<SEC-DOCUMENT>0001193125-19-276617.txt : 20200117
<SEC-HEADER>0001193125-19-276617.hdr.sgml : 20200117
<ACCEPTANCE-DATETIME>20191028205101
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-276617
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20191028

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>
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<TD VALIGN="middle"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL">ROPES&nbsp;&amp; GRAY LLP</P>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">October&nbsp;28, 2019</P> <P STYLE="font-size:0pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Nathan D. Briggs</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">T: 1 202 626 3909</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">F: 1 202 383
9308</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">nathan.briggs@ropesgray.com</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B><U>BY EDGAR</U></B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Division of Investment Management</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">100 F Street, N.E.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Washington, DC 20549-1090</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Re: Preliminary Proxy Statement of: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO Municipal Income Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-10377)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO California Municipal Income Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-10379)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO New York Municipal Income Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-10381)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO Municipal Income Fund II (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-21076)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO California Municipal Income Fund II (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-21077)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO New York Municipal Income Fund II (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-21078)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO Municipal Income Fund III (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-21187)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO California Municipal Income Fund III (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-21188)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(each a &#147;<U>Fund</U>&#148; and, collectively, the &#147;<U>Funds</U>&#148;) </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Dear Ms.&nbsp;Dubey: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This
letter is in response to comments from the staff (the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) received from you <I>via </I>telephone on October&nbsp;25, 2019, regarding the preliminary proxy
statement of the Funds (the &#147;<U>Preliminary Proxy</U>&#148;), which was filed on October&nbsp;18, 2019. The Preliminary Proxy was filed pursuant to Rule <FONT STYLE="white-space:nowrap">14a-6</FONT> under the Securities Exchange Act of 1934, as
amended (the &#147;<U>Exchange Act</U>&#148;), in connection with a potential contested Trustee election at the Funds&#146; 2019 annual shareholders meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A summary of the Staff&#146;s comments and the Funds&#146; responses are set forth below. The responses will be reflected, to the extent
applicable, in Amendment No.&nbsp;1 to the Funds&#146; Preliminary Proxy (&#147;<U>Amendment No.</U><U></U><U>&nbsp;1</U>&#148;), to be filed on or about the date hereof. Capitalized terms used but not defined herein have the meaning set forth in
the Preliminary Proxy. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><U>Comment</U>: Disclosure on the first page of the shareholder letter states: &#147;Although a substantial
percentage of ARPS holders participated in the tender offers, Dryden was offered a 100% liquidity alternative for its ARPS and chose not to participate.&#148; Please revise this disclosure to specify the percentage of ARPS holders that participated
in the tender offers. </P></TD></TR></TABLE>

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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</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"><U>Response</U>: The above-referenced disclosure has been revised in Amendment No.&nbsp;1 as follows:
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In 2018, at PIMCO&#146;s recommendation, each Fund offered all holders of ARPS, including Dryden, an
opportunity to tender up to 100% of their ARPS at a price of 85% of the ARPS&#146; liquidation preference (i.e., &#147;face value&#148;) in a tender offer. In considering the interests of all shareholders, the Board determined that, at the time and
under then-current market conditions, this price represented fair value for the ARPS and was in the best interests of the Funds and their shareholders. <U>In connection with these tender offers, between 12.26% and 26.58% of the Funds&#146;
then-outstanding ARPS were tendered by shareholders. </U><STRIKE>Although a substantial percentage of ARPS holders participated in the tender offers, </STRIKE><U>Through such tender offers, </U>Dryden was offered a 100% liquidity alternative for its
ARPS and chose not to participate. </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><U>Comment</U>: Disclosure on page 2 of the Preliminary Proxy states: &#147;Dryden is a Preferred
Shareholder that owns less than 1% of each Fund&#146;s ARPS. Dryden first purchased ARPS of each Fund in 2016, and continued to purchase ARPS of certain of the Funds at a substantial discount to their face value as recently as 2018.&#148; Please
revise this disclosure to specify the month in 2018 that Dryden last purchased ARPS. </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"><U>Response</U>:
The above-referenced disclosure has been revised in Amendment No.&nbsp;1 as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Dryden is a Preferred Shareholder
that owns less than 1% of each Fund&#146;s ARPS. Dryden first purchased ARPS of each Fund in 2016, and continued to purchase ARPS of certain of the Funds at a substantial discount to their face value as recently as <U>June</U> 2018. </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="3%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><U>Comment</U>: Disclosure on page 4 of the Preliminary Proxy states that shareholders may revoke their
proxies by properly submitting a later-dated proxy vote. Please revise this disclosure to reflect that preferred shareholders may revoke a proxy by submitting a later-dated proxy card to either the Funds or Dryden. </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"><U>Response</U>: The <FONT STYLE="white-space:nowrap">above-referenced</FONT> disclosure has been revised in Amendment
No.&nbsp;1 as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">At any time before it has been voted, your proxy may be revoked in one of the following ways:
(i)&nbsp;by timely delivering a signed, written letter of revocation to the Secretary of the applicable Fund at 650 Newport Center Drive, Newport Beach, California 92660, (ii) by properly executing and timely submitting a later-dated proxy vote
<U>to the Funds (or, in the case of Preferred Shareholders, to either the Funds or Dryden)</U>, or (iii)&nbsp;by attending the Meeting and voting in person. </P>

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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><U>Comment</U>: Disclosure on page 25 states: &#147;For a proposal requiring approval of a plurality of
votes cast, such as the election of Trustees, abstentions and broker <FONT STYLE="white-space:nowrap">non-votes</FONT> will not be counted towards the achievement of a plurality of votes cast for a nominee.&#148; Please revise this disclosure to
specify that, for the contested preferred share Trustee elections, <FONT STYLE="white-space:nowrap">non-votes</FONT> and abstentions will make it more challenging for a candidate to achieve more votes than the opposition candidate.
</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"><U>Response</U>: The Funds have revised the above-referenced disclosure as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For a proposal requiring approval of a plurality of votes cast, such as the election of Trustees, abstentions and broker <FONT
STYLE="white-space:nowrap">non-votes</FONT> will not be counted towards the achievement of a plurality of votes cast for a nominee. <U>In the case of a contested election, abstentions and <FONT STYLE="white-space:nowrap">non-votes</FONT> may require
a nominee to receive a higher percentage of the votes cast in order to achieve a plurality of the votes cast, but will not be counted as votes against such nominee&#146;s election.</U> </P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">**** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">We believe that this
submission fully responds to your comments. Please feel free to call me at (202) <FONT STYLE="white-space:nowrap">626-3909</FONT> if you have any questions regarding the foregoing. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Very truly yours, </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Nathan
Briggs </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Nathan Briggs </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ryan Leshaw, Esq.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit, Esq.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">David C. Sullivan, Esq.</P></TD></TR>
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