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<SEC-DOCUMENT>0000950123-10-013495.txt : 20100217
<SEC-HEADER>0000950123-10-013495.hdr.sgml : 20100217
<ACCEPTANCE-DATETIME>20100216211815
ACCESSION NUMBER:		0000950123-10-013495
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20100414
FILED AS OF DATE:		20100217
DATE AS OF CHANGE:		20100216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PCM FUND, INC.
		CENTRAL INDEX KEY:			0000908187
		IRS NUMBER:				521834031
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07816
		FILM NUMBER:		10611023

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		212 -739-3000

	MAIL ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO COMMERCIAL MORTGAGE SECURITIES TRUST INC
		DATE OF NAME CHANGE:	19930624

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO CORPORATE INCOME FUND
		CENTRAL INDEX KEY:			0001160990
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10555
		FILM NUMBER:		10611026

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVE OF THE AMERICAS
		STREET 2:		47TH FL.
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		6179517018

	MAIL ADDRESS:	
		STREET 1:		1345 AVE OF THE AMERICAS
		STREET 2:		47TH FL.
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO CORPORATE OPPORTUNITY FUND
		CENTRAL INDEX KEY:			0001190935
		IRS NUMBER:				466121513

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21238
		FILM NUMBER:		10611025

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		2127393371

	MAIL ADDRESS:	
		STREET 1:		C/O PIMCO ADVISORS ASSET MANAGEMENT
		STREET 2:		1345 AVE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO CORPORATE ADVANTAGE FUND
		DATE OF NAME CHANGE:	20020919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Income Opportunity Fund
		CENTRAL INDEX KEY:			0001412350
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22121
		FILM NUMBER:		10611024

	BUSINESS ADDRESS:	
		STREET 1:		C/O ROPES & GRAY LLP
		STREET 2:		ONE INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-951-7046

	MAIL ADDRESS:	
		STREET 1:		C/O ROPES & GRAY LLP
		STREET 2:		ONE INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>y03036pre14a.htm
<DESCRIPTION>PRE 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>pre14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE 14A</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(Rule&nbsp;14a-101)</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN PROXY STATEMENT<BR>
SCHEDULE 14A INFORMATION</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Proxy Statement Pursuant to Section 14(a) of the<BR>
Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT face="Wingdings">&#254;</FONT><BR>
Filed by a Party other than the Registrant <FONT face="Wingdings">&#111;</FONT>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#254;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preliminary Proxy Statement
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soliciting Material Under Rule&nbsp;14a-12</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Confidential, For Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitive Joint Proxy Statement</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitive Additional Materials</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PCM FUND, INC.<BR>
PIMCO CORPORATE INCOME FUND<BR>
PIMCO CORPORATE OPPORTUNITY FUND<BR>
PIMCO INCOME OPPORTUNITY FUND</B>
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Name of Registrant as Specified in its Charter)</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#254;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No fee required.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and 0-11.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title of each class of securities to which transaction applies:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Aggregate number of securities to which transaction applies:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proposed maximum aggregate value of transaction:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Total fee paid:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fee paid previously with preliminary materials:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amount previously paid:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form, Schedule or Registration Statement No.:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filing Party:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date Filed:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">NOTICE OF JOINT ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON APRIL 14, 2010
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">c/o Allianz Global Investors Fund Management LLC<BR>
1345 Avenue of the Americas<BR>
New York, New York 10105
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Shareholders of PCM Fund, Inc. (&#147;PCM&#148;), PIMCO Corporate Income Fund (&#147;PCN&#148;), PIMCO
Corporate Opportunity Fund (&#147;PTY&#148;), and PIMCO Income Opportunity Fund (&#147;PKO&#148;) (each a &#147;Fund&#148; and,
collectively, the &#147;Funds&#148;):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice is hereby given that a Joint Annual Meeting of Shareholders (the &#147;Meeting&#148;) of the
Funds will be held at the offices of Allianz Global Investors Fund Management LLC (&#147;AGIFM&#148; or the
&#147;Manager&#148;), at 1345 Avenue of the Americas, between West 54<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> and West 55<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
Streets, 49th Floor, New York, New York 10105, on Wednesday, April&nbsp;14, 2010 at 10:30&nbsp;A.M., Eastern
Time, for PCN, PTY and PKO and at 11:30&nbsp;A.M. for PCM, for the following purposes, all of which are
more fully described in the accompanying Proxy Statement dated February&nbsp;26, 2010:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To consider whether to liquidate PCM;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect Trustees/Directors of the Funds, each to hold office for the term
indicated and until his or her successor shall have been elected and qualified; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To transact such other business as may properly come before the Meeting or any
adjournments or postponements thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Trustees/Directors of each Fund has fixed the close of business on February&nbsp;18,
2010 as the record date for the determination of shareholders entitled to notice of, and to vote
at, the Meeting or any adjournment or postponement thereof. The enclosed proxy is being solicited
on behalf of the Board of Trustees/Directors of each Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As required by the PCM&#146;s prospectus dated August&nbsp;27, 1993, you are being asked to consider a
proposal to liquidate the Fund and pay the net proceeds of that liquidation to shareholders. The
Directors unanimously recommend that you vote <U>AGAINST</U> this liquidation proposal. In 1993,
the year that PCM began its investment operations, in light of the uncertainty as to how the Fund
would perform, and the tendency of closed-end funds frequently to trade at a discount to their net
asset value (&#147;NAV&#148;), the Board thought it necessary to undertake to submit a liquidation proposal
in 2004 (and if not approved, again in the years 2007 and 2010) in order to assure potential
investors in the Fund&#146;s initial public offering that they could eventually liquidate their shares
at NAV if the Fund was not successful in meeting its investment objective. Under Maryland law and
the Fund&#146;s Articles of Incorporation, approval of the proposal to liquidate requires the
affirmative vote of two-thirds of the Fund&#146;s shares outstanding and entitled to vote on the matter.
The terms of the proposed Plan of Liquidation are discussed in Proposal 1 of the Proxy Statement.
If the liquidation proposal is not approved this year, then a similar proposal would only be
presented at the discretion of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After careful consideration, the Board of Directors of PCM recommends a vote &#147;AGAINST&#148;
Proposal 1 and the Board of Trustees/Directors of each Fund recommends a vote &#147;FOR&#148; Proposal 2. The
matters referred to above are discussed in detail in the proxy statement attached to this notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">By order of the Board of Trustees/Directors<BR>
of each Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%"><IMG src="y03036y0303601.gif" alt="(-s- Thomas J. Fuccillo)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Thomas J. Fuccillo<BR>
Secretary

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">New York, New York
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;26, 2010
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>It is important that your shares be represented at the Meeting in person or by proxy, no
matter how many shares you own. If you do not expect to attend the Meeting, please complete, date,
sign and return the applicable enclosed proxy or proxies in the accompanying envelope, which
requires no postage if mailed in the United States. Please mark and mail your proxy or proxies
promptly in order to save the Funds any additional costs of further proxy solicitations and in
order for the Meeting to be held as scheduled.</B>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PCM FUND, INC. (&#147;PCM&#148;)<BR>
PIMCO CORPORATE INCOME FUND (&#147;PCN&#148;)<BR>
PIMCO CORPORATE OPPORTUNITY FUND (&#147;PTY&#148;)<BR>
PIMCO INCOME OPPORTUNITY FUND (&#147;PKO&#148;)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">c/o Allianz Global Investors Fund Management LLC<BR>
1345 Avenue of the Americas<BR>
New York, New York 10105
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE<BR>
JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON APRIL 14, 2010</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2010 Proxy Statement and the Annual Reports to Shareholders for the fiscal year ended
October&nbsp;31, 2009 for PIMCO Corporate Income Fund and PIMCO Income Opportunity Fund, and for the
fiscal years ended November&nbsp;30, 2009 and December&nbsp;31, 2009 for PIMCO Corporate Opportunity Fund and
PCM Fund, Inc., respectively, are also available at www.allianzinvestors.com.
</DIV>


<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>




<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROXY STATEMENT</B>
</DIV>

<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON APRIL 14, 2010
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INTRODUCTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement is furnished in connection with the solicitation by the Board of
Trustees/Directors (the &#147;Board&#148;) of PCM Fund, Inc. (&#147;PCM&#148;), PIMCO Corporate Income Fund (&#147;PCN&#148;),
PIMCO Corporate Opportunity Fund (&#147;PTY&#148;) and PIMCO Income Opportunity Fund (&#147;PKO&#148;) (each a &#147;Fund&#148;
and, collectively, the &#147;Funds&#148;) of proxies to be voted at the Joint Annual Meeting of Shareholders
of the Funds and any adjournment or postponement thereof (the &#147;Meeting&#148;). The Meeting will be held
at the offices of Allianz Global Investors Fund Management LLC (&#147;AGIFM&#148; or the &#147;Manager&#148;), at 1345
Avenue of the Americas, between West 54<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> and West 55<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Streets,
49<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, New York, New York 10105, on Wednesday, April&nbsp;14, 2010 at 10:30 A.M for PCN,
PTY and PKO and at 11:30&nbsp;A.M. for PCM, Eastern Time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notice of Joint Annual Meeting of Shareholders (the &#147;Notice&#148;), this Proxy Statement and
the enclosed proxy cards are first being sent to Shareholders on or about February&nbsp;26, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Meeting is scheduled as a joint meeting of the holders of common shares (the &#147;Common
Shareholders&#148;) of each Fund and preferred shares (the &#147;Preferred Shareholders&#148; and, together with
the Common Shareholders, the &#147;Shareholders&#148;) of PCN and PTY. The Shareholders of the Funds are
expected to consider and vote on similar matters and shareholders of PCM are expected to consider
and vote on an additional matter. Shareholders of PCM will vote on the first proposal set forth
herein (&#147;Proposal 1&#148;) and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shareholders of each Fund will vote on the second proposal set forth herein (&#147;Proposal 2&#148;, and
together with Proposal 1, the, &#147;Proposals&#148;) and on any other matters that may arise for that Fund.
An unfavorable vote on any one of the Proposals by the Shareholders of one Fund will not affect the
implementation of the Proposal by another Fund if the Proposal is approved by the Shareholders of
such other Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of each Fund has fixed the close of business on February&nbsp;18, 2010 as the record date
(the &#147;Record Date&#148;) for the determination of Shareholders of the Fund entitled to notice of, and to
vote at, the Meeting, and any adjournment or postponement thereof. Shareholders of each Fund on
the Record Date will be entitled to one vote per share on each matter to which they are entitled to
vote and that is to be voted on by Shareholders of the Fund, and a fractional vote with respect to
fractional shares, with no cumulative voting rights in the election of Trustees/Directors. The
following table sets forth the number of shares of common stock (&#147;Common Shares&#148;) and shares of
preferred stock (&#147;Preferred Shares&#148; and, together with the Common Shares, the &#147;Shares&#148;) issued and
outstanding for each Fund at the close of business on the Record Date:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Outstanding</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Common Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Preferred Shares</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PCM
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PCN
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PTY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PKO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#091;&nbsp;&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The classes of Shares listed for each Fund in the table above are the only classes of Shares
currently authorized by that Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With regard to Proposal 1, at the Meeting, Common Shareholders of PCM voting as a single
class, will have the opportunity to vote on whether to liquidate PCM. The Directors unanimously
recommend that shareholders vote &#147;AGAINST&#148; Proposal 1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With regard to Proposal 2, at the Meeting, Preferred Shareholders of PCN and PTY will have
equal voting rights (<I>i.e.</I>, one vote per Share) with such Fund&#146;s Common Shareholders and, except as
discussed below, will vote together with Common Shareholders as a single class on all proposals to
be brought before the Meeting. In addition, pursuant to the Investment Company Act of 1940, as
amended (the &#147;1940 Act&#148;), Preferred Shareholders, voting as a separate class, have the right to
elect at least two trustees (the &#147;Preferred Shares Trustees&#148;) at all times. As summarized in the
table below, (i)&nbsp;the Common Shareholders of PCM voting as a single class, have the right to vote on
the re-election of William B. Ogden, IV and the election of James A. Jacobson as Directors of PCM;
(ii)&nbsp;the Common and Preferred Shareholders of PCN, voting together as a single class, have the
right to re-elect Paul Belica as a Trustee of PCN; (iii)&nbsp;the Preferred Shareholders of PCN, voting
as a separate class, have the right to elect James A. Jacobson as a Preferred Shares Trustee of
PCN; (iv)&nbsp;the Common and Preferred Shareholders of PTY voting together as a single class, have the
right to re-elect Hans W. Kertess and William B. Ogden, IV as Trustees of PTY; (v)&nbsp;the Preferred
Shareholders of PTY, voting as a separate class, have the right to vote on the re-election of
Robert E. Connor and the election of James A. Jacobson as Preferred Shares Trustees of PTY; (vi)
the Common Shareholders of PKO voting as a single class, have the right to vote on the re-election
of Paul Belica and John C. Maney and the election of James A. Jacobson as Trustees of PKO.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Summary</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Proposal 2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Common Shareholders</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Preferred Shareholders</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><U>Election
of Trustees</U></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PCM</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Independent Directors/Nominees</B>*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Election of James A. Jacobson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="font-family: Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re-election of William B. Ogden, IV
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="font-family: Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PCN</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Independent Trustees/Nominees</B>*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re-election of Paul Belica
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="font-family: Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="font-family: Wingdings">&#252;</FONT></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Election of James A. Jacobson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="font-family: Wingdings">&#252;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PTY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Independent Trustees/Nominees</B>*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re-election of Robert E. Connor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="font-family: Wingdings">&#252;</FONT></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Election of James A. Jacobson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="font-family: Wingdings">&#252;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re-election of Hans W. Kertess
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="font-family: Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="font-family: Wingdings">&#252;</FONT></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re-election of William B. Ogden, IV
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="font-family: Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="font-family: Wingdings">&#252;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PKO</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Independent Directors/Nominees</B>*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re-election of Paul Belica
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="font-family: Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Election of James A. Jacobson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="font-family: Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Interested Trustee</B><SUP style="font-size: 85%; vertical-align: text-top">&#134;</SUP><B>/Nominee</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re-election of John C. Maney
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><FONT style="font-family: Wingdings">&#252;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>&#147;Independent Trustees/Directors&#148; or &#147;Independent Nominees&#148; are those Trustees/Directors or
nominees who are not &#147;interested persons,&#148; as defined in
the 1940 Act, of each Fund.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">&#134;</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Maney is an &#147;interested person&#148; of the Fund due to his affiliation with
Allianz Global Investors of America L.P. In addition to Mr.&nbsp;Maney&#146;s positions set forth in the
table above, he holds the following positions with affiliated persons: Management Board, Managing
Director and Chief Operating Officer of Allianz Global Investors of America L.P. and Allianz Global
Investors of America LLC; Member &#151; Board of Directors and Chief Operating Officer of Allianz Global
Investors of</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>America Holdings Inc. and Oppenheimer Group, Inc.; Managing Director and Chief Operating Officer of
Allianz Global Investors NY Holdings LLC; Management Board and Managing Director of Allianz Global
Investors U.S. Holding LLC; Managing Director and Chief Operating Officer of Allianz Hedge Fund
Partners Holding L.P. and Allianz Global Investors U.S. Retail LLC; Member &#151; Board of Directors
and Managing Director of Allianz Global Investors Advertising Agency Inc.; Compensation Committee
of NFJ Investment Group LLC; Management Board of Allianz Global Investors Management Partners LLC
and Nicholas-Applegate Holdings LLC; Member &#151; Board of Directors and Chief Operating Officer of
PIMCO Global Advisors (Resources) Limited; Executive Vice President of PIMCO Japan Ltd ; Chief
Operating Officer of Allianz Global Investors U.S. Holding II LLC; and Member and Chairman &#151; Board
of Directors, President and Chief Operating Officer of PFP Holdings, Inc.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may vote by mailing the enclosed proxy card. Shares represented by duly executed and
timely delivered proxies will be voted as instructed on the proxy. If you mail the enclosed proxy
and no choice is indicated for the Proposals listed in the attached Notice, your proxy will be
voted in favor of the election of all nominees and, in the case of Proposal 1 for PCM, against the
liquidation of PCM. At any time before it has been voted, your proxy may be revoked in one of the
following ways: (i)&nbsp;by delivering a signed, written letter of revocation to the Secretary of the
appropriate Fund at 1345 Avenue of the Americas, New York, NY 10105, (ii)&nbsp;by properly executing and
delivering a later-dated proxy, or (iii)&nbsp;by attending the Meeting, requesting return of any
previously delivered proxy and voting in person. If any proposal, other than the Proposals set
forth herein, properly comes before the Meeting, including any adjournment thereof, the persons
named as proxies will vote in their sole discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal executive offices of the Funds are located at 1345 Avenue of the Americas, New
York, New York 10105. AGIFM serves as the investment manager of each Fund and retains its
affiliate, Pacific Investment Management Company LLC (&#147;PIMCO&#148; or the &#147;Sub-Adviser&#148;), to serve as
each Fund&#146;s sub-adviser. Additional information regarding the Manager and PIMCO may be found under
&#147;Additional Information &#151; Investment Manager and Sub-Adviser&#148; below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The solicitation will be by mail primarily and the cost of soliciting proxies for a Fund will
be borne by that Fund. Certain officers of the Funds and certain officers and employees of the
Manager or its affiliates (none of whom will receive additional compensation therefore) may solicit
proxies by telephone, mail, e-mail and personal interviews. Any out-of pocket expenses incurred in
connection with the solicitation will be borne by each of the Funds based on each Fund&#146;s relative
net assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of February&nbsp;18, 2010, the Trustees<B>/</B>Directors and nominees and the officers of each Fund as
a group and individually beneficially owned less than one percent (1%) of each Fund&#146;s outstanding
Shares and, to the knowledge of the Funds, the following entities beneficially owned more than five
percent (5%) of the outstanding Common or Preferred Shares of a Fund as indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Percentage of Ownership of Class</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Citigroup Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">53.2% of Preferred Shares</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bank of America Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.3% of Preferred Shares</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UBS AG
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.78% of Preferred Shares</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UBS AG
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PTY
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22.01% of Preferred Shares</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bank of America Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PTY
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">37.1% of Preferred Shares</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sit Investment Associates, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCM
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.40% of Common Shares</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Keller Group Investment Management, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCM
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.88% of Common Shares</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROPOSAL 1: WHETHER TO LIQUIDATE PCM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As stated in the prospectus used to offer Common Shares of PCM in its initial public offering,
dated August&nbsp;27, 1993, PCM&#146;s Board of Directors undertook to submit to shareholders at the annual
meeting of shareholders in the year 2010 a proposal to provide for the orderly liquidation of the
Fund and the payment of the net proceeds of liquidation to shareholders. Under the terms of the
Fund&#146;s Articles of Incorporation, approval of such a proposal requires the affirmative vote of
two-thirds
(66<SUP style="font-size: 70%; vertical-align: text-top">2</SUP>/<FONT style="font-size: 60%">3</FONT>%) of the Fund&#146;s shares outstanding and entitled to vote on the
matter. In accordance with the above-noted undertaking, a similar proposal was made to the Fund&#146;s
shareholders at the Fund&#146;s annual meetings in 2004 and 2007, and in both cases shareholders voted
against liquidation at the recommendation of the Board. The undertaking requires that a
liquidation proposal be submitted again at the Meeting in 2010. If the Proposal is not approved,
the Board of Directors will not be required to submit a similar proposal thereafter, but may do so
in its discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Directors unanimously recommend that shareholders vote <U><B>AGAINST</B></U> this proposal for
the reasons noted below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1993, the year that the Fund began its investment operations, in light of the uncertainty
as to how the Fund would perform, and the tendency of closed-end funds frequently to trade at a
discount to their net asset value (&#147;NAV&#148;), the Board thought it necessary to undertake to submit a
liquidation proposal in 2004, again in 2007 and again in 2010 in order to assure potential
investors in the Fund&#146;s initial public offering that they could eventually liquidate their shares
at NAV if the Fund was not successful in meeting its investment objective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the Fund has, however, been generally successful in meeting its investment
objective. Although past performance neither guarantees nor predicts future performance, as
indicated in the table below, the Fund&#146;s NAV total return performance significantly outperformed
the Fund&#146;s benchmark for the one year period ended December&nbsp;31, 2009. The Fund&#146;s NAV total return
slightly underperformed its benchmark for the five and ten year periods and underperformed its
benchmark for the three year period ended December&nbsp;31, 2009. Since March&nbsp;2007, the Fund has also
maintained its targeted common share dividend and has paid out special year-end cash distributions
in 2008 and 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following chart shows performance of the Fund for periods ended December&nbsp;31, 2009:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1 Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>3 Years*</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>5 Years*</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>10 Years*</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net Asset Value (NAV)&nbsp;Performance of Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">57.78</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-1.41</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.85</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.68</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Market Value Performance of Fund (NYSE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&#093;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&#093;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&#093;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&#093;</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Barclay&#146;s CMBS Investment Grade Index</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">28.45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.53</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.82</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.01</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Annualized</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The performance data quoted represents past performance. Past performance is no guarantee
of future results. The performance above represents the total return performance of the Fund as
compared to the Barclay&#146;s CMBS Investment Grade Index, an unmanaged market index considered to be
representative of the bond market. It is not possible to invest directly in this index.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s common shares have traded at an average premium of 1.202% to their NAV &#091;for the
three years ended December&nbsp;31, 2009&#093;. As of December&nbsp;31, 2009, the Fund&#146;s common shares traded at a
2.972% premium to their NAV. As of &#091;recent date closer to the date of the proxy statement&#093;, the
Fund&#146;s Common Shares traded at a &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;% &#091;premium&#093;&#091;discount&#093; to their NAV. However, there can be no
guarantee that the Fund will continue to trade at a premium to its NAV. The chart below shows
graphically the Fund&#146;s NAV and market share price from its inception on September&nbsp;2, 1993 to
December&nbsp;31, 2009.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Fund NAV vs. Share Price<BR>
September&nbsp;2, 1993-December&nbsp;31, 2009
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y03036y0303602.gif" alt="(LINE GRAPH)">
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidation is an extraordinary action that would eliminate the vehicle chosen by current
shareholders for long-term investment. It could result in shareholders receiving less than the
market value of their shares, if the Fund continues to trade at a premium to its NAV. Liquidation
would also cause the Fund to incur transaction costs associate with liquidating its portfolio as
well as legal and other costs. Liquidation could also subject shareholders to applicable Federal,
state and local income taxes on the difference between the proceeds of liquidation and their tax
bases in shares of the Fund just as if they had voluntarily sold their shares. Finally,
liquidation &#091;would cause&#093; the Fund to lose the potential benefits of capital loss carryforwards
that otherwise could help the Fund reduce any future capital gains distributions that would be
taxable to shareholders. In light of these factors, and the Fund&#146;s long-term performance, the Board
recommends that shareholders vote <B>AGAINST </B>this proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To assist shareholders in their consideration of this matter, attached as Exhibit&nbsp;A is a form
of a Plan of Liquidation for the Fund which sets forth the process by which liquidation would be
effected if the Proposal is approved. In the event that shareholders vote in favor of this
Proposal, the Board could make such non-material amendments to the Plan as it deems necessary in
its sole discretion. Although the Board strongly recommends that shareholders vote <B>AGAINST </B>this
proposal, for the reasons stated above, the Board believes that providing this Plan is necessary to
enable shareholders to make an informed decision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Plan, the Fund would cease its operations as an investment company. The Fund would
conduct no business other than winding up its affairs, and would liquidate all of its assets and
convert them to cash or cash equivalents on an orderly basis. After paying or making provision to
pay the Fund&#146;s
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">liabilities, the Fund would distribute pro rata all of the remaining assets of the
Fund to each shareholder of record, and cancel all outstanding shares of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE BOARD OF DIRECTORS, INCLUDING THE DISINTERESTED DIRECTORS RECOMMENDS THAT SHAREHOLDERS
VOTE &#147;AGAINST&#148; LIQUIDATING THE FUND UNDER PROPOSAL I.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROPOSAL 2: ELECTION OF TRUSTEES/DIRECTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with each of PCN&#146;s, PTY&#146;s and PKO&#146;s Amended and Restated Agreement and
Declaration of Trust (each a &#147;Declaration&#148;) and PCM&#146;s Articles of Incorporation, as amended (the
&#147;Articles&#148;), the Trustees/Directors have been divided into the following three classes (each a
&#147;Class&#148;): Class&nbsp;I, Class&nbsp;II and Class&nbsp;III. In December&nbsp;2009, the Board of Trustees/Directors of
each Fund appointed James A. Jacobson to serve as a Preferred Shares Trustee of PCN and PTY to fill
a Class&nbsp;II vacancy and to serve as a Common Shares Trustee for PKO and PCM to fill a Class&nbsp;II and a
Class&nbsp;I vacancy, respectively, resulting from the resignation of Diana L. Taylor, who formerly
served as a Trustee/Director of each Fund. Accordingly, the Nominating Committee has recommended
James A. Jacobson for election by the Preferred Shareholders of PCN and PTY, voting as a
separate class, as Preferred Shares Trustee of those Funds, and has recommended James A. Jacobson
for election by the Common Shareholders of PKO and PCM as Trustee/Director of those Funds. The
Nominating Committee has recommended the other nominees listed herein for re-election by the
Shareholders as Trustees/Directors to the Funds, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to PCM, the term of office of the Class&nbsp;I Directors will expire at the Meeting;
the term of office of the Class&nbsp;II Directors will expire at the 2011 annual meeting of
shareholders; and the term of office of the Class&nbsp;III Directors will expire at the 2012 annual
meeting of shareholders. Currently, William B. Ogden, IV is the Class&nbsp;I Director on the Board. The
Nominating Committee has recommended to the Board that Mr.&nbsp;Ogden be nominated for re-election and
Mr.&nbsp;Jacobson be nominated for election by Common Shareholders, voting as a single class, as Class&nbsp;I
Directors at the Meeting. Consistent with the Fund&#146;s Articles, if elected, the nominees shall hold
office for terms coinciding with the Classes of Directors to which they have been designated.
Therefore, if elected at the Meeting, Messrs.&nbsp;Ogden and Jacobson will serve a term consistent with
the Class&nbsp;I Directors, which will expire at the Fund&#146;s 2013 annual meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to PCN, the term of office of the Class&nbsp;II Trustees will expire at the Meeting;
the term of office of the Class&nbsp;III Trustees will expire at the 2011 annual meeting of
shareholders; and the term of office of the Class&nbsp;I Trustees will expire at the 2012 annual meeting
of shareholders. Currently, Paul Belica is the Class&nbsp;II Trustee on the Board. The Nominating
Committee has recommended to the Board that Mr.&nbsp;Belica be nominated for re-election by
Shareholders, voting as a single class, as a Class&nbsp;II Trustee and Mr.&nbsp;Jacobson be nominated for
election by the Preferred Shareholders, voting as a separate class, as a Class&nbsp;II Preferred Shares
Trustee at the Meeting. Consistent with the Fund&#146;s Declaration, if elected, the nominees shall
hold office for terms coinciding with the Classes of Trustees to which they have been designated.
Therefore, if elected at the Meeting, Messrs.&nbsp;Belica and Jacobson will serve a term consistent with
the Class&nbsp;II Trustees, which will expire at the Fund&#146;s 2013 annual meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to PTY, the term of office of the Class&nbsp;I Trustees will expire at the Meeting;
the term of office of the Class&nbsp;II Trustees will expire at the 2011 annual meeting of shareholders;
and the term of office of the Class&nbsp;III Trustees will expire at the 2012 annual meeting of
shareholders. Currently, Robert E. Connor,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hans W. Kertess and William B. Ogden, IV are the Class&nbsp;I
Trustees on the Board. The Nominating Committee has recommended to the Board that Messrs.&nbsp;Kertess
and Ogden be nominated for re-election by Shareholders, voting as a single class, as Class&nbsp;I
Trustees and that Messrs.&nbsp;Connor and Jacobson be nominated for re-election and election,
respectively, by the Preferred Shareholders, voting as a separate class, as a Class&nbsp;I and Class&nbsp;II
Trustee, respectively, at the Meeting. Consistent with the Fund&#146;s Declaration, if elected, the
nominees shall hold office for terms coinciding with the Classes of Trustees to which they have
been designated. Therefore, if elected at the Meeting, Messrs.&nbsp;Connor, Kertess and Ogden will serve
a term consistent with the Class&nbsp;I Trustees, which will expire at the Fund&#146;s 2013 annual meeting.
If elected at the Meeting, Mr.&nbsp;Jacobson will serve a term consistent with the Class&nbsp;II Trustees,
which will expire at the Fund&#146;s 2011 annual meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to PKO, the term of office of the Class&nbsp;II Trustees will expire at the Meeting;
the term of office of the Class&nbsp;III Trustees will expire at the 2011 annual meeting of
shareholders; and the term of office of the Class&nbsp;I Trustees will expire at the 2012 annual meeting
of shareholders. Currently, Paul Belica, and John C. Maney are the Class&nbsp;II Trustees on the Board.
The Nominating Committee has recommended to the Board that Messrs.&nbsp;Belica and Maney be nominated
for re-election and Mr.&nbsp;Jacobson be nominated for election, by Common Shareholders, voting as a
single class, as Class&nbsp;II Trustees at the Meeting. Consistent with the Fund&#146;s Declaration, if
elected, the nominees shall hold office for terms coinciding with the Classes of Trustees to which
they have been designated. Therefore, if elected at the Meeting, Messrs.&nbsp;Belica, Jacobson and Maney
will serve a term consistent with the Class&nbsp;II Trustees, which will expire at the Fund&#146;s 2013
annual meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All members of each Board of PCN, PTY and PKO are and will remain, if elected, &#147;Continuing
Trustees,&#148; as such term is defined in the Declarations of PCN, PTY and PKO, having either served as
Trustee since the inception of the Funds or having been nominated by at least a majority of the
Continuing Trustees then members of the Boards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any annual meeting of shareholders, any Trustee/Director elected to fill a vacancy
that has arisen since the preceding annual meeting of shareholders (whether or not such vacancy has
been filled by election of a new Trustee/Director by the Board) shall hold office for a term that
coincides with the remaining term of the Class of Trustees/Directors to which such office was
previously assigned, if such vacancy arose other than by an increase in the number of
Trustees/Directors, and until his or her successor shall be elected and shall qualify. In the
event such vacancy arose due to an increase in the number of Trustees/Directors, any
Trustee/Director so elected to fill such vacancy at an annual meeting shall hold office for a term
which coincides with that of the Class of Trustee/Director to which such office has been
apportioned and until his or her successor shall be elected and shall qualify.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the nominees who will stand for election at the Meeting, the
respective Classes of Trustees/Directors to which they have been designated and the expiration of
their respective terms if elected:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Trustee/Director/Nominee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Expiration of Term if Elected</B>*</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PCM</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James A. Jacobson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Class&nbsp;I
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2013 Annual Meeting</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William B. Ogden, IV
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Class&nbsp;I
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2013 Annual Meeting</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Trustee/Director/Nominee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Expiration of Term if Elected</B>*</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PCN</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paul Belica
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Class&nbsp;II
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2013 Annual Meeting</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James A. Jacobson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Class&nbsp;II
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2013 Annual Meeting</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PTY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert E. Connor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Class&nbsp;I
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2013 Annual Meeting</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James A. Jacobson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Class&nbsp;II
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2011 Annual Meeting</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hans W. Kertess
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Class&nbsp;I
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2013 Annual Meeting</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William B. Ogden, IV
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Class&nbsp;I
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2013 Annual Meeting</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PKO</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paul Belica
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Class&nbsp;II
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2013 Annual Meeting</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James A. Jacobson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Class&nbsp;II
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2013 Annual Meeting</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John C. Maney**
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Class&nbsp;II
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2013 Annual Meeting</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>A Trustee of PCN, PTY and PKO elected at an annual meeting shall hold office until the
annual meeting for the year in which his or her term expires and until his or her successor
shall be elected and shall qualify, subject, however, to prior death, resignation, retirement,
disqualification or removal from office. A Director of PCM elected at an annual meeting shall
hold office until his or her successor is elected and qualifies.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Maney is an Interested Trustee/Nominee.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under this classified Board structure, generally only those Trustees/Directors in a
single Class may be replaced in any one year, and it would require a minimum of two years to change
a majority of the Board under normal circumstances. This structure, which may be regarded as an
&#147;anti-takeover&#148; provision, may make it more difficult for a Fund&#146;s Shareholders to change the
majority of Trustees/Directors of the Fund and, thus, promotes the continuity of management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless authority is withheld, it is the intention of the persons named in the enclosed proxy
for a Fund to vote each proxy for the persons listed above for that Fund. Each of the nominees has
indicated he or she will serve if elected, but if he or she should be unable to serve for a Fund,
the proxy holders may vote in favor of such substitute nominee as the Board may designate (or,
alternatively, the Board may determine to leave a vacancy).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Information Regarding Trustees/Directors and Nominees.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information concerning the Trustees<B>/</B>Directors/Nominees of the
Funds.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Portfolios in Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Other</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Complex Overseen</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Directorships Held</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Held</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Term of Office</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Address*, Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>with the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>and Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Trustee/Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Trustee/Director</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>and Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Funds</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Time Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Occupation(s) During the Past 5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000"><B>Nominee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Nominee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" valign="top" align="left"><B>Independent Trustees/Directors /Nominees</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Paul Belica<BR></B>
09/27/1921
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" rowspan="3" valign="top">Retired. Formerly Director, Student Loan
Finance Corp., Education Loans, Inc., Goal
Funding, Inc., Goal Funding II, Inc. and Surety
Loan Fund, Inc.; and formerly, Manager of
Stratigos Fund LLC, Whistler Fund LLC,
Xanthus Fund LLC &#038; Wynstone Fund LLC.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">49</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PCM &#151; Class&nbsp;III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCM &#151; Since
April&nbsp;2008<BR><BR><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Portfolios in Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Other</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Complex Overseen</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Directorships Held</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Held</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Term of Office</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Address*, Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>with the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>and Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Trustee/Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Trustee/Director</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>and Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Funds</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Time Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Occupation(s) During the Past 5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000"><B>Nominee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Nominee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PCN &#151; Class&nbsp;II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nominee,<BR>
Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCN &#151; Since
inception
(December&nbsp;2001)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PTY &#151; Class&nbsp;III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PTY &#151; Since
inception
(November
2002)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PKO &#151; Class&nbsp;II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nominee,<BR>
Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PKO &#151; Since
inception
(November
2007)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Robert E. Connor</B>
09/17/1934
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" rowspan="9">Retired. Formerly, Senior Vice President,
Corporate Office, Smith Barney Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">49</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.</TD>
</TR>
<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PCM &#151; Class&nbsp;III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCM &#151; Since
April&nbsp;2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PCN &#151; Class&nbsp;I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCN &#151; Since
inception
(December&nbsp;2001)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PTY &#151; Class&nbsp;I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nominee,<BR>
Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PTY &#151; Since
inception
(November
2002)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PKO &#151; Class&nbsp;III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PKO &#151; Since
inception
(November
2007)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>James A. Jacobson</B>
02/03/1945
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since December<BR>
2009
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" rowspan="9">Retired. Formerly, Vice Chairman and
Managing Director of Spear, Leeds &#038; Kellogg
Specialists, LLC, specialist firm on the New
York Stock Exchange.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">44</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" rowspan="9">Trustee, Alpine
Mutual Funds
Complex consisting
of 16 funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PCM &#151; Class&nbsp;I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nominee,<BR>
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PCN &#151; Class&nbsp;II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nominee,<BR>
Trustee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PTY &#151; Class&nbsp;II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nominee,<BR>
Trustee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PKO &#151; Class&nbsp;II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nominee,<BR>
Trustee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Hans W. Kertess</B>
07/12/1939
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee and
Chairman of
the Board
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, H. Kertess &#038; Co., a financial advisory
company. Formerly, Managing Director, Royal
Bank of Canada Capital Markets.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">49</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Portfolios in Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Other</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Complex Overseen</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Directorships Held</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Held</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Term of Office</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Address*, Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>with the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>and Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Trustee/Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Trustee/Director</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>and Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Funds</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Time Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Occupation(s) During the Past 5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000"><B>Nominee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Nominee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PCM &#151; Class&nbsp;II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCM &#151; Since
April&nbsp;2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PCN &#151; Class&nbsp;I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCN &#151; Since
inception
(December&nbsp;2001)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PTY &#151; Class&nbsp;I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nominee,<BR>
Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PTY &#151; Since
October&nbsp;2003</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PKO &#151; Class&nbsp;I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PKO &#151; Since
inception
(November
2007)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>William B. Ogden, IV</B>
01/11/1945
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" rowspan="9">Asset Management Industry Consultant.
Formerly, Managing Director, Investment
Banking Division of Citigroup Global Markets
Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">49</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PCM &#151; Class&nbsp;I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nominee,<BR>
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCM &#151; Since
April&nbsp;2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PCN &#151; Class&nbsp;I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCN &#151; Since
September&nbsp;2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PTY &#151; Class&nbsp;I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nominee,<BR>
Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PTY &#151; Since
September&nbsp;2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PKO &#151; Class&nbsp;I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PKO &#151; Since
March&nbsp;2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>R. Peter Sullivan III</B>
09/04/1941
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" rowspan="9">Retired. Formerly, Managing Partner, Bear
Wagner Specialists LLC, specialist firm on the
New York Stock Exchange.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">49</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.</TD>
</TR>
<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PCM &#151; Class&nbsp;II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCM &#151; Since
April&nbsp;2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PCN &#151; Class&nbsp;III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCN &#151; Since
April&nbsp;2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PTY &#151; Class&nbsp;II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PTY &#151; Since
September&nbsp;2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PKO &#151; Class&nbsp;III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PKO &#151; Since
March&nbsp;2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" colspan="4"><DIV style="margin-left:0px; text-indent:-0px"><B><FONT style="white-space: nowrap">Interested
Trustee/Director/Nominee</FONT></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John C. Maney</B><BR>
08/03/1959
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management Board of Allianz Global Investors
Fund Management LLC; Management Board
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">78</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Portfolios in Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Other</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Complex Overseen</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Directorships Held</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Held</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Term of Office</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Address*, Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>with the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>and Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Trustee/Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Trustee/Director</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>and Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Funds</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Time Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Occupation(s) During the Past 5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000"><B>Nominee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Nominee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" rowspan="9">and Managing Director of Allianz Global
Investors of America L.P. since January&nbsp;2005
and also Chief Operating Officer of Allianz
Global Investors of America L.P. since
November&nbsp;2006.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PCM &#151; Class&nbsp;II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCM &#151; Since
April&nbsp;2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PCN &#151; Class&nbsp;III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCN &#151; Since
December&nbsp;2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PTY &#151; Class&nbsp;III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PTY &#151; Since
December&nbsp;2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PKO &#151; Class&nbsp;II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nominee,<BR>
Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PKO &#151; Since
inception
(November
2007)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The business address of each person listed above is c/o Allianz Global Investors Fund
Management LLC, 1345 Avenue of the Americas, New York, New York 10105.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table states the dollar range of equity securities beneficially owned as of
February&nbsp;18, 2010 by each Trustee<B>/</B>Director and nominee of each Fund and, on an aggregate basis, of
any registered investment companies overseen by the Trustee<B>/</B>Director or nominee in the &#147;family of
investment companies,&#148; including the Funds.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate Dollar Range of Equity Securities in All</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered Investment Companies Overseen by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Trustee/Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Trustee/Directors/Nominee in the Family of Investment</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>/Nominee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Securities in the Funds*</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Companies*</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="5" valign="top" align="left"><B>Independent Trustees/Directors/Nominees</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paul Belica
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert E. Connor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James A. Jacobson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hans W. Kertess
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William B. Ogden, IV
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">R. Peter Sullivan III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$10,001 &#151; $50,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Diana L. Taylor*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None.</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="5" valign="top" align="left"><B>Interested Trustee/Director/Nominee</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John C. Maney
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$10,001 &#151; $50,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$10,001 &#151; $50,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Securities are valued as of February&nbsp;18, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Diana L. Taylor retired as a Trustee/Director of each Fund effective September&nbsp;10, 2009.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the knowledge of the Funds, as of February&nbsp;18, 2010, Trustees/Directors and nominees
who are Independent Trustees/Directors or Independent Nominees and their immediate family members
did not own securities of an investment adviser or principal underwriter of the Funds or a person
(other than a registered
investment company) directly or indirectly controlling, controlled by, or under common control
with an investment adviser or principal underwriter of the Funds.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Compensation. </B>Each of the Independent Trustees/Directors also serves as a trustee/director of
PIMCO Municipal Income Fund, PIMCO California Municipal Income Fund, PIMCO New York Municipal
Income Fund, PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II, PIMCO New
York Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO California Municipal Income
Fund III, PIMCO New York Municipal Income Fund III, Nicholas-Applegate Convertible &#038; Income Fund,
Nicholas-Applegate Convertible &#038; Income Fund II, PIMCO Income Opportunity Fund, PIMCO Corporate
Opportunity Fund, PIMCO High Income Fund, PIMCO Corporate Income Fund, PIMCO Floating Rate Income
Fund, PIMCO Floating Rate Strategy Fund, NFJ Dividend, Interest &#038; Premium Strategy Fund, Nicholas
Applegate International and Premium Strategy Fund, Nicholas-Applegate Equity &#038; Convertible Income
Fund, Nicholas-Applegate Global Equity &#038; Convertible Income Fund, PIMCO Global StocksPLUS &#038; Income
Fund, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc., each a closed-end fund for
which the Manager serves as investment manager and affiliates of the Manager serve as sub-adviser
(together, the &#147;Allianz Closed-End Funds&#148;) and certain other open-end investment companies for
which the Manager serves as investment manager and administrator and affiliates of the Manager
serve as investment sub-advisers (together with the Allianz Closed-End Funds, the &#147;Allianz Managed
Funds&#148;). As indicated below, certain of the officers of the Funds are affiliated with the Manager.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Allianz Managed Funds are expected to hold joint meetings of their Boards of
Trustees/Directors whenever possible. Each Trustee/Director, other than any Trustee/Director who is
a director, officer, partner or employee of the Manager, PIMCO or any entity controlling,
controlled by or under common control with the Manager or PIMCO receives annual compensation of
$250,000, which is payable quarterly. The Independent Chairman of the Boards receives an additional
$75,000 per year, payable quarterly. An Audit Oversight Committee Chairman annually receives an
additional $50,000 annually, payable quarterly. Trustees<B>/</B>Directors will also be reimbursed for
meeting-related expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Trustee/Director&#146;s compensation and other costs of joint meetings will be allocated pro
rata among the Allianz Managed Funds for which such Trustee/Director serves as Trustee/Director
based on the complexity of issues relating to each such Fund and relative time spent by the
Trustees/Directors in addressing them, and secondarily, on each such Fund&#146;s relative net assets
(including assets attributable to any outstanding preferred shares issued by an Allianz Closed-End
Fund).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees<B>/</B>Directors do not currently receive any pension or retirement benefits from the Funds
or the Fund Complex.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information concerning the compensation paid to the
Trustees/Directors and nominees for the fiscal years ended October&nbsp;31, 2009 for PCN and PKO,
November&nbsp;30, 2009 for PTY and December&nbsp;31, 2009 for PCM. For the calendar year ended December&nbsp;31,
2009, the Trustees/Directors received the compensation set forth in the table below for serving as
trustees<B>/</B>directors of the Funds and other funds in the same &#147;Fund Complex&#148; as the Funds. Each
officer and each Trustee/Director who is a director, officer, partner, member or employee of the
Manager or the Sub-Adviser, or of any entity controlling, controlled by or under common control
with the Manager or the Sub-Adviser, including any Interested Trustee/Director, serves without any
compensation from the Funds.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Compensation Table</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>from the</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Funds and</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund Complex</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Paid to</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Trustees/</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>from</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Directors/Nominees</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>from PCM for</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>PCN for the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>from PTY for</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>from PKO for</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>for the</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>the Fiscal Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fiscal Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>the Fiscal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>the Fiscal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Calendar Year</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Trustee/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>October 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>November 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>October 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Directors /Nominees</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009*</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Independent
Trustees/Directors/Nominees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paul Belica</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">12,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">270,000</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert E. Connor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">225,000</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jimmy A. Jacobson**</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">11,005</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hans W. Kertess</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">21,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">292,500</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William B. Ogden, IV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">225,000</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">R. Peter Sullivan III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">225,000</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diana L. Taylor***</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">168,750</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interested
Trustee/Director/Nominee</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John C. Maney</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>In addition to the AGIFM Closed-End Funds, during each Fund&#146;s most recently completed
fiscal year, all of the Trustees/Directors served as Trustees/Directors of three open-end
investment companies (each consisting of separate investment portfolios) advised by the
Manager, except for James A. Jacobson and Diana L. Taylor who served as a Trustee/Director
to only two of such open-end companies. These investment companies are considered to be in
the same &#147;Fund Complex&#148; as the Funds.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>James A. Jacobson&#146;s appointment as a Trustee/Director of each Fund was not effective
until December&nbsp;14, 2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">***</TD>
    <TD>&nbsp;</TD>
    <TD>Diana L. Taylor retired as a Trustee/Director effective September&nbsp;10, 2009.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds have no employees. The Funds&#146; officers and Mr.&nbsp;Maney are compensated by the
Manager, the Sub-Adviser or one of their affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Committees and Meetings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Audit Oversight Committee</I></B>. The Board of each Fund has established an Audit Oversight
Committee in accordance with Section&nbsp;3(a)(58)(A) of the Securities Exchange Act of 1934, as amended
(the &#147;Exchange
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Act&#148;). Each Fund&#146;s Audit Oversight Committee currently consists of Messrs.&nbsp;Belica, Connor,
Jacobson, Kertess, Ogden and Sullivan, each of whom is an Independent Trustee<B>/</B>Director. Mr.&nbsp;Belica
is the Chairman of each Fund&#146;s Audit Oversight Committee. Each Fund&#146;s Audit Oversight Committee
provides oversight with respect to the internal and external accounting and auditing procedures of
each Fund and, among other things, determines the selection of the independent registered public
accounting firm for each Fund and considers the scope of the audit, approves all audit and
permitted non-audit services proposed to be performed by those auditors on behalf of each Fund, and
approves services to be performed by the auditors for certain affiliates, including the Manager,
the Sub-Adviser and entities in a control relationship with the Manager or the Sub-Adviser that
provide services to each Fund where the engagement relates directly to the operations and financial
reporting of the Fund. The Committee considers the possible effect of those services on the
independence of the Funds&#146; independent registered public accounting firm.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each member of each Fund&#146;s Audit Oversight Committee is &#147;independent,&#148; as independence for
audit committee members is defined in the currently applicable listing standards of the New York
Stock Exchange, on which the Common Shares of each Fund are listed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of each Fund has adopted a written charter for its Audit Oversight Committee. A
copy of the written charter for each Fund, as amended through June&nbsp;10, 2008 is attached to this
Proxy Statement as <U>Exhibit&nbsp;B</U>. A report of the Audit Oversight Committee of PCM, dated
February&nbsp;22, 2010 is attached to this Proxy Statement as Exhibit&nbsp;C-1. A report of the Audit
Oversight Committee of PCN, dated December&nbsp;23, 2009, is attached to this Proxy Statement as
<U>Exhibit&nbsp;C-2</U>. A report of the Audit Oversight Committee of PTY, dated January&nbsp;25, 2010, is
attached to this Proxy Statement as <U>Exhibit&nbsp;C-3</U>. A report of the Audit Oversight Committee
of PKO, dated December&nbsp;23, 2009, is attached to this Proxy Statement as <U>Exhibit&nbsp;C-4</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Nominating Committee</I></B>. The Board of each Fund has a Nominating Committee composed solely of
Independent Trustees/Directors, currently consisting of Messrs.&nbsp;Belica, Connor, Jacobson, Kertess,
Ogden, and Sullivan. The Nominating Committee is responsible for reviewing and recommending
qualified candidates to the Board in the event that a position is vacated or created or when
Trustees/Directors are to be nominated for election by shareholders. The Nominating Committee of
each Fund has adopted a charter, which is posted on the following website:
<u>http://www.allianzinvestors.com/closedendfunds/literature</u>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each member of each Fund&#146;s Nominating Committee is &#147;independent,&#148; as independence for
nominating committee members is defined in the currently applicable listing standards of the New
York Stock Exchange, on which the Common Shares of each Fund are listed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Qualifications, Evaluation and Identification of Trustee</I><B><I>/</I></B><I>Directors Nominees. </I>The Nominating
Committee of each Fund requires that Trustee<B>/</B>Director candidates have a college degree or
equivalent business experience. When evaluating candidates, each Fund&#146;s Nominating Committee may
take into account a wide variety of factors including, but not limited to: (i)&nbsp;availability and
commitment of a candidate to attend meetings and perform his or her responsibilities on the Board,
(ii)&nbsp;relevant industry and related experience, (iii)&nbsp;educational background, (iv)&nbsp;financial
expertise, (v)&nbsp;an assessment of the candidate&#146;s ability, judgment and expertise and (vi)&nbsp;overall
Board composition. The process of identifying nominees involves the consideration of candidates
recommended by one or more of the following sources: (i)&nbsp;the Fund&#146;s current Trustees<B>/</B>Directors,
(ii)&nbsp;the Fund&#146;s officers, (iii)&nbsp;the Fund&#146;s Shareholders and (iv)&nbsp;any other source the Committee
deems to be appropriate. The Nominating Committee of each Fund may, but is not required to, retain
a third party search firm at the Fund&#146;s expense to identify potential candidates.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Consideration of Candidates Recommended by Shareholders</I>. The Nominating Committee of each
Fund will review and consider nominees recommended by Shareholders to serve as Trustees<B>/</B>Directors,
provided that the recommending Shareholder follows the &#147;Procedures for Shareholders to Submit
Nominee Candidates for the Allianz Global Investors Fund Management Sponsored Closed-End Funds,&#148;
which are set forth as Appendix&nbsp;B to the Funds&#146; Nominating Committee Charter. Among other
requirements, these procedures provide that the recommending Shareholder must submit any
recommendation in writing to the Fund, to the attention of the Fund&#146;s Secretary, at the address of
the principal executive offices of the Fund and that such submission must be received at such
offices not less than 45&nbsp;days nor more than 75&nbsp;days prior to the date of the Board or shareholder
meeting at which the nominee would be elected. Any recommendation must include certain
biographical and other information regarding the candidate and the recommending Shareholder, and
must include a written and signed consent of the candidate to be named as a nominee and to serve as
a Trustee<B>/</B>Director if elected. The foregoing description of the requirements is only a summary.
Please refer to Appendix&nbsp;B to the Nominating Committee Charter, which is available at
<U>http://www.allianzinvestors.com/documentLibrary/closedEndFunds/supportingLiterature/nominating_committee_charter.pdf</U>, for details.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee has full discretion to reject nominees recommended by Shareholders,
and there is no assurance that any such person properly recommended and considered by the Committee
will be nominated for election to the Board of each Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Valuation Committee. </I></B>The Board of each Fund has a Valuation Committee currently consisting of
Messrs.&nbsp;Belica, Connor, Jacobson, Kertess, Ogden, Sullivan. The Board of each Fund has delegated
to the Committee the responsibility to determine or cause to be determined the fair value of each
Fund&#146;s portfolio securities and other assets when market quotations are not readily available. The
Valuation Committee reviews and approves procedures for the fair valuation of each Fund&#146;s portfolio
securities and periodically reviews information from the Manager and the Sub-Adviser regarding fair
value and liquidity determinations made pursuant to Board-approved procedures, and makes related
recommendations to the full Board and assists the full Board in resolving particular fair valuation
and other valuation matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Compensation Committee. </I></B>The Board of each Fund has a Compensation Committee currently
consisting of Messrs.&nbsp;Belica, Connor, Jacobson, Kertess, Ogden and Sullivan. The Compensation
Committee meets as the Board deems necessary to review and make recommendations regarding
compensation payable to the Trustees<B>/</B>Directors of the Fund who are not directors, officers,
partners or employees of the Manager, the Sub-Adviser or any entity controlling, controlled by or
under common control with the Manager or the Sub-Adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Meetings. </I></B>With respect to PCM, during the fiscal year ended December&nbsp;31, 2009, the Board of
Trustees held four regular meetings. The Audit Oversight Committee met in separate session three
times, the Nominating Committee met in separate session once, the Valuation Committee met in
separate session four times and the Compensation Committee did not meet in separate sessions. Each
Trustee attended at least 75% of the regular meetings of the Board and meetings of the committees
on which such Trustee served for PCM that were held during the fiscal year ended December&nbsp;31, 2009
except Mr.&nbsp;Jacobson who was not appointed to the Board until December&nbsp;14, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to PCN, during the fiscal year ended October&nbsp;31, 2009, the Board of Trustees held
four regular meetings and four special meetings. The Audit Oversight Committee met in separate
session two times, the Valuation Committee met in separate session three times and the Nominating
Committee and the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Compensation Committee did not meet in separate sessions. Each Trustee attended at least 75%
of the regular meetings of the Board and meetings of the committees on which such Trustee served
for PCN that were held during the fiscal year ended October&nbsp;31, 2009 except Mr.&nbsp;Jacobson who was
not appointed to the Board until December&nbsp;14, 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to PTY, during the fiscal year ended November&nbsp;30, 2009, the Board of Trustees
held four regular meetings and two special meetings. The Audit Oversight Committee met in separate
session two times, the Valuation Committee met in separate session three times and the Nominating
Committee and the Compensation Committee did not meet in separate sessions. Each Trustee attended
at least 75% of the regular meetings of the Board and meetings of the committees on which such
Trustee served for PTY that were held during the fiscal year ended November&nbsp;30, 2009 except Mr.
Jacobson who was not appointed to the Board until December&nbsp;14, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to PKO, during the fiscal year ended October&nbsp;31, 2009, the Board of Directors
held four regular meetings and one special meeting. The Audit Oversight Committee met in separate
session two times, the Valuation Committee met in separate session three times, the Nominating
Committee met in separate session one time and the Compensation Committees did not meet in separate
sessions. Each Director attended at least 75% of the regular meetings of the Board and meetings of
the committees on which such Director served for PKO that were held during the fiscal year ended
October&nbsp;31, 2009 except Mr.&nbsp;Jacobson who was not appointed to the Board until December&nbsp;14, 2009.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Shareholder Communications with the Board of Trustees/Directors. </B>The Board of Trustees<B>/</B>Directors
of each Fund has adopted procedures by which Fund Shareholders may send communications to the
Board. Shareholders may mail written communications to the Board to the attention of the Board of
Trustees<B>/</B>Directors, &#091;name of Fund&#093;, c/o Thomas J. Fuccillo, Chief Legal Officer (&#147;CLO&#148;), Allianz
Global Investors Fund Management LLC, 1345 Avenue of the Americas, New York, NY 10105. Shareholder
communications must (i)&nbsp;be in writing and be signed by the Shareholder and (ii)&nbsp;identify the class
and number of Shares held by the Shareholder. The CLO or his designee of each Fund is responsible
for reviewing properly submitted shareholder communications. The CLO shall either (i)&nbsp;provide a
copy of each properly submitted shareholder communication to the Board at its next regularly
scheduled Board meeting or (ii)&nbsp;if the CLO determines that the communication requires more
immediate attention, forward the communication to the Trustees<B>/</B>Directors promptly after receipt.
The CLO may, in good faith, determine that a shareholder communication should not be provided to
the Board because it does not reasonably relate to a Fund or its operations, management,
activities, policies, service providers, Board, officers, shareholders or other matters relating to
an investment in the Fund or is otherwise routine or ministerial in nature. These procedures do
not apply to (i)&nbsp;any communication from an officer or Trustee<B>/</B>Director of a Fund, (ii)&nbsp;any
communication from an employee or agent of a Fund, unless such communication is made solely in such
employee&#146;s or agent&#146;s capacity as a shareholder, or (iii)&nbsp;any shareholder proposal submitted
pursuant to Rule&nbsp;14a-8 under the Exchange Act or any communication made in connection with such a
proposal. A Fund&#146;s Trustees<B>/</B>Directors are not required to attend the Fund&#146;s annual shareholder
meetings or to otherwise make themselves available to shareholders for communications, other than
by the aforementioned procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance. </B>Each Fund&#146;s Trustees and certain
officers, investment advisers, certain affiliated persons of the investment advisers and persons
who own more than 10% of any class of outstanding securities of a Fund (<I>i.e</I>., a Fund&#146;s Common
Shares or Preferred Shares) are required to file forms reporting their affiliation with the Fund
and reports of ownership and changes in ownership of the Fund&#146;s securities with the Securities and
Exchange Commission (the &#147;SEC&#148;) and the New
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">York Stock Exchange (the &#147;NYSE&#148;). These persons and entities are required by SEC regulation to
furnish the Fund with copies of all such forms they file. Based solely on a review of these forms
furnished to each Fund, each Fund believes that each of the Trustees and relevant officers,
investment advisers and relevant affiliated persons of the investment advisers has complied with
all applicable filing requirements during each Fund&#146;s respective fiscal years, except that, <B>a late
Form&nbsp;3 filing was made in January&nbsp;2010 for Bank of America Corporation, which is a holder of more
than 10% of the outstanding Auction Rate Preferred shares of PCN.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Required Vote. </B>Proposal 1, the Liquidation of PCM, will require the affirmative vote of two-thirds
(66<SUP style="font-size: 85%; vertical-align: text-top">
2</SUP>/<FONT style="font-size: 60%">3</FONT>%) of PCM&#146;s outstanding shares. Proposal 2, the election of Trustees/Directors
of each Fund, will require the following votes: (i)&nbsp;the re-election and election of Messrs.&nbsp;Ogden
and Jacobson, respectively, to the Board of Directors of PCM will require the affirmative vote of a
majority of the votes validly cast at the Meeting, in person or by proxy; (ii)&nbsp;the re-election of
Mr.&nbsp;Belica to the Board of Trustees of PCN, the re-election of Messrs.&nbsp;Kertess and Ogden to the
Board of Trustees of PTY will require the affirmative vote of a plurality of the votes of the
Common and Preferred Shareholders (voting as a single class) of the relevant Fund cast in the
election of Trustees at the Meeting, in person or by proxy; (iii)&nbsp;the election of Mr.&nbsp;Jacobson to
the Board of Trustees of PCN, and the re-election and election of Messrs.&nbsp;Connor and Jacobson,
respectively, to the Board of Trustees of PTY will require the affirmative vote of a plurality of
the votes of the Preferred Shareholders (voting as a separate class) of the relevant Fund cast in
the election of Trustees at the Meeting, in person or by proxy; and (iv)&nbsp;the re-election of Messrs.
Belica and Maney and the election of Mr.&nbsp;Jacobson to the Board of Trustees of PKO will require the
affirmative vote of a plurality of the votes validly cast at the Meeting, in person or by proxy.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>The Board of Trustees/Directors of the Funds Unanimously Recommends That You Vote AGAINST<BR>
Proposal 1 and FOR Proposal 2.</I></B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ADDITIONAL INFORMATION</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Executive and Other Officers of the Funds. </B>The table below provides certain information concerning
the executive officers of the Funds and certain other officers who perform similar duties.
Officers of PCN, PTY and PKO hold office at the pleasure of the Board and until their successors
are chosen and qualified, or in each case until he or she sooner dies, resigns, is removed with or
without cause or becomes disqualified. Officers of PCM hold office until the next annual meeting
of the Board of Directors and until his successor shall have been elected and qualified. Officers
and employees of the Funds who are principals, officers, members or employees of the Manager or the
Sub-Adviser are not compensated by the Funds.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Address*</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s) Held</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of Office and Length</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) During</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>with Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>of Time Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>the Past 5 Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brian S. Shlissel<br>
11/14/1964
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President &#038; Chief<BR>
Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCM<br>
Since April&nbsp;2008<br><br>
PCN<br>
Since September&nbsp;2002.
Formerly, Treasurer and
Principal Financial Accounting
Officer<br><br>
PTY<br>
Since inception (November&nbsp;2002)
<br><br>PKO<br>
Since inception (November&nbsp;2007)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President,
Director of Fund
Administration, Allianz
Global Investors Fund
Management LLC; President and
Chief Executive Officer of 33
funds in the Fund Complex;
Treasurer, Principal
Financial and Accounting
Officer of 45 funds in the
Fund Complex and The Korea
Fund, Inc. Formerly,
Director of 4 funds in the
Fund Complex (2002-2008).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lawrence G. Altadonna<br>
03/10/1966
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Treasurer, Principal
Financial and
Accounting Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCM<br>
Since April&nbsp;2008<br><br>
PCN<br>
Since September&nbsp;2002<br><br>
PTY<br>
Since inception (November&nbsp;2002)
<br><br>PKO<br>
Since inception (November&nbsp;2007)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President,
Allianz Global Investors Fund
Management LLC; Treasurer,
Principal Financial and
Accounting Officer of 33
funds in the Fund Complex;
Assistant Treasurer of 45
funds in the Fund Complex and
The Korea Fund, Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Thomas J. Fuccillo<br>
03/22/1968
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President,
Secretary and Chief
Legal Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCM<br>
Since April&nbsp;2008<br><br>
PTY &#038; PCN<br>
Since December&nbsp;2004<br><br>
PKO<br>
Since inception (November&nbsp;2007)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President,
Chief Legal Officer and
Secretary of Allianz Global
Investors Fund Management
LLC; Executive Vice President
of Allianz Global Investors
of America L.P; Vice
President, Secretary and
Chief Legal Officer of 78
funds in the Fund Complex;
Secretary and Chief Legal
Officer of The Korea Fund,
Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Youse Guia<br>
680 Newport Center Drive<br>
Suite&nbsp;250<br>
Newport Beach, CA<br>
92660<br>
09/03/1972
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Compliance Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCM<br>
Since April&nbsp;2008<br><br>
PTY &#038; PCN<br>
Since October&nbsp;2004<br><br>
PKO<br>
Since inception (November&nbsp;2007)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President and
Chief Compliance Officer of
Allianz Global Investors of
America L.P.; Chief
Compliance Officer of 78
funds in the Fund Complex and
The Korea Fund, Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Scott Whisten<br>
03/13/1971
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Treasurer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCM<br>
Since April&nbsp;2008<br><br>
PTY &#038; PCN<br>
Since January&nbsp;2007<br><br>
PKO<br>
Since inception (November&nbsp;2007)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, Allianz
Global Investors Fund
Management LLC; Assistant
Treasurer of 78 funds in the
Fund Complex. Formerly,
Accounting Manager,
Prudential Investments
(2000-2005).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Richard J. Cochran<br>
01/23/1961
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Treasurer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since May&nbsp;2008
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, Allianz
Global Investors Fund
Management LLC; Assistant
Treasurer of 78 funds in the
Fund Complex; formerly, Tax
manager, Teachers Insurance
Annuity Association/College
Retirement Equity Fund
(TIAA-CREF) (2002-2008).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Address*</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s) Held</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of Office and Length</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) During</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>with Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>of Time Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>the Past 5 Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Kathleen A. Chapman<br>
11/11/1954
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCM<br>
Since April&nbsp;2008<br><br>
PTY &#038; PCN<br>
Since December&nbsp;2006<br><br>
PKO<br>
Since inception (November&nbsp;2007)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Secretary of 78
funds in the Fund Complex.
Formerly, Manager &#151;
Individual Investor Group
Advisory Law, Morgan Stanley
(2004-2005).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lagan Srivastava<br>
09/20/1977
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PCM<br>
Since April&nbsp;2008<br><br>
PTY &#038; PCN<br>
Since December&nbsp;2006<br><br>
PKO<br>
Since inception (November&nbsp;2007)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Secretary of 78
funds in the Fund Complex and
The Korea Fund, Inc.
Formerly, Research Assistant,
Dechert LLP (2004-2005).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Unless otherwise noted, the address of the Funds&#146; officers is Allianz Global Investors Fund
Management LLC, 1345 Avenue of the Americas, 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, New York, New York 10105.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Investment Manager and Sub-Adviser. </B>The Manager, located at 1345 Avenue of the Americas, New
York, New York 10105, serves as the investment manager of the Funds. The Manager retains its
affiliate, PIMCO, as Sub-Adviser to manage each Fund&#146;s investments. PIMCO is located at 800
Newport Center Drive, Newport Beach, CA 92660. The Manager and the Sub-Adviser are each
majority-owned indirect subsidiaries of Allianz SE, a publicly traded European insurance and
financial services company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Legal Proceedings. </B>In June and September&nbsp;2004, the Manager and certain of its affiliates
(including PEA Capital LLC (&#147;PEA&#148;), Allianz Global Investors Distributors LLC and Allianz Global
Investors of America, L.P.) agreed to settle, without admitting or denying the allegations, claims
brought by the SEC and the New Jersey Attorney General alleging violations of federal and state
securities laws with respect to certain open-end funds for which the Manager serves as investment
adviser. The settlements related to an alleged &#147;market timing&#148; arrangement in certain open-end
funds formerly sub-advised by PEA. The Manager and its affiliates agreed to pay a total of $68
million to settle the claims. In addition to monetary payments, the settling parties agreed to
undertake certain corporate governance, compliance and disclosure reforms related to market timing,
and consented to cease and desist orders and censures. Subsequent to these events, PEA deregistered
as an investment adviser and dissolved. None of the settlements alleged that any inappropriate
activity took place with respect to the Funds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since February&nbsp;2004, the Manager, and certain of its affiliates and their employees have been
named as defendants in a number of pending lawsuits concerning &#147;market timing,&#148; which allege the
same or similar conduct underlying the regulatory settlements discussed above. The market timing
lawsuits have been consolidated in a multi-district litigation proceeding in the United States
District Court for the District of Maryland. Any potential resolution of these matters may include,
but not be limited to, judgments or settlements for damages against the Manager, or its affiliates
or related injunctions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Sub-Adviser is the subject of a lawsuit in the Northern District of Illinois
Eastern Division in which the complaint alleges that plaintiffs each purchased and sold a 10-year
Treasury note futures contract and suffered damages from an alleged shortage when the Sub-Adviser
held both physical and futures positions in 10-year Treasury notes for its client accounts. In
July&nbsp;2007, the court granted class certification of a class consisting of those persons who
purchased futures contracts to offset short positions
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">between May&nbsp;9, 2005 and June&nbsp;30, 2005. The Sub-Adviser currently believes that the complaint
is without merit and the Sub-Adviser intends to vigorously defend against this action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager and the Sub-Adviser believe that these matters are not likely to have a material
adverse effect on the Funds or on their ability to perform their respective investment advisory
activities relating to the Funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing speaks only as of the date of this document.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Independent Registered Public Accounting Firm. </B>The Audit Oversight Committee of each Fund&#146;s Board
unanimously selected PricewaterhouseCoopers LLP (&#147;PwC&#148;) as the independent registered public
accounting firm for the fiscal years ending October&nbsp;31, 2010 for PCN and PKO, November&nbsp;30, 2010 for
PTY and December&nbsp;31, 2010 for PCM. PwC served as the independent registered public accounting firm
of each Fund for the last fiscal year and also serves as the independent registered public
accounting firm of various other investment companies for which the Manager and the Sub-Adviser
serve as investment adviser or sub-advisers. PwC is located at 1100 Walnut Street, Suite&nbsp;1300,
Kansas City, MO 64106-2197. None of the Funds knows of any direct financial or material indirect
financial interest of PwC in the Funds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A representative of PwC, if requested by any Shareholder, will be present at the Meeting via
telephone to respond to appropriate questions from Shareholders and will have an opportunity to
make a statement if he or she chooses to do so.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Pre-approval Policies and Procedures</I>. Each Fund&#146;s Audit Oversight Committee has adopted
written policies relating to the pre-approval of audit and permitted non-audit services to be
performed by the Fund&#146;s independent registered public accounting firm. Under the policies, on an
annual basis, a Fund&#146;s Audit Oversight Committee reviews and pre-approves proposed audit and
permitted non-audit services to be performed by the independent registered public accounting firm
on behalf of the Fund. The President of each Fund also pre-approves any permitted non-audit
services to be provided to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, each Fund&#146;s Audit Oversight Committee pre-approves annually any permitted
non-audit services (including audit-related services) to be provided by the independent registered
public accounting firm to the Manager, the Sub-Adviser and any entity controlling, controlled by,
or under common control with the Manager that provides ongoing services to the Fund (together, the
&#147;Accounting Affiliates&#148;), provided, in each case, that the engagement relates directly to the
operations and financial reporting of the Fund. Although the Audit Oversight Committee does not
pre-approve all services provided by the independent registered public accounting firm to
Accounting Affiliates (for instance, if the engagement does not relate directly to the operations
and financial reporting of the Fund), the Committee receives an annual report from the independent
registered public accounting firm showing the aggregate fees paid by Accounting Affiliates for such
services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s Audit Oversight Committee may also from time to time pre-approve individual
non-audit services to be provided to the Fund or an Accounting Affiliate that were not pre-approved
as part of the annual process described above. The Chairman of each Fund&#146;s Audit Oversight
Committee (or any other member of the Committee to whom this responsibility has been delegated) may
also pre-approve these individual non-audit services, provided that the fee for such services does
not exceed certain pre-determined dollar thresholds. Any such pre-approval by the Chairman (or by
a delegate) is reported to the full Audit Oversight Committee at its next regularly scheduled
meeting.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pre-approval policies provide for waivers of the requirement that the Audit Oversight
Committee pre-approve permitted non-audit services provided to the Funds or their Accounting
Affiliates pursuant to de minimis exceptions described in Section&nbsp;10A of the Exchange Act and
applicable regulations (referred to herein as the &#147;de minimis exception&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Audit Fees</I>. Audit Fees are fees related to the audit and review of the financial statements
included in annual reports and registration statements, and other services that are normally
provided in connection with statutory and regulatory filings or engagements. For each Fund&#146;s last
two fiscal years, the Audit Fees billed by PwC are shown in the table below:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fiscal Year Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Audit Fees</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PCM</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">December 31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">December 31, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$50,000</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PCN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">October 31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$69,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">October 31, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$69,000</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PTY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">November 30, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$74,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">November 30, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$74,000</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PKO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">October 31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$55,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">October 31, 2008*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$55,000*</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The initial fiscal year for PKO which ended October&nbsp;31, 2008 covered only eleven months.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Audit-Related Fees</I>. Audit-Related Fees are fees related to assurance and related services
that are reasonably related to the performance of the audit or review of financial statements, but
not reported under &#147;Audit Fees&#148; above, and that include accounting consultations, agreed-upon
procedure reports (inclusive of annual review of basic maintenance testing associated with the
Preferred Shares), attestation reports and comfort letters. The table below shows, for each Fund&#146;s
last two fiscal years, the Audit-Related Fees billed by PwC to that Fund. During those fiscal
years, there were no Audit-Related Fees billed by PwC to the Funds&#146; Accounting Affiliates for
audit-related services related directly to the operation and financial reporting of the Funds.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fiscal Year Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Audit-Related Fees</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PCM</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">December 31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">December 31, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$0</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PCN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">October 31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$16,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">October 31, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$16,000</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PTY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">November 30, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$12,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">November 30, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$12,000</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PKO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">October 31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$0</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">October 31, 2008*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$16,000*</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The initial fiscal year for PKO which ended October&nbsp;31, 2008 covered only eleven months.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Tax Fees</I>. Tax Fees are fees associated with tax compliance, tax advice and tax planning,
including services relating to the filing or amendment of federal, state or local income tax
returns, regulated investment company qualification reviews, and tax distribution and analysis
reviews. The table below shows, for each Fund&#146;s last two fiscal years, the aggregate Tax Fees
billed by PwC to each Fund. During those fiscal years, there were no Tax Fees billed by PwC to the
Funds&#146; Accounting Affiliates for audit-related services related directly to the operation and
financial reporting of the Funds:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fiscal Year Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Tax Fees</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PCM</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">December 31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">December 31, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$4,935</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PCN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">October 31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$14,175</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">October 31, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$14,175</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PTY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">November 30, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$14,175</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">November 30, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$14,175</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PKO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">October 31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$&#091;14,175&#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">October 31, 2008*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$14,175*</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The initial fiscal year for PKO which ended October&nbsp;31, 2008 covered only eleven months.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Fees</I>. All Other Fees are fees related to services other than those reported above
under &#147;Audit Fees,&#148; &#147;Audit-Related Fees&#148; and &#147;Tax Fees.&#148; For each Fund&#146;s last two fiscal years, no
such fees were billed by PwC to the Fund or the Fund&#146;s Accounting Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the periods indicated in the tables above, no services described under &#147;Audit-Related Fees,&#148;
&#147;Tax Fees&#148; or &#147;All Other Fees&#148; were approved pursuant to the de minimis exception.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Aggregate Non-Audit Fees</I>. The aggregate non-audit fees billed by PwC, during each Fund&#146;s last two
fiscal years, for services rendered to each Fund and the Fund&#146;s Accounting Affiliates are shown in
the table below:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate Non-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Non-Audit Fees for</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Audit Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Accounting</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fiscal Year Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>for Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Affiliates</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Non-Audit Fees</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PCM</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">December 31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">December 31, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$0</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$638,684</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$638,684</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PCN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">October 31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$30,175</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$4,252,549</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$4,282,724</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">October 31, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$30,175</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$3,894,972</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$3,925,147</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PTY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">November 30, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$26,175</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$668,193</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$694,368</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">November 30, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$26,175</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$932,224</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$958,399</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PKO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">October 31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$14,175</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$4,252,549</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$4,266,724</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">October 31, 2008*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$30,175*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$3,925,147*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$3,955,322 *</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The initial fiscal year for PKO which ended October&nbsp;31, 2008 covered only eleven months.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each Fund&#146;s Audit Oversight Committee has determined that the provision by PwC of non-audit
services to the Fund&#146;s Accounting Affiliates that were not pre-approved by the Committee were
compatible with maintaining the independence of PwC as the Fund&#146;s principal auditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Other Business. </B>As of the date of this Proxy Statement, each Fund&#146;s officers and the Manager know
of no business to come before the Meeting other than as set forth in the Notice. If any other
business is properly brought before the Meeting, including any adjournment thereof, the persons
named as proxies will vote in their sole discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Quorum, Adjournments and Methods of Tabulation. </B>A quorum for each of PCN, PTY and PKO at the
Meeting will consist of the presence in person or by proxy of thirty percent (30%) of the total
Shares of each of PCN, PTY and PKO entitled to vote at the Meeting. For PCM, the presence at the
Meeting, in person or by proxy, of Shareholders entitled to cast a majority of the votes entitled
to be cast shall be necessary and sufficient to constitute a quorum. In the event that a quorum is
not present at the Meeting or, even if a
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">quorum is present, in the event that sufficient votes in favor of each Proposal set forth in the
Notice are not received by the time scheduled for the Meeting, the persons named as proxies may
propose one or more adjournments of the Meeting after the date set for the original Meeting, with
no other notice than announcement at the Meeting, to permit further solicitation of proxies with
respect to that Proposal. In addition, if, in the judgment of the persons named as proxies, it is
advisable to defer action on a Proposal, the persons named as proxies may propose one or more
adjournments of the Meeting with respect to that Proposal for a reasonable time. Any adjournments
with respect to a Proposal will require the affirmative vote of a plurality of the Shares of PCN,
PTY and PKO and the affirmative vote of a majority of the Shares of PCM entitled to vote thereon
present in person or represented by proxy at the session of the Meeting to be adjourned. The
persons named as proxies will vote in favor of such adjournment those proxies which they are
entitled to vote in favor of a Proposal. They will vote against any such adjournment those proxies
required to be voted against a Proposal. The costs of any additional solicitation and of any
adjourned session will be borne by the applicable Fund. Any proposals properly before the Meeting
for which sufficient favorable votes have been received by the time of the Meeting will be acted
upon and such action will be final regardless of whether the Meeting is adjourned to permit
additional solicitation with respect to any other proposal.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes cast by proxy or in person at the Meeting will be counted by persons appointed by PCN,
PTY and PKO as tellers, and by PCM as inspectors (collectively, the &#147;Tellers/Inspectors&#148;) for the
Meeting. For purposes of determining the presence of a quorum for each Fund, the
Tellers/Inspectors will count the total number of votes cast &#147;for&#148; or &#147;against&#148; approval of each
Proposal for that Fund, as well as Shares represented by proxies that reflect abstentions and
&#147;broker non-votes&#148; (<I>i.e.</I>, shares held by brokers or nominees as to which instructions have not been
received from the beneficial owners or the persons entitled to vote and the broker or nominee does
not have the discretionary voting power on a particular matter). Abstentions and broker non-votes
will have no effect on the outcome of the Proposals for a Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Reports to Shareholders. </B>The 2009 Annual Report to Shareholders for PCM was mailed to Shareholders
on or about February &#95;&#95;&#95;, 2010. The 2009 Annual Report to Shareholders for PCN was mailed to
Shareholders on or about December &#95;&#95;&#95;, 2009. The 2009 Annual Report to Shareholders for PTY was
mailed to Shareholders on or about January &#95;&#95;&#95;, 2010. The 2009 Annual Report to Shareholders for
PKO was mailed to Shareholders on or about December &#95;&#95;&#95;, 2009. <B>Additional copies of the Annual
Reports and the Funds&#146; Semi-Annual Reports may be obtained without charge from the Funds by calling
1-877-819-2224 or by writing to the Funds at 1345 Avenue of the Americas, New York, NY 10105.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Shareholder Proposals for 2011 Annual Meeting. </B>It is currently anticipated that each Fund&#146;s next
annual meeting of Shareholders after the Meeting addressed in this Proxy Statement will be held in
April&nbsp;2011. Proposals of Shareholders intended to be presented at that annual meeting of the Fund
must be received by the Fund no later than October&nbsp;29, 2010 for inclusion in the Fund&#146;s proxy
statement and proxy cards relating to that meeting. The submission by a Shareholder of a proposal
for inclusion in the proxy materials does not guarantee that it will be included. Shareholder
proposals are subject to certain requirements under the federal securities laws and must be
submitted in accordance with the applicable Fund&#146;s Bylaws. Shareholders submitting any other
proposals for the Fund intended to be presented at the 2011 annual meeting (<I>i.e</I>., other than those
to be included in the Fund&#146;s proxy materials) must ensure that such proposals are received by the
Fund, in good order and complying with all applicable legal requirements and requirements set forth
in the Fund&#146;s Bylaws, no earlier than December&nbsp;28, 2010 and no later than January&nbsp;12, 2011 for PCN,
PTY and PKO, and no earlier than November&nbsp;28, 2010 and no later than December&nbsp;28, 2010 for PCM. If
a Shareholder who wishes to present a proposal fails to notify the Fund within these dates, the
proxies solicited for the meeting will have discretionary authority to vote on the Shareholder&#146;s
proposal if it is properly brought before the meeting. If a Shareholder makes a timely
notification, the proxies may still
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">exercise discretionary voting authority under circumstances consistent with the SEC&#146;s proxy rules.
Shareholder proposals should be addressed to the attention of the Secretary of the applicable Fund,
at the address of the principal executive offices of the Fund, with a copy to David C. Sullivan,
Ropes &#038; Gray LLP, One International Place, Boston, Massachusetts 02110-2624.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>PLEASE EXECUTE AND RETURN THE ENCLOSED PROXY CARDS PROMPTLY TO ENSURE THAT A QUORUM IS PRESENT AT
THE ANNUAL MEETING. A SELF-ADDRESSED, POSTAGE-PAID ENVELOPE IS ENCLOSED FOR YOUR CONVENIENCE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;26, 2010

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U>Exhibit&nbsp;A</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PCM Fund, Inc.<BR>
Form of Plan of Liquidation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following Plan of Liquidation (&#147;Plan&#148;) of the PCM Fund, Inc., a corporation organized
and existing under the laws of the State of Maryland and a closed-end, non-diversified, management
investment company registered under the Investment Company Act of 1940, as amended (&#147;1940 Act&#148;), is
intended to accomplish the complete termination of the Fund in conformity with the laws of the
State of Maryland, the 1940 Act, the Internal Revenue Code of 1986, as amended (&#147;Code&#148;) and the
Articles of Incorporation and Bylaws of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, under the terms of the Fund&#146;s Articles of Incorporation, approval of a proposal
to liquidate the Fund requires the affirmative vote of two-thirds
(66&#8532;%) of the Fund&#146;s shares
outstanding and entitled to vote on the matter;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, at the Annual Meeting of Shareholders on April&nbsp;14, 2010 (or upon reconvening
after an adjournment thereof),
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] percent of the shareholders of the Fund voted for a proposal
to provide for the orderly liquidation of the Fund and the payment of the net proceeds of
liquidation to shareholders;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, on January&nbsp;25, 2010, the Fund&#146;s Board of Directors unanimously approved this
Plan in order to effect the orderly liquidation of the Fund and the payment of the net proceeds of
liquidation to shareholders;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW, THEREFORE</B>, the termination of the Fund shall be carried out in the manner
hereinafter set forth:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <I>Effective Date of Plan</I>. The Plan shall be and become effective upon the
approval of the proposal to liquidate the Fund by the affirmative vote of two-thirds
(66&#8532;%) of the Fund&#146;s shares outstanding and entitled to
vote on the matter. The day of such approval is hereinafter called the &#147;Effective Date.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <I>Liquidation</I>. As promptly as practicable following approval of the Plan, the
Fund shall be liquidated in accordance with Section&nbsp;331 of the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <I>Cessation of Business</I>. After the Effective Date of the Plan, the Fund shall
cease its business as an investment company and shall not engage in any business activities
except for the purposes of winding up its business and affairs, preserving the value of its
assets and distributing its remaining assets ratably among the shareholders of the Fund, in
accordance with the provisions of the Plan, after discharging or making reasonable provisions
for the Fund&#146;s liabilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <I>Notice of Termination</I>. The Fund will mail a notice to the appropriate parties
that this Plan has been approved by the Board and that the Fund will be liquidating all of its
assets and cancelling all shares of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <I>Liquidation of Assets and Payments of Debts</I>. On such date as the President of
the Fund may determine, but in all events no later than&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2010
(&#147;Termination Date&#148;), the Fund shall convert into cash or cash equivalents such portfolio
securities as are necessary to pay or make reasonable provision to pay, in full all claims and
obligations, including, without limitation, all contingent, conditional or unmatured claims
and obligations, known to the Fund and all claims and obligations that are known to the Fund
but for which the identity of the claimant is unknown.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <I>Liquidation Distribution</I>. On the Liquidation Date, the Fund shall distribute
pro rata to the Fund&#146;s shareholders of record as of the close of business on the Liquidation
Date all of the remaining assets of the Fund in complete cancellation and redemption of all
the outstanding shares of the Fund, except for cash, bank deposits or cash equivalents in an
estimated amount necessary to (i)&nbsp;discharge any unpaid liabilities and obligations of the Fund
on the Fund&#146;s books on the Liquidation Date, including but not limited to, income
dividends and capital gains distributions, if any, payable through the Liquidation Date
and (ii)&nbsp;pay such contingent liabilities as the Board shall reasonably deem to exist against
the assets of the Fund on the Fund&#146;s books.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <I>Management and Expenses of the Fund Subsequent to the Liquidating Distribution</I>.
The Fund shall bear the expenses incurred in carrying out this Plan including, but not
limited to, printing, legal, accounting, custodian and transfer agency fees, and the expenses
of reports to shareholders, whether or not the liquidation contemplated by this Plan is
effected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <I>Power of Board of Directors</I>. The Board of Directors, and subject to the
authority of the Directors, the officers, shall have authority to do or authorize any acts and
things as provided for in the Plan and as they may consider necessary or desirable to carry
out the purposes of the Plan, including the execution and filing of certificates, tax returns
and other papers. The death, resignation or disability of any Director or any officer of the
Fund shall not impair the authority of the surviving or remaining Directors or officers to
exercise any of the powers provided for in the Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <I>Amendment of Plan</I>. The Board of Directors shall have the authority to
authorize variations from or amendments of the provisions of the Plan as may be necessary or
appropriate to effect the liquidation of the Fund, and the distribution of the Fund&#146;s net
assets to its shareholders in accordance with the laws of the State of Maryland, the 1940 Act,
the Articles of Incorporation and Bylaws of the Fund, if the Board determines that such action
would be advisable and in the best interests of the Fund and its shareholders.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U>Exhibit&nbsp;B to Proxy Statement</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Allianz Global Investors Fund Management Sponsored Closed-End Funds<BR>
Audit Oversight Committee Charter</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(Adopted as of January&nbsp;14, 2004,<BR>
as amended through<BR>
June&nbsp;10, 2008)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Trustees (each a &#147;Board&#148;) of each of the registered investment companies listed
in <U>Appendix&nbsp;A</U> hereto (each a &#147;Fund&#148; and, collectively, the &#147;Funds&#148;), as the same may be
periodically updated, has adopted this Charter to govern the activities of the Audit Oversight
Committee (the &#147;Committee&#148;) of the particular Board with respect to its oversight of the Fund.
This Charter applies separately to each Fund and its particular Board and Committee, and shall be
interpreted accordingly. This Charter supersedes and replaces any audit committee charter
previously adopted by the Board or a committee of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Statement of Purpose and Functions</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee&#146;s general purpose is to oversee the Fund&#146;s accounting and financial reporting
policies and practices and its internal controls, including by assisting with the Board&#146;s oversight
of the integrity of the Fund&#146;s financial statements, the Fund&#146;s compliance with legal and
regulatory requirements, the qualifications and independence of the Fund&#146;s independent auditors,
and the performance of the Fund&#146;s internal control systems and independent auditors. The
Committee&#146;s purpose is also to prepare reports required by Securities and Exchange Commission rules
to be included in the Fund&#146;s annual proxy statements, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee&#146;s function is oversight. While the Committee has the responsibilities set forth
in this Charter, it is not the responsibility of the Committee to plan or conduct audits, to
prepare or determine that the Fund&#146;s financial statements are complete and accurate and are in
accordance with generally accepted accounting principles, or to assure compliance with laws,
regulations or any internal rules or policies of the Fund. Fund management is responsible for Fund
accounting and the implementation and maintenance of the Fund&#146;s internal control systems, and the
independent auditors are responsible for conducting a proper audit of the Fund&#146;s financial
statements. Members of the Committee are not employees of the Funds and, in serving on this
Committee, are not, and do not hold themselves out to be, acting as accountants or auditors. As
such, it is not the duty or responsibility of the Committee or its members to conduct &#147;field work&#148;
or other types of auditing or accounting reviews or procedures. Each member of the Committee shall
be entitled to rely on (i)&nbsp;the integrity of those persons and organizations within management and
outside the Fund from which the Committee receives information and (ii)&nbsp;the accuracy of financial
and other information provided to the Committee by such persons or organizations absent actual
knowledge to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Membership</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall be comprised of as many trustees as the Board shall determine, but in any
event not less than three (3)&nbsp;Trustees. Each member of the Committee must be a member
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of the
Board. The Board may remove or replace any member of the Committee at any time in its sole
discretion. One or more members of the Committee may be designated by the Board as the Committee&#146;s
chairman or co-chairman, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each member of the Committee may not be an &#147;interested person&#148; of the Fund, as defined in
Section&nbsp;2(a)(19) of the Investment Company Act of 1940, as amended (the &#147;Investment Company Act&#148;),
and must otherwise satisfy the standards for independence of an audit committee member of an
investment company issuer as set forth in Rule&nbsp;10A-3(b) (taking into account any exceptions to
those requirements set for in such rule) under the Securities Exchange Act of 1934, as amended, and
under applicable listing standards of the New York Stock Exchange (the &#147;NYSE&#148;). Each member of the
Committee must be &#147;financially literate&#148; (or must become so within a reasonable time after his or
her appointment to the Committee) and at least one member of the Committee must have &#147;accounting or
related financial management expertise,&#148; in each case as the Board interprets such qualification in
its business judgment under NYSE listing standards.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Responsibilities and Duties</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee&#146;s policies and procedures shall remain flexible to facilitate the Committee&#146;s
ability to react to changing conditions and to generally discharge its functions. The following
describe areas of attention in broad terms. The Committee shall:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Determine the selection, retention or termination of the Fund&#146;s independent auditors based
on an evaluation of their independence and the nature and performance of the audit and any
permitted non-audit services. Decisions by the Committee concerning the selection, retention or
termination of the independent auditors shall be submitted to the Board for ratification in
accordance with the requirements of Section 32(a) of the Investment Company Act. The Fund&#146;s
independent auditors must report directly to the Committee, which shall be responsible for
resolution of disagreements between management and the independent auditors relating to financial
reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;To consider the independence of the Fund&#146;s independent auditors at least annually, and in
connection therewith receive on a periodic basis formal written disclosures and letters from the
independent auditors as required by the Independence Standards Board Standard (&#147;ISB&#148;) No.&nbsp;1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;To the extent required by applicable regulations, pre-approve (i)&nbsp;all audit and permitted
non-audit services rendered by the independent auditors to the Fund and (ii)&nbsp;all non-audit services
rendered by the independent auditors to the Fund&#146;s investment advisers (including sub-advisers) and
to certain of the investment advisers&#146; affiliates. The Committee may implement policies and
procedures by which such services are approved other than by the full Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Review the fees charged by the independent auditors to the Fund, the investment advisers
and certain affiliates of the investment advisers for audit, audit-related and permitted non-audit
services.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;If and to the extent that the Fund intends to have employees, set clear policies for the
hiring by the Fund of employees or former employees of the Fund&#146;s independent auditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Obtain and review at least annually a report from the independent auditors describing (i)
the accounting firm&#146;s internal quality-control procedures and (ii)&nbsp;any material issues raised (a)
by the accounting firm&#146;s most recent internal quality-control review or peer review or (b)&nbsp;by any
governmental or other professional inquiry or investigation performed within the preceding five
years respecting one or more independent audits carried out by the firm, and any steps taken to
address any such issues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Review with the Fund&#146;s independent auditors arrangements for and the scope of the annual
audit and any special audits, including the form of any opinion proposed to be rendered to the
Board and shareholders of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Meet with management and the independent auditors to review and discuss the Fund&#146;s annual
audited financial statements, including a review of any specific disclosures of management&#146;s
discussion of the Fund&#146;s investment performance; and, with respect to the Fund&#146;s audited financial
statements, discuss with the independent auditors matters required by Statement of Accounting
Standards (&#147;SAS&#148;) No.&nbsp;61 and any other matters required to be reported to the Committee under
applicable law; and provide a statement whether, based on its review of the Fund&#146;s audited
financial statements, the Committee recommends to the Board that the audited financial statements
be included in the Fund&#146;s Annual Report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meet with management to review and discuss the Fund&#146;s unaudited financial statements included
in the semi-annual report, including, if any, a review of any specific disclosure of management&#146;s
discussion of the Fund&#146;s investment performance.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Discuss with management and the independent auditors the Fund&#146;s unaudited financial
statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Review with the independent auditors any audit problems or difficulties encountered in the
course of their audit work and management&#146;s responses thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Review with management and, as applicable, with the independent auditors the Fund&#146;s
accounting and financial reporting policies, practices and internal controls, management&#146;s
guidelines and policies with respect to risk assessment and risk management, including the effect
on the Fund of any recommendation of changes in accounting principles or practices by management or
the independent auditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Discuss with management any press releases discussing the Fund&#146;s investment performance
and other financial information about the Fund, as well as any financial information provided by
management to analysts or rating agencies. The Committee may discharge this responsibility by
discussing the general types of information to be disclosed by the Fund and the
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">form of presentation (<I>i.e.</I>, a case-by-case review is not required) and need not discuss in
advance each such release of information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;Establish procedures for (i)&nbsp;the receipt, retention, and treatment of complaints received
by the Fund regarding accounting, internal accounting controls, or auditing matters; and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii)&nbsp;the
confidential, anonymous submission by employees of the Fund, the Fund&#146;s investment advisers,
administrator, principal underwriter (if any) or any other provider of accounting-related services
for the investment advisers of concerns regarding accounting or auditing matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;Investigate or initiate the investigation of any improprieties or suspected improprieties
in the Fund&#146;s accounting operations or financial reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;Review with counsel legal and regulatory matters that have a material impact on the Fund&#146;s
financial and accounting reporting policies and practices or its internal controls.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;Report to the Board on a regular basis (at least annually) on the Committee&#146;s activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;Perform such other functions consistent with this Charter, the Agreement and Declaration
of Trust and Bylaws applicable to the Fund, and applicable law or regulation, as the Committee or
the Board deems necessary or appropriate.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee may delegate any portion of its authority and responsibilities as set forth in this
Charter to a subcommittee of one or more members of the Committee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Meetings</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least annually, the Committee shall meet separately with the independent auditors and
separately with the representatives of Fund management responsible for the financial and accounting
operations of the Fund. The Committee shall hold other regular or special meetings as and when it
deems necessary or appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Outside Resources and Assistance from Management</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The appropriate officers of the Fund shall provide or arrange to provide such information,
data and services as the Committee may request. The Committee shall have the authority to engage
at the Fund&#146;s expense independent counsel and other experts and consultants whose expertise the
Committee considers necessary to carry out its responsibilities. The Fund shall provide for
appropriate funding, as determined by the Committee, for the payment of: (i)&nbsp;compensation of the
Fund&#146;s independent auditors for the issuance of an audit report relating to the Fund&#146;s financial
statements or the performance of other audit, review or attest services for the Fund; (ii)
compensation of independent legal counsel or other advisers retained by the Committee; and (iii)
ordinary administrative expenses of the Committee that are necessary or appropriate in fulfilling
its purposes or carrying out its responsibilities under this Charter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Annual Evaluations</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall review and reassess the adequacy of this Charter at least annually and
recommend any changes to the Board. In addition, the performance of the Committee shall be
reviewed at least annually by the Board.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Adoption and Amendments</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U></U> The Board shall adopt and approve this Charter and may amend the Charter at any time
on the Board&#146;s own motion.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U>Appendix&nbsp;A</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Funds Subject to this Charter</U>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">(As of June&nbsp;10, 2008)
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ALLIANZ FUNDS MULTI STRATEGY TRUST (&#147;MST&#148;)<BR>
ALLIANZ GLOBAL INVESTORS MANAGED ACCOUNTS TRUST (&#147;AGIMAT&#148;)<BR>
NFJ DIVIDEND, INTEREST &#038; PREMIUM STRATEGY FUND (&#147;NFJ&#148;)<BR>
NICHOLAS-APPLEGATE CONVERTIBLE &#038; INCOME FUND (&#147;NCV&#148;)<BR>
NICHOLAS-APPLEGATE CONVERTIBLE &#038; INCOME FUND II (&#147;NCZ&#148;)<BR>
NICHOLAS-APPLEGATE EQUITY &#038; CONVERTIBLE INCOME FUND (&#147;NIE&#148;)<BR>
NICHOLAS-APPLEGATE GLOBAL EQUITY &#038; CONVERTIBLE INCOME FUND (&#147;NGZ&#148;)<BR>
NICHOLAS-APPLEGATE INTERNATIONAL &#038; PREMIUM STRATEGY FUND (&#147;NAI&#148;)<BR>
PCM FUND, INC. (&#147;PCM&#148;)<BR>
PIMCO CALIFORNIA MUNICIPAL INCOME FUND (&#147;PCQ&#148;)<BR>
PIMCO CALIFORNIA MUNICIPAL INCOME FUND II (&#147;PCK&#148;)<BR>
PIMCO CALIFORNIA MUNICIPAL INCOME FUND III (&#147;PZC&#148;)<BR>
PIMCO CORPORATE INCOME FUND (&#147;PCN&#148;)<BR>
PIMCO CORPORATE OPPORTUNITY FUND (&#147;PTY&#148;)<BR>
PIMCO FLOATING RATE INCOME FUND (&#147;PFL&#148;)<BR>
PIMCO FLOATING RATE STRATEGY FUND (&#147;PFN&#148;)<BR>
PIMCO GLOBAL STOCKSPLUS &#038; INCOME FUND (&#147;PGP&#148;)<BR>
PIMCO HIGH INCOME FUND (&#147;PHK&#148;)<BR>
PIMCO INCOME OPPORTUNITY FUND (&#147;PKO&#148;)<BR>
PIMCO MUNICIPAL INCOME FUND (&#147;PMF&#148;)<BR>
PIMCO MUNICIPAL INCOME FUND II (&#147;PML&#148;)<BR>
PIMCO MUNICIPAL INCOME FUND III (&#147;PMX&#148;)<BR>
PIMCO NEW YORK MUNICIPAL INCOME FUND (&#147;PNF&#148;)<BR>
PIMCO NEW YORK MUNICIPAL INCOME FUND II (&#147;PNI&#148;)<BR>
PIMCO NEW YORK MUNICIPAL INCOME FUND III (&#147;PYN&#148;)<BR>
PIMCO STRATEGIC GLOBAL GOVERNMENT FUND INC. (&#147;RCS&#148;)
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U>Exhibit&nbsp;C-1 to Proxy Statement</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Report of Audit Oversight Committee</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">of the Board of Directors of<BR>
PCM Fund, Inc. (the &#147;Fund&#148;)
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated February&nbsp;22, 2010
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Oversight Committee (the &#147;Committee&#148;) oversees the Fund&#146;s financial reporting
process on behalf of the Board of Directors of the Fund (the &#147;Board&#148;) and operates under a written
Charter adopted by the Board. The Committee meets with the Fund&#146;s management (&#147;Management&#148;) and
independent registered public accounting firm and reports the results of its activities to the
Board. Management has the primary responsibility for the financial statements and the reporting
process, including the system of internal controls. In connection with the Committee&#146;s and
independent accountant&#146;s responsibilities, Management has advised that the Fund&#146;s financial
statements for the fiscal year ended December&nbsp;31, 2009 were prepared in conformity with the
generally accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee has reviewed and discussed with Management and PricewaterhouseCoopers LLP
(&#147;PwC&#148;), the Fund&#146;s independent registered public accounting firm, the audited financial statements
for the fiscal year ended December&nbsp;31, 2009. The Committee has discussed with PwC the matters
required to be discussed by Statements on Auditing Standard No.&nbsp;61 (SAS 61). SAS 61 requires
independent auditors to communicate to the Committee matters including, if applicable: 1) methods
used to account for significant unusual transactions; 2) the effect of significant accounting
policies in controversial or emerging areas for which there is a lack of authoritative guidance or
consensus; 3) the process used by management in formulating particularly sensitive accounting
estimates and the basis for the independent registered public accounting firm&#146;s conclusions
regarding the reasonableness of those estimates; and 4) disagreements with Management over the
application of accounting principles and certain other matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Fund, the Committee has received the written disclosure and the letter
from PwC required by Rule&nbsp;3526 of the Public Company Accounting Oversight Board (requiring auditors
to make written disclosure to and discuss with the Committee various matters relating to the
independent registered public accounting firm&#146;s independence), and has discussed with PwC their
independence. The Committee has also reviewed the aggregate fees billed by PwC for professional
services rendered to the Fund and for non-audit services provided to Allianz Global Investors Fund
Management LLC (&#147;AGIFM&#148;), the Fund&#146;s investment manager during portions of the last fiscal year,
Pacific Investment Management Company LLC (&#147;PIMCO&#148;), the Fund&#146;s sub-adviser and any entity
controlling, controlled by or under common control with AGIFM or PIMCO that provided services to
the Fund. As part of this review, the Committee considered, in addition to other practices and
requirements relating to selection of the Fund&#146;s independent registered public accounting firm,
whether the provision of such non-audit services was compatible with maintaining the independence
of PwC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the foregoing review and discussions, the Committee presents this Report to the Board
and recommends that (1)&nbsp;the audited financial statements for the fiscal year ended December&nbsp;31,
2009, be included in the Fund&#146;s Annual Report to shareholders for such fiscal year, (2)&nbsp;such Annual
Report be filed with the Securities and Exchange Commission and the New York Stock Exchange, and
(3)&nbsp;PwC be reappointed as the Fund&#146;s independent registered public accounting firm for the fiscal
year ending December&nbsp;31, 2010.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Submitted by the Audit Oversight Committee of the Board of Directors:
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Paul Belica<BR>
Robert E. Connor<BR>
James A. Jacobson<BR>
Hans W. Kertess<BR>
William B. Ogden, IV<BR>
R. Peter Sullivan III

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U>Exhibit&nbsp;C-2 to Proxy Statement</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Report of Audit Oversight Committee</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">of the Board of Trustees of<BR>
PIMCO Corporate Income Fund (the &#147;Fund&#148;)
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated December&nbsp;23, 2009
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Oversight Committee (the &#147;Committee&#148;) oversees the Fund&#146;s financial reporting
process on behalf of the Board of Trustees of the Fund (the &#147;Board&#148;) and operates under a written
Charter adopted by the Board. The Committee meets with the Fund&#146;s management (&#147;Management&#148;) and
independent registered public accounting firm and reports the results of its activities to the
Board. Management has the primary responsibility for the financial statements and the reporting
process, including the system of internal controls. In connection with the Committee&#146;s and
independent accountant&#146;s responsibilities, Management has advised that the Fund&#146;s financial
statements for the fiscal year ended October&nbsp;31, 2009 were prepared in conformity with the
generally accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee has reviewed and discussed with Management and PricewaterhouseCoopers LLP
(&#147;PwC&#148;), the Fund&#146;s independent registered public accounting firm, the audited financial statements
for the fiscal year ended October&nbsp;31, 2009. The Committee has discussed with PwC the matters
required to be discussed by Statements on Auditing Standard No.&nbsp;61 (SAS 61). SAS 61 requires
independent auditors to communicate to the Committee matters including, if applicable: 1) methods
used to account for significant unusual transactions; 2) the effect of significant accounting
policies in controversial or emerging areas for which there is a lack of authoritative guidance or
consensus; 3) the process used by management in formulating particularly sensitive accounting
estimates and the basis for the independent registered public accounting firm&#146;s conclusions
regarding the reasonableness of those estimates; and 4) disagreements with Management over the
application of accounting principles and certain other matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Fund, the Committee has received the written disclosure and the letter
from PwC required by Rule&nbsp;3526 of the Public Company Accounting Oversight Board (requiring auditors
to make written disclosure to and discuss with the Committee various matters relating to the
independent registered public accounting firm&#146;s independence), and has discussed with PwC their
independence. The Committee has also reviewed the aggregate fees billed by PwC for professional
services rendered to the Fund and for non-audit services provided to Allianz Global Investors Fund
Management LLC (&#147;AGIFM&#148;), the Fund&#146;s investment manager during portions of the last fiscal year,
Pacific Investment Management Company LLC (&#147;PIMCO&#148;), the Fund&#146;s sub-adviser and any entity
controlling, controlled by or under common control with AGIFM or PIMCO that provided services to
the Fund. As part of this review, the Committee considered, in addition to other practices and
requirements relating to selection of the Fund&#146;s independent registered public accounting firm,
whether the provision of such non-audit services was compatible with maintaining the independence
of PwC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the foregoing review and discussions, the Committee presents this Report to the Board
and recommends that (1)&nbsp;the audited financial statements for the fiscal year ended October&nbsp;31, 2009
be included in the Fund&#146;s Annual Report to shareholders for such fiscal year, (2)&nbsp;such Annual
Report be filed with the Securities and Exchange Commission and the New York Stock Exchange, and
(3)&nbsp;PwC be reappointed as the Fund&#146;s independent registered public accounting firm for the fiscal
year ending October&nbsp;31, 2010.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Submitted by the Audit Oversight Committee of the Board of Trustees:
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Paul Belica<BR>
Robert E. Connor<BR>
Hans W. Kertess<BR>
James A. Jacobson<BR>
William B. Ogden, IV<BR>
R. Peter Sullivan III

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U>Exhibit&nbsp;C-3 to Proxy Statement</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Report of Audit Oversight Committee</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">of the Board of Trustees of<BR>
PIMCO Corporate Opportunity Fund (the &#147;Fund&#148;)
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated January&nbsp;25, 2010
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Oversight Committee (the &#147;Committee&#148;) oversees the Fund&#146;s financial reporting
process on behalf of the Board of Trustees of the Fund (the &#147;Board&#148;) and operates under a written
Charter adopted by the Board. The Committee meets with the Fund&#146;s management (&#147;Management&#148;) and
independent registered public accounting firm and reports the results of its activities to the
Board. Management has the primary responsibility for the financial statements and the reporting
process, including the system of internal controls. In connection with the Committee&#146;s and
independent accountant&#146;s responsibilities, Management has advised that the Fund&#146;s financial
statements for the fiscal year ended November&nbsp;30, 2009 were prepared in conformity with the
generally accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee has reviewed and discussed with Management and PricewaterhouseCoopers LLP
(&#147;PwC&#148;), the Fund&#146;s independent registered public accounting firm, the audited financial statements
for the fiscal year ended November&nbsp;30, 2009. The Committee has discussed with PwC the matters
required to be discussed by Statements on Auditing Standard No.&nbsp;61 (SAS 61). SAS 61 requires
independent auditors to communicate to the Committee matters including, if applicable: 1) methods
used to account for significant unusual transactions; 2) the effect of significant accounting
policies in controversial or emerging areas for which there is a lack of authoritative guidance or
consensus; 3) the process used by management in formulating particularly sensitive accounting
estimates and the basis for the independent registered public accounting firm&#146;s conclusions
regarding the reasonableness of those estimates; and 4) disagreements with Management over the
application of accounting principles and certain other matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Fund, the Committee has received the written disclosure and the letter
from PwC required by Rule&nbsp;3526 of the Public Company Accounting Oversight Board (requiring auditors
to make written disclosure to and discuss with the Committee various matters relating to the
independent registered public accounting firm&#146;s independence), and has discussed with PwC their
independence. The Committee has also reviewed the aggregate fees billed by PwC for professional
services rendered to the Fund and for non-audit services provided to Allianz Global Investors Fund
Management LLC (&#147;AGIFM&#148;), the Fund&#146;s investment manager during portions of the last fiscal year,
Pacific Investment Management Company LLC (&#147;PIMCO&#148;), the Fund&#146;s sub-adviser and any entity
controlling, controlled by or under common control with AGIFM or PIMCO that provided services to
the Fund. As part of this review, the Committee considered, in addition to other practices and
requirements relating to selection of the Fund&#146;s independent registered public accounting firm,
whether the provision of such non-audit services was compatible with maintaining the independence
of PwC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the foregoing review and discussions, the Committee presents this Report to the Board
and recommends that (1)&nbsp;the audited financial statements for the fiscal year ended November&nbsp;30,
2009 be included in the Fund&#146;s Annual Report to shareholders for such fiscal year, (2)&nbsp;such Annual
Report be filed with the Securities and Exchange Commission and the New York Stock Exchange, and
(3)&nbsp;PwC be reappointed as the Fund&#146;s independent registered public accounting firm for the fiscal
year ending November&nbsp;30, 2010.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Submitted by the Audit Oversight Committee of the Board of Trustees:
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Paul Belica<BR>
Robert E. Connor<BR>
James A. Jacobson<BR>
Hans W. Kertess<BR>
William B. Ogden, IV<BR>
R. Peter Sullivan III

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U>Exhibit&nbsp;C-4 to Proxy Statement</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Report of Audit Oversight Committee</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">of the Board of Trustees of<BR>
PIMCO Income Opportunity Fund (the &#147;Fund&#148;)
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated December&nbsp;23, 2009
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Oversight Committee (the &#147;Committee&#148;) oversees the Fund&#146;s financial reporting
process on behalf of the Board of Trustees of the Fund (the &#147;Board&#148;) and operates under a written
Charter adopted by the Board. The Committee meets with the Fund&#146;s management (&#147;Management&#148;) and
independent registered public accounting firm and reports the results of its activities to the
Board. Management has the primary responsibility for the financial statements and the reporting
process, including the system of internal controls. In connection with the Committee&#146;s and
independent accountant&#146;s responsibilities, Management has advised that the Fund&#146;s financial
statements for the fiscal year ended October&nbsp;31, 2009 were prepared in conformity with the
generally accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee has reviewed and discussed with Management and PricewaterhouseCoopers LLP
(&#147;PwC&#148;), the Fund&#146;s independent registered public accounting firm, the audited financial statements
for the fiscal year ended October&nbsp;31, 2009. The Committee has discussed with PwC the matters
required to be discussed by Statements on Auditing Standard No.&nbsp;61 (SAS 61). SAS 61 requires
independent auditors to communicate to the Committee matters including, if applicable: 1) methods
used to account for significant unusual transactions; 2) the effect of significant accounting
policies in controversial or emerging areas for which there is a lack of authoritative guidance or
consensus; 3) the process used by management in formulating particularly sensitive accounting
estimates and the basis for the independent registered public accounting firm&#146;s conclusions
regarding the reasonableness of those estimates; and 4) disagreements with Management over the
application of accounting principles and certain other matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Fund, the Committee has received the written disclosure and the letter
from PwC required by Rule&nbsp;3526 of the Public Company Accounting Oversight Board (requiring auditors
to make written disclosure to and discuss with the Committee various matters relating to the
independent registered public accounting firm&#146;s independence), and has discussed with PwC their
independence. The Committee has also reviewed the aggregate fees billed by PwC for professional
services rendered to the Fund and for non-audit services provided to Allianz Global Investors Fund
Management LLC (&#147;AGIFM&#148;), the Fund&#146;s investment manager during portions of the last fiscal year,
Pacific Investment Management Company LLC (&#147;PIMCO&#148;), the Fund&#146;s sub-adviser and any entity
controlling, controlled by or under common control with AGIFM or PIMCO that provided services to
the Fund. As part of this review, the Committee considered, in addition to other practices and
requirements relating to selection of the Fund&#146;s independent registered public accounting firm,
whether the provision of such non-audit services was compatible with maintaining the independence
of PwC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the foregoing review and discussions, the Committee presents this Report to the Board
and recommends that (1)&nbsp;the audited financial statements for the fiscal year ended October&nbsp;31, 2009
be included in the Fund&#146;s Annual Report to shareholders for such fiscal year, (2)&nbsp;such Annual
Report be filed with the Securities and Exchange Commission and the New York Stock Exchange, and
(3)&nbsp;PwC be reappointed as the Fund&#146;s independent registered public accounting firm for the fiscal
year ending October&nbsp;31, 2010.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Submitted by the Audit Oversight Committee of the Board of Trustees:
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Paul Belica<BR>
Robert E. Connor<BR>
James A. Jacobson<BR>
Hans W. Kertess<BR>
William B. Ogden, IV<BR>
R. Peter Sullivan III

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PROXY<BR>
PIMCO CORPORATE INCOME FUND<BR>
COMMON SHARES
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PROXY IN CONNECTION WITH THE ANNUAL MEETING OF<BR>
SHAREHOLDERS TO BE HELD ON APRIL 14, 2010
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF THE FUND
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned holder of common shares of PIMCO Corporate Income Fund, a Massachusetts business
trust (the &#147;Fund&#148;), hereby appoints Lawrence G. Altadonna, Thomas J. Fuccillo and Brian S.
Shlissel, or any of them, as proxies for the undersigned, with full power of substitution in each
of them, to attend the Annual Meeting of Shareholders of the Fund (the &#147;Annual Meeting&#148;) to be held
at 10:30&nbsp;a.m., Eastern Time, April&nbsp;14, 2010 at the offices of Allianz Global Investors Fund
Management LLC, 1345 Avenue of the Americas, 49th Floor, New York, New York 10105, and any
postponement or adjournment thereof, to cast on behalf of the undersigned all votes that the
undersigned is entitled to cast at the Annual Meeting and otherwise to represent the undersigned
with all powers possessed by the undersigned if personally present at such Annual Meeting. The
undersigned hereby acknowledges receipt of the Notice of Meeting and accompanying Proxy Statement
and revokes any proxy heretofore given with respect to the Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IF THIS PROXY IS PROPERLY EXECUTED, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST
IN THE MANNER DIRECTED ON THE REVERSE SIDE HEREOF, AND WILL BE VOTED IN THE DISCRETION OF THE PROXY
HOLDER(S) ON ANY OTHER MATTERS THAT MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY ADJOURNMENT
OR POSTPONEMENT THEREOF. IF THIS PROXY IS PROPERLY EXECUTED BUT NO DIRECTION IS MADE AS REGARDS THE
PROPOSAL INCLUDED IN THE PROXY STATEMENT, SUCH VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE
CAST &#147;FOR&#148; SUCH PROPOSAL.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please refer to the Proxy Statement for a discussion of the Proposal.
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">PLEASE VOTE, DATE AND SIGN ON THE REVERSE SIDE HEREOF</DIV>


<DIV align="center" style="font-size: 10pt">AND RETURN THE SIGNED PROXY PROMPTLY IN THE ENCLOSED ENVELOPE.</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt">NOTE: Please sign this proxy exactly as your name(s) appear(s) on the books
of the Fund. Joint owners should each sign personally. Trustees and other
fiduciaries should indicate the capacity in which they sign, and where more
than one name appears, a majority must sign. If a corporation, the signature
should be that of an authorized officer who should state his or her title.</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">HAS YOUR ADDRESS CHANGED?
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DO YOU HAVE ANY COMMENTS?</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Three simple methods to vote your proxy:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Internet:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Log on to <u>www.proxyonline.com</u>. Make sure to have this proxy card
available when you plan to vote your shares. You will need the
control number found in the box at the right at the time you
execute your vote.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Touchtone <BR>
Phone</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Simply dial toll-free 1-800-690-6903 and follow
the automated instructions. Please have this
proxy card available at the time of the call.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Mail:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Simply sign, date, and complete the reverse side
of this proxy card and return it in the postage
paid envelope provided.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please mark</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#254;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">votes as in</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">this example.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Your Board of Trustees urges you to vote &#147;FOR&#148; the election of the Nominee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I. Election of Trustee:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(01)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Paul Belica (Class&nbsp;II)</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="50%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">FOR <BR>
THE <BR>
NOMINEE
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WITHHOLD<BR>
FROM THE<BR>
NOMINEE</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">PIMCO CORPORATE INCOME FUND</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">COMMON SHARES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">II. To vote and otherwise represent the undersigned on any other matter that may properly come
before the Annual Meeting or any postponement or adjournment thereof, in the discretion of the
proxy holder(s).
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="96%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Please
check box at right if an address change or comment<BR>
has been made on the reverse side of this card.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please be sure to sign and date this Proxy.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Shareholder<BR>
signature:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Date:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Joint Owner<BR>
(if any) signature:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Date:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PROXY<BR>
PIMCO CORPORATE INCOME FUND<BR>
COMMON SHARES
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PROXY IN CONNECTION WITH THE ANNUAL MEETING OF<BR>
SHAREHOLDERS TO BE HELD ON APRIL 14, 2010
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF THE FUND
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned holder of common shares of PIMCO Corporate Income Fund, a Massachusetts business
trust (the &#147;Fund&#148;), hereby appoints Lawrence G. Altadonna, Thomas J. Fuccillo and Brian S.
Shlissel, or any of them, as proxies for the undersigned, with full power of substitution in each
of them, to attend the Annual Meeting of Shareholders of the Fund (the &#147;Annual Meeting&#148;) to be held
at 10:30&nbsp;a.m., Eastern Time, April&nbsp;14, 2010 at the offices of Allianz Global Investors Fund
Management LLC, 1345 Avenue of the Americas, 49th Floor, New York, New York 10105, and any
postponement or adjournment thereof, to cast on behalf of the undersigned all votes that the
undersigned is entitled to cast at the Annual Meeting and otherwise to represent the undersigned
with all powers possessed by the undersigned if personally present at such Annual Meeting. The
undersigned hereby acknowledges receipt of the Notice of Meeting and accompanying Proxy Statement
and revokes any proxy heretofore given with respect to the Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IF THIS PROXY IS PROPERLY EXECUTED, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST
IN THE MANNER DIRECTED ON THE REVERSE SIDE HEREOF, AND WILL BE VOTED IN THE DISCRETION OF THE PROXY
HOLDER(S) ON ANY OTHER MATTERS THAT MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY ADJOURNMENT
OR POSTPONEMENT THEREOF. IF THIS PROXY IS PROPERLY EXECUTED BUT NO DIRECTION IS MADE AS REGARDS THE
PROPOSAL INCLUDED IN THE PROXY STATEMENT, SUCH VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE
CAST &#147;FOR&#148; SUCH PROPOSAL.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please refer to the Proxy Statement for a discussion of the Proposal.
</DIV>
<DIV align="left"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 3pt">PLEASE VOTE, DATE AND SIGN ON THE REVERSE SIDE HEREOF<BR>
AND RETURN THE SIGNED PROXY PROMPTLY IN THE ENCLOSED ENVELOPE.
</DIV>

<DIV align="left"><DIV style="font-size: 3pt; margin-top: 3pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="left"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NOTE: Please sign this proxy exactly as your name(s) appear(s) on the books of the Fund. Joint owners should each sign personally. Trustees and other
fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, the signature
should be that of an authorized officer who should state his or her title.
</DIV>

<DIV align="left"><DIV style="font-size: 3pt; margin-top: 3pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">HAS YOUR ADDRESS CHANGED?
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DO YOU HAVE ANY COMMENTS?</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Three simple methods to vote your proxy:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Internet:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Log on to <u>www.proxyonline.com</u>. Make sure to have this proxy card
available when you plan to vote your shares. You will need the
control number found in the box at the right at the time you
execute your vote.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Touchtone<BR>
Phone</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Simply dial toll-free 1-800-690-6903 and follow
the automated instructions. Please have this
proxy card available at the time of the call.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Mail:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Simply sign, date, and complete the reverse side
of this proxy card and return it in the postage
paid envelope provided.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;PAGE&#062;
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD valign="middle"><FONT face="wingdings">&#120;</FONT></TD>
    <TD align="left" valign="top">Please mark<BR>votes as in<BR>
this example.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Your Board
of Trustees urges you to vote &#147;FOR&#148; the election of all
Nominees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I.
Election of Trustees:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(01)&nbsp;Paul Belica (Class&nbsp;II)
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(02)&nbsp;James A. Jacobson (Class&nbsp;II)
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD>&nbsp;</td>
<TD>&nbsp;</td>

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">FOR<BR>ALL<BR>NOMINEES
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-top: 1px; font-size:24pt"><FONT face="webdings">&#099;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="margin-top: 1px; font-size:24pt"><FONT face="webdings">&#099;</FONT></DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">WITHHOLD<BR>
FROM ALL<BR>
NOMINEES</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="20%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-top: 1px; font-size:24pt"><FONT face="webdings">&#099;</FONT></DIV></TD>
<TD>&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000">&nbsp;</DIV></TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="center">For all Nominees except as noted above</TD>
</TR>

</TABLE>
</DIV>



<DIV align="left"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 3pt">PIMCO CORPORATE INCOME FUND
</DIV>

<DIV align="left"><DIV style="font-size: 3pt; margin-top: 3pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 3pt">PREFERRED SHARES
</DIV>


<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">II.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To vote and otherwise represent the undersigned on any other matter that may properly come
before the Annual Meeting or any postponement or adjournment thereof, in the discretion of the
proxy holder(s).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Please check box at right if an address change or comment
has been made on the reverse side of this card.
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="margin-top: 1px; font-size: 18pt"><FONT face="webdings">&#099;</FONT>
</DIV>
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please be sure to sign and date this Proxy.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Shareholder<BR>
signature:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Date:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Joint&nbsp;Owner<BR>
(if&nbsp;any)&nbsp;signature:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Date:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PROXY<BR>
PIMCO CORPORATE OPPORTUNITY FUND<BR>
COMMON SHARES
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PROXY IN CONNECTION WITH THE ANNUAL MEETING OF<BR>
SHAREHOLDERS TO BE HELD ON APRIL 14, 2010
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF THE FUND
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned holder of common shares of PIMCO Corporate Opportunity Fund, a Massachusetts
business trust (the &#147;Fund&#148;), hereby appoints Lawrence G. Altadonna, Thomas J. Fuccillo and Brian S.
Shlissel, or any of them, as proxies for the undersigned, with full power of substitution in each
of them, to attend the Annual Meeting of Shareholders of the Fund (the &#147;Annual Meeting&#148;) to be held
at 10:30&nbsp;a.m., Eastern Time, April&nbsp;14, 2010 at the offices of Allianz Global Investors Fund
Management LLC, 1345 Avenue of the Americas, 49th Floor, New York, New York 10105, and any
postponement or adjournment thereof, to cast on behalf of the undersigned all votes that the
undersigned is entitled to cast at the Annual Meeting and otherwise to represent the undersigned
with all powers possessed by the undersigned if personally present at such Annual Meeting. The
undersigned hereby acknowledges receipt of the Notice of Meeting and accompanying Proxy Statement
and revokes any proxy heretofore given with respect to the Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IF THIS PROXY IS PROPERLY EXECUTED, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST
IN THE MANNER DIRECTED ON THE REVERSE SIDE HEREOF, AND WILL BE VOTED IN THE DISCRETION OF THE PROXY
HOLDER(S) ON ANY OTHER MATTERS THAT MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY ADJOURNMENT
OR POSTPONEMENT THEREOF. IF THIS PROXY IS PROPERLY EXECUTED BUT NO DIRECTION IS MADE AS REGARDS THE
PROPOSAL INCLUDED IN THE PROXY STATEMENT, SUCH VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE
CAST &#147;FOR&#148; SUCH PROPOSAL.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Please refer to the Proxy Statement for a discussion of the Proposal.
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">PLEASE VOTE, DATE AND SIGN ON THE REVERSE SIDE HEREOF<BR>
AND RETURN THE SIGNED PROXY PROMPTLY IN THE ENCLOSED ENVELOPE.
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NOTE: Please sign this proxy exactly as your name(s) appear(s) on the books
Of the Fund. Joint owners should each sign personally. Trustees and other
fiduciaries should indicate the capacity in which they sign, and where more
than one name appears, a majority must sign. If a corporation, the signature
should be that of an authorized officer who should state his or her title.
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">HAS YOUR ADDRESS CHANGED?
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DO YOU HAVE ANY COMMENTS?</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Three simple methods to vote your proxy:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Internet:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Log on to <U>www.proxyonline.com</U>. Make sure to have this proxy card
available when you plan to vote your shares. You will need the
control number found in the box at the right at the time you
execute your vote.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Touchtone<BR>
Phone</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Simply dial toll-free 1-800-690-6903 and follow
the automated instructions. Please have this
proxy card available at the time of the call.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Mail:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Simply sign, date, and complete the reverse side
of this proxy card and return it in the postage
paid envelope provided.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please mark</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#254;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">votes as in</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">this example.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Your Board of Trustees urges you to vote &#147;FOR&#148; the election of all Nominee.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Election of Trustees:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">(01)&nbsp;Hans W. Kertess (Class&nbsp;I)<BR>
(02)&nbsp;William B. Ogden, IV (Class&nbsp;I)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="40%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR<BR>
ALL<BR>
NOMINEES
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">WITHHOLD<BR>
FROM ALL<BR>
NOMINEES</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="center">For all Nominees except as noted above<BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">PIMCO CORPORATE OPPORTUNITY FUND
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">COMMON SHARES
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">II.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To vote and otherwise represent the undersigned on any other matter that may properly come before the Annual Meeting or any postponement or adjournment thereof, in the discretion of the proxy holder(s).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Please check box at right if an address change or comment
has been made on the reverse side of this card.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please be sure to sign and date this Proxy.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Shareholder <BR>
signature:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Date:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Joint Owner<BR>
(if any) signature:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Date:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PROXY<BR>
PIMCO CORPORATE OPPORTUNITY FUND<BR>
PREFERRED SHARES
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PROXY IN CONNECTION WITH THE ANNUAL MEETING OF<BR>
SHAREHOLDERS TO BE HELD ON APRIL 14, 2010
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF THE FUND
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned holder of preferred shares of PIMCO Corporate Opportunity Fund, a Massachusetts
business trust (the &#147;Fund&#148;), hereby appoints Lawrence G. Altadonna, Thomas J. Fuccillo and Brian S.
Shlissel, or any of them, as proxies for the undersigned, with full power of substitution in each
of them, to attend the Annual Meeting of Shareholders of the Fund (the &#147;Annual Meeting&#148;) to be held
at 10:30&nbsp;a.m., Eastern Time, April&nbsp;14, 2010 at the offices of Allianz Global Investors Fund
Management LLC, 1345 Avenue of the Americas, 49th Floor, New York, New York 10105, and any
postponement or adjournment thereof, to cast on behalf of the undersigned all votes that the
undersigned is entitled to cast at the Annual Meeting and otherwise to represent the undersigned
with all powers possessed by the undersigned if personally present at such Annual Meeting. The
undersigned hereby acknowledges receipt of the Notice of Meeting and accompanying Proxy Statement
and revokes any proxy heretofore given with respect to the Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IF THIS PROXY IS PROPERLY EXECUTED, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST
IN THE MANNER DIRECTED ON THE REVERSE SIDE HEREOF, AND WILL BE VOTED IN THE DISCRETION OF THE PROXY
HOLDER(S) ON ANY OTHER MATTERS THAT MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY ADJOURNMENT
OR POSTPONEMENT THEREOF. IF THIS PROXY IS PROPERLY EXECUTED BUT NO DIRECTION IS MADE AS REGARDS THE
PROPOSAL INCLUDED IN THE PROXY STATEMENT, SUCH VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE
CAST &#147;FOR&#148; SUCH PROPOSAL.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please refer to the Proxy Statement for a discussion of the Proposal.
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">PLEASE VOTE, DATE AND SIGN ON THE REVERSE SIDE HEREOF<BR>
AND RETURN THE SIGNED PROXY PROMPTLY IN THE ENCLOSED ENVELOPE.</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt">NOTE: Please sign this proxy exactly as your name(s) appear(s) on the books
of the Fund. Joint owners should each sign personally. Trustees and other
fiduciaries should indicate the capacity in which they sign, and where more
than one name appears, a majority must sign. If a corporation, the signature
should be that of an authorized officer who should state his or her title.</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">HAS YOUR ADDRESS CHANGED?
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DO YOU HAVE ANY COMMENTS?</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Three simple methods to vote your proxy:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Internet:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Log on to <U>www.proxyonline.com</U>. Make sure to have this proxy card
available when you plan to vote your shares. You will need the
control number found in the box at the right at the time you
execute your vote.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Touchtone <BR>
Phone</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Simply dial toll-free 1-800-690-6903 and follow
the automated instructions. Please have this
proxy card available at the time of the call.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Mail:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Simply sign, date, and complete the reverse side
of this proxy card and return it in the postage
paid envelope provided.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please mark</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#254;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">votes as in</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">this example.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Your Board of Trustees urges you to vote &#147;FOR&#148; the election of all Nominees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I. Election of Trustees:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">(01)&nbsp;Robert E. Connor (Class&nbsp;I)<BR>
(02)&nbsp;James A. Jacobson (Class&nbsp;II)<BR>
(03)&nbsp;Hans W. Kertess (Class&nbsp;I)<BR>
(04)&nbsp;William B. Ogden, IV (Class&nbsp;I)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="40%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR<BR>
ALL<BR>
NOMINEES
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">WITHHOLD<BR>
FROM ALL<BR>
NOMINEES</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="center">For all Nominees except as noted above<BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">PIMCO CORPORATE OPPORTUNITY FUND</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PREFERRED SHARES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">II. To vote and otherwise represent the undersigned on any other matter that may properly come
before the Annual Meeting or any postponement or adjournment thereof, in the discretion of the
proxy holder(s).
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Please check box at right if an address change or comment
has been made on the reverse side of this card.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please be sure to sign and date this Proxy.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Shareholder <BR>
signature:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Date:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Joint Owner<BR>
(if any) signature:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Date:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PROXY<BR>
PCM FUND, INC.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PROXY IN CONNECTION WITH THE ANNUAL MEETING OF<BR>
SHAREHOLDERS TO BE HELD ON APRIL 14, 2010
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF THE FUND
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned holder of common shares of PCM Fund, Inc., a Maryland corporation (the &#147;Fund&#148;),
hereby appoints Lawrence G. Altadonna, Thomas J. Fuccillo and Brian S. Shlissel, or any of them, as
proxies for the undersigned, with full power of substitution in each of them, to attend the Annual
Meeting of Shareholders of the Fund (the &#147;Annual Meeting&#148;) to be held at 11:30&nbsp;a.m., Eastern Time,
April&nbsp;14, 2010 at the offices of Allianz Global Investors Fund Management LLC, 1345 Avenue of the
Americas, 49th Floor, New York, New York 10105, and any postponement or adjournment thereof, to
cast on behalf of the undersigned all votes that the undersigned is entitled to cast at the Annual
Meeting and otherwise to represent the undersigned with all powers possessed by the undersigned if
personally present at such Annual Meeting. The undersigned hereby acknowledges receipt of the
Notice of Meeting and accompanying Proxy Statement and revokes any proxy heretofore given with
respect to the Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IF THIS PROXY IS PROPERLY EXECUTED, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST
IN THE MANNER DIRECTED ON THE REVERSE SIDE HEREOF, AND WILL BE VOTED IN THE DISCRETION OF THE PROXY
HOLDER(S) ON ANY OTHER MATTERS THAT MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY ADJOURNMENT
OR POSTPONEMENT THEREOF. IF THIS PROXY IS PROPERLY EXECUTED BUT NO DIRECTION IS MADE AS REGARDS TO
THE PROPOSALS INCLUDED IN THE PROXY STATEMENT, SUCH VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED
WILL BE CAST &#147;AGAINST&#148; PROPOSAL 1 AND &#147;FOR&#148; PROPOSAL 2.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Please refer to the Proxy Statement for a discussion of the Proposals.
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">PLEASE VOTE, DATE AND SIGN ON THE REVERSE SIDE HEREOF<BR>
AND RETURN THE SIGNED PROXY PROMPTLY IN THE ENCLOSED ENVELOPE.</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt">NOTE: Please sign this proxy exactly as your name(s) appear(s) on the books
of the Fund. Joint owners should each sign personally. Directors and other
fiduciaries should indicate the capacity in which they sign, and where more
than one name appears, a majority must sign. If a corporation, the signature
should be that of an authorized officer who should state his or her title.</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">HAS YOUR ADDRESS CHANGED?
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DO YOU HAVE ANY COMMENTS?</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Three simple methods to vote your proxy:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Internet:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Log on to <U>www.proxyonline.com</U>. Make sure to have this proxy card
available when you plan to vote your shares. You will need the
control number found in the box at the right at the time you
execute your vote.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Touchtone Phone</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Simply dial toll-free 1-800-690-6903 and follow
the automated instructions. Please have this
proxy card available at the time of the call.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Mail:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Simply sign, date, and complete the reverse side
of this proxy card and return it in the postage
paid envelope provided.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap valign="middle" align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Please mark<BR>
votes as in<BR>
this example.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Your Board of Directors urges you to vote &#147;AGAINST&#148; the liquidation of the Fund.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liquidation of Fund:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR<BR>FUND<BR>LIQUIDATION
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AGAINST<BR>FUND<BR>LIQUIDATION
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Your Board of Directors urges you to vote &#147;FOR&#148; the election of the Nominee.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">II.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Election of Director:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(01)&nbsp;James A. Jacobson (Class&nbsp;I)<BR>
(02)&nbsp;William B. Ogden, IV (Class&nbsp;I)</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR<BR>ALL<BR>NOMINEES
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">WITHHOLD<BR>FROM ALL<BR>NOMINEES
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><BR><BR><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>For all Nominees except as noted above</TD>
</TR>
</TABLE>
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">PCM FUND, INC.</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">II. To vote and otherwise represent the undersigned on any other matter that may properly come
before the Annual Meeting or any postponement or adjournment thereof, in the discretion of the
proxy holder(s).
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Please check box at right if an address change or comment<BR>has been made on the reverse side of this card.</TD>
    <TD>&nbsp;</TD>
    <TD valign="middle"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please be sure to sign and date this Proxy.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Shareholder signature:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Joint Owner (if any) signature:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PROXY<BR>
PIMCO INCOME OPPORTUNITY FUND<BR>
COMMON SHARES
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PROXY IN CONNECTION WITH THE ANNUAL MEETING OF<BR>
SHAREHOLDERS TO BE HELD ON APRIL 14, 2010
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF THE FUND
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned holder of common shares of PIMCO Income Opportunity Fund, a Massachusetts business
trust (the &#147;Fund&#148;), hereby appoints Lawrence G. Altadonna, Thomas J. Fuccillo and Brian S.
Shlissel, or any of them, as proxies for the undersigned, with full power of substitution in each
of them, to attend the Annual Meeting of Shareholders of the Fund (the &#147;Annual Meeting&#148;) to be held
at 10:30&nbsp;a.m., Eastern Time, April&nbsp;14, 2010 at the offices of Allianz Global Investors Fund
Management LLC, 1345 Avenue of the Americas, 49th Floor, New York, New York 10105, and any
postponement or adjournment thereof, to cast on behalf of the undersigned all votes that the
undersigned is entitled to cast at the Annual Meeting and otherwise to represent the undersigned
with all powers possessed by the undersigned if personally present at such Annual Meeting. The
undersigned hereby acknowledges receipt of the Notice of Meeting and accompanying Proxy Statement
and revokes any proxy heretofore given with respect to the Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IF THIS PROXY IS PROPERLY EXECUTED, THE VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST
IN THE MANNER DIRECTED ON THE REVERSE SIDE HEREOF, AND WILL BE VOTED IN THE DISCRETION OF THE PROXY
HOLDER(S) ON ANY OTHER MATTERS THAT MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY ADJOURNMENT
OR POSTPONEMENT THEREOF. IF THIS PROXY IS PROPERLY EXECUTED BUT NO DIRECTION IS MADE AS REGARDS THE
PROPOSAL INCLUDED IN THE PROXY STATEMENT, SUCH VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE
CAST &#147;FOR&#148; SUCH PROPOSAL.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Please refer to the Proxy Statement for a discussion of the Proposal.
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">PLEASE VOTE, DATE AND SIGN ON THE REVERSE SIDE HEREOF<br>
AND RETURN THE SIGNED PROXY PROMPTLY IN THE ENCLOSED ENVELOPE.</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt">NOTE: Please sign this proxy exactly as your name(s) appear(s) on the books of the Fund. Joint
owners should each sign personally. Trustees and other
fiduciaries should indicate the capacity in which they sign, and where more than one name appears,
a majority must sign. If a corporation, the signature should be that of an authorized officer who
should state his or her title.</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">HAS YOUR ADDRESS CHANGED?
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DO YOU HAVE ANY COMMENTS?</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Three simple methods to vote your proxy:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Internet:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Log on to <u>www.proxyonline.com</U>. Make sure to have this proxy card
available when you plan to vote your shares. You will need the
control number found in the box at the right at the time you
execute your vote.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Touchtone<br>
Phone</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Simply dial toll-free 1-800-690-6903 and follow
the automated instructions. Please have this
proxy card available at the time of the call.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Mail:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Simply sign, date, and complete the reverse side
of this proxy card and return it in the postage
paid envelope provided.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;<br><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Please mark<br>
votes as in<br>
this example.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Your Board of Trustees urges you to vote &#147;FOR&#148; the election of all Nominees.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Election of Trustees:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(01)&nbsp;Paul Belica (Class&nbsp;II)<br>
(02)&nbsp;James A. Jacobson (Class&nbsp;II)<br>
(03)&nbsp;John C. Maney (Class&nbsp;II)</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR<br>ALL<br>NOMINEES
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">WITHHOLD<br>FROM ALL<br>NOMINEES
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;<br><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><BR>For all Nominees except as noted above</TD>
</TR>
</TABLE>
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">PIMCO INCOME OPPORTUNITY FUND</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">COMMON SHARES
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">II. To vote and otherwise represent the undersigned on any other matter that may properly come
before the Annual Meeting or any postponement or adjournment thereof, in the discretion of the
proxy holder(s).
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Please check box at right if an address change or comment has been made on the reverse side of this card.</TD>
    <TD>&nbsp;</TD>
    <TD><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please be sure to sign and date this Proxy.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Shareholder
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joint Owner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">signature:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">(if any) signature:</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
