# EDGAR Filing Document

**Accession Number:** 0001170299
**File Stem:** 0001193125-25-185283
**Filing Date:** 2025-8
**Character Count:** 46729
**Document Hash:** f0c96c88ee2295d8beb9e72f08bcdb1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-185283.hdr.sgml**: 20250821

**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

**Filed with the U.S. Securities and Exchange Commission on August 21, 2025** 

**Securities Act File No. 333-286391** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-14** 

**REGISTRATION STATEMENT** 

**UNDER** 

**THE SECURITIES ACT OF 1933** 

**Pre-Effective Amendment No.<u> </u>** 

**Post-Effective Amendment No. 1** 

**PIMCO MUNICIPAL INCOME FUND II** 

**(Exact Name of Registrant as Specified in Charter)** 

**1633 Broadway** 

**New York, New York 10019** 

**(Address of Principal Executive Offices)** 

**(844) 337-4626** 

**(Registrant's Telephone Number, Including Area Code)** 

**Ryan G. Leshaw** 

**c/o Pacific Investment Management Company LLC** 

**650 Newport Center Drive** 

**Newport Beach, California 92660** 

**(Name and Address of Agent for Service)** 

*Copies of Communications to:* 

**David C. Sullivan, Esq.** 

**Ropes & Gray LLP** 

**Prudential Tower, 800 Boylston Street** 

**Boston, Massachusetts 02199** 

**Chelsea M. Childs, Esq.** 

**Ropes & Gray LLP** 

**3 Embarcadero Center** 

**San Francisco, California 94111** 

**EXPLANATORY NOTE** 

This Post-Effective Amendment is being filed solely to file as an exhibit the final opinion of Ropes & Gray LLP supporting the tax consequences of the reorganizations (Exhibit 12 to Item 16) of this Registration Statement on Form N-14 (the "Registration Statement") and does not modify any other part of the Registrant's Registration Statement. 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 "Securities Act").

------

The joint [Proxy Statement/Prospectus and Statement of Additional Information](http://www.sec.gov/Archives/edgar/data/1170299/000119312525118607/d929588d424b3.htm), each dated as of May 13, 2025 and as filed on May 13, 2025 pursuant to Rule 424(b)(3) of the Securities Act (File No. 333-286391), is incorporated herein by reference.

------

**PART C** 

**OTHER INFORMATION** 

**Item 15. <u>Indemnification</u>** 

Reference is made to [Article VIII, Sections 1 through 5, of the Registrant's Amended and Restated Agreement and Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1170299/000092701602003368/dex99a2.txt).

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act"), may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Trust'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.

**Item 16. <u>Exhibits</u>** 

(1) *Charter of Registrant*

&nbsp;&nbsp;&nbsp;&nbsp;a. [Amended and Restated Agreement and Declaration of Trust dated June 18, 2002](http://www.sec.gov/Archives/edgar/data/1170299/000092701602003368/dex99a2.txt) .<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;b. [Notice of Change of Trustees and Principal Address dated September 5, 2014](http://www.sec.gov/Archives/edgar/data/1170299/000119312522217547/d288652dex99a3.htm) .<sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;c. [Notice of Change of Trustees dated January 16, 2019](http://www.sec.gov/Archives/edgar/data/1170299/000119312522217547/d288652dex99a4.htm) .<sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;d. [Notice of Change of Trustees dated January 8, 2020](http://www.sec.gov/Archives/edgar/data/1170299/000119312522217547/d288652dex99a5.htm) .<sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;e. [Notice of Change of Trustees dated July 9, 2020](http://www.sec.gov/Archives/edgar/data/1170299/000119312522217547/d288652dex99a6.htm) .<sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;f. [Notice of Change of Trustees dated January 29, 2021](http://www.sec.gov/Archives/edgar/data/1170299/000119312522217547/d288652dex99a7.htm) .<sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;g. [Notice of Change of Trustees dated June 30, 2021](http://www.sec.gov/Archives/edgar/data/1170299/000119312522217547/d288652dex99a8.htm) .<sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;h. [Notice of Change of Trustees dated January 5, 2022](http://www.sec.gov/Archives/edgar/data/1170299/000119312522217547/d288652dex99a9.htm) .<sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;i. [Notice of Change of Trustees dated July 18, 2022](http://www.sec.gov/Archives/edgar/data/1170299/000119312522217547/d288652dex99a10.htm) .<sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;j. [Notice of Change of Trustees dated March 13, 2023.](http://www.sec.gov/Archives/edgar/data/1170299/000119312523100690/d299075dex99a10.htm) <sup>(3)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;k. [Notice of Change of Trustees dated May 8, 2023.](http://www.sec.gov/Archives/edgar/data/1170299/000119312523226429/d463528dex99a11.htm) <sup>(4)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;l. [Notice of Change of Trustees dated July 1, 2024.](http://www.sec.gov/Archives/edgar/data/1170299/000119312525073435/d902000dex991l.htm) <sup>(6)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;m. [Notice of Change of Trustees dated December 31, 2024.](http://www.sec.gov/Archives/edgar/data/1170299/000119312525073435/d902000dex991m.htm) <sup>(6)</sup>

(2) *Bylaws*

&nbsp;&nbsp;&nbsp;&nbsp;a. [Amended and Restated Bylaws of Registrant dated November 11, 2024.](http://www.sec.gov/Archives/edgar/data/1170299/000119312525073435/d902000dex992a.htm) <sup>(6)</sup>

(3) *Voting Trust Agreement –* None

(4) *Agreement of Reorganization*

&nbsp;&nbsp;&nbsp;&nbsp;a. Form of Agreement and Plan of Reorganization – Filed as an Appendix to the Proxy Statement/Prospectus.

(5) *Instruments Defining the Rights of Holders of the Securities being Registered*

&nbsp;&nbsp;&nbsp;&nbsp;a. Article III (Shares) and Article V (Shareholders' Voting Powers and Meetings) of the Amended and Restated
Agreement and Declaration of Trust (see (1)(a) above).

------

&nbsp;&nbsp;&nbsp;&nbsp;b. Article 10 (Shareholders' Voting Powers and Meetings) of the Amended and Restated Bylaws of Registrant
(see (2) above).

&nbsp;&nbsp;&nbsp;&nbsp;c. [Form of Share Certificate of the Common Shares](http://www.sec.gov/Archives/edgar/data/1170299/000092701602003368/dex99d3.txt) .<sup>(1)</sup>

(6) *Investment Advisory Contracts*

&nbsp;&nbsp;&nbsp;&nbsp;a. [Investment Management Agreement between Registrant and Pacific Investment Management Company LLC dated September 5, 2014.](http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99g1.htm) <sup>(5)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;b. [Amendment to Investment Management Agreement between Registrant and Pacific Investment Management Company LLC dated March 25, 2022](http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99g2.htm) .<sup>(5)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;c. [Investment Management Agreement between 1860 SPV I LLC (fka PML SPV I LLC) and Pacific Investment Management Company LLC dated June 29, 2023.](http://www.sec.gov/Archives/edgar/data/1170299/000119312525073435/d902000dex996c.htm) <sup>(6)</sup>

(7) *Distribution Contracts* – None

(8) *Bonus or Profit Sharing Contracts* – None

(9) *Custodian Agreements*

&nbsp;&nbsp;&nbsp;&nbsp;a. [Custodian Agreement between Registrant and State Street Bank and Trust Company.](http://www.sec.gov/Archives/edgar/data/1170299/000119312525073435/d902000dex999a.htm) <sup>(6)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;b. [Amendment to Custodian Agreement between Registrant and State Street Bank & Trust Co. dated September 5, 2014](http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99j2.htm) .<sup>(5)</sup>

(10) *Rule 12b-1 and Rule 18f-3 Plans* – None

(11) [Opinion of Counsel Regarding Legality of the Securities Being Registered](http://www.sec.gov/Archives/edgar/data/1170299/000119312525117264/d875825dex9911.htm)<sup>(7)</sup>

(12) *[Tax Opinion](d45603dex12.htm)\**

(13) *Other Material Contracts*

&nbsp;&nbsp;&nbsp;&nbsp;a. [Transfer Agency Services Agreement between Registrant and American Stock Transfer & Trust Company, LLC dated as of April 19, 2016.](http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99k1.htm) <sup>(5)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;b. [Amended and Restated Support Services Agreement between Registrant and PIMCO Investments LLC.](http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99k3.htm) <sup>(5)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;c. [Amendment to Transfer Agency and Registrar Services Agreement dated December 15, 2020.](http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99k4.htm) <sup>(5)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;d. [Amendment to Transfer Agency and Registrar Services Agreement dated December 9, 2021](http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dex99k5.htm) .<sup>(5)</sup>

(14) *Other Opinions*

&nbsp;&nbsp;&nbsp;&nbsp;a. [Consent of Independent Registered Public Accounting Firm](http://www.sec.gov/Archives/edgar/data/1170299/000119312525117264/d875825dex9914a.htm) <sup>(8)</sup>

(15) *Omitted Financial Statements* – None

(16) Powers of Attorney

&nbsp;&nbsp;&nbsp;&nbsp;a. [Power of Attorney for Libby D. Cantrill, Sarah E. Cogan, Deborah A. DeCotis, David Flattum, Kathleen A. McCartney, Alan Rappaport and E. Grace Vandecruze.](http://www.sec.gov/Archives/edgar/data/1170299/000119312525073435/d902000dex9916a.htm) <sup>(6)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;b. [Power of Attorney for Joshua D. Ratner.](http://www.sec.gov/Archives/edgar/data/1170299/000119312525117917/d875825dex9916b.htm) <sup>(9)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;c. [Power of Attorney for Bijal Parikh.](http://www.sec.gov/Archives/edgar/data/1170299/000119312525117917/d875825dex9916c.htm) <sup>(9)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;d. [Certified Resolution of the Board of Trustees of Registrant.](http://www.sec.gov/Archives/edgar/data/1170299/000119312525073435/d902000dex9916d.htm) <sup>(6)</sup>

(17) *Additional Exhibits* – None

(18) [Filing Fee Tables](http://www.sec.gov/Archives/edgar/data/1170299/000119312525117264/d875825dexfilingfees.htm)<sup>(7)</sup>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Incorporated by reference to Pre-Effective Amendment No. 2 to the Registrant's Initial Registration Statement on Form N-2, File Nos. 333-86282 and 811-21076 (filed on June 25, 2002).](http://www.sec.gov/Archives/edgar/data/1170299/000092701602003368/dn2a.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Incorporated by reference to the Registrant's Registration Statement on Form N-2, File Nos. 333-266754 and 811-21076 (filed on August 11, 2022).](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001170299/000119312522217547/d288652dn2asr.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Incorporated by reference to the Registrant's Registration Statement on Form N-2, File Nos. 333-271243 and 811-21076 (filed on April 13, 2023).](http://www.sec.gov/Archives/edgar/data/1170299/000119312523100690/d299075dn2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Incorporated by reference to the Registrant's Registration Statement on Form N-2, File Nos. 333-271243 and 811-21076 (filed on August 31, 2023).](http://www.sec.gov/Archives/edgar/data/1170299/000119312523226429/d463528dn2a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Incorporated by reference to PIMCO High Income Fund's Registration Statement on Form N-2, File Nos. 333-265327 and 811-21311 (filed on May 31, 2022).](http://www.sec.gov/Archives/edgar/data/1219360/000119312522164101/d317847dn2asr.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Incorporated by reference to the Registrant's Registration Statement on Form N-14, File No. 333-286391 (filed on April 4, 2025).](http://www.sec.gov/Archives/edgar/data/1170299/000119312525073435/d902000dn148c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Incorporated by reference to the Registrant's Registration Statement on Form N-14, File No. 333-286391, accession no. 0001193125-25-117264 (filed on May 12, 2025).](http://www.sec.gov/Archives/edgar/data/1170299/000119312525117264/d875825dn148ca.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Consent was previously filed with the Registrant's Registration Statement on Form N-14, File No. 333-286391, accession no. 0001193125-25-117264 (filed on May 12, 2025).](http://www.sec.gov/Archives/edgar/data/1170299/000119312525117264/d875825dn148ca.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Incorporated by reference to the Registrant's Registration Statement on Form N-14, File No. 333-286391, accession no. 0001193125-25-117917 (filed on May 12, 2025).](http://www.sec.gov/Archives/edgar/data/1170299/000119312525117917/d875825dn148ca.htm)

\*Filed herewith.

**Item 17. <u>Undertakings</u>** 

(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.

(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) 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.

------

**SIGNATURES** 

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>st</sup> day of August, 2025.

---

| | |
|:---|:---|
| PIMCO MUNICIPAL INCOME FUND II | PIMCO MUNICIPAL INCOME FUND II |
|  By: | <u>Joshua D. Ratner\*</u> |
|  Name: | Joshua D. Ratner |
|  Title: | President |

---

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:

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
|  Libby D. Cantrill\* | Trustee | August 21, 2025 |
|  Libby D. Cantrill |  |  |
|  Sarah E. Cogan\* | Trustee | August 21, 2025 |
|  Sarah E. Cogan |  |  |
|  Deborah A. DeCotis\* | Trustee | August 21, 2025 |
|  Deborah A. DeCotis |  |  |
|  David Flattum\* | Trustee | August 21, 2025 |
|  David Flattum\* |  |  |
|  Kathleen McCartney\* | Trustee | August 21, 2025 |
|  Kathleen McCartney |  |  |
|  Alan Rappaport\* | Trustee | August 21, 2025 |
|  Alan Rappaport |  |  |
| E. Grace Vandecruze\* | Trustee | August 21, 2025 |
| E. Grace Vandecruze |  |  |
|  Joshua D. Ratner\* | President | August 21, 2025 |
|  Joshua D. Ratner | (Principal Executive Officer) |  |
|  Bijal Parikh\* | Treasurer | August 21, 2025 |
|  Bijal Parikh | (Principal Financial and Accounting Officer) |  |

---

---

| | |
|:---|:---|
| \*By: | <u>/s/ David C. Sullivan</u> |
|  | David C. Sullivan |
|  | as attorney-in-fact |

---

\*Pursuant to Powers of Attorney.

------

**EXHIBIT INDEX** 

12. Tax Opinion.

## Ex-12

---

| | | |
|:---|:---|:---|
| ![LOGO](g45603g18c05.jpg) | <br> ROPES & GRAY LLP<br>PRUDENTIAL TOWER<br>800 BOYLSTON STREET<br>BOSTON, MA 02199-3600<br>WWW.ROPESGRAY.COM | ***Execution Version*** |

---

August 1, 2025

PIMCO Municipal Income Fund III

650 Newport Center Drive

Newport Beach, California 92660

PIMCO Municipal Income Fund II

650 Newport Center Drive

Newport Beach, California 92660

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "<u>Agreement</u>") dated July 17, 2025 by and among PIMCO Municipal Income Fund III, a Massachusetts business trust (the "<u>Acquired Fund</u>"), and PIMCO Municipal Income Fund II, a Massachusetts business trust (the "<u>Acquiring Fund</u>" and together with the Acquired Fund, the "<u>Funds</u>"). The Agreement describes a proposed transaction (the "<u>Reorganization</u>") to occur as of the date of this letter, pursuant to which (i) 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 "<u>Common Merger Shares</u>") and Remarketable Variable Rate MuniFund Term Preferred Shares ("<u>RVMTP Shares</u>") issued by the Acquiring Fund (the "<u>RVMTP Merger Shares</u>" and, together with the Common Merger Shares, the "<u>Merger Shares</u>") (and cash in lieu of fractional Common Merger Shares, if any), (ii) the Acquiring Fund will assume all of the liabilities of the Acquired Fund, (iii) 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 ("<u>Acquired Fund RVMTP Shares</u>"), respectively, in complete liquidation of the Acquired Fund, and (iv) 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 9(e) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Each of the Acquired Fund and the Acquiring Fund is registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), 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 851 of the Internal Revenue Code

------

![LOGO](g45603g45f03.jpg)

PIMCO Municipal Income Fund III PIMCO Municipal Income Fund II August 1, 2025

of 1986, as amended (the "<u>Code</u>"). 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.

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 "<u>Representation Letters</u>") 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).

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) 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) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete; and (iii) any representation made in any of the documents referred to herein "to the best of the knowledge" of any person or party is true without regard to such qualification.

In connection with the issuance of each of (i) RVMTP Shares, Series 2053, of the Acquired Fund on September 20, 2023, (ii) RVMTP Shares, Series 2054, of the Acquired Fund on April 17, 2024, (iii) RVMTP Shares, Series 2054-A, of the Acquired Fund on June 12, 2024 and (iv) 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.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)(1)
of the Code, and each of the Acquiring Fund and the Acquired Fund will be "a party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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

------

![LOGO](g45603g45f03.jpg)

PIMCO Municipal Income Fund III PIMCO Municipal Income Fund II August 1, 2025

(A) any gain or loss recognized on (1) "section 1256 contracts" as defined in Section 1256(b) of the Code or (2) stock in a "passive foreign investment company" as defined in Section 1297(a) of the Code, and (B) any other gain or loss that may be required to be recognized (1) as a result of the closing of the tax year of the Acquired Fund, (2) upon the termination of a position, or (3) upon the transfer of an asset regardless of whether such a transfer would otherwise be a nontaxable transaction under the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 354 of the Code, the Acquired Fund'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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 358 of the Code, the aggregate tax basis in Merger Shares that the Acquired Fund'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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Section 1223(1) of the Code, an Acquired Fund shareholder's holding period for the Merger
Shares received in the Reorganization will include the shareholder's holding period for the Acquired Fund's shares exchanged therefor, provided that the shareholder held the Acquired Fund's shares as capital assets on the date of
the exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 362(b) of the Code, the Acquiring Fund's tax basis in the assets of the Acquired Fund
will be the same as the Acquired Fund'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) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Acquiring Fund will succeed to and take into account the items of the Acquired Fund described in
Section 381(c) of the Code, subject to the conditions

------

![LOGO](g45603g45f03.jpg)

PIMCO Municipal Income Fund III PIMCO Municipal Income Fund II August 1, 2025

and limitations specified in Sections 381, 382, 383, and 384 of the Code and the Regulations thereunder.

We believe that (i) the Acquiring Fund will continue the Acquired Fund's historic business within the meaning of Treas. Reg. § 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's bond counsel (or another reliable authority) believes is exempt from regular federal income taxes, and therefore (ii) the continuity of business enterprise test required for qualification under Section 368(a) of the Code is met in the Reorganization.

You should recognize that our opinions are not binding on the Internal Revenue Service (the "<u>IRS</u>"). 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.

---

| |
|:---|
| Very truly yours, |
| ![LOGO](g45603g75o07.jpg)  |
| Ropes & Gray LLP |

---

------

![LOGO](g45603g45f03.jpg)

PIMCO Municipal Income Fund III PIMCO Municipal Income Fund II August 1, 2025

Appendix A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Agreement and Plan of Reorganization dated July 17, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Proxy Statement/Prospectus dated May 12, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund's Agreement and Declaration of Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund's Bylaws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to the RVMTP Shares, Series 2053, of the Acquired Fund:

<sup>○</sup> The Second Amended and Restated RVMTP Purchase Agreement dated September 20, 2023 between the Acquiring Fund and Wells Fargo Municipal Capital Strategies, LLC ("<u>Wells Fargo</u>")

<sup>○</sup> The Second Amended and Restated RVMTP Purchase Agreement dated September 20, 2023 between the Acquired Fund and Wells Fargo

<sup>○</sup> 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 20, 2023

<sup>○</sup> The confidential private offering memorandum dated September 20, 2023

<sup>○</sup> The Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term Preferred Shares, dated August 1, 2025 and the Amended and Restated Appendix B thereto

<sup>○</sup> The Series 2053 RVMTP Exchange Agreement, dated as of August 1, 2025, by and between the Acquiring Fund, the Acquired Fund and Wells Fargo

<sup>○</sup> The Third Amended and Restated Registration Rights Agreement, dated August 1, 2025, between the Acquiring Fund and Wells Fargo

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to the RVMTP Shares, Series 2054, of the Acquired Fund:

<sup>○</sup> The RVMTP Purchase Agreement dated April 17, 2024 between the Acquiring Fund and Banc of America Preferred Funding Corporation ("<u>Banc of America</u>")

<sup>○</sup> The RVMTP Purchase Agreement dated April 17, 2024 between the Acquired Fund and Banc of America

------

![LOGO](g45603g45f03.jpg)

PIMCO Municipal Income Fund III PIMCO Municipal Income Fund II August 1, 2025

<sup>○</sup> The Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term Preferred Shares, dated April 17, 2024

<sup>○</sup> The confidential private offering memorandum dated April 17, 2024

<sup>○</sup> The Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term Preferred Shares, dated August 1, 2025 and the Amended and Restated Appendix thereto

<sup>○</sup> The Series 2054 RVMTP Exchange Agreement, dated as of August 1, 2025, by and between the Acquiring Fund, the Acquired Fund and Banc of America

<sup>○</sup> The Amended and Restated Registration Rights Agreement, dated August 1, 2025, between the Acquiring Fund and Banc of America

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to the RVMTP Shares, Series 2054-A, of the Acquired Fund:

<sup>○</sup> The RVMTP Purchase Agreement dated June 12, 2024 between the Acquiring Fund and JPMorgan Chase Bank, N.A. ("<u>JPMorgan</u>")

<sup>○</sup> The RVMTP Purchase Agreement dated June 12, 2024 between the Acquired Fund and JPMorgan

<sup>○</sup> The Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term Preferred Shares, dated June 12, 2024

<sup>○</sup> The confidential private offering memorandum dated June 12, 2024

<sup>○</sup> The Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term Preferred Shares, dated August 1, 2025 and the Amended and Restated Appendix A thereto

<sup>○</sup> The Series 2054-A RVMTP Exchange Agreement, dated as of August 1, 2025, by and between the Acquiring Fund, the Acquired Fund and JPMorgan

<sup>○</sup> The Amended and Restated Registration Rights Agreement, dated August 1, 2025, between the Acquiring Fund and JPMorgan

------

---

| | | |
|:---|:---|:---|
| ![LOGO](g45603g18c05.jpg) | <br> ROPES & GRAY LLP<br>PRUDENTIAL TOWER<br>800 BOYLSTON STREET<br>BOSTON, MA 02199-3600<br>WWW.ROPESGRAY.COM | ***Execution Version*** |

---

August 1, 2025

PIMCO Municipal Income Fund

650 Newport Center Drive

Newport Beach, California 92660

PIMCO Municipal Income Fund II

650 Newport Center Drive

Newport Beach, California 92660

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "<u>Agreement</u>") dated July 17, 2025 by and among PIMCO Municipal Income Fund, a Massachusetts business trust (the "<u>Acquired Fund</u>"), and PIMCO Municipal Income Fund II, a Massachusetts business trust (the "<u>Acquiring Fund</u>" and together with the Acquired Fund, the "<u>Funds</u>"). The Agreement describes a proposed transaction (the "<u>Reorganization</u>") to occur as of the date of this letter, pursuant to which (i) 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 "<u>Common Merger Shares</u>") and Remarketable Variable Rate MuniFund Term Preferred Shares ("<u>RVMTP Shares</u>") issued by the Acquiring Fund (the "<u>RVMTP Merger Shares</u>" and, together with the Common Merger Shares, the "<u>Merger Shares</u>") (and cash in lieu of fractional Common Merger Shares, if any), (ii) the Acquiring Fund will assume all of the liabilities of the Acquired Fund, (iii) 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 ("<u>Acquired Fund RVMTP Shares</u>"), respectively, in complete liquidation of the Acquired Fund, and (iv) 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 9(e) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Each of the Acquired Fund and the Acquiring Fund is registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), 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 851 of the Internal Revenue Code

------

![LOGO](g45603g45f03.jpg)

PIMCO Municipal Income Fund PIMCO Municipal Income Fund II August 1, 2025

of 1986, as amended (the "<u>Code</u>"). 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.

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 "<u>Representation Letters</u>") 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).

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) 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) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete; and (iii) any representation made in any of the documents referred to herein "to the best of the knowledge" of any person or party is true without regard to such qualification.

In connection with the issuance of each of (i) RVMTP Shares, Series 2053, of the Acquired Fund on September 20, 2023, (ii) RVMTP Shares, Series 2054, of the Acquired Fund on April 17, 2024, (iii) RVMTP Shares, Series 2054-A, of the Acquired Fund on June 12, 2024 and (iv) 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.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)(1)
of the Code, and each of the Acquiring Fund and the Acquired Fund will be "a party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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

------

![LOGO](g45603g45f03.jpg)

PIMCO Municipal Income Fund PIMCO Municipal Income Fund II August 1, 2025

(A) any gain or loss recognized on (1) "section 1256 contracts" as defined in Section 1256(b) of the Code or (2) stock in a "passive foreign investment company" as defined in Section 1297(a) of the Code, and (B) any other gain or loss that may be required to be recognized (1) as a result of the closing of the tax year of the Acquired Fund, (2) upon the termination of a position, or (3) upon the transfer of an asset regardless of whether such a transfer would otherwise be a nontaxable transaction under the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 354 of the Code, the Acquired Fund'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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 358 of the Code, the aggregate tax basis in Merger Shares that the Acquired Fund'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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Section 1223(1) of the Code, an Acquired Fund shareholder's holding period for the Merger
Shares received in the Reorganization will include the shareholder's holding period for the Acquired Fund's shares exchanged therefor, provided that the shareholder held the Acquired Fund's shares as capital assets on the date of
the exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 362(b) of the Code, the Acquiring Fund's tax basis in the assets of the Acquired Fund
will be the same as the Acquired Fund'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) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Acquiring Fund will succeed to and take into account the items of the Acquired Fund described in
Section 381(c) of the Code, subject to the conditions

------

![LOGO](g45603g45f03.jpg)

PIMCO Municipal Income Fund III PIMCO Municipal Income Fund II August 1, 2025

and limitations specified in Sections 381, 382, 383, and 384 of the Code and the Regulations thereunder.

We believe that (i) the Acquiring Fund will continue the Acquired Fund's historic business within the meaning of Treas. Reg. § 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's bond counsel (or another reliable authority) believes is exempt from regular federal income taxes, and therefore (ii) the continuity of business enterprise test required for qualification under Section 368(a) of the Code is met in the Reorganization.

You should recognize that our opinions are not binding on the Internal Revenue Service (the "<u>IRS</u>"). 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.

---

| |
|:---|
| Very truly yours, |
| ![LOGO](g45603g95v09.jpg)  |
| Ropes & Gray LLP |

---

------

![LOGO](g45603g45f03.jpg)

PIMCO Municipal Income Fund PIMCO Municipal Income Fund II August 1, 2025

Appendix A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Agreement and Plan of Reorganization dated July 17, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Proxy Statement/Prospectus dated May 12, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund's Agreement and Declaration of Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund's Bylaws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to the RVMTP Shares, Series 2053, of the Acquired Fund:

<sup>○</sup> The Second Amended and Restated RVMTP Purchase Agreement dated September 20, 2023 between the Acquiring Fund and Wells Fargo Municipal Capital Strategies, LLC ("<u>Wells Fargo</u>")

<sup>○</sup> The Second Amended and Restated RVMTP Purchase Agreement dated September 20, 2023 between the Acquired Fund and Wells Fargo

<sup>○</sup> 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 20, 2023

<sup>○</sup> The confidential private offering memorandum dated September 20, 2023

<sup>○</sup> The Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term Preferred Shares, dated August 1, 2025 and the Amended and Restated Appendix B thereto

<sup>○</sup> The Series 2053 RVMTP Exchange Agreement, dated as of August 1, 2025, by and between the Acquiring Fund, the Acquired Fund and Wells Fargo

<sup>○</sup> The Third Amended and Restated Registration Rights Agreement, dated August 1, 2025, between the Acquiring Fund and Wells Fargo

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to the RVMTP Shares, Series 2054, of the Acquired Fund:

<sup>○</sup> The RVMTP Purchase Agreement dated April 17, 2024 between the Acquiring Fund and Banc of America Preferred Funding Corporation ("<u>Banc of America</u>")

<sup>○</sup> The RVMTP Purchase Agreement dated April 17, 2024 between the Acquired Fund and Banc of America

------

![LOGO](g45603g45f03.jpg)

PIMCO Municipal Income Fund PIMCO Municipal Income Fund II August 1, 2025

<sup>○</sup> The Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term Preferred Shares, dated April 17, 2024

<sup>○</sup> The confidential private offering memorandum dated April 17, 2024

<sup>○</sup> The Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term Preferred Shares, dated August 1, 2025 and the Amended and Restated Appendix thereto

<sup>○</sup> The Series 2054 RVMTP Exchange Agreement, dated as of August 1, 2025, by and between the Acquiring Fund, the Acquired Fund and Banc of America

<sup>○</sup> The Amended and Restated Registration Rights Agreement, dated August 1, 2025, between the Acquiring Fund and Banc of America

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to the RVMTP Shares, Series 2054-A, of the Acquired Fund:

<sup>○</sup> The RVMTP Purchase Agreement dated June 12, 2024 between the Acquiring Fund and JPMorgan Chase Bank, N.A. ("<u>JPMorgan</u>")

<sup>○</sup> The RVMTP Purchase Agreement dated June 12, 2024 between the Acquired Fund and JPMorgan

<sup>○</sup> The Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term Preferred Shares, dated June 12, 2024

<sup>○</sup> The confidential private offering memorandum dated June 12, 2024

<sup>○</sup> The Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund Term Preferred Shares, dated August 1, 2025 and the Amended and Restated Appendix A thereto

<sup>○</sup> The Series 2054-A RVMTP Exchange Agreement, dated as of August 1, 2025, by and between the Acquiring Fund, the Acquired Fund and JPMorgan

<sup>○</sup> The Amended and Restated Registration Rights Agreement, dated August 1, 2025, between the Acquiring Fund and JPMorgan