<SEC-DOCUMENT>0001410368-14-000908.txt : 20141229
<SEC-HEADER>0001410368-14-000908.hdr.sgml : 20141225
<ACCEPTANCE-DATETIME>20141229165832
ACCESSION NUMBER:		0001410368-14-000908
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20141031
FILED AS OF DATE:		20141229
DATE AS OF CHANGE:		20141229
EFFECTIVENESS DATE:		20141229

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:			0430

	FILING VALUES:
		FORM TYPE:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10379
		FILM NUMBER:		141313295

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

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-A
<SEQUENCE>1
<FILENAME>answer.fil
<DESCRIPTION>ANSWER
<TEXT>
<PAGE>      PAGE  1
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001 A000000 PIMCO CALIFORNIA MUNICIPAL INCOME FUND
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<PAGE>      PAGE  2
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SIGNATURE   WILLIAM G. GALIPEAU
TITLE       TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>2
<FILENAME>r77c_ca_muni.txt
<DESCRIPTION>VOTE
<TEXT>
						r77c.txt


PIMCO California Municipal Income Fund - 77C Attachment:

Special Shareholder Meeting Results:

The Funds held a special meeting of shareholders on June 9,
2014 to vote on the approval of the
new investment management agreement between the Funds
and PIMCO, as discussed in Note 7 to
the Notes to Financial Statements. The special meeting was
convened as scheduled on June 9, 2014.
However, because sufficient votes in favor of the proposal had
not been received for any Fund at the
time of the special meeting, the shareholders of each Fund
present voted to adjourn the special
meeting to July 10, 2014 to permit further solicitation of proxies.
On July 10, 2014 the special
meeting was reconvened, and common and preferred
shareholders (if any) of each Fund voted as
indicated below:

Approval of an Investment Management Agreement between
PIMCO California Municipal Income Fund and Pacific Investment
Management Company LLC

For 		Against		Abstain
---------	--------	----------
8,476,553 	350,277		1,460,937


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>3
<FILENAME>r77q1e_advisory_contract.txt
<DESCRIPTION>ADVISORY AGREEMENT
<TEXT>
							r77q1e.txt


INVESTMENT MANAGEMENT AGREEMENT

    INVESTMENT MANAGEMENT AGREEMENT, made
this 5th day of September, 2014, between each closed-end
management investment company listed on Schedule A attached
hereto and made a part hereof, as such Schedule A may be
amended from time to time, including to add or remove Funds
(each a "Fund" and, collectively, the "Funds"), and Pacific
Investment Management Company LLC ("PIMCO").

    WHEREAS, each Fund is registered with the Securities
and Exchange Commission ("SEC") as a closed-end
management investment company under the Investment
Company Act of 1940, as amended, and the rules and regulations
thereunder (the "1940 Act"); and

    WHEREAS, each Fund desires to retain PIMCO to render
investment advisory and supervisory and administrative services
hereunder with respect to the Fund; and

    WHEREAS, each Fund engages in the business of
investing and reinvesting its assets in the manner and in
accordance with the investment objective(s), policies and
restrictions applicable to the Fund; and

    WHEREAS, PIMCO is willing to furnish investment
advisory and supervisory and administrative services and/or to
arrange for such services in the manner and on the terms
hereinafter set forth; and

    NOW, THEREFORE, in consideration of the premises
and mutual covenants herein contained, the parties agree as
follows:

    1. Appointment. Each Fund hereby appoints PIMCO to
provide the investment advisory services to the Fund and to
provide or procure the supervisory and administrative and other
services for the period and on the terms set forth in this
Agreement, as amended or supplemented from time to time.
PIMCO accepts such appointment and agrees during such period
to render the services herein set forth for the compensation
herein provided.

    2. Duties. (a) PIMCO shall, at its expense, (i) employ or
associate with itself such persons as it believes appropriate to
assist it in performing its obligations under this Agreement and
(ii) provide all services, equipment and facilities necessary to
perform its obligations under this Agreement. PIMCO may from
time to time seek research assistance and rely on investment
management resources available to it through its affiliated
companies, but in no case shall such reliance relieve PIMCO of
any of its obligations hereunder, nor shall a Fund be responsible
for any additional fees or expenses hereunder as a result.

    3. Investment Advisory Services. (a) PIMCO shall provide
to each Fund investment guidance and policy direction in
connection with the management of the Fund, including oral and
written research, analysis, advice, and statistical and economic
data and information.

         Consistent with the investment objective(s), policies
and restrictions applicable to each Fund, PIMCO will determine
the securities and other assets to be purchased or sold or the
other techniques to be utilized (including, but not limited to, the
incurrence of leverage and securities lending) by the Fund and
will determine what portion of the Fund shall be invested in
securities or other assets, and what portion, if any, should be held
uninvested.

         Each Fund will have the benefit of the investment
analysis and research, the review of current economic conditions
and trends and the consideration of long-range investment policy
generally available to investment advisory clients of PIMCO.  It
is understood that PIMCO will not, to the extent inconsistent
with applicable law, use any material nonpublic information
pertinent to investment decisions undertaken in connection with
this Agreement that may be in its possession or in the possession
of any of its affiliates.

         (b) As manager of the assets of each Fund, PIMCO
shall make investments for the account of the Fund in
accordance with PIMCO's best judgment and within the
investment objective(s), policies and restrictions applicable to
the Fund, the 1940 Act, any applicable SEC exemptive relief,
no-action letters or other guidance, and the provisions of the
Internal Revenue Code of 1986 relating to regulated investment
companies, subject to policy decisions adopted by the Fund's
Board of Trustees/Directors.

         (c) PIMCO shall furnish to each Fund's Board of
Trustees/Directors periodic reports on the investment
performance of the Fund and on the performance of its
investment advisory obligations under this Agreement and shall
supply such additional reports and information as the Fund's
officers or Board of Trustees/Directors shall reasonably request.

         (d) On occasions when PIMCO deems the purchase
or sale of a security to be in the best interest of a Fund as well as
other of its clients, PIMCO, to the extent permitted by applicable
law, may, but shall not be obligated to, aggregate the securities
to be so sold or purchased in order to seek to obtain the best
execution of the order or lower brokerage commissions or other
transaction costs, if any.  PIMCO may also on occasion purchase
or sell a particular security for one or more clients in different
amounts. On either occasion, and to the extent permitted by
applicable law and regulations, allocation of the securities so
purchased or sold, as well as the expenses incurred in the
transaction, will be made by PIMCO in the manner it considers
to be equitable and consistent with its fiduciary obligations to a
Fund and to such other customers.

         (e) PIMCO may cause each Fund to pay a broker
which provides brokerage and research services to PIMCO a
commission for effecting a securities transaction in excess of the
amount another broker might have charged. Such higher
commissions may not be paid unless PIMCO determines in good
faith that the amount paid is reasonable in relation to the services
received in terms of the particular transaction or PIMCO's
overall responsibilities to each Fund and any other of PIMCO's
clients.

         (f) PIMCO may itself, or may cause each Fund to,
commence, join in, consent to or oppose the reorganization,
recapitalization, consolidation, sale, merger, foreclosure,
liquidation or readjustment of the finances of any person or the
securities or other property thereof, and to deposit any securities
or other property with any protective, reorganization or similar
committee. Without limiting the generality of the foregoing,
PIMCO may represent each Fund on a creditors' (or similar)
committee.

         (g) PIMCO shall have sole authority to exercise
whatever powers each Fund may possess with respect to any of
the assets of the Fund, including, but not limited to, the right to
vote proxies, the power to exercise rights, options, warrants,
conversion privileges and redemption privileges, and to tender
securities pursuant to a tender offer.

    4. Supervisory and Administrative Services. Subject to the
general supervision of the Board of Trustees/Directors, PIMCO
shall provide or cause to be furnished all supervisory and
administrative and other services reasonably necessary for the
operation of each Fund, but not including underwriting or
distribution services.

         (a) The supervisory and administrative services to be
provided by PIMCO shall include the following:

    (i) PIMCO shall supervise and coordinate
matters relating to the operation of each Fund,
including any necessary coordination among the
custodian, transfer agent, dividend disbursement
agent and recordkeeping agent (including pricing and
valuation of the Fund), accountants, attorneys,
auction agents, and other parties performing services
or operational functions for the Fund. In connection
with the supervision of the pricing and valuation of
each Fund, PIMCO shall establish such systems and
procedures as are necessary to carry out this function,
including systems and procedures relating to
defaulted securities; forensic reporting and
monitoring of securities and derivatives pricing,
including checks and balances against internal models
and external pricing services; tracking and reviewing
fair valued securities; supervising pricing vendors;
monitoring for significant events occurring after the
close of trading that may affect the value of portfolio
holdings; and establishing net asset value estimation
processes in the event the custodian cannot produce a
net asset value for shares of beneficial interest
("Shares") of the Fund.
    (ii) PIMCO shall provide, or cause a third party
to provide, each Fund, at PIMCO's expense, with
adequate personnel, office space, communications
facilities, and other facilities necessary for the
effective supervision and administration of the Fund
as contemplated in this Agreement as well as provide,
or cause a third party to provide, the Fund, at
PIMCO's expense, with the services of a sufficient
number of persons competent to perform such
supervisory and administrative and clerical functions
as are necessary for compliance with federal
securities laws and other applicable laws.
    (iii) PIMCO shall maintain or supervise the
maintenance by third parties of such books and
records of each Fund as may be required by
applicable federal or state law.
    (iv) PIMCO shall prepare or supervise the
preparation by third parties of all federal, state, local,
and foreign tax returns and reports of each Fund
required by applicable law.
    (v) PIMCO or an appointed third party shall
prepare, file, and arrange for the distribution of proxy
materials and periodic reports to financial
intermediaries who hold shares of a Fund in nominee
name or shareholders of each Fund as required by
applicable law and/or as agreed to with such financial
intermediary or shareholder, as applicable.
    (vi) PIMCO or an appointed third party shall
prepare and arrange for the filing of such registration
statements and other documents with the SEC and
other federal and state or other regulatory authorities,
securities exchanges and self-regulatory organizations
as may be required to register the Shares of each
Fund, maintain the listing of the Shares of each Fund
that are listed for trading on a securities exchange and
qualify each Fund to do business or as otherwise
required by applicable law. PIMCO shall maintain
registration of each Fund's Shares in such other
jurisdictions as it deems necessary and appropriate.
PIMCO shall maintain a review and certification
program and internal controls and procedures in
accordance with relevant provisions of the Sarbanes
Oxley Act of 2002 as applicable to registered
investment companies. PIMCO shall maintain
systems necessary to provide or procure required
disclosure in each Fund's registration statements,
shareholder reports, proxy statements, reports to
securities exchanges and similar regulatory
documents, and Fund proxy voting information.
    (vii) PIMCO shall take, or cause a third party to
take, such other action with respect to each Fund as
may be required by applicable law, including without
limitation the rules and regulations of the SEC, the
Commodity Futures Trading Commission, securities
exchanges on which the Fund's Shares are listed for
trading, state securities commissions and other
governmental and regulatory agencies. Such actions
shall include, but are not limited to, establishment and
maintenance of a compliance program in accordance
with Rule 38a-1 under the 1940 Act, support of each
Fund's Chief Compliance Officer, and systems and
procedures necessary to effectuate the compliance
program.
    (viii) PIMCO shall provide, or cause a third
party to provide, each Fund with administrative
services to shareholders, including: the maintenance
of a shareholder information telephone number; the
provision of certain statistical information and
performance of the Fund; an internet website (if
requested); and maintenance of privacy protection
systems and procedures. Notwithstanding the
foregoing, PIMCO may procure or delegate provision
of these services to third parties.

         (b) Other Services. PIMCO shall also procure on
behalf of each Fund, and at the expense of PIMCO, the
following persons to provide services to the Fund: (i) a custodian
or custodians for the Fund to provide for the safekeeping of the
Fund's assets; (ii) a recordkeeping agent to maintain the
portfolio accounting records for the Fund; (iii) a transfer agent
for the Fund; and (iv) a dividend disbursing agent or registrar for
the Fund.  Each Fund and/or PIMCO may be a party to any
agreement with any of the persons referred to in this
Section 4(b).

         (c) Personnel. PIMCO shall also make its officers and
employees available to the Board of Trustees/Directors and
officers of each Fund for consultation and discussions regarding
the supervision and administration of the Fund and services
provided to the Fund under this Agreement.

         (d) Standards; Reports. In performing these
supervisory and administrative services, PIMCO:
    (i) shall conform with the 1940 Act, with all
other applicable federal, state and foreign laws and
regulations, with all applicable rules and regulations
of securities exchanges on which a Fund's shares are
listed for trading, with any applicable procedures
adopted by each Fund's Board of Trustees/Directors,
and, to the extent then currently applicable, with the
provisions of the Fund's Registration Statement filed
on Form N-2 as supplemented or amended from time
to time.
    (ii) will make available to each Fund, promptly
upon request, any of the Fund's books and records as
are maintained under this Agreement, and will furnish
to regulatory authorities having the requisite authority
any such books and records and any information or
reports in connection with PIMCO's services under
this Agreement that may be requested in order to
ascertain whether the operations of the Fund are being
conducted in a manner consistent with applicable
laws and regulations.
    (iii) will regularly report to each Fund's Board
of Trustees/Directors on the supervisory and
administrative services provided under this
Agreement and will furnish the Fund's Board of
Trustees/Directors with respect to the Fund such
periodic and special reports as the Trustees/Directors
or officers of the Fund may reasonably request.

    5. Calculation of Fees. Each Fund will pay to PIMCO as
compensation for PIMCO's services rendered, for the facilities
furnished and for the expenses borne by PIMCO pursuant to
Section 6, a fee, computed and paid monthly, at the annual rate
for each Fund set forth in Schedule A.

    The average daily total managed assets or average daily net
assets, as applicable, of a Fund shall be determined by taking an
average of all the determinations of such amount during such
month at the close of business on each business day during such
month while this Agreement is in effect. Such fee shall be
payable for each month within 5 business days after the end of
such month.  If the fees payable to PIMCO pursuant to this
Section 5 with respect to a Fund begin to accrue before the end
of any month or if this Agreement terminates before the end of
any month, the fees payable by the Fund for the period from that
date to the end of that month or from the beginning of that month
to the date of termination, as the case may be, shall be pro-rated
according to the proportion which the period bears to the full
month in which the effectiveness or termination occurs.  For
purposes of calculating "total managed assets" or "daily net
assets", the liquidation preference of any preferred shares
outstanding shall not be considered a liability.  By way of
clarification, with respect to any reverse repurchase agreement,
dollar roll or similar transaction, "total managed assets" includes
any proceeds from the sale of an asset of a Fund to a
counterparty in such a transaction, in addition to the value of the
underlying asset as of the relevant measuring date.

    In the event that PIMCO has agreed to a fee waiver or an
expense limitation or reimbursement arrangement with a Fund,
subject to such terms and conditions as PIMCO and the Fund
may set forth in such agreement, the compensation due PIMCO
hereunder shall be reduced, and, if necessary, PIMCO shall bear
expenses with respect to the Fund, to the extent required by such
fee waiver or expense limitation or reimbursement arrangement.

    6. Allocation of Expenses. During the term of this
Agreement, PIMCO will pay all expenses incurred by it in
connection with its obligations under this Agreement with
respect to a Fund, except such expenses as are assumed by the
Fund under this Agreement. In addition, PIMCO shall bear the
following expenses under this Agreement:

         (a) Expenses of all audits by each Fund's independent
public accountants;
         (b) Expenses of each Fund's transfer agent, registrar,
dividend disbursing agent, and recordkeeping agent;
         (c) Expenses of each Fund's custodial services,
including any recordkeeping services provided by the custodian;
         (d) Expenses of obtaining quotations for calculating
the value of each Fund's net assets;
         (e) Expenses of maintaining each Fund's tax records;
         (f) Costs and/or fees, including legal fees, incident to
meetings of each Fund's shareholders, the preparation, printing
and mailings of each Fund's prospectuses, notices and proxy
statements, press releases and reports of the Fund to its
shareholders, the filing of reports with regulatory bodies, the
maintenance of the Fund's existence and qualification to do
business, the expenses of issuing, redeeming, registering and
qualifying for sale, common shares with federal and state
securities authorities, and the expense of qualifying and listing
Shares with any securities exchange or other trading system;
         (g) Each Fund's ordinary legal fees, including the
legal fees that arise in the ordinary course of business for a
Massachusetts business trust or Maryland corporation, as
applicable, registered as a closed-end management investment
company and, as applicable, listed for trading with a securities
exchange or other trading system;
         (h) Costs of printing certificates representing Shares
of each Fund, if any;
         (i) Each Fund's pro rata portion of the fidelity bond
required by Section 17(g) of the 1940 Act, or other insurance
premiums; and

         (j) Association membership dues.
         Each Fund shall bear the following expenses:
         (a) Salaries and other compensation or expenses,
including travel expenses, of any of the Fund's executive officers
and employees, if any, who are not officers, directors,
shareholders, members, partners or employees of PIMCO or its
subsidiaries or affiliates;
         (b) Taxes and governmental fees, if any, levied
against the Fund;
         (c) Brokerage fees and commissions, and other
portfolio transaction expenses incurred by or for the Fund
(including, without limitation, fees and expenses of outside legal
counsel or third-party consultants retained in connection with
reviewing, negotiating and structuring specialized loan and other
investments made by the Fund, subject to specific or general
authorization by the Fund's Board of Trustees/Directors);
         (d) Expenses of the Fund's securities lending (if any),
including any securities lending agent fees, as governed by a
separate securities lending agreement;
         (e) Costs, including interest expenses, of borrowing
money or engaging in other types of leverage financing
including, without limitation, through the use by the Fund of
reverse repurchase agreements, tender option bonds, bank
borrowings and credit facilities;
         (f) Costs, including dividend and/or interest expenses
and other costs (including, without limitation, offering and
related legal costs, fees to brokers, fees to auction agents, fees to
transfer agents, fees to ratings agencies and fees to auditors
associated with satisfying ratings agency requirements for
preferred shares or other securities issued by the Fund and other
related requirements in a Fund's organizational documents)
associated with the Fund's issuance, offering, redemption and
maintenance of preferred shares, commercial paper or other
senior securities for the purpose of incurring leverage;
         (g)  Fees and expenses of any underlying funds or
other pooled vehicles in which the Fund invests;
         (h) Dividend and interest expenses on short positions
taken by the Fund;
         (i) Fees and expenses, including travel expenses, and
fees and expenses of legal counsel retained for their benefit, of
Trustees/Directors who are not officers, employees, partners,
shareholders or members of PIMCO or its subsidiaries or
affiliates;
         (j) Extraordinary expenses, including extraordinary
legal expenses, as may arise, including expenses incurred in
connection with litigation, proceedings, other claims, and the
legal obligations of the Fund to indemnify its Trustees/Directors,
officers, employees, shareholders, distributors, and agents with
respect thereto;
         (k) Organizational and offering expenses of the Fund,
including with respect to Share offerings, such as rights offerings
and shelf offerings, following the Fund's initial offering, and
expenses associated with tender offers and other Share
repurchases and redemptions; and
         (f) Expenses of the Fund which are capitalized in
accordance with generally accepted accounting principles.

       7. Effectiveness and Termination. (a) This Agreement
shall take effect with respect to each Fund as of the close of
business on the date indicated above (and, with respect to any
amendment, or with respect to any additional fund, the date of
the amendment or supplement hereto), and shall remain in effect,
unless sooner terminated as provided herein, for one year from
such date (or, with respect to any additional Fund, for two years
from the date of the supplement), and shall continue thereafter
on an annual basis with respect to such Fund provided that such
continuance is specifically approved at least annually (i) by the
vote of a majority of the outstanding voting securities (as defined
in the 1940 Act) of the Fund or by the Fund's Board of
Trustees/Directors; and (ii) by the vote, cast in person at a
meeting called for such purpose, of a majority of the Fund's
Trustees/Directors who are not parties to this Agreement or
"interested persons" (as defined in the 1940 Act) of any such
party; provided, however, that if the continuance of this
Agreement is submitted to the shareholders of a Fund for their
approval and such shareholders fail to approve such continuance
of this Agreement as provided herein, PIMCO may continue to
serve hereunder with respect to such Fund in a manner consistent
with the 1940 Act. This Agreement may not be materially
amended with respect to a Fund or Funds without a vote of a
majority of the outstanding voting securities (as defined in the
1940 Act) of the pertinent Fund or Funds.  Schedule A may be
amended from time to time to add new Funds without a vote of
the shareholders of any Fund.

         (b) This Agreement may be terminated with respect to
a Fund at any time, without the payment of any penalty, by a
vote of a majority of the outstanding voting securities (as defined
in the 1940 Act) of the Fund or by a vote of a majority of the
Fund's entire Board of Trustees/Directors on 60 days' written
notice to PIMCO, or by PIMCO on 60 days' written notice to the
Fund.  This Agreement shall terminate automatically in the event
of its assignment (as defined in the 1940 Act).

    8. Liability. PIMCO shall give each Fund the benefit of
PIMCO's best judgment and efforts in rendering services under
this Agreement. PIMCO may rely on information reasonably
believed by it to be accurate and reliable. As an inducement for
PIMCO's undertaking to render services under this Agreement,
each Fund agrees that neither PIMCO nor its members, officers,
directors, or employees shall be subject to any liability for, or
any damages, expenses or losses incurred in connection with,
any act or omission or mistake in judgment connected with or
arising out of any services rendered under this Agreement,
except by reason of willful misfeasance, bad faith, or gross
negligence in performance of PIMCO's duties, or by reason of
reckless disregard of PIMCO's obligations and duties under this
Agreement. This provision shall govern only the liability to each
Fund of PIMCO and that of its members, officers, directors, and
employees, and shall in no way govern the liability to the Fund
or PIMCO or provide a defense for any other person including
persons that provide services for the Fund as described in this
Agreement.

    9. Non-Exclusivity. The services of PIMCO to each Fund
under this Agreement are not to be deemed exclusive as to
PIMCO and PIMCO will be free to render similar services to
other investment companies and other clients. Except to the
extent necessary to perform PIMCO's obligations under this
Agreement, nothing herein shall be deemed to limit or restrict
the right of PIMCO, or any affiliate of PIMCO, or any employee
of PIMCO, to engage in any other business or to devote time and
attention to the management or other aspects of any other
business, whether of a similar or dissimilar nature, or to render
services of any kind to any other corporation, firm, individual or
association.

    10. Independent Contractor. PIMCO shall for all purposes
herein be deemed to be an independent contractor and shall,
unless otherwise expressly provided herein or authorized by the
Board of Trustees/Directors of each Fund from time to time,
have no authority to act for or represent the Fund in any way or
otherwise be deemed its agent.

    11. Use of Name. It is understood that the names "Pacific
Investment Management Company LLC" or "PIMCO" or any
derivative thereof or logo associated with those names and other
servicemarks and trademarks owned by PIMCO and its affiliates
are the valuable property of PIMCO and its affiliates, and that
each Fund may use such names (or derivatives or logos) only as
permitted by PIMCO.

    12.  Several Agreement of Each Fund.  This Agreement,
including all covenants, representations, warranties, and
undertakings of any kind shall be construed so as to give effect
to the intention of the parties that this Agreement constitutes a
separate agreement between each Fund and PIMCO.  The parties
acknowledge and agree that the rights and obligations of each
Fund hereunder, including as to any fees payable by the Fund to
PIMCO or liabilities or other obligations of PIMCO to the Fund
or of the Fund to PIMCO, shall be several and independent of
one and other and neither joint nor joint and several with respect
to any other Fund.  Notwithstanding anything to the contrary
contained in this Agreement, each party acknowledges and
agrees that the sole source of payment of the obligations of any
Fund hereunder shall be the assets of such Fund, and that
PIMCO shall have no right of recourse or offset against the
revenues and assets of any other Fund.

    13. Fund Obligation. With respect to those Funds that are
organized as Massachusetts business trusts, a copy of the
Agreement and Declaration of Trust of each Fund that is a
Massachusetts business trust is on file with the Secretary of The
Commonwealth of Massachusetts, and notice is hereby given
that this instrument is executed on behalf of each Fund by an
officer of the Fund as an officer and not individually and that the
obligations imposed on each Fund by this Agreement are not
binding upon any of the Trustees/Directors, officers or
shareholders individually but are binding only upon the assets
and property of the Fund.

    14. Counterparts. This Agreement may be executed in one
or more counterparts, each of which shall be deemed to be an
original.

    15. Miscellaneous. This Agreement shall be governed by
the laws of the State of California, provided that nothing herein
shall be construed in a manner inconsistent with the 1940 Act,
the Investment Advisers Act of 1940, or any rule or order of the
SEC thereunder, or the Commodity Exchange Act, or any rule or
order of the Commodity Futures Trading Commission
thereunder.
         (a) If any provision of this Agreement shall be held or
made invalid by a court decision, statute, rule or otherwise, the
remainder of this Agreement shall not be affected thereby and, to
this extent, the provisions of this Agreement shall be deemed to
be severable. To the extent that any provision of this Agreement
shall be held or made invalid by a court decision, statute, rule or
otherwise with regard to any party, hereunder, such provisions
with respect to other parties hereto shall not be affected thereby.
         (b) The captions in this Agreement are included for
convenience only and in no way define any of the provisions
hereof or otherwise affect their construction or effect.

(Remainder of page left intentionally blank.)


	IN WITNESS WHEREOF, each of the parties has
caused this instrument to be executed in its name and behalf by
its duly authorized representative under seal as of the date first
written above.

PACIFIC INVESTMENT MANAGEMENT COMPANY LLC

By: _______________________________
Title:

Each Fund Listed on Schedule A hereto
(with respect to each Fund, severally and
neither jointly nor jointly and severally with
any other Fund)

By: _______________________________
Title: President & Chief Executive Officer



<PAGE>

<TABLE>
SCHEDULE A
(as of September 5, 2014)
<CAPTION>

			State of
			Organization/
Fund			Incorporation 		Fee
--------------------	----------------------	-------------------------------------
<S>			<C>			<C>
PCM Fund, Inc.		Maryland corporation	0.900% of total managed assets.
						Total managed assets includes total
						assets of the Fund (including
						assets attributable to any reverse
						repurchase agreements, borrowings
						and preferred shares that may be
						outstanding) minus accrued liabilities
						(other than liabilities representing
						reverse repurchase agreements and
						borrowings).

PIMCO 			Massachusetts business 	0.705% of average daily net asset
California 		trust			value of the Fund (including daily
Municipal 					net assets attributable to any
Income Fund					preferred shares of the Fund that may
						be outstanding).

PIMCO 			Massachusetts business 	0.705% of average daily net asset
California 		trust			value of the Fund (including daily
Municipal 					net assets attributable to any
Income Fund II					preferred shares of the Fund that may
						be outstanding).

PIMCO 			Massachusetts business 	0.715% of average daily net asset
California 		trust			value of the Fund (including daily
Municipal 					net assets attributable to any
Income Fund III					preferred shares of the Fund that may
						be outstanding).

PIMCO 			Massachusetts business 	0.810% of average daily net asset
Corporate & 		trust			value of the Fund (including daily
Income Strategy 				net assets attributable to any
Fund						preferred shares of the Fund that may
						be outstanding).

PIMCO 			Massachusetts business 	0.650% of average daily net asset
Corporate & 		trust			value of the Fund (including daily
Income 						net assets attributable to any
Opportunity 					preferred shares of the Fund that may
Fund						be outstanding).

PIMCO 			Massachusetts business	1.150% of total managed assets.
Dynamic 		trust			Total managed assets includes total
Income Fund					assets of the Fund (including
						assets attributable to any reverse
						repurchase agreements, dollar rolls,
						borrowings and preferred shares
						that may be outstanding) minus
						accrued liabilities (other than
						liabilities representing reverse
						repurchase agreements, dollar rolls
						and borrowings).

PIMCO			Massachusetts business	1.150% of total managed assets.
Dynamic Credit		trust			Total managed assets includes total
Income Fund					assets of the Fund (including
						assets attributable to any reverse
						repurchase agreements, dollar rolls,
						borrowings and preferred shares
						that may be outstanding) minus
						accrued liabilities (other than
						liabilities representing reverse
						repurchase agreements, dollar rolls
						and borrowings).

PIMCO Global		Massachusetts business	1.105% of total managed assets.
StocksPLUS &		trust			Total managed assets includes total
Income Fund					assets of the Fund (including
						assets attributable to any preferred
						shares and borrowings that may be
						outstanding) minus accrued
						liabilities (other than liabilities
						representing borrowings).

PIMCO High		Massachusetts business 	0.760% of average daily net asset
Income Fund		trust			value of the Fundc (including daily
						net assets attributable to any
						preferred shares of the Fund that
						may be outstanding).

PIMCO Income		Massachusetts business 	1.055% of total managed assets.
Opportunity		trust			Total managed assets includes total
Fund						assets of the Fund (including
						assets attributable to any reverse
						repurchase agreements, borrowings
						and preferred shares that may be
						outstanding) minus accrued
						liabilities (other than liabilities
						representing reverse repurchase
						agreements and borrowings).

PIMCO			Massachusetts business 	0.705% of average daily net asset
Municipal 		trust			value of the Fund (including daily
Income Fund					net assets attributable to any
						preferred shares of the Fund that may
						be outstanding).

PIMCO			Massachusetts business	0.685% of average daily net asset
Municipal		trust			value of the Fund (including daily
Income Fund II					net assets attributable to any
						preferred shares of the Fund that may
						be outstanding).

PIMCO			Massachusetts business	0.705% of average daily net asset
Municipal		trust			value of the Fund (including daily
Income Fund III					net assets attributable to any
						preferred shares of the Fund that may
						be outstanding).

PIMCO New York		Massachusetts business	0.770% of average daily net asset
Municipal		trust			value of the Fund (including daily
Income Fund					net assets attributable to any
						preferred shares of the Fund that may
						be outstanding).

PIMCO New York 		Massachusetts business	0.735% of average daily net asset
Municipal		trust			value of the Fund (including daily
Income Fund II					net assets attributable to any
						preferred shares of the Fund that may
						be outstanding).

PIMCO New York		Massachusetts business	0.860% of average daily net asset
Municipal		trust			value of the Fund (including daily
Income Fund III					net assets attributable to any
						preferred shares of the Fund that may
						be outstanding).

PIMCO			Maryland corporation	0.955% of average daily net asset
Strategic Income 				value of the Fund (including daily net
Fund, Inc.					assets attributable to any preferred
						shares of the Fund that may be
						outstanding).

</TABLE>















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