<SEC-DOCUMENT>0001193125-19-271065.txt : 20200117
<SEC-HEADER>0001193125-19-271065.hdr.sgml : 20200117
<ACCEPTANCE-DATETIME>20191021213339
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-271065
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20191021

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO MUNICIPAL INCOME FUND
		CENTRAL INDEX KEY:			0001140392
		IRS NUMBER:				134174449
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO NEW YORK MUNICIPAL INCOME FUND
		CENTRAL INDEX KEY:			0001140410
		IRS NUMBER:				134174444
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO CALIFORNIA MUNICIPAL INCOME FUND
		CENTRAL INDEX KEY:			0001140411
		IRS NUMBER:				134174445
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		CORRESP

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO CALIFORNIA MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170300
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO NEW YORK MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170311
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO CALIFORNIA MUNICIPAL INCOME FUND III
		CENTRAL INDEX KEY:			0001181504
		IRS NUMBER:				161624050
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO MUNICIPAL INCOME FUND III
		CENTRAL INDEX KEY:			0001181506
		IRS NUMBER:				556145593
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	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>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David C. Sullivan</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">617-951-7362</FONT></FONT></P>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">david.sullivan@ropesgray.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">October&nbsp;21, 2019 </P> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>BY
EDGAR </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:1%; font-size:12pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:1%; font-size:12pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:1%; font-size:12pt; font-family:Times New Roman">Washington, DC
20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:1%; font-size:12pt; font-family:Times New Roman">Attn: Anu Dubey </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Preliminary Proxy Statement of Dryden Capital Fund L.P., <I>et al.</I> for: </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO Municipal Income Fund (&#147;PMF&#148;) (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-10377)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO California Municipal Income Fund (&#147;PCQ&#148;) (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-10379)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO New York Municipal Income Fund (&#147;PNF&#148;) (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-10381)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO Municipal Income Fund II (&#147;PML&#148;) (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-21076)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO California Municipal Income Fund II (&#147;PCK&#148;) (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-21077)</FONT>
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO New York Municipal Income Fund II (&#147;PNI&#148;) (File
<FONT STYLE="white-space:nowrap">No.&nbsp;811-21078)</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO Municipal Income Fund III (&#147;PMX&#148;) (File <FONT
STYLE="white-space:nowrap">No.&nbsp;811-21187)</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO California Municipal Income Fund III (&#147;PZC&#148;) (File <FONT
STYLE="white-space:nowrap">No.&nbsp;811-21188)</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(each, a &#147;Fund&#148; and, collectively, the &#147;Funds&#148;)
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;Dear Ms.&nbsp;Dubey: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On behalf of our clients, the Funds, we are writing to bring to the Staff&#146;s attention what we believe are material
misstatements contained in the preliminary proxy statement filed on October&nbsp;15, 2019 (the &#147;<U>Dryden Proxy</U>&#148;) by Dryden Capital Fund, LP, Dryden Capital, LLC, Dryden Capital GP, LLC, T. Matthew Buffington, Matthew C. Leavitt
(collectively, &#147;<U>Dryden</U>&#148;) and Derrick A. Clark with respect to the 2019 annual meeting of shareholders of the Funds. The Funds believe that, absent corrections to certain statements made in these proxy materials, the Dryden Proxy is
materially misleading to the Funds&#146; shareholders in violation of Rule <FONT STYLE="white-space:nowrap">14a-9</FONT> (&#147;<U>Rule <FONT STYLE="white-space:nowrap">14a-9</FONT></U>&#148;) under the Securities Exchange Act of 1934, as amended
(the &#147;<U>Exchange Act</U>&#148;). These concerns are set forth below. We note that our concerns noted in items <FONT STYLE="white-space:nowrap">3-8</FONT> below are substantially similar to concerns that we raised in our letter to you, dated
October&nbsp;31, 2018, relating to statements included in Dryden&#146;s preliminary proxy statement filed on October&nbsp;23, 2018 with respect to the 2018 annual meeting of shareholders of the Funds. </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>The Dryden Proxy contains false and misleading statements regarding Trustee appointments effective after
the election of Mr.</B><B></B><B>&nbsp;Buffington at the Funds&#146; 2018 annual shareholder meeting. </B>The Dryden proxy contains the following statements: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&#147;Preferred Shareholders also made their voice heard by successfully electing T. Matthew Buffington to one
of the two Preferred Trustee positions at last year&#146;s annual meeting. However, <U>PIMCO responded to his election by increasing the size of the board by two and adding back the Preferred Trustee that the Preferred Shareholders voted to
replace</U>.&nbsp;Thus, we are asking our fellow Preferred Shareholders to refute <U>PIMCO&#146;s attempts to dilute our collective voice.</U> . .&#148;<I> (emphasis added)</I> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&#147;On December&nbsp;20, 2018, <U>PIMCO responded to Mr.</U><U></U><U>&nbsp;Buffington&#146;s election</U>
by increasing the size of the Boards of each Fund by two seats and reappointing Mr.&nbsp;Kertess or Mr.&nbsp;Rappaport (as relevant) as a Trustee to each of the Boards along with newly appointed Sarah Cogan (effective January&nbsp;1, 2019).&#148;
<I>(emphasis added)</I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">These statements contain untrue statements of fact and unsupported and
misleading claims about PIMCO&#146;s motives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">First, we note that, as a factual matter, PIMCO does not have the authority
to increase the size of the Funds&#146; Boards or appoint Trustees to the Funds. Instead these actions must be taken by the Funds&#146; Boards of Trustees, and, in fact, were unanimously approved by the Board of each Fund, including all of the
Trustees who are not interested persons of PIMCO (&#147;Independent Trustees&#148;), on December&nbsp;12, 2018, prior to the December 19, 2018 annual shareholder meeting (the &#147;2018 Shareholder Meeting&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Second, we note that, contrary to Dryden&#146;s claims, the Board&#146;s appointment of Sarah Cogan as an Independent Trustee
of the Funds was unrelated to the election of Mr.&nbsp;Buffington at the Funds&#146; 2018 shareholder meeting. The Board appointed Ms.&nbsp;Cogan as an Independent Trustee as part of the Trustees&#146; long-term and ordinary course succession
planning. The Board of each Fund and the Boards of other PIMCO-sponsored <FONT STYLE="white-space:nowrap">closed-end</FONT> funds approved Ms.&nbsp;Cogan&#146;s appointment on December&nbsp;13, 2018, prior to Mr.&nbsp;Buffington&#146;s election at
the 2018 Shareholder Meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Third, we note that Dryden&#146;s unsupported assertion that the appointments of
Ms.&nbsp;Cogan and Messrs. Kertess or Rappaport (as applicable) reflect PIMCO&#146;s &#147;attempts to dilute&#133; [the] collective voice&#148; of preferred shareholders is both factually inaccurate and an attempt to impugn the character of PIMCO
and the Board, by alleging an unsupported and speculative motive behind these appointments. As an initial matter, we believe this statement is misleading, as it does not take into account the fiduciary duties applicable to Fund Trustees. All
Trustees (not only those elected solely by preferred shareholders) vote on matters relating to the preferred shares and have a fiduciary duty to act in the best interest of the Funds and all of their shareholders, both common and preferred. As such,
adding one or more additional Trustees that continue to have a fiduciary duty to act in the best interest of all shareholders, including preferred shareholders, does not have the effect of diluting the collective voice of preferred shareholders.
Furthermore, as a factual matter and as noted above, these appointments were effected by action of the Board (and not PIMCO), and the appointment of Ms.&nbsp;Cogan was unrelated to the election of Mr.&nbsp;Buffington. With respect to the
appointments of Messrs. Kertess and Rappaport, the Board was not motivated by a desire to &#147;dilute&#148; the voice of Mr.&nbsp;Buffington or preferred shareholders. Instead, the Trustees desired to retain the valuable experience and expertise of
Messrs. Kertess and Rappaport, who have served as Trustees of the Funds (and other PIMCO-managed funds) for </P>

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<TD VALIGN="top"></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
many years, including as Chairman of the Board (with respect to Mr.&nbsp;Kertess prior to January&nbsp;1, 2019) and Chairman of the Performance Committee (with respect to Mr.&nbsp;Rappaport). As
noted in the Funds&#146; 2018 proxy statement, the Trustees believe that Messrs. Kertess and Rappaport are experienced and highly qualified individuals who have a strong history of actively supporting the interests of the Funds and all of their
shareholders. Furthermore, we note that the Trustees&#146; ability to increase the size of the Board and appoint Messrs. Kertess and Rappaport in the event that they were not <FONT STYLE="white-space:nowrap">re-elected</FONT> by the preferred
shareholders of the Funds was clearly disclosed in the Funds&#146; 2018 proxy statement, and was approved by the Board of each Fund on December&nbsp;13, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In light of the inaccurate, unsupported and speculative language noted above, we believe that Dryden&#146;s statements are
false and materially misleading under Rule <FONT STYLE="white-space:nowrap">14a-9</FONT> and point to the example in Note b. thereto in support of our position&#151;&#147;[m]aterial which directly or indirectly impugns character, integrity or
personal reputation, or directly or indirectly makes charges concerning improper, illegal or immoral conduct or associations, without factual foundation.&#148; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>The Dryden Proxy erroneously states that &#147;Dryden has owned shares of PIMCO continuously since
2016.&#148; </B>This statement is false: Dryden has not, and does not, own shares of PIMCO. Instead, Dryden holds Auction Rate Preferred Shares (&#147;ARPS&#148;) of the Funds. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>The Dryden Proxy contains false and misleading statements regarding the actions taken by Pacific
Investment Management Company LLC (&#147;</B><B><U>PIMCO</U></B><B>&#148;) and the Funds&#146; Boards of Trustees (collectively, the &#147;</B><B><U>Board</U></B><B>&#148;) to provide liquidity to holders of the Funds&#146; Auction Rate Preferred
Shares (&#147;</B><B><U>ARPS</U></B><B>&#148;). </B>The Dryden Proxy includes the following statements: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&#147;We are writing to you today because we believe that a new trustee and another advocate for the holders
of ARPS is needed to spearhead meaningful changes at PIMCO to address the Funds&#146; <U>refusal to provide liquidity to holders of ARPS</U>.&#148; <I>(emphasis added)</I> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&#147;Thus, we are asking our fellow Preferred Shareholders to refute PIMCO&#146;s attempts to dilute our
collective voice and elect a trustee to the Boards <U>to advocate for real liquidity for the holders of the ARPS.</U>&#148; (<I>emphasis added</I>) </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Contrary to Dryden&#146;s claim that the Funds have &#147;refused&#148; to provide liquidity to their ARPS holders, each Fund
concluded a tender offer in 2018, pursuant to which holders of ARPS were given an opportunity to tender up to 100% of their ARPS. While Dryden chose not to participate in these tender offers, the tender offers provided real liquidity to ARPS
holders, as evidenced by the fact that more than $200&nbsp;million in ARPS were tendered in the aggregate across all Funds and a substantial holder of each Fund&#146;s ARPS tendered 100% of its holdings. Accordingly, Dryden&#146;s statements above
are false and misleading. We also note that the Funds&#146; Trustees (including preferred share Trustees) have a fiduciary duty to act in the best interests of the Funds, and in carrying out this duty, they must consider the interests of all
shareholders, both common and preferred. The Funds do not have a legal or contractual obligation to provide liquidity to the holders of the Funds&#146; ARPS (except in certain limited circumstances). Thus, while the Trustees may consider the
provision of liquidity to ARPS holders, this is only one of many factors the Trustees consider when overseeing the Funds&#146; use of leverage. </P>

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<TD VALIGN="top"></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>The Dryden Proxy contains misleading statements about available financing alternatives to the Funds ARPS.
</B>The Dryden Proxy states that, with respect to the Funds&#146; ARPS, &#147;there are better financing alternatives available to the Fund.&#148; We believe this is misleading, as it presents an unsupported opinion as an unqualified statement of
fact. Dryden offers no factual foundation to support its assertion that other financing alternatives are &#147;better&#148; for the Funds than the ARPS. Without any supporting analysis, Dryden presents a conclusory statement that is implicitly based
on Dryden&#146;s predictions of the value that alternative financing options may provide to the Funds. Accordingly, we believe this statement is false or misleading under Rule <FONT STYLE="white-space:nowrap">14a-9,</FONT> and point to the example
in Note a. thereto in support of our position&#151;&#147;[p]redictions as to specific future market values.&#148; </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">To determine that replacing all or a portion of a Fund&#146;s ARPS with an alternative form of leverage is in the best
interest of the Fund requires a careful analysis of current and projected market conditions and interest rates, as well as the costs, risks, terms and conditions associated with each form of alternative financing. In this regard, at each quarterly
Board meeting, the Board receives and reviews detailed information from PIMCO (one of the world&#146;s premier fixed income investment managers) and asks questions regarding the Funds&#146; use of leverage and the risks associated with different
leverage alternatives. Furthermore, in 2018, PIMCO recommended, and the Trustees approved, a discounted ARPS tender offer for each Fund at 85% of the ARPS&#146; liquidation preference, contingent upon the successful issuance of Variable Rate
Municipal Term Preferred Shares (&#147;<U>VMTPS</U>&#148;). PIMCO and the Board approved the conditional tender offers, in part, because they believed the discounted tender price was sufficiently accretive to common share NAV to help offset costs of
the tender offers and the increased financing costs to the Funds, as well as to compensate for the loss of the valuable permanency and other benefits of the ARPS. Moreover, as discussed further below, PIMCO and the Board believe that the price of
the tender was reasonable and in the Funds&#146; and shareholders&#146; best interests. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>The Dryden Proxy contains numerous false and misleading statements regarding the background of
Dryden&#146;s solicitation and communications with the Funds&#146; Trustees and officers. </B>In the section titled &#147;Background to the Solicitation&#148; the Dryden proxy statement includes the following statements: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&#147;On April&nbsp;17, 2018, Dryden began expressing its concerns about the ARPS to representatives of PIMCO
who are not members of the Board (&#147;Management&#148;). <U>Management&#146;s responses to our concerns lacked substance</U><I>.</I>&#148;<I> </I>(<I>emphasis added</I>) </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&#147;On July&nbsp;20, 2018 PIMCO announced the tender offer at 85% of Par [sic] and on July&nbsp;23, 2018,
PIMCO subsequently <FONT STYLE="white-space:nowrap">e-mailed</FONT> Dryden offering a phone call with members of Management <U>(but denied Dryden&#146;s request to involve the Preferred Trustees)</U>.&#148;<I> </I>(<I>emphasis added</I>)
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&#147;On August&nbsp;21, 2018, <U>after not responding to all our previous attempts to engage,</U> the
Funds&#146; Preferred Trustees finally requested to meet with Dryden. Dryden accepted that same day.&#133;The meeting occurred August&nbsp;30, 2018 and <U>Dryden again, did not receive responses to simple questions about the ARPS.</U>&#148;<I>
</I>(<I>emphasis added</I>) </P></TD></TR></TABLE>

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<TD VALIGN="top"></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&#147;At the Joint Annual Meeting held December&nbsp;19, 2018, Preferred Shareholders elected T. Matthew
Buffington to one of the two Preferred Trustee positions on each of the Boards, replacing Hans W. Kertess for PMF, PML, PNI, PCQ, PCK, PNF and Alan Rappaport for PMX and PZC.&#148; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&#147;On June&nbsp;18, 2019, Dryden verbally notified the Funds&#146; Boards that it was exploring the
possibility of nominating another candidate for the Preferred Trustee position for election at the upcoming joint annual meeting.&#146; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&#147;On September&nbsp;10, 2019, Dryden sent its formal notice nominating Derrick A. Clark for
election.&#148; </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Certain of these statements individually contain material omissions and untrue
statements of fact, and collectively amount to misleading attempts to impugn the character of the Board and PIMCO. In particular, we point to the following: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">In April 2018, after Dryden informed PIMCO of its intent to advocate for a liquidity event for the ARPS, PIMCO
requested that Dryden enter into a <FONT STYLE="white-space:nowrap">non-disclosure</FONT> agreement (&#147;<U>NDA</U>&#148;) with PIMCO and Funds. This request was consistent with the Funds&#146; and PIMCO&#146;s practice when engaging in
discussions with other ARPS holders, as good faith discussions or negotiations involving a potential liquidity event for the ARPS are likely to involve the provision by PIMCO/the Funds of material <FONT STYLE="white-space:nowrap">non-public</FONT>
information (i.e., the price of a potential tender offer). Absent Dryden&#146;s entry into a <FONT STYLE="white-space:nowrap">non-disclosure</FONT> agreement, the provision of material <FONT STYLE="white-space:nowrap">non-public</FONT> information
to Dryden as a Fund shareholder would involve a violation of Regulation FD under the Securities Act of 1933.&nbsp;&nbsp;Dryden refused to enter into an NDA, which significantly limited PIMCO&#146;s ability to respond to Dryden&#146;s inquiries or
engage in meaningful discussions regarding possible liquidity opportunities for the ARPS. Dryden&#146;s proxy statement is misleading for failure to disclose this key information. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">On June&nbsp;20, 2018, management at PIMCO responded to and acknowledged Dryden&#146;s request for a meeting.
At that time, PIMCO and the Funds were engaged in discussions with Wells Fargo, a significant holder of the Funds&#146; ARPS, regarding potential tender offers. These discussions were subject to an NDA. As noted above, because Dryden had refused to
enter into an NDA on substantially the same terms, PIMCO was unable to engage in more detailed discussions with Dryden at that time regarding the Funds&#146; ARPS. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">On July&nbsp;23, 2018, PIMCO scheduled a meeting with Dryden, because the Funds&#146; tender offers had been
publicly announced, such that PIMCO was able to engage in more substantive discussions with Dryden and openly respond to their questions about the Funds&#146; ARPS. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Board, including the Trustees elected by the Funds&#146; preferred shares (the &#147;<U>Preferred Share
Trustees</U>&#148;), were kept apprised of PIMCO&#146;s communications with Dryden throughout the process. Once the tender offers were announced and PIMCO had engaged in additional conversations with Dryden, the Preferred Share Trustees responded to
Dryden&#146;s request for a meeting. </P></TD></TR></TABLE>

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<TD VALIGN="top"></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">On August&nbsp;30, 2018, certain of the Funds&#146; Trustees met with and provided information to Dryden and
responded to all questions regarding the Board&#146;s ongoing review of the Funds&#146; use of leverage, including the Board&#146;s current view of the ARPS and considerations in approving the tender offers. Dryden&#146;s assertion that they were
met with a &#147;refusal to answer simple questions&#148; is patently false. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Between the 2018 Shareholder Meeting and September&nbsp;10, 2019 (the date Dryden sent its formal notice to
the Funds nominating Derrick A. Clark for election), PIMCO has continued to provide detailed information and engage in discussions with the Funds&#146; Trustees, including Mr.&nbsp;Buffington, at each quarterly meeting, regarding the Funds&#146; use
of leverage, financing costs and available alternatives to the Funds&#146; ARPS. During this period, PIMCO has responded to numerous questions and requests from the Trustees, including Mr.&nbsp;Buffington, regarding the Funds, use of leverage and
the ARPS. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In light of the omissions and factual inaccuracies noted above, we believe that Dryden&#146;s
statements are false and materially misleading under Rule <FONT STYLE="white-space:nowrap">14a-9</FONT> and point to the example in Note b. thereto in support of our position&#151;&#147;[m]aterial which directly or indirectly impugns character,
integrity or personal reputation, or directly or indirectly makes charges concerning improper, illegal or immoral conduct or associations, without factual foundation.&#148; Dryden&#146;s decision to omit pertinent information regarding
(i)&nbsp;PIMCO&#146;s request to enter into an NDA and (ii)&nbsp;the extensive discussions of leverage and the Funds ARPS that have taken place since Mr.&nbsp;Buffington&#146;s election reflect a clear intent to cast PIMCO and the Board as
unresponsive to and dismissive of ARPS holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In fact, PIMCO was responsive to Dryden and willing to engage in good
faith discussions with Dryden, subject to the execution of a customary and reasonable NDA. This is evidenced by PIMCO&#146;s negotiations with Wells Fargo that took place over the same period. The Board was kept apprised of PIMCO&#146;s
communications with Dryden, and both PIMCO and the Funds&#146; Preferred Share Trustees met with, and provided information to Dryden promptly once the tender offers were publicly announced. Furthermore, since Mr.&nbsp;Buffington&#146;s election,
PIMCO has continued to provide detailed information to the Trustees at each quarterly Board meeting and engage in discussions with the Trustees, including Mr.&nbsp;Buffington, regarding the Funds&#146; use of leverage, financing costs, and available
alternatives to the Funds&#146; ARPS. PIMCO and the Trustees continue to actively monitor the Funds&#146; use of leverage, consistent with their fiduciary duties to act in the best interest of the Funds and all of their shareholders, both common and
preferred. </P>

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<TD VALIGN="top">U.S.&nbsp;Securities&nbsp;and&nbsp;Exchange&nbsp;Commission</TD>
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<TD VALIGN="top"></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>The Dryden Proxy contains misleading statements regarding the value of the ARPS in the secondary
market.</B> The Dryden Proxy includes the following statements: </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="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&#147;Last year&#146;s tender offer, announced on July&nbsp;20, 2018 and completed on September&nbsp;11, 2018,
for the ARPS at 85% of their liquidation preference was, in our opinion, inadequate. Not only was the <U>tender offer price below the level where the ARPS were trading in the secondary market</U>, it was also significantly below the price where
PIMCO&#146;s peers have provided liquidity to their own ARPS Shareholders.&#148; <I>(emphasis added)</I> </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="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&#147;On July&nbsp;25, 2018, Dryden held a call with Management, discussed the tender offer dated
July&nbsp;20, 2018, and expressed Dryden&#146;s displeasure with the price; <U>the tender offer price was below recent prices seen in the secondary market . . .</U>&#148;<I> (emphasis added)</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">We believe these statements are misleading, because they are unsupported and omit material information regarding the secondary
market for the Funds&#146; ARPS. Notably, the secondary market for the Funds&#146; ARPS is generally limited to privately negotiated transactions, which may involve varying quantities of shares (for example, Dryden&#146;s own transaction history
included as Schedule I to the Dryden Proxy, where transaction sizes ranged from one share up to 25 shares). In contrast, the Funds each offered their ARPS holders an option to tender up to 100% of their ARPS. Accordingly, we believe it is misleading
to compare the price for ARPS sold in private transactions for varying quantities to the price of a tender offer for up to 100% of the Fund&#146;s outstanding ARPS. Therefore, we believe that Dryden&#146;s assertion that the tender offer price was
&#147;below the level&#148; where ARPS were trading in the secondary market is materially misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Furthermore, we
note that Dryden has provided no supporting data for its statements regarding the prices at which the Funds&#146; ARPS traded in secondary market. In this regard, we note that PIMCO, through discussions with current and former ARPS holders, had
obtained information in 2018 suggesting that 85% of the ARPS&#146; liquidation preference was in line with certain other transactions involving the ARPS on/around the same period as the tender offers. In addition, the fact that each Fund received
participation from Wells Fargo and other ARPS holders may suggest that higher prices in the secondary market were not readily available for those who tendered ARPS in the quantities they desired and suggests that 85% of the ARPS&#146; liquidation
preference was a reasonable price. Therefore, we believe the language in the Dryden Proxy should be revised to reflect that only <I>some</I> transactions in the secondary market for ARPS may have been above the tender offer price offered by the
Funds. </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="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Dryden Proxy contains false and misleading statements that overstate Dryden&#146;s holdings of the
Funds&#146; ARPS. </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="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The Dryden Proxy states that &#147;Dryden beneficially owns a total of 147 shares of Auction Rate Preferred
Stock, $25,000 liquidation preference per share of each of the Funds (&#145;ARPS&#146;).&#148; </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Dryden
does not own 147 shares of ARPS of <I>each </I>Fund, but rather, owns 147 shares of ARPS across all eight Funds. For example, with respect to PCK, Dryden holds only two shares of ARPS. Accordingly, the Dryden Proxy materially overstates
Dryden&#146;s holdings of ARPS of each Fund. By aggregating its positions, Dryden presents incomplete and misleading information regarding its beneficial ownership position in respect of each Fund. </P>

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<TD VALIGN="top">U.S.&nbsp;Securities&nbsp;and&nbsp;Exchange&nbsp;Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> -
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 -</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><B>The Dryden proxy contains inaccurate and misleading information regarding the alignment of Dryden&#146;s
interests with the interests of other shareholders. </B>In the section titled &#147;Reasons for the Solicitation,&#148; the Dryden Proxy states: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;In our opinion, our ownership aligns us well with the interests of the holders of ARPS because we share their economic
risks and <U>would share in their economic upside if the Funds prosper from our strategic vision for liquidity</U>.&#148; <I>(emphasis added)</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The underlined statement above is materially misleading, because it implies that Dryden will benefit from ARPS liquidity <I>only</I> if the
Funds prosper. In fact, ARPS holders may experience significant economic upside from a liquidity event that is detrimental to the Funds as whole (<I>i.e.</I>, ARPS may be replaced with financing that is more costly, subject to additional risks,
and/or associated with covenants that are more restrictive to the Funds&#146; portfolio management). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">We urge the Staff to consider
carefully the issues and concerns raised and require Dryden to make appropriate corrections to their proxy statement. If you have any questions or comments on this letter, please contact the undersigned at (617)
<FONT STYLE="white-space:nowrap">951-7362.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Respectfully submitted, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">/s/ David C. Sullivan </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">David C. Sullivan </P>
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