiring Fund in the Reorganization in exchange solely for Merger Shares (and cash in lieu of fractional Common Merger Shares, if any) and the assumption by the Acquiring Fund of the liabilities of the Acquired Fund, or upon
the distribution of Merger Shares (and cash in lieu of fractional Common Merger Shares, if any) by the Acquired Fund to its shareholders in liquidation of the Acquired Fund, except for </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>

</DIV>


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


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

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g45603g45f03.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal Income Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal
Income Fund II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">August 1, 2025</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">(A) any gain or loss recognized on (1)&nbsp;&#8220;section 1256 contracts&#8221; as defined in Section&nbsp;1256(b) of the Code or (2)&nbsp;stock in a &#8220;passive foreign investment company&#8221; as defined in
Section&nbsp;1297(a) of the Code, and (B)&nbsp;any other gain or loss that may be required to be recognized (1)&nbsp;as a result of the closing of the tax year of the Acquired Fund, (2)&nbsp;upon the termination of a position, or (3)&nbsp;upon the
transfer of an asset regardless of whether such a transfer would otherwise be a nontaxable transaction under the Code; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Under Section&nbsp;354 of the Code, the Acquired Fund&#8217;s shareholders will not recognize any gain or loss
upon the exchange of their Acquired Fund shares for Merger Shares in the Reorganization other than any gain in respect of cash received in lieu of fractional Common Merger Shares under the terms described in the Agreement; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Under Section&nbsp;358 of the Code, the aggregate tax basis in Merger Shares that the Acquired Fund&#8217;s
shareholders receive in exchange for their shares of the Acquired Fund will be the same as the aggregate tax basis of the shares of exchanged therefor; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Under Section&nbsp;1223(1) of the Code, an Acquired Fund shareholder&#8217;s holding period for the Merger
Shares received in the Reorganization will include the shareholder&#8217;s holding period for the Acquired Fund&#8217;s shares exchanged therefor, provided that the shareholder held the Acquired Fund&#8217;s shares as capital assets on the date of
the exchange; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Under Section&nbsp;1032 of the Code, the Acquiring Fund will not recognize any gain or loss upon the receipt of
the assets of the Acquired Fund solely in exchange for Merger Shares (and cash in lieu of fractional Common Merger Shares, if any) and the assumption by the Acquiring Fund of all the liabilities of the Acquired Fund; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Under Section&nbsp;362(b) of the Code, the Acquiring Fund&#8217;s tax basis in the assets of the Acquired Fund
will be the same as the Acquired Fund&#8217;s tax basis immediately prior to the transfer, increased by any gain or decreased by any loss required to be recognized as described in (ii)&nbsp;above; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Under Section&nbsp;1223(2) of the Code, the holding period of each asset of the Acquired Fund in the hands of
the Acquiring Fund, other than any asset with respect to which gain or loss is required to be recognized as described in (ii) above, will include the period during which such asset was held or treated for U.S. federal income tax purposes as held by
the Acquired Fund; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">The Acquiring Fund will succeed to and take into account the items of the Acquired Fund described in
Section&nbsp;381(c) of the Code, subject to the conditions </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 3 - </P>

</DIV>


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


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

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g45603g45f03.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal Income Fund III</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal
Income Fund II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">August 1, 2025</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
and limitations specified in Sections 381, 382, 383, and 384 of the Code and the Regulations thereunder. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">We believe that (i)&nbsp;the Acquiring Fund will continue the Acquired Fund&#8217;s historic business within the meaning of Treas. Reg. &#167; 1.368-1(d), as
a closed-end investment company that seeks to provide current income exempt from federal income tax by investing at least 90 percent of its net assets in municipal bonds that pay interest that the issuer&#8217;s bond counsel (or another reliable
authority) believes is exempt from regular federal income taxes, and therefore (ii)&nbsp;the continuity of business enterprise test required for qualification under Section&nbsp;368(a) of the Code is met in the Reorganization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">You should recognize that our opinions are not binding on the Internal Revenue Service (the &#8220;<U>IRS</U>&#8221;). No ruling has been or will be obtained
from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions,
and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed
above. We undertake no obligation to update or supplement this opinion to reflect any such changes that may occur. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<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="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:0.17em">


<IMG SRC="g45603g95v09.jpg" ALT="LOGO">
</P></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:12pt; font-family:Times New Roman" ALIGN="center">- 4 - </P>

</DIV>


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


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

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g45603g45f03.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal Income Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal
Income Fund II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">August 1, 2025</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">Appendix A </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="3%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Agreement and Plan of Reorganization dated July&nbsp;17, 2025 </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Proxy Statement/Prospectus dated May&nbsp;12, 2025 </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Each Fund&#8217;s Agreement and Declaration of Trust </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Each Fund&#8217;s Bylaws </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">With respect to the RVMTP Shares, Series 2053, of the Acquired Fund: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Second Amended and Restated RVMTP Purchase Agreement dated September&nbsp;20, 2023 between the Acquiring Fund
and Wells Fargo Municipal Capital Strategies, LLC (&#8220;<U>Wells Fargo</U>&#8221;) </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Second Amended and Restated RVMTP Purchase Agreement dated September&nbsp;20, 2023 between the Acquired Fund
and Wells Fargo </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable
Rate MuniFund Term Preferred Shares of the Acquired Fund, dated September&nbsp;20, 2023 </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The confidential private offering memorandum dated September&nbsp;20, 2023 </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable
Rate MuniFund Term Preferred Shares, dated August&nbsp;1, 2025 and the Amended and Restated Appendix B thereto </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Series 2053 RVMTP Exchange Agreement, dated as of August&nbsp;1, 2025, by and between the Acquiring Fund, the
Acquired Fund and Wells Fargo </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Third Amended and Restated Registration Rights Agreement, dated August&nbsp;1, 2025, between the Acquiring
Fund and Wells Fargo </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">With respect to the RVMTP Shares, Series 2054, of the Acquired Fund: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The RVMTP Purchase Agreement dated April&nbsp;17, 2024 between the Acquiring Fund and Banc of America Preferred
Funding Corporation (&#8220;<U>Banc of America</U>&#8221;) </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The RVMTP Purchase Agreement dated April&nbsp;17, 2024 between the Acquired Fund and Banc of America
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 5 - </P>

</DIV>


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


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

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g45603g45f03.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal Income Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">PIMCO Municipal
Income Fund II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">August 1, 2025</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term
Preferred Shares, dated April&nbsp;17, 2024 </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The confidential private offering memorandum dated April&nbsp;17, 2024 </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable
Rate MuniFund Term Preferred Shares, dated August&nbsp;1, 2025 and the Amended and Restated Appendix thereto </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Series 2054 RVMTP Exchange Agreement, dated as of August&nbsp;1, 2025, by and between the Acquiring Fund, the
Acquired Fund and Banc of America </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Amended and Restated Registration Rights Agreement, dated August&nbsp;1, 2025, between the Acquiring Fund and
Banc of America </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">With respect to the RVMTP Shares, Series 2054-A, of the Acquired Fund: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The RVMTP Purchase Agreement dated June&nbsp;12, 2024 between the Acquiring Fund and JPMorgan Chase Bank, N.A.
(&#8220;<U>JPMorgan</U>&#8221;) </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The RVMTP Purchase Agreement dated June&nbsp;12, 2024 between the Acquired Fund and JPMorgan
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term
Preferred Shares, dated June&nbsp;12, 2024 </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The confidential private offering memorandum dated June&nbsp;12, 2024 </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable
Rate MuniFund Term Preferred Shares, dated August&nbsp;1, 2025 and the Amended and Restated Appendix A thereto </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Series 2054-A RVMTP Exchange Agreement, dated as of August&nbsp;1, 2025, by and between the Acquiring Fund,
the Acquired Fund and JPMorgan </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Amended and Restated Registration Rights Agreement, dated August&nbsp;1, 2025, between the Acquiring Fund and
JPMorgan </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 6 - </P>

</DIV>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g45603g18c05.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g45603g18c05.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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E\,DB221([QG*,R@E3[>E  ((5G:<1()F&TN%&XCTS0!)0!__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g45603g45f03.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g45603g45f03.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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9@!1:6Z[<6\0VMN7Y!P<8R/?!- $U '__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g45603g75o07.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g45603g75o07.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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MGDQJVTA4/!8DJ,GCYNE %:YOO$'@W5M+;5=8_MG1]0N5LW>2WCAEMI&^XV4
M#*3P<CCB@#D;KQ/HUIJZW>I7926\U][MW6)G,=I;[X$8X!PN],?\"8T =5X'
MOXK_ %#Q?XO:01Z7=7*QP2$$!HK=-ID'L3N_(T 8*:_JWC_1]<\2V6M7>B>'
M],CE%K';;5FF=$W%Y&(.%Y'RC^G(!V47BV+1_AGI_B36Y?WAT^&:0  -+*R
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/ 4 % !0 4 % !0 4 ?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g45603g95v09.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g45603g95v09.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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MFI65[&%EG6#SIX) >3LC7[C<9"+P5SCG@ P?#GBG1-&U_P 6:QK<MY:2/>$
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ME2>SC-C<QLKQRP ?(P##.T@KRKLIXZ&@"=M-U&0%7UR=!GK##&K8],LK?RH
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+0 4 % !0 4 ?_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
