<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>4
<FILENAME>MunicipalDrp.txt
<DESCRIPTION>DIVIDEND REINVESTMENT PLAN
<TEXT>
ALLIANZ-SPONSORED CLOSED-END FUNDS

TERMS AND CONDITIONS OF THE DIVIDEND REINVESTMENT PLAN

Holders of common shares of beneficial interest (the "Common Shares") of each
of the Allianz-sponsored closed-end investment companies listed on Appendix A
hereto, as it may be amended from time to time (each a "Fund"), whose Common
Shares are registered with the Agent (as defined below) (the "Registered Common
Shareholders" or "Shareholders"), will automatically be enrolled (those so
enrolled, the "Participants") in the Fund's Dividend Reinvestment Plan
(the "Plan") and are advised as follows with respect to each such Fund:

1.  THE PLAN AGENT.  American Stock Transfer & Trust Company, LLC (the "Agent")
will act as Agent for each Participant.  The Agent will open an account for
each Participant under the Plan with respect to the Fund in the same name in
which his or her outstanding Common Shares of the Fund are registered with the
Agent.

2.  AUTOMATIC REINVESTMENT FOR PARTICIPANTS / CASH OPTION ELECTION.
On behalf of each Participant, the Agent will automatically reinvest each Fund's
distributions of income, capital gains and returns of capital (together,
"Distributions") in Common Shares as described herein as of the first record
date for a Distribution by the Fund to shareholders following the date on which
the Participant becomes a shareholder of record of the Fund.  In accordance with
the foregoing, each Registered Common Shareholder will have all Distributions
on his or her Common Shares automatically reinvested in additional Common
Shares, unless such Shareholder elects to not be a Participant in the Plan and
to receive such Distributions in cash.  Registered Common Shareholders who wish
to receive Distributions in cash, whether following his or her initial purchase
of Common Shares or after having been a Participant in the Plan for some period,
should so notify the Agent online at www.amstock.com, by calling (800) 254-5197,
by writing to the Agent at P.O. Box 922, Wall Street Station, New York,
NY 10269-0560, or, as applicable, by completing and returning the transaction
form attached to each Plan statement, as specified and in accordance with
Section 13. hereof.

3.  MARKET PREMIUM ISSUANCES.  With respect to each Participant, if on the
payment date for a Distribution, the net asset value per Common Share of the
Fund is equal to or less than the market price per Common Share plus estimated
brokerage commissions, the Agent shall cause the Distribution to be invested by
receiving newly issued Common Shares ("Additional Common Shares"), including
fractions, from the Fund for each Participant's account.  The number of
Additional Common Shares to be credited shall be determined by dividing the
dollar amount of the Distribution by the greater of (i) the net asset value per
Common Share on the payment date, or (ii) 95% of the market price per Common
Share on the payment date.

4.  MARKET DISCOUNT PURCHASES.  With respect to each Participant, and except as
provided below, if the net asset value per Common Share of the Fund exceeds the
market price per Common Share plus estimated brokerage commissions on the
payment date for a Distribution, the Agent (or a broker-dealer selected by the
Agent) shall endeavor to apply the amount of such Distribution on such
Participant's Common Shares to purchase Common Shares of the Fund on the open
market.  Such market purchases will commence on or shortly after the payment
date for such Distribution and the Agent shall complete such purchases not more
than thirty (30) calendar days after such Distribution payment date, except
where temporary curtailment or suspension of purchase is necessary to comply
with applicable provisions of federal securities laws.  If the Agent is unable
to invest the full amount of a Distribution through open market purchases
pursuant to this Section 4. or, if before the Agent has completed the open
market purchases, the market price per Common Share of the Fund plus estimated
brokerage commissions exceeds the net asset value per Common Share as of the
last business day immediately prior to the purchase date (the "prior business
day"), the Agent shall cause the remainder of the Distribution to be invested
by receiving Additional Common Shares, including fractions, from the Fund for
each Participant's account, the number of which shall be determined by dividing
the dollar amount of the remainder (i.e., the uninvested portion) of the
Distribution by the greater of (i) the net asset value per Common Share on the
prior business day, or (ii) 95% of the market price per Common Share on the
prior business day (which, in either case, may be a price greater or lesser
than the net asset value per Common Share on the payment date for the
applicable Distribution).  Participants should note that they will not be able
to instruct the Agent to purchase Common Shares at a specific time or at a
specific price.  Open-market purchases may be made on any securities exchange
where Common Shares are traded, in the over-the-counter market or in negotiated
transactions, and may be on such terms as to price, delivery and otherwise as
the Agent shall determine.

The Agent may commingle all Participants' amounts to be used for open market
purchases of the Fund's Common Shares.  The weighted average price (including
brokerage commissions) of all Common Shares purchased on the open market by the
Agent as Agent and/or issued by the Fund pursuant to Section 3 shall be the
price per Common Share allocable to each Participant.

5.  VALUATION.  The market price of Common Shares of a Fund on a particular
date shall be the last sales price on the securities exchange where the Common
Shares are listed on that date (the "Exchange"), or, if there is no sale on
such Exchange on that date, then the mean between the closing bid and asked
quotations on such Exchange on such date will be used.  The net asset value per
Common Share on a particular date shall be the amount calculated on that date
(or if not calculated on such date, the amount most recently calculated) by or
on behalf of the Fund in accordance with the Fund's current policies.

6.  SAFEKEEPING.  In order to protect against loss, theft or destruction, if
Participants hold Common Shares registered in their own names in certificate
form, Participants may deposit such Common Shares into their Plan accounts.
Certificates, along with a letter of instruction, should be sent to the Agent
by registered mail, insured for 2% of their market value.  Participants should
not endorse their certificates.  There are no fees for this service.

7.  TAXATION.  The automatic reinvestment of Distributions does not relieve
Participants of any taxes which may be payable on Distributions.  Participants
will receive tax information annually for their personal records and to help
them prepare their federal income tax return.  For further information as to
tax consequences of participation in the Plan, Participants should consult with
their own tax advisors.

8.  LIABILITY OF AGENT.  The Agent shall at all times act in good faith and
agrees to use its best efforts within reasonable limits to ensure the accuracy
of all services performed under these terms and conditions and to comply with
applicable law, but assumes no responsibility and shall not be liable for loss
or damage due to errors unless such error is caused by the Agent's negligence,
bad faith, or willful misconduct or that of its employees.  Each Participant's
uninvested funds held by the Agent will not bear interest.  The Agent shall
have no liability in connection with any inability to purchase or sell Common
Shares within the time period specified herein, or with the timing of any
purchases or sales effected.  The Agent shall have no responsibility for the
value of Common Shares acquired.  The Agent may commingle Participants' funds.

9.  RECORDKEEPING.  The Agent may hold each Participant's Common Shares
acquired pursuant to the Plan together with the Common Shares of other
Registered Common Shareholders of the Fund acquired pursuant to the Plan in
non-certificated form in the Agent's name or that of the Agent's nominee.
Distributions on fractional shares will be credited to each Participant's
account.  Each Participant will be sent a confirmation by the Agent of each
acquisition made for his or her account as soon as practicable, but in no event
later than sixty (60) calendar days, after the date thereof.  For Funds that
issue share certificates, upon a Participant's request, the Agent will deliver
to the Participant, without charge, a certificate or certificates for the full
Common Shares.  Although each Participant may from time to time have an
undivided fractional interest (computed to three decimal places) in a Common
Share of the Fund, no certificates for a fractional share will be issued.  For
Funds that issue share certificates, Participants may request a certificate
online at www.amstock.com, by calling the Agent at (800) 254-5197, by writing
to the Agent at P.O. Box 922, Wall Street Station, New York, NY 10269-0560, or
by completing and returning the transaction form attached to each Plan
statement.  The Agent will issue certificates as soon as possible but in no
event more than five (5) business days after receipt of a Participant's
request.  Similarly, Participants may request to sell a portion of the Common
Shares held by the Agent in their Plan accounts online, by calling the Agent,
by writing to the Agent, or by completing and returning the transaction form
attached to each Plan statement as specified above.  The Agent will sell such
Common Shares through a broker-dealer selected by the Agent within five (5)
business days of receipt of the request assuming the relevant markets are open
and sufficient market liquidity exists (and except where deferral of the sale
is required under applicable federal or state laws or regulations).  The sale
price, which will not be determined until such time as the broker-dealer
completes the sale, will equal the weighted average price of all Common Shares
sold through the Plan on the day of the sale, less a transaction fee and
brokerage commissions.  Participants should note that the Agent is unable to
accept instructions to sell on a specific date or at a specific price.  As an
alternative to selling Common Shares through the Agent, a Participant may
request that the Agent electronically transfer his or her Common Shares to his
or her brokerage account in applicable circumstances.   Any share dividends or
split shares distributed by the Fund on Common Shares held by the Agent for
Participants will be credited to their accounts.  In the event that the Fund
makes available to its Common Shareholders rights to purchase additional Common
Shares, the Common Shares held for each Participant under the Plan will be
added to other Common Shares held by the Participant in calculating the number
of rights to be issued to each Participant.

10.  PROXY MATERIALS.  The Agent will forward to each Participant any proxy
solicitation material it receives with respect to the Common Shares in the
Participant's Plan account.  The Agent will vote any Common Shares held for a
Participant first in accordance with the instructions set forth on proxies
returned by such Participant to the Fund, and then with respect to any proxies
not returned by such Participant to the Fund, in the same proportion as the
Agent votes the proxies returned by the Participants to the Fund.

11.  BROKERS, NOMINEE HOLDERS, ETC.  In the case of Registered Common
Shareholders such as a broker, bank or other nominee that holds Common Shares
for others who are the beneficial owners, the Agent will administer the Plan on
the basis of the number of Common Shares certified by the nominee/record
shareholder as representing the total amount registered in such shareholder's
name and held for the account of beneficial owners who are to participate in
the Plan.  If a beneficial owner's broker, bank or other nominee who is the
record shareholder for the beneficial owner's Common Shares is not a Registered
Common Shareholder (i.e., the Common Shares are not registered with the Agent),
neither the nominee nor the beneficial owner will be a Participant under the
Plan and have Distributions automatically reinvested by the Agent (although the
broker, bank or other nominee may offer other dividend reinvestment programs
independent from this Plan).   If a beneficial owner of Common Shares wishes
to participate in the Plan, but his or her broker, bank or other nominee is
unable or unwilling to become a Registered Common Shareholder and a Participant
on behalf of the beneficial owner, the beneficial owner may request that the
broker, bank or other nominee arrange to have all or a portion of his or her
Common Shares re-registered with the Agent in the name of the beneficial owner,
such that the beneficial owner becomes a Registered Common Shareholder and, as
such, would be enrolled as a Participant in the Plan unless he or she elects
otherwise in accordance with the terms hereof.  Participants whose Common
Shares are registered in the name of one nominee firm may not be able to
transfer the Common Shares to another nominee firm and continue to participate
in the Plan.

12.  FEES.  The Agent's service fee for handling Distributions will be paid by
the Fund.  Each Participant will be charged his or her pro rata share of
brokerage commissions on all open-market purchases.  If a Participant elects to
have the Agent sell part or all of his or her Common Shares and remit the
proceeds, such Participant will be charged a transaction fee plus his or her
pro rata share of brokerage commissions.  The Participant will not be charged
any other fees for this service.

13.  TERMINATION IN THE PLAN / NOTIFICATION OF ELECTION TO RECEIVE CASH
DISTRIBUTIONS.  Each Registered Common Shareholder may elect to receive
Distributions from a Fund in cash and, if a Participant in the Plan, to
disenroll from and terminate his or her account under the Plan, by notifying
the Agent online at www.amstock.com, in writing at P.O. Box 922, Wall Street
Station, New York, NY 10269-0560, by calling the Agent at (800) 254-5197, or by
completing and returning the transaction form attached to each Plan statement.
Any such written notification must be in proper order and duly executed by the
Participant and any notification online or by telephone must be in accordance
with such reasonable requirements as the Agent and the Fund may agree. Any such
notification will be effective immediately if proper notice is received by the
Agent at least three (3) calendar days prior to the record date for the Fund's
next Distribution, in which case it will apply to such Distribution; otherwise,
the Fund's next Distribution will be reinvested and the notification will be
effective and will apply with respect to the Fund's subsequent Distributions
thereafter.  The Plan may be terminated for a Fund by the Agent or the Fund
upon notice in writing mailed to each Participant at least sixty (60) calendar
days prior to the effective date of the termination.  Upon any termination, the
Agent will arrange to deposit all full Common Shares held for each Participant
into his or her account, where they will be held in book-entry by the Agent.
A cash adjustment will be made for any fraction of a Common Share at the then
current market value of the Common Shares to be delivered to him or her without
charge.  If preferred, a Participant may request the sale of all full and
fractional Common Shares held by the Agent in his or her Plan account in order
to terminate participation in the Plan in accordance with Section 9 hereof.  If
a Participant has terminated his or her participation in the Plan but continues
to have Common Shares registered in his or her name with the Agent, he or she
may re-enroll in the Plan at any time by calling the Agent at (800) 254-5197.

14.  AMENDMENT OF THE PLAN.  These terms and conditions may be amended by the
Agent or the Fund at any time but, except when necessary or appropriate to
comply with applicable law or the rules or policies of the Securities and
Exchange Commission or any other regulatory authority, only by mailing to each
Participant appropriate written notice at least thirty (30) calendar days prior
to the effective date thereof.  The amendment shall be deemed to be accepted
by each Participant unless, prior to the effective date thereof, the Agent
receives notice of the termination of the Participant's account under the Plan.
Any such amendment may include an appointment by the Agent of a successor
Agent, subject to the prior written approval of the successor Agent by the Fund.
Upon any such appointment of a successor Agent for the purpose of receiving
distributions, the Fund will be authorized to pay to such successor Agent, for
each Participant's account, all Distributions payable on Common Shares of the
Fund held in the Participant's name or under the Plan for retention or
application by such successor Agent as provided in these terms and conditions.
15.  APPLICABLE LAW.  These terms and conditions shall be governed by the laws
of The Commonwealth of Massachusetts.


Effective Date:  September 17, 2012


Appendix A
Allianz-Sponsored Closed-End Funds
(As of September 17, 2012)

FUND								TICKER

PCM FUND, INC. 							PCM

PIMCO STRATEGIC GLOBAL GOVERNMENT FUND, INC. 			RCS

PIMCO CORPORATE & INCOME STRATEGY FUND 				PCN

PIMCO CORPORATE & INCOME OPPORTUNITY FUND 			PTY

PIMCO DYNAMIC INCOME FUND					PDI

PIMCO INCOME STRATEGY FUND 					PFL

PIMCO INCOME STRATEGY FUND II					PFN

PIMCO GLOBAL STOCKSPLUS & INCOME FUND 				PGP

PIMCO HIGH INCOME FUND 						PHK

PIMCO INCOME OPPORTUNITY FUND 					PKO

PIMCO MUNICIPAL INCOME FUND 					PMF

PIMCO MUNICIPAL INCOME FUND II 					PML

PIMCO MUNICIPAL INCOME FUND III 				PMX

PIMCO NEW YORK MUNICIPAL INCOME FUND 				PNF

PIMCO CALIFORNIA MUNICIPAL INCOME FUND 				PCQ

PIMCO CALIFORNIA MUNICIPAL INCOME FUND II			PCK

PIMCO CALIFORNIA MUNICIPAL INCOME FUND III 			PZC

PIMCO NEW YORK MUNICIPAL INCOME FUND II 			PNI

PIMCO NEW YORK MUNICIPAL INCOME FUND III 			PYN

NFJ DIVIDEND, INTEREST & PREMIUM STRATEGY FUND 			NFJ

AllianzGI CONVERTIBLE & INCOME FUND 				NCV

AllianzGI CONVERTIBLE & INCOME FUND II 				NCZ

AllianzGI EQUITY & CONVERTIBLE INCOME FUND 			NIE

AllianzGI GLOBAL EQUITY & CONVERTIBLE INCOME FUND 		NGZ

AllianzGI INTERNATIONAL & PREMIUM STRATEGY FUND 		NAI

</TEXT>
</DOCUMENT>
