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<SEC-DOCUMENT>0000950123-11-018859.txt : 20110225
<SEC-HEADER>0000950123-11-018859.hdr.sgml : 20110225
<ACCEPTANCE-DATETIME>20110225165839
ACCESSION NUMBER:		0000950123-11-018859
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110414
FILED AS OF DATE:		20110225
DATE AS OF CHANGE:		20110225
EFFECTIVENESS DATE:		20110225

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07816
		FILM NUMBER:		11641864

	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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10555
		FILM NUMBER:		11641866

	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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21238
		FILM NUMBER:		11641865

	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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22121
		FILM NUMBER:		11641867

	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>DEF 14A
<SEQUENCE>1
<FILENAME>y89836dfdef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>(Rule&nbsp;14a-101)</B></DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN PROXY STATEMENT<BR>
SCHEDULE 14A INFORMATION</B></DIV>


<DIV align="Center" style="font-size: 12pt; margin-top: 12pt"><B>Proxy Statement Pursuant to Section 14(a) of the<BR>
Securities Exchange Act of 1934 (Amendment No. )</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT style="font-family: Wingdings">&#254;</FONT><BR>
Filed by a Party other than the Registrant <FONT style="font-family: 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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preliminary Proxy Statement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: 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>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Wingdings">&#254;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitive Joint Proxy Statement</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitive Additional Materials</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soliciting Material Under Rule 14a-12</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>PCM FUND, INC.<BR>
PIMCO CORPORATE INCOME FUND<BR>
PIMCO CORPORATE OPPORTUNITY FUND<BR>
PIMCO INCOME OPPORTUNITY FUND</B>
</DIV>

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


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


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&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: 12pt">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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-family: 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 style="font-family: 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"><!-- 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">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 style="font-family: 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 style="font-family: 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 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"><!-- 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">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"><!-- 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">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"><!-- 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">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="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 12pt">NOTICE OF JOINT ANNUAL MEETING OF
    SHAREHOLDERS
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 12pt">TO BE HELD ON APRIL 14, 2011
    </FONT>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">c/o&#160;Allianz</FONT>
    Global Investors Fund&#160;Management LLC<BR>
    1345 Avenue of the Americas<BR>
    New York, New York 10105</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;Management
    LLC (&#147;AGIFM&#148; or the &#147;Manager&#148;), at 1345
    Avenue of the Americas, between West 54th and West 55th Streets,
    49th&#160;Floor, New York, New York 10105, on Thursday,
    April&#160;14, 2011 at 10:30&#160;A.M., Eastern Time, for PCN,
    PTY and PKO and at 11:30&#160;A.M., Eastern Time, for PCM, for
    the following purposes, which are more fully described in the
    accompanying Proxy Statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    1.&#160;
</TD>
    <TD align="left">
    To elect Trustees/Directors of each Fund, each to hold office
    for the term indicated and until his or her successor shall have
    been elected and qualified;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    2.&#160;
</TD>
    <TD align="left">
    To transact such other business as may properly come before the
    Meeting or any adjournment(s) or postponement(s) thereof.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Trustees/Directors of each Fund has fixed the close
    of business on February&#160;18, 2011 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 style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    By order of the Board of Trustees/Directors of each Fund
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y89836dfy8983601.gif" alt="-s- Thomas J. Fuccillo">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Thomas J. Fuccillo
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Secretary
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    New York, New York
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    February&#160;25, 2011
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <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>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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;)</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="white-space: nowrap">c/o&#160;Allianz</FONT>
    Global Investors Fund&#160;Management LLC</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>1345 Avenue of the Americas</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>New York, New York 10105</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">IMPORTANT
    NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON
    APRIL 14, 2011</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The 2011 Proxy Statement and the Annual Reports to Shareholders
    for the fiscal years ended October&#160;31, 2010 for PCN and PKO
    and for the fiscal years ended November&#160;30, 2010 and
    December&#160;31, 2010 for PTY and PCM, respectively, are also
    available at www.allianzinvestors.com/closedendfunds.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">PROXY STATEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">FEBRUARY
    25, 2011</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    TO BE HELD ON APRIL 14, 2011
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INTRODUCTION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Proxy Statement is furnished in connection with the
    solicitation by the Board of Trustees/Directors (the
    &#147;Board&#148;) of 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;) of proxies to be voted at the Joint
    Annual Meeting of Shareholders of the Funds and any
    adjournment(s) or postponement(s) thereof (the
    &#147;Meeting&#148;). The Meeting will be held at the offices of
    Allianz Global Investors Fund&#160;Management LLC
    (&#147;AGIFM&#148; or the &#147;Manager&#148;), at 1345 Avenue
    of the Americas, between West 54th and West 55th Streets, 49th
    Floor, New York, New York 10105, on Thursday, April&#160;14,
    2011 at 10:30&#160;A.M., Eastern Time for PCN, PTY and PKO and
    at 11:30&#160;A.M., Eastern Time for PCM.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;25, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Meeting is scheduled as a joint meeting of the holders of
    common shares of each Fund (the &#147;Common Shareholders&#148;)
    and preferred shares of PCN and PTY (the &#147;Preferred
    Shareholders&#148; and, together with the Common Shareholders,
    the &#147;Shareholders&#148;). The Shareholders of each Fund are
    expected to consider and vote on similar matters. Shareholders
    of each Fund will vote on the applicable proposal set forth
    herein (the &#147;Proposal&#148;) and on any other matters that
    may arise for that Fund. An unfavorable vote on a Proposal 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of each Fund has fixed the close of business on
    February&#160;18, 2011 as the record date (the &#147;Record
    Date&#148;) for the determination of Shareholders of each Fund
    entitled to notice of, and to vote at, the Meeting, and any
    adjournment(s) or postponement(s) 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
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Common Shares, the &#147;Shares&#148;) issued and outstanding of
    each Fund at the close of business on the Record Date:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Outstanding<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Outstanding<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Common Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Preferred Shares</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PCM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,455,140
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PCN
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,521,463
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,760
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PTY
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,727,288
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PKO
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,533,494
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At the Meeting, the election of certain Trustees (the
    &#147;Preferred Shares&#160;Trustees&#148;) of PCN and PTY will
    be voted on exclusively by the Preferred Shareholders of each
    Fund. On each other proposal to be brought before the meeting
    (including the election of the other nominees), such Preferred
    Shareholders will have equal voting rights (<I>i.e.</I>, one
    vote per Share) with such Fund&#146;s Common Shareholders and,
    will vote together with Common Shareholders as a single class.
    As summarized in the table below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PCM:</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Common Shareholders of PCM, voting as a single class, have
    the right to vote on the re-election of Hans W. Kertess and John
    C. Maney and the election of Bradford K. Gallagher and Alan
    Rappaport as Directors of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PCN:</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Common and Preferred Shareholders of PCN, voting together as
    a single class, have the right to vote on the re-election of
    John C. Maney and the election of Bradford K. Gallagher and Alan
    Rappaport as Trustees of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PTY:</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Common and Preferred Shareholders of PTY, voting together as
    a single class, have the right to vote on the election of
    Bradford K. Gallagher as a Trustee of the Fund; the Preferred
    Shareholders of the Fund, voting as a separate class, have the
    right to vote on the re-election of James A. Jacobson and
    election of Alan Rappaport as Preferred Shares&#160;Trustees of
    the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PKO:</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Common Shareholders of PKO, voting as a single class, have
    the right to vote on the election of Bradford K. Gallagher and
    Alan Rappaport as Trustees of the Fund.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Summary</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="75%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Preferred<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Proposal</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shareholders</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shareholders</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Election of Trustees</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>PCM</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Independent Directors/Nominees</I></B>*
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Election of Bradford K. Gallagher
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-family: Wingdings; font-variant: normal">&#252;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Re-election of Hans W. Kertess
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-family: Wingdings; font-variant: normal">&#252;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Election of Alan Rappaport
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-family: Wingdings; font-variant: normal">&#252;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Interested
    Director</I></B><SUP style="font-size: 85%; vertical-align: top">&#134;</SUP><B>/Nominee</B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Re-election of John C.
    Maney<SUP style="font-size: 85%; vertical-align: top">&#134;</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-family: Wingdings; font-variant: normal">&#252;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>PCN</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Independent Trustees/Nominees</I></B>*
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Election of Bradford K. Gallagher
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-family: Wingdings; font-variant: normal">&#252;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-family: Wingdings; font-variant: normal">&#252;
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Election of Alan Rappaport
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-family: Wingdings; font-variant: normal">&#252;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-family: Wingdings; font-variant: normal">&#252;</FONT>
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="75%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Preferred<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Proposal</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shareholders</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shareholders</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Interested
    Trustee</I></B><SUP style="font-size: 85%; vertical-align: top">&#134;</SUP><B>/Nominee</B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Re-election of John C.
    Maney<SUP style="font-size: 85%; vertical-align: top">&#134;</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-family: Wingdings; font-variant: normal">&#252;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-family: Wingdings; font-variant: normal">&#252;
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>PTY</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Independent Trustees/Nominees</I></B>*
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Election of Bradford K. Gallagher
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-family: Wingdings; font-variant: normal">&#252;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-family: Wingdings; font-variant: normal">&#252;
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Re-election of James A. Jacobson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-family: Wingdings; font-variant: normal">&#252;
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Election of Alan Rappaport
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-family: Wingdings; font-variant: normal">&#252;
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>PKO</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Independent Trustees/Nominees</I></B>*
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Election of Bradford K. Gallagher
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-family: Wingdings; font-variant: normal">&#252;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Election of Alan Rappaport
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-family: Wingdings; font-variant: normal">&#252;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;Independent Trustees&#148; &#147;Independent
    Directors&#148; or &#147;Independent Nominees&#148; are those
    Trustees or nominees who are not &#147;interested persons,&#148;
    as defined in the Investment Company Act of 1940, as amended
    (the &#147;1940 Act&#148;), of each Fund.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    &#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Maney is an &#147;interested person&#148; of the Trust,
    as defined in Section&#160;2(a)(19) of the 1940 Act, due to his
    affiliation with Allianz Global Investors of America L.P.
    Mr.&#160;Maney holds the following positions with affiliated
    persons: Management Board, Managing Director and Chief Operating
    Officer of Allianz Global Investors of America LLC;
    Member&#160;&#151; Board of Directors and Chief Operating
    Officer of Allianz Global Investors of America Holdings Inc. and
    Oppenheimer Group, Inc.; Managing Director and Chief Operating
    Officer of Allianz Global Investors NY Holdings LLC; Managing
    Director and Chief Operating Officer of Allianz Hedge Fund
    Partners Holding L.P. and Allianz Global Investors U.S. Retail
    LLC; Compensation Committee of NFJ Investment Group LLC;
    Management Board of Nicholas-Applegate Holdings LLC;
    Member&#160;&#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&#160;II LLC; and Member
    and Chairman&#160;&#151; Board of Directors, President and Chief
    Operating Officer of PFP Holdings, Inc. and Managing Director of
    Allianz Global Investors Capital LLC.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You may vote by mail by returning a properly executed proxy
    card, by Internet, by going to the website listed on the proxy
    card, by telephone using the toll-free number listed on the
    proxy card or in person by attending the Meeting. Shares
    represented by duly executed and timely delivered proxies will
    be voted as instructed on the proxy. If you execute and mail the
    enclosed proxy and no choice is indicated for the election of
    Trustees/Directors listed in the attached Notice, your proxy
    will be voted in favor of the election of all nominees. At any
    time before it has been voted, your proxy may be revoked in one
    of the following ways: (i)&#160;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)&#160;by
    properly executing and submitting a later-dated proxy vote, or
    (iii)&#160;by attending the Meeting and voting in person. Please
    call
    <FONT style="white-space: nowrap">1-800-254-5197</FONT>
    to obtain information on how to obtain directions to be able to
    attend the meeting and vote in person. If any proposal, other
    than the Proposal 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The principal executive offices of the Funds are located at 1345
    Avenue of the Americas, New York, New&#160;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
    <FONT style="white-space: nowrap">&#147;Sub-Adviser&#148;),</FONT>
    to serve as the
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    to the Funds. Additional information regarding the Manager and
    the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    may be found under &#147;Additional Information&#160;&#151;
    Investment Manager and
    <FONT style="white-space: nowrap">Sub-Adviser&#148;</FONT>
    below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The solicitation will be primarily by mail and the cost of
    soliciting proxies for a Fund will be borne individually by each
    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,
    <FONT style="white-space: nowrap">e-mail</FONT> and
    personal interviews. Any out-of pocket expenses incurred in
    connection with the solicitation will be borne by each Fund
    based on its relative net assets.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of the Record Date, the Trustees/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<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    and, to the knowledge of the Funds, the following entities
    beneficially owned more than five percent (5%) of a class of a
    Fund:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="28%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Beneficial Owner</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Percentage of Ownership of Class</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    The Keller Group Investment Management, Inc. <BR>
    18101 Von Karman Avenue, Ste 700 <BR>
    Irvine, CA 92612
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    PCM
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    8.88% of Common Shares
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Citigroup Inc. <BR>
    399 Park Avenue <BR>
    New York, New York 10043
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap 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 align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    UBS AG <BR>
    Bahnhofstrasse 45, PO&#160;Box&#160;CH-8021 <BR>
    Zurich, Switzerland
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    PCN
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    7.03% of Preferred Shares
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Bank of America Corporation <BR>
    100 North Tryon Street, <BR>
    Charlotte, North Carolina 28255
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    PCN
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    6.2% of Preferred Shares
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Bank of America Corporation <BR>
    100 North Tryon Street, <BR>
    Charlotte, North Carolina 28255
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    PTY
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    38.8% of Preferred Shares
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    UBS AG <BR>
    Bahnhofstrasse 45, PO&#160;Box&#160;CH-8021 <BR>
    Zurich, Switzerland
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    PTY
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    24.85% of Preferred Shares
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Except for John C. Maney, a Trustee/Director of the Funds, who
    owns 1,400 Common Shares of PCN and 1,410 Common Shares of PTY
    and Alan Rappaport, a Trustee/Director of the funds, who owns
    1,000 Common Shares of PCN, none of the other Trustees or
    Officers of any Fund owned any of such Funds&#146; outstanding
    Shares.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL:
    ELECTION OF TRUSTEES/DIRECTORS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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): Class&#160;I, Class&#160;II and
    Class&#160;III. In April 2010, the Boards of each Fund appointed
    Alan Rappaport to serve as a Common Shares&#160;Trustee/Director
    of PCN, PKO and PCM and a Preferred Shares&#160;Trustee of PTY
    to fill a Class&#160;I vacancy on PCN and PTY and a
    Class&#160;III vacancy on PKO and PCM that resulted from the
    death of Robert E. Connor, effective June&#160;22, 2010. In
    September 2010, the Board of each Fund appointed Bradford K.
    Gallagher to serve as a Common Shares&#160;Trustee/Director to
    fill a Class&#160;III vacancy on PCN and PKO and a Class&#160;II
    vacancy on PTY and PCM, resulting from the retirement of R.
    Peter Sullivan III, who formerly served as a Trustee/Director of
    each Fund. Accordingly, the Nominating Committee has recommended
    Mr.&#160;Rappaport for election by the Preferred Shareholders of
    PTY, voting as a separate class, as a Preferred
    Shares&#160;Trustees of PTY; has recommended Mr.&#160;Rappaport
    for election as a Trustee by the Common Shareholders and
    Preferred Shareholders, voting as a single class, of PCN, and as
    a Trustee/Director by Common Shareholders of PKO and PCM; and
    has recommended Mr.&#160;Gallagher for election as a Trustee by
    the Common Shareholders and Preferred Shareholders, voting as a
    single class, of PCN and PTY, and as a Trustee/Director by
    Common Shareholders of PKO and PCM. The Nominating Committee has
    also recommended the other nominees listed herein for
    re-election by the Shareholders as Trustee/Directors to the
    applicable Funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PCM.</B>&#160;&#160;With respect to PCM, the term of office
    of the Class&#160;II Directors will expire at the Meeting; the
    term of office of the Class&#160;III Directors will expire at
    the 2012 annual meeting of shareholders; and the term of office
    of the Class&#160;I Directors will expire at the 2013 annual
    meeting of shareholders. Currently, Hans W. Kertess and John C.
    Maney are Class&#160;II Common Share Directors. The Nominating
    Committee has
</DIV>
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    <BR>
    4
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    recommended to the Board that Messrs.&#160;Kertess and Maney be
    nominated for re-election and Mr.&#160;Gallagher be nominated
    for election by the Common Shareholders as Class&#160;II
    Directors and Mr.&#160;Rappaport be nominated for election by
    Common Shareholders as a Class&#160;III Director 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.&#160;Gallagher, Kertess and
    Maney will serve terms consistent with the Class&#160;II
    Directors, which will expire at the Fund&#146;s 2014 annual
    meeting. If elected at the Meeting, Mr.&#160;Rappaport will
    serve terms consistent with the Class&#160;III Directors, which
    will expire at the Fund&#146;s 2012 annual meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PCN.</B>&#160;&#160;With respect to PCN, the term of office
    of the Class&#160;III Trustees will expire at the Meeting; the
    term of office of the Class&#160;I Trustees will expire at the
    2012 annual meeting of shareholders; and the term of office of
    the Class&#160;II Trustees will expire at the 2013 annual
    meeting of shareholders. Currently, John C. Maney is a
    Class&#160;III Trustee. The Nominating Committee has recommended
    to the Board that Mr.&#160;Maney be nominated for re-election
    and Messrs.&#160;Gallagher and Rappaport be nominated for
    election by the Common Shareholders and Preferred Shareholders,
    voting as a single class, as Class&#160;III and Class&#160;I
    Trustees at the Meeting, respectively. 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.&#160;Maney and Gallagher will serve terms
    consistent with the Class&#160;III Trustees, which will expire
    at the Fund&#146;s 2014 annual meeting. If elected at the
    Meeting, Mr.&#160;Rappaport will serve a term consistent with
    the Class&#160;I Trustees, which will expire at the Fund&#146;s
    2012 annual meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PTY.</B>&#160;&#160;With respect to PTY, the term of office
    of the Class&#160;II Trustees will expire at the Meeting; the
    term of office of the Class&#160;III Trustees will expire at the
    2012 annual meeting of shareholders; and the term of office of
    the Class&#160;I Trustees will expire at the 2013 annual meeting
    of shareholders. Currently, James A. Jacobson is a Class&#160;II
    Preferred Shares&#160;Trustee. The Nominating Committee has
    recommended to the Board that Messrs.&#160;Jacobson and
    Rappaport be nominated for re-election and election,
    respectively, by the Preferred Shareholders, voting as a
    separate class, as Class&#160;II and Class&#160;I Preferred
    Shares&#160;Trustees, respectively, and that Mr.&#160;Gallagher
    be nominated for election by the Common Shareholders and
    Preferred Shareholders, voting as a single class, as
    Class&#160;II 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.&#160;Gallagher and Jacobson will serve a term
    consistent with the Class&#160;II Trustees, which will expire at
    the Fund&#146;s 2014 annual meeting. If elected at the Meeting,
    Mr.&#160;Rappaport will serve a term consistent with the
    Class&#160;I Trustees, which will expire at the Fund&#146;s 2013
    annual meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PKO.</B>&#160;&#160;With respect to PKO, the term of office
    of the Class&#160;III Trustees will expire at the Meeting; the
    term of office of the Class&#160;I Trustees will expire at the
    2012 annual meeting of shareholders; and the term of office of
    the Class&#160;II Trustees will expire at the 2013 annual
    meeting of shareholders. The Nominating Committee has
    recommended to the Board that Messrs.&#160;Gallagher and
    Rappaport be nominated for election by the Common Shareholders,
    as Class&#160;III 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.&#160;Gallagher and Rappaport will serve terms
    consistent with the Class&#160;III Trustees, which will expire
    at the Fund&#146;s 2014 annual meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All members of the Boards 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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/
</DIV>
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    <BR>
    5
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="61%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="26%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Trustee/Director/Nominee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Class</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Expiration of Term if Elected(1)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>PCM</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Bradford K. Gallagher
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Class II
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2014 Annual Meeting
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Hans W. Kertess
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Class II
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2014 Annual Meeting
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John C. Maney(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Class II
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2014 Annual Meeting
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Alan Rappaport
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Class III
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2012 Annual Meeting
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>PCN</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Bradford K. Gallagher
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Class III
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2014 Annual Meeting
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John C. Maney(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Class III
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2014 Annual Meeting
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Alan Rappaport
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Class I
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2012 Annual Meeting
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>PTY</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Bradford K. Gallagher
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Class II
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2014 Annual Meeting
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    James A. Jacobson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Class II
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2014 Annual Meeting
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Alan Rappaport
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Class I
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2013 Annual Meeting
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>PKO</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Bradford K. Gallagher
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Class III
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2014 Annual Meeting
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Alan Rappaport
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Class III
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2014 Annual Meeting
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    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
    term expires and until his 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
    successor is elected and qualifies.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>



<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Maney is an Interested Trustee/Director Nominee.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Trustees/Directors
    and Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The business of each Fund is managed under the direction of the
    Fund&#146;s Board of Trustees/Directors. Subject to the
    provisions of each Fund&#146;s Declaration or Articles, its
    By-Laws and applicable state law, the Trustees/Directors have
    all powers necessary and convenient to carry out this
    responsibility, including the election and removal of the
    Fund&#146;s officers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Board Leadership Structure</B>&#160;&#151; If the nominees
    are elected as proposed, the Board of Trustees/Directors of each
    Fund will consist of seven Trustees/Directors, six of whom are
    not &#147;interested persons&#148; (within the
</DIV>
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    <BR>
    6
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    meaning of Section&#160;2(a)(19) of the 1940 Act) of the Fund or
    of the Manager (the &#147;Independent Trustees/Directors&#148;).
    An Independent Trustee/Director serves as Chairman and is
    selected by vote of the majority of the Independent
    Trustees/Directors. The Chairman presides at meetings of the
    Board and acts as a liaison with service providers, officers,
    attorneys and other Trustees/Directors generally between
    meetings, and performs such other functions as may be requested
    by the Board from time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Trustees/Directors meets regularly four times each
    year to discuss and consider matters concerning the Funds, and
    also holds special meetings to address matters arising between
    regular meetings. The Independent Trustees/Directors regularly
    meet outside the presence of management and are advised by
    independent legal counsel. Regular meetings generally take place
    in-person; other meetings may take place in-person or by
    telephone.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Trustees/Directors has established four standing
    Committees to facilitate oversight of the management of the
    Funds: the Audit Oversight Committee, the Nominating Committee,
    the Valuation Committee and the Compensation Committee. The
    functions and role of each Committee are described below under
    &#147;&#151;&#160;Board Committees and Meetings.&#148; The
    membership of each Committee consists of all of the Independent
    Trustees/Directors, which the Board believes allows them to
    participate in the full range of the Board&#146;s oversight
    duties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board reviews its leadership structure periodically and has
    determined that this leadership structure, including an
    Independent Chairman, a supermajority of Independent
    Trustees/Directors and Committee membership limited to
    Independent Trustees/Directors, is appropriate in light of the
    characteristics and circumstances of each Fund. In reaching this
    conclusion, the Board considered, among other things, the
    predominant role of the Manager and
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    in the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management of Fund affairs, the extent to which the work of the
    Board is conducted through the Committees, the number of
    portfolios that comprise the Fund&#160;Complex (defined below),
    the variety of asset classes those portfolios include, the net
    assets of each Fund, and the Fund&#160;Complex and the
    management and other service arrangements of each Fund and the
    Fund&#160;Complex. The Board also believes that its structure,
    including the presence of one Trustee/Director who is an
    executive with various Manager-affiliated entities, facilitates
    an efficient flow of information concerning the management of
    each Fund to the Independent Trustees/Directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Risk Oversight</B>&#160;&#151; Each of the Funds has retained
    the Manager and the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    to provide investment advisory services, and, in the case of the
    Manager, to oversee the Fund&#146;s business affairs and
    administrative matters, and these service providers are
    principally responsible for the management of risks that may
    arise from Fund investments and operations. Some employees of
    the Manager serve as the Funds&#146; officers, including the
    Funds&#146; principal executive officer and principal financial
    and accounting officer. The Board oversees the performance of
    these functions by the Manager and
    <FONT style="white-space: nowrap">Sub-Adviser,</FONT>
    both directly and through the Committee structure it has
    established. The Board receives from the Manager and
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    a wide range of reports, both on a regular and as-needed basis,
    relating to the Funds&#146; activities and to the actual and
    potential risks of the Funds. These include reports on
    investment risks, compliance with applicable laws, and the
    Funds&#146; financial accounting and reporting. In addition, the
    Board meets periodically with the individual portfolio managers
    of the Funds to receive reports regarding the portfolio
    management of the Funds and their performance, including their
    investment risks.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Board has appointed a Chief Compliance Officer
    (&#147;CCO&#148;). The CCO oversees the development of
    compliance policies and procedures that are reasonably designed
    to minimize the risk of violations of the federal securities
    laws (&#147;Compliance Policies&#148;). The CCO reports directly
    to the Independent Trustees/Directors, and provides
    presentations to the Board at its quarterly meetings and an
    annual report on the application of the Compliance Policies. The
    Board periodically discusses relevant risks affecting the Funds
    with the CCO at these meetings. The Board has approved the
    Compliance Policies and reviews the CCO&#146;s reports. Further,
    the Board annually reviews the sufficiency of the Compliance
    Policies, as well as the appointment and compensation of the CCO.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Information Regarding Trustees/Directors and Nominees.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table provides information concerning the
    Trustees/Directors/Nominees of the Funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex**<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Trustee/<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Address*,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s) <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Trustee/<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Director<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Date of Birth<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Director<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Nominee During<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Class</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Funds</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Occupation(s) During the Past 5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Nominee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Independent Trustees/Directors/Nominees</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Paul Belica<BR>
     09/27/1921<BR>
    <BR>
    <BR>
    PCN&#160;&#151; Class&#160;II <BR>
    <BR>
    <BR>
    <BR>
    PTY&#160;&#151; Class&#160;III <BR>
    <BR>
    <BR>
    <BR>
    PKO&#160;&#151; Class&#160;II <BR>
    <BR>
    <BR>
    <BR>
    PCM&#160;&#151; Class&#160;III
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <BR>
    <BR>
    <BR>
    <BR>
    Trustee<BR>
    <BR>
    <BR>
    <BR>
    Trustee <BR>
    <BR>
    <BR>
    <BR>
    Trustee <BR>
    <BR>
    <BR>
    <BR>
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <BR>
    <BR>
    <BR>
    <BR>
    PCN&#160;&#151; Since inception (December 2001)<BR>
    <BR>
    PTY&#160;&#151; Since inception (November 2002)<BR>
    <BR>
    PKO&#160;&#151; Since inception (November 2007)<BR>
    <BR>
    PCM&#160;&#151; Since <BR>
    April 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" 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 Manager of Stratigos Fund LLC,
    Whistler Fund LLC, Xanthus Fund LLC &#038; Wynstone Fund LLC.
    Trustee/ Director of the funds in the Allianz/PIMCO Fund Complex
    since 2000.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    54
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    Bradford K. Gallagher<BR>
    2/28/1944 <BR>
    <BR>
    PCN/PKO&#160;&#151; Class&#160;III<BR>
    <BR>
    <BR>
    <BR>
    PTY/PCM&#160;&#151; Class&#160;II
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <BR>
    <BR>
    <BR>
    Nominee,<BR>
    Trustee/Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <BR>
    <BR>
    <BR>
    Since September 2010
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Founder, Spyglass Investments LLC, a private investment vehicle
    (since 2001); Founder, President and CEO of Cypress Holding
    Company and Cypress Tree Investment Management Company (since
    1995); Trustee, The Common Fund (since 2005); Director, Anchor
    Point Inc. (since 1995); Chairman and Trustee, Atlantic Maritime
    Heritage Foundation (since 2007); and Director, Shielding
    Technology Inc. (since 2006).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    54
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Formerly, Chairman and Trustee of Grail Advisors ETF Trust
    (2009-2010) and Trustee of Nicholas-Applegate Institutional
    Funds (2007-2010)
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    James A. Jacobson <BR>
    02/03/1945 <BR>
    <BR>
    PCN&#160;&#151; Class&#160;II <BR>
    <BR>
    <BR>
    PTY&#160;&#151; Class&#160;II <BR>
    <BR>
    <BR>
    <BR>
    PKO&#160;&#151; Class&#160;II <BR>
    <BR>
    <BR>
    PCM&#160;&#151; Class&#160;I
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <BR>
    <BR>
    <BR>
    Trustee<BR>
    <BR>
    <BR>
    Nominee,<BR>
    Trustee<BR>
    <BR>
    <BR>
    Trustee<BR>
    <BR>
    <BR>
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <BR>
    <BR>
    <BR>
    Since December 2009
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Retired. Formerly, Vice Chairman and Managing Director of Spear,
    Leeds &#038; Kellogg Specialists, LLC, a specialist firm on the
    New&#160;York Stock Exchange.  Trustee/Director of the funds in
    the Allianz/PIMCO Fund Complex since 2009.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    54
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee, Alpine Mutual Funds Complex consisting of 16 funds
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex**<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Trustee/<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Address*,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s) <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Trustee/<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Director<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Date of Birth<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Director<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Nominee During<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Class</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Funds</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Occupation(s) During the Past 5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Nominee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Hans W. Kertess <BR>
    07/12/1939 <BR>
    <BR>
    <BR>
    <BR>
    PCN&#160;&#151; Class&#160;I<BR>
    <BR>
    <BR>
    <BR>
    <BR>
    PTY&#160;&#151; Class&#160;I<BR>
    <BR>
    <BR>
    PKO&#160;&#151; Class&#160;I<BR>
    <BR>
    <BR>
    PCM&#160;&#151; Class&#160;II
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee and Chairman of the Board<BR>
    <BR>
    <BR>
    Trustee<BR>
    <BR>
    <BR>
    <BR>
    <BR>
    Trustee<BR>
    <BR>
    <BR>
    Trustee<BR>
    <BR>
    <BR>
    Nominee, Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    PCN&#160;&#151; Since inception <BR>
    (December 2001)<BR>
    <BR>
    PTY&#160;&#151; Since <BR>
    October 2003<BR>
    <BR>
    PKO&#160;&#151; Since inception (November 2007)<BR>
    <BR>
    PCM&#160;&#151; Since <BR>
    April 2008
</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. Trustee/Director of the funds in the Allianz/PIMCO Fund
    Complex since 2000.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    54
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    William B. Ogden, IV 01/11/1945<BR>
    <BR>
    <BR>
    Class&#160;I
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <BR>
    <BR>
    <BR>
    <BR>
    Trustee/Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <BR>
    <BR>
    <BR>
    <BR>
    PCN/PTY&#160;&#151; Since September 2006<BR>
    <BR>
    <BR>
    PKO&#160;&#151; Since <BR>
    March 2008<BR>
    <BR>
    <BR>
    PCM&#160;&#151; Since <BR>
    April 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Asset Management Industry Consultant. Formerly, Managing
    Director, Investment Banking Division of Citigroup Global
    Markets Inc. Trustee/Director of the funds in the Allianz/PIMCO
    Fund Complex since 2006.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    54
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    Alan Rappaport<BR>
    03/13/1953<BR>
    <BR>
    PCN/PTY&#160;&#151; Class&#160;I<BR>
    <BR>
    PKO/PCM&#160;&#151; Class&#160;III
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Nominee,<BR>
    Trustee/Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since June 2010
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice Chairman, Roundtable Investment Partners (since 2009);
    Chairman (formerly President), Private Bank of Bank of America;
    Vice Chairman, US Trust (2001-2008). Trustee/Director of the
    funds in the Allianz/PIMCO Fund Complex since 2010.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    54
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex**<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Trustee/<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Address*,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s) <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Trustee/<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Director<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Date of Birth<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Director<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Nominee During<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Class</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Funds</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Occupation(s) During the Past 5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Nominee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Interested Trustee/Director/Nominee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    John C. Maney<BR>
     08/03/1959 <BR>
    680 Newport <BR>
    Center Drive Suite 250<BR>
    Newport Beach, CA 92660 <BR>
    <BR>
    <BR>
    PCN&#160;&#151; Class&#160;III <BR>
    <BR>
    <BR>
    PTY&#160;&#151; Class&#160;III <BR>
    <BR>
    <BR>
    PKO&#160;&#151; Class&#160;II <BR>
    <BR>
    <BR>
    <BR>
    PCM&#160;&#151; Class&#160;II
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    Nominee,<BR>
    Trustee<BR>
    <BR>
    Trustee<BR>
    <BR>
    <BR>
    Trustee<BR>
    <BR>
    <BR>
    <BR>
    Nominee,<BR>
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    PCN&#160;&#151; Since <BR>
    December 2006<BR>
    <BR>
    PTY&#160;&#151; Since <BR>
    December 2006<BR>
    <BR>
    PKO&#160;&#151; Since inception <BR>
    (November 2007)<BR>
    <BR>
    PCM&#160;&#151; Since <BR>
    April 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Management Board, Managing Director and Chief Executive Officer
    of Allianz Global Investors Fund Management LLC; Management
    Board and Managing Director of Allianz Global Investors of
    America L.P. since January 2005 and also Chief Operating Officer
    of Allianz Global Investors of America L.P. since November
    2006.  Trustee/Director of the funds in the Allianz/PIMCO Fund
    Complex since 2006.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    79
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Unless otherwise indicated, the business address of the persons
    listed above is
    <FONT style="white-space: nowrap">c/o&#160;Allianz</FONT>
    Global Investors Fund&#160;Management LLC, 1345 Avenue of the
    Americas, New York, New York 10105.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    The term &#147;Fund&#160;Complex&#148; as used herein includes
    each Fund and the following registered investment companies:
    each series of Allianz Funds, each series of Allianz Funds
    Multi-Strategy Trust, each series of PIMCO Funds, each series of
    PIMCO Equity Series, each series of PIMCO Equity
    Series&#160;VIT, each series of PIMCO ETF Trust, PIMCO Global
    Advisors (Ireland) Limited, PIMCO Municipal Income Fund, PIMCO
    Municipal Income Fund&#160;II, PIMCO Municipal Income
    Fund&#160;III, PIMCO California Municipal Income Fund, PIMCO
    California Municipal Income Fund&#160;II, PIMCO California
    Municipal Income Fund&#160;III, PIMCO New York Municipal Income
    Fund, PIMCO New York Municipal Income Fund&#160;II, PIMCO New
    York Municipal Income Fund&#160;III, PIMCO High Income Fund,
    AGIC Convertible&#160;&#038; Income Fund, AGIC
    Convertible&#160;&#038; Income Fund&#160;II, PIMCO Income
    Strategy Fund, PIMCO Income Strategy Fund&#160;II, NFJ Dividend,
    Interest and Premium Strategy Fund, AGIC International and
    Premium Strategy Fund, PIMCO Global StocksPLUS&#160;&#038;
    Income Fund, AGIC Equity&#160;&#038; Convertible Income Fund,
    AGIC Global Equity&#160;&#038; Convertible Income Fund, PIMCO
    Strategic Global Government Fund&#160;Inc., each series of PIMCO
    Funds: Global Investors Series plc, each series of PIMCO Private
    Account Portfolio Series, each series of Allianz Global
    Investors Managed Accounts Trust (f/k/a Fixed Income SHares),
    each series of USAllianz Variable Insurance Products Trust and
    registered investment companies advised by RCM Capital
    Management LLC.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table states the dollar range of equity securities
    beneficially owned as of the Record Date by each
    Trustee/Director and nominee of each Fund and, on an aggregate
    basis, of any registered investment
</DIV>
<!-- XBRL Paragraph Pagebreak -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    companies overseen by the Trustee/Director or nominee in the
    &#147;family of investment companies,&#148; including the Funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="35%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Dollar Range of Equity Securities in All<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered Investment Companies Overseen by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Dollar Range of Equity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Trustee/Nominee in the Family of Investment<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Trustee/Director/Nominee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Securities in the Funds*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Companies*</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="3" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Independent Trustees/Directors/Nominees</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Paul Belica
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Bradford K. Gallagher
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    James A. Jacobson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Over $100,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Hans W. Kertess
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    William B. Ogden, IV
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    $10,001 - $50,000
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Alan Rappaport
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $10,001&#160;-&#160;$50,000 (PCN)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Interested Trustee/Director/Nominee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John C. Maney
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    $10,001&#160;-&#160;$50,000 (PCN<BR>
    and PTY combined)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Over $100,000
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Securities are valued as of February&#160;18, 2011.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the knowledge of the Funds, as of the Record Date,
    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>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Compensation.</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;II, PIMCO
    California Municipal Income Fund&#160;II, PIMCO New York
    Municipal Income Fund&#160;II, PIMCO Municipal Income
    Fund&#160;III, PIMCO California Municipal Income Fund&#160;III,
    PIMCO New York Municipal Income Fund&#160;III, AGIC
    Convertible&#160;&#038; Income Fund, AGIC
    Convertible&#160;&#038; Income Fund&#160;II, PIMCO High Income
    Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy
    Fund&#160;II, NFJ Dividend, Interest&#160;&#038; Premium
    Strategy Fund, AGIC International&#160;&#038; Premium Strategy
    Fund, PIMCO Global StocksPLUS&#160;&#038; Income Fund, AGIC
    Equity&#160;&#038; Convertible Income Fund, AGIC Global
    Equity&#160;&#038; Convertible Income Fund, and PIMCO Strategic
    Global Government Fund&#160;Inc., each a closed-end fund for
    which the Manager serves as investment manager and affiliates of
    the Manager serve as
    <FONT style="white-space: nowrap">sub-advisers</FONT>
    (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
    <FONT style="white-space: nowrap">sub-advisers</FONT>
    (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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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. The Audit Oversight Committee Chairman
    receives an additional $50,000 per year, payable quarterly.
    Trustees/Directors will also be reimbursed for meeting-related
    expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each Trustee&#146;s/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
</DIV>
<!-- XBRL Paragraph Pagebreak -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Trustees/Directors do not currently receive any pension or
    retirement benefits from the Funds or the Fund&#160;Complex.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table provides information concerning the
    compensation paid to the Trustees/Directors and nominees for the
    fiscal years ended October&#160;31, 2010 for PCN and PKO,
    November&#160;30, 2010 for PTY and December&#160;31, 2010 for
    PCM. For the calendar year ended December&#160;31, 2010, the
    Trustees/Directors received the compensation set forth in the
    table below for serving as trustees/directors of the Funds and
    other funds in the same &#147;Fund&#160;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
    <FONT style="white-space: nowrap">Sub-Adviser,</FONT>
    or of any entity controlling, controlled by or under common
    control with the Manager or the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    including any Interested Trustee/Director, serves without any
    compensation from the Funds.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Compensation
    Table</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="30%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>from the Funds and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Fund Complex Paid<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Trustees/Directors/<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>from PCN for<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>from PTY for<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>from PKO for<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>from PCM for the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Nominees for the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>the Fiscal Year<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>the Fiscal Year<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>the Fiscal Year<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Fiscal Year<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Calendar Year<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>October&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>November&#160;30,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>October&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Trustees/Directors/Nominees</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010*</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="21" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Independent Trustees/Directors/Nominees</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Paul Belica
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,491
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22,236
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,763
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,683
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    286,141
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Robert E. Connor(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,447
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,377
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    353
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    62,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Bradford K. Gallagher(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    302
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    584
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    157
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    427
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    70,720
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    James A. Jacobson(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,398
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,337
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,756
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,503
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    247,542
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Hans W. Kertess
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,501
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,271
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,913
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    325,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    William B. Ogden, IV
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,616
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,607
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,824
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,472
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Alan Rappaport(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,594
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,030
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,350
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    788
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    126,972
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    R. Peter Sullivan III(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,027
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,537
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,370
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    842
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    145,833
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="21" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Interested Trustee/Director/Nominee</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    John C. Maney
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    In addition to the Allianz Closed-End Funds, during each
    Fund&#146;s most recently completed fiscal year, all of the
    Trustees/Directors served as Trustees/Directors of two open-end
    investment companies (each consisting of separate investment
    portfolios) (one open-end investment company liquidated as of
    April&#160;30, 2010)&#160;advised by the Manager. These
    investment companies are considered to be in the same
    &#147;Fund&#160;Complex&#148; as the Funds.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Robert E. Connor served as a Trustee/Director of the Funds until
    his death on April&#160;8, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Bradford K. Gallagher, James A. Jacobson and Alan Rappaport and
    were appointed as Trustees/Directors to each Fund effective
    September&#160;21, 2010, December&#160;14, 2009 and
    June&#160;22, 2010, respectively.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    R. Peter Sullivan&#160;III retired as a Trustee/Director of each
    Fund effective July&#160;31, 2010.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Funds have no employees. The Funds&#146; officers and
    Mr.&#160;Maney are compensated by the Manager, the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    or one of their affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Trustee/Director Qualifications</B>&#160;&#151; The Board has
    determined that each Trustee/Director should continue to serve
    as such based on several factors (none of which alone is
    decisive). With the exception of Messrs.&#160;Gallagher,
    Jacobson and Rappaport, who became Board members in September
    2010, December 2009 and June 2010, respectively, each
    Trustee/Director has served in such role for several years and
    is
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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    knowledgeable about the Funds&#146; business and service
    provider arrangements, and has also served for several years as
    trustee to a number of other investment companies advised by the
    Manager and its affiliates. Among the factors the Board
    considered when concluding that an individual should serve on
    the Board were the following: (i)&#160;the individual&#146;s
    business and professional experience and accomplishments;
    (ii)&#160;the individual&#146;s ability to work effectively with
    other members of the Board; (iii)&#160;the individual&#146;s
    prior experience, if any, serving on the boards of public
    companies (including, where relevant, other investment
    companies) and other complex enterprises and organizations; and
    (iv)&#160;how the individual&#146;s skills, experiences and
    attributes would contribute to an appropriate mix of relevant
    skills and experience on the Board.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In respect of each current Trustee/Director, the
    individual&#146;s substantial professional accomplishments and
    prior experience, including, in some cases, in fields related to
    the operations of the Funds, were a significant factor in the
    determination that the individual should serve as a
    Trustee/Director of the Funds. Following is a summary of various
    qualifications, experiences and skills of each Trustee/Director
    (in addition to business experience during the past five years
    set forth in the table above) that contributed to the
    Board&#146;s conclusion that an individual should serve on the
    Board:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Paul Belica</B>&#160;&#151; Mr.&#160;Belica has substantial
    executive and board experience in the financial services and
    investment management industries. He formerly served as director
    to several other investment companies. Having served as
    Director, Senior Vice President and Managing Director of Smith
    Barney, Harris Upham&#160;&#038; Co, he provides the Funds with
    significant financial expertise and has been determined by the
    Board to be an &#147;audit committee financial expert.&#148; He
    also brings significant public sector experience, having
    formerly served as Chairman of the State of New York Mortgage
    Agency and as executive director of several related public
    authorities.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Bradford K. Gallagher</B>&#160;&#151; Mr.&#160;Gallagher has
    substantial executive and board experience in the financial
    services and investment management industries. He has served as
    director to several other investment companies. Having served on
    the Operating Committee of Fidelity Investments and as a
    Managing Director and President of Fidelity Investments
    Institutional Services Company, he provides the Funds with
    significant asset management industry expertise. He also brings
    significant securities industry experience, having served as a
    developer and founder of several enterprises and private
    investment vehicles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>James A. Jacobson</B>&#160;&#151; Mr.&#160;Jacobson has
    substantial executive and board experience in the financial
    services industry. He served for more than 15&#160;years as a
    senior executive at a New York Stock Exchange (the
    &#147;NYSE&#148;) specialist firm. He has also served on the
    NYSE Board of Directors, including terms as Vice Chair. As such,
    he provides significant expertise on matters relating to
    portfolio brokerage and trade execution. He also provides the
    Funds with significant financial expertise and serves as the
    Audit Oversight Committee&#146;s Chair and has been determined
    by the Board to be an &#147;audit committee financial
    expert.&#148; He has expertise in investment company matters
    through his service as a trustee of another fund family.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Hans W. Kertess</B>&#160;&#151; Mr.&#160;Kertess has
    substantial executive experience in the investment management
    industry. He is the president of a financial advisory company,
    H. Kertess&#160;&#038; Co., and formerly served as a Managing
    Director of Royal Bank of Canada Capital Markets. He has
    significant expertise in the investment banking industry.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>John C. Maney</B>&#160;&#151; Mr.&#160;Maney has substantial
    executive and board experience in the investment management
    industry. He has served in a variety of senior-level positions
    with investment advisory firms affiliated with the Manager.
    Because of his familiarity with the Manager and affiliated
    entities, he serves as an important information resource for the
    Independent Trustees/Directors and as a facilitator of
    communication with the Manager.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <B>William B. Ogden, IV</B>&#160;&#151; Mr.&#160;Ogden has
    substantial senior executive experience in the investment
    banking industry. He served as Managing Director at Citigroup,
    where he established and led the firm&#146;s efforts to raise
    capital for and provide mergers and acquisition advisory
    services to asset managers and investment advisers. He also has
    significant expertise with fund products through his
    senior-level responsibility for originating and underwriting a
    broad variety of such products.
</DIV>
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    <B>Alan Rappaport</B>&#160;&#151; Mr.&#160;Rappaport has
    substantial senior executive experience in the financial
    services industry. He formerly served as Chairman and President
    of the Private Bank of Bank of America and as Vice Chairman of
    U.S.&#160;Trust. He is currently the Vice Chairman of a private
    investment firm.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Board
    Committees and Meetings.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Audit Oversight Committee.</B>&#160;&#160;The Board of each
    Fund has established an Audit Oversight Committee in accordance
    with Section&#160;3(a)(58)(A) of the Securities Exchange Act of
    1934, as amended (the &#147;Exchange Act&#148;). Each
    Fund&#146;s Audit Oversight Committee currently consists of
    Messrs.&#160;Belica, Gallagher, Jacobson, Kertess, Ogden and
    Rappaport. Mr.&#160;Jacobson 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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    and entities in a control relationship with the Manager or the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 NYSE, on which the Common Shares of each Fund are listed.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 April&#160;6, 2010 is attached to
    this Proxy Statement as <U>Exhibit&#160;A.</U>&#160;&#160;A
    report of the Audit Oversight Committee of PCN, dated
    December&#160;21, 2010, is attached to this Proxy Statement as
    <U><FONT style="white-space: nowrap">Exhibit&#160;B-1.</FONT></U>&#160;&#160;A
    report of the Audit Oversight Committee of PTY, dated
    January&#160;25, 2011, is attached to this Proxy Statement as
    <U><FONT style="white-space: nowrap">Exhibit&#160;B-2.</FONT></U>&#160;&#160;A
    report of the Audit Oversight Committee of PKO, dated
    December&#160;21, 2010, is attached to this Proxy Statement as
    <U><FONT style="white-space: nowrap">Exhibit&#160;B-3.</FONT></U>&#160;&#160;A
    report of the Audit Oversight Committee of PCM, dated
    February&#160;23, 2011, is attached to this Proxy Statement as
    <U><FONT style="white-space: nowrap">Exhibit&#160;B-4.</FONT></U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Nominating Committee.</B>&#160;&#160;The Board of each Fund
    has a Nominating Committee composed solely of Independent
    Trustees/Directors, currently consisting of Messrs.&#160;Belica,
    Gallagher, Jacobson, Kertess, Ogden, and Rappaport. 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><FONT style="white-space: nowrap">http://www.allianzinvestors.com/closedendfunds/literature</FONT></U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 NYSE, on which the Common Shares of each Fund
    are listed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Qualifications, Evaluation and Identification of
    Trustee/Directors Nominees.</B>&#160;&#160;The Nominating
    Committee of each Fund requires that Trustee/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)&#160;availability and commitment of a candidate
    to attend meetings and perform his or her responsibilities on
    the Board, (ii)&#160;relevant industry and related experience,
    (iii)&#160;educational background, (iv)&#160;financial
    expertise, (v)&#160;an assessment of the candidate&#146;s
    ability, judgment and expertise and (vi)&#160;overall Board
    composition. The process of identifying nominees involves the
    consideration of candidates recommended by one or more of the
    following sources: (i)&#160;the Fund&#146;s current
    Trustees/Directors, (ii)&#160;the Fund&#146;s officers,
    (iii)&#160;the Fund&#146;s Shareholders and (iv)&#160;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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Consideration of Candidates Recommended by
    Shareholders.</B>&#160;&#160;The Nominating Committee of each
    Fund will review and consider nominees recommended by
    Shareholders to serve as Trustees/Directors,
</DIV>
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    provided that the recommending Shareholder follows the
    &#147;Procedures for Shareholders to Submit Nominee Candidates
    for the Allianz Global Investors Fund&#160;Management Sponsored
    Closed-End Funds,&#148; which are set forth as Appendix&#160;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&#160;days nor more than 75&#160;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/Director if elected. The foregoing description of
    the requirements is only a summary. Please refer to
    Appendix&#160;B to the Nominating Committee Charter for each
    Fund, which is available at
    <U><FONT style="white-space: nowrap">http://www.allianzinvestors.com/closedendfunds/literature</FONT></U>,
    for details.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Diversity.</B>&#160;&#160;The Nominating Committee takes
    diversity of a particular nominee and overall diversity of the
    Board into account when considering and evaluating nominees for
    Trustee/Director. While the Committee has not adopted a
    particular definition of diversity, when considering a
    nominee&#146;s and the Board&#146;s diversity, the Committee
    generally considers the manner in which each nominee&#146;s
    professional experience, education, expertise in matters that
    are relevant to the oversight of the Funds (<I>e.g.</I>,
    investment management, distribution, accounting, trading,
    compliance, legal), general leadership experience, and life
    experience are complementary and, as a whole, contribute to the
    ability of the Board to oversee the Funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Valuation Committee.</B>&#160;&#160;The Board of each Fund
    has a Valuation Committee currently consisting of
    Messrs.&#160;Belica, Gallagher, Jacobson, Kertess, Ogden and
    Rappaport. 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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Compensation Committee.</B>&#160;&#160;The Board of each Fund
    has a Compensation Committee currently consisting of
    Messrs.&#160;Belica, Gallagher, Jacobson, Kertess, Ogden and
    Rappaport. The Compensation Committee meets as the Board deems
    necessary to review and make recommendations regarding
    compensation payable to the Trustees/Directors of the Fund who
    are not directors, officers, partners or employees of the
    Manager, the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    or any entity controlling, controlled by or under common control
    with the Manager or the
    <FONT style="white-space: nowrap">Sub-Adviser.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Meetings.</B>&#160;&#160;With respect to PCM, during the
    fiscal year ended December&#160;31, 2010, the Board of Directors
    held four regular meetings and four special meetings. The Audit
    Oversight Committee met in separate session four times, the
    Nominating Committee met in separate session three times, the
    Valuation Committee met in separate session four times and the
    Compensation Committee did not meet in separate sessions. Each
    Trustee attended in person or via teleconference 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 December&#160;31, 2010, except
    Messrs.&#160;Gallagher and Rappaport who were not appointed to
    the Board until September&#160;21, 2010 and June&#160;22, 2010,
    respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to PCN, during the fiscal year ended
    October&#160;31, 2010, the Board of Trustees held four regular
    meetings and four special meetings. The Audit Oversight
    Committee met in separate session three times, the Nominating
    Committee met in separate session four times, the Valuation
    Committee met in separate session four times and the
    Compensation Committee did not meet in separate sessions. Each
    Trustee attended in person or via teleconference 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&#160;31, 2010, except
    Messrs.&#160;Gallagher and Rappaport who were not appointed to
    the Board until September&#160;21, 2010 and June&#160;22, 2010,
    respectively.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to PTY during the fiscal year ended
    November&#160;30, 2010, the Board of Trustees held four regular
    meetings and four special meetings. The Audit Oversight
    Committee met in separate session three times, the Nominating
    Committee met in separate session four times, the Valuation
    Committee met in separate session four times and the
    Compensation Committee did not meet in separate sessions. Each
    Trustee attended in person or via teleconference 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&#160;30, 2010, except
    Messrs.&#160;Gallagher and Rappaport who were not appointed to
    the Board until September&#160;21, 2010 and June&#160;22, 2010,
    respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to PKO, during the fiscal year ended
    October&#160;31, 2010, the Board of Trustees held four regular
    meetings and six special meetings. The Audit Oversight Committee
    met in separate session three times, the Nominating Committee
    met in separate session four times, the Valuation Committee met
    in separate session four times and the Compensation Committee
    did not meet in separate sessions. Each Trustee attended in
    person or via teleconference at least 75% of the regular
    meetings of the Board and meetings of the committees on which
    such Trustee served for PKO that were held during the fiscal
    year ended October&#160;31, 2010, except Messrs.&#160;Gallagher
    and Rappaport who were not appointed to the Board until
    September&#160;21, 2010 and June&#160;22, 2010, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trustees/Directors do not attend the annual shareholder
    meetings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Shareholder Communications with the Board of
    Trustees/Directors.</B>&#160;&#160;The Board of Trustees of each
    Fund has adopted procedures by which Fund&#160;Shareholders may
    send communications to the Board. Shareholders may mail written
    communications to the Board to the attention of the Board of
    Trustees/Directors, [name of Fund],
    <FONT style="white-space: nowrap">c/o&#160;Thomas</FONT>
    J. Fuccillo, Chief Legal Officer (&#147;CLO&#148;), Allianz
    Global Investors Fund&#160;Management LLC, 1345 Avenue of the
    Americas, New York, NY 10105. Shareholder communications must
    (i)&#160;be in writing and be signed by the Shareholder and
    (ii)&#160;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)&#160;provide a copy of each properly
    submitted shareholder communication to the Board at its next
    regularly scheduled Board meeting or (ii)&#160;if the CLO
    determines that the communication requires more immediate
    attention, forward the communication to the Trustees/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)&#160;any
    communication from an officer or Trustee/Director of a Fund,
    (ii)&#160;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)&#160;any
    shareholder proposal submitted pursuant to
    <FONT style="white-space: nowrap">Rule&#160;14a-8</FONT>
    under the Exchange Act or any communication made in connection
    with such a proposal. A Fund&#146;s Trustees/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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Section&#160;16(a) Beneficial Ownership Reporting
    Compliance.</B>&#160;&#160;Each Fund&#146;s Trustees/Directors
    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 NYSE. 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/Directors 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, due to
    administrative oversight, a late Form&#160;4 covering one
    transaction was filed in September 2010 for Alan Rappaport, an
    affiliated person of PCN, and a late Form&#160;3/A was filed in
    March 2010 for Allianz Global Investors of America, L.P.
    (&#147;AGI&#148;), an affiliated entity of PKO, to report shares
    of PKO held by AGI as of the date AGI became a reporting person.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Required Vote.</B>&#160;&#160;The re-election of
    Messrs.&#160;Kertess and Maney and the election of
    Messrs.&#160;Gallagher and Rappaport to the Board of Directors
    of PCM will require the affirmative vote of a majority of the
    votes of the Fund cast in the election of Directors at the
    Meeting, in person or by proxy. The re-election of
    Mr.&#160;Maney and the election of Messrs.&#160;Gallagher and
    Rappaport to the Board of Trustees of PCN will require the
    affirmative vote of a plurality of the votes of the Common
    Shareholders and Preferred Shareholders (voting as a single
    class) of the Fund cast in the election of Trustees at the
    Meeting, in person or by proxy. The election of
    Mr.&#160;Gallagher to the Board of Trustees of PTY will require
    the affirmative vote of a plurality of the votes of the Common
    Shareholders 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. The re-election of
    Mr.&#160;Jacobson and the election of Mr.&#160;Rappaport 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 Fund cast in the election of Preferred
    Shares&#160;Trustees at the Meeting, in person or by proxy. The
    election of Messrs.&#160;Gallagher and Rappaport to the Board of
    Trustees of PKO will require the affirmative vote of a plurality
    of the votes of the Fund cast in the election of Trustees at the
    Meeting, in person or by proxy.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>THE BOARD OF TRUSTEES/DIRECTORS OF THE FUNDS UNANIMOUSLY
    RECOMMENDS THAT YOU VOTE FOR THIS PROPOSAL.</I></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">ADDITIONAL
    INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Executive and Other Officers of the Funds.</B>&#160;&#160;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
    appointed 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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    are not compensated by the Funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Address*<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s) Held<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office and Length<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s) During<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Date of Birth</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Time Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Brian S. Shlissel <BR>
    11/14/1964
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President &#038; Chief <BR>
    Executive Officer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    PCN&#160;&#151; Since September 2002<BR>
    Formerly, Treasurer and Principal <BR>
    Financial and Accounting Officer<BR>
    PTY&#160;&#151; Since inception (November 2002)<BR>
    PKO&#160;&#151; Since inception (November 2007)<BR>
    PCM&#160;&#151; Since April 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director and Head of Mutual Fund Services of Allianz
    Global Investors Fund Management LLC; President and Chief
    Executive Officer of 29 funds in the Fund Complex; President of
    50 funds in the Fund Complex; and Treasurer, Principal Financial
    and Accounting Officer of The Korea Fund, Inc.  Formerly,
    Treasurer, Principal Financial and Accounting Officer of 50
    funds in the Fund Complex.
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Address*<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s) Held<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office and Length<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s) During<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Date of Birth</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Time Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Lawrence G. Altadonna 03/10/1966
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Treasurer, Principal <BR>
    Financial and Accounting Officer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    PCN&#160;&#151; Since September 2002<BR>
    PTY&#160;&#151; Since inception (November 2002)<BR>
    PKO&#160;&#151; Since inception (November 2007)<BR>
    PCM&#160;&#151; Since April 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Senior Vice President, Director of Fund Administration of
    Allianz Global Investors Fund Management LLC; Treasurer,
    Principal Financial and Accounting Officer of 79 funds in the
    Fund Complex; and Assistant Treasurer of The Korea Fund, Inc.
    Formerly, Assistant Treasurer of 50 Funds in the Fund Complex.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    Thomas J. Fuccillo<BR>
    03/22/1968
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President, Secretary <BR>
    and Chief Legal Officer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    PCN &#038; PTY&#160;&#151; Since December 2004<BR>
    PKO&#160;&#151; Since inception (November 2007)<BR>
    PCM&#160;&#151; Since April 2008
</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 79 funds in the
    Fund Complex; and Secretary and Chief Legal Officer of The Korea
    Fund, Inc.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    Youse Guia <BR>
    680 Newport Center <BR>
    Drive Suite&#160;250 <BR>
    Newport Beach, CA 92660 <BR>
    09/03/1972
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Compliance Officer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    PCN &#038; PTY&#160;&#151; Since October 2004 <BR>
    PKO&#160;&#151; Since inception (November 2007)<BR>
    PCM&#160;&#151; Since April 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Senior Vice President, Chief Compliance Officer, Allianz Global
    Investors of America L.P.; Chief Compliance Officer of 79 funds
    in the Fund Complex and of The Korea Fund, Inc.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    Kathleen A. Chapman<BR>
    11/11/1954
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Assistant Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    PCN &#038; PTY&#160;&#151; Since December 2006<BR>
    PKO&#160;&#151; Since inception (November 2007)<BR>
    PCM&#160;&#151; Since April 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President, Senior Paralegal, Allianz Global Investors of
    America, L.P.; and Assistant Secretary of 79 funds in the Fund
    Complex.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    Lagan Srivastava <BR>
    09/20/1977
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Assistant Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    PCN &#038; PTY&#160;&#151; Since December 2006<BR>
    PKO&#160;&#151; Since inception (November 2007)<BR>
    PCM&#160;&#151; Since April 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President, Allianz Global Investors of America L.P.;
    Assistant Secretary of 79 funds in the Fund Complex and of The
    Korea Fund, Inc.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 nowrap align="left" valign="top">
    Scott Whisten<BR>
    03/13/1971
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Assistant Treasurer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    PCN &#038; PTY&#160;&#151; Since January 2007<BR>
    PKO&#160;&#151; Since inception (November 2007)<BR>
    PCM&#160;&#151; Since April 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Senior Vice President, Allianz Global Investors Fund Management
    LLC; and Assistant Treasurer of 79 funds in the Fund Complex.
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Address*<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s) Held<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office and Length<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s) During<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Date of Birth</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>with Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Time Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Orhan Dzemaili <BR>
    04/18/1974
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Assistant Treasurer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since January 2011
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President, Allianz Global Investors Fund Management LLC;
    Assistant Treasurer of 79 funds in the Fund Complex. Formerly,
    Accounting Manager, Prudential Investments LLC (2004-2007).
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    Richard J. Cochran<BR>
    01/23/1961
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Assistant Treasurer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since May 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President, Allianz Global Investors Fund Management LLC;
    Assistant Treasurer of 79 funds in the Fund Complex and of The
    Korea Fund, Inc. Formerly, Tax Manager, Teachers Insurance
    Annuity Association/College Retirement Equity Fund (TIAA-CREF)
    (2002-2008).
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Unless otherwise noted, the address of the Funds&#146; officers
    is Allianz Global Investors Fund&#160;Management LLC, 1345
    Avenue of the Americas, New York, New York 10105.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each of the Fund&#146;s executive officers is an
    &#147;interested person&#148; of the Fund (as defined in
    Section&#160;2(a)(19) of the 1940 Act) as a result of his or her
    position(s) set forth in the table above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Investment Manager and
    <FONT style="white-space: nowrap">Sub-Adviser.</FONT></B>&#160;&#160;The
    Manager, located at 1345 Avenue of the Americas, New&#160;York,
    New York 10105, serves as the investment manager of the Funds.
    The Manager retains its affiliate, PIMCO as
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    to the Funds. PIMCO is located at 800 Newport Center Drive,
    Newport Beach, CA&#160;92660. The Manager and the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    are each majority-owned indirect subsidiaries of Allianz SE, a
    European insurance and financial services company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Legal Proceedings.</B>&#160;&#160;In June and September 2004,
    the Manager and certain of its affiliates (including PEA Capital
    LLC (&#147;PEA&#148;), Allianz Global Investors Distributors LLC
    and AGI), agreed to settle, without admitting or denying the
    allegations, claims brought by the Securities and Exchange
    Commission (&#147;SEC&#148;) and the New Jersey Attorney General
    alleging violations of federal and state securities laws with
    respect to certain open-end funds for which the Investment
    Manager serves as investment adviser. The settlements related to
    an alleged &#147;market timing&#148; arrangement in certain
    open-end funds formerly
    <FONT style="white-space: nowrap">sub-advised</FONT>
    by PEA. The Manager and its affiliates agreed to pay a total of
    $68&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Since February 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 multidistrict litigation proceeding in
    the U.S.&#160;District Court for the District of Maryland (the
    &#147;MDL Court&#148;). After a number of claims in the lawsuits
    were dismissed by the MDL Court, the parties entered into a
    stipulation of settlement, which was publicly filed with the MDL
    Court in April 2010, resolving all remaining claims, but the
    settlement remains subject to the approval of the MDL Court.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, in a lawsuit filed in the Northern District of
    Illinois Eastern Division, plaintiffs challenged certain trades
    by PIMCO in the June 2005 10&#160;year futures contract.
    PIMCO&#146;s position is that all such trades
</DIV>
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    19
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    were properly designed to secure best execution for its clients.
    The parties resolved this matter through settlement, which
    resolves all of the claims against PIMCO. In settling this
    matter, PIMCO denies any liability. This settlement is purely
    private in nature and not a regulatory matter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Beginning in May 2010, several closed-end funds managed by the
    Manager, including PCN and PTY and certain other funds
    <FONT style="white-space: nowrap">sub-advised</FONT>
    by the
    <FONT style="white-space: nowrap">Sub-Adviser,</FONT>
    each received a demand letter from a law firm on behalf of
    certain common shareholders. The demand letters allege that the
    Manager and certain officers and trustees of the funds breached
    their fiduciary duties in connection with the redemption at par
    of a portion of the funds&#146; ARPS and demand that the boards
    of trustees take certain action to remedy those alleged
    breaches. After conducting an investigation, in August 2010 the
    independent trustees of the Funds rejected the demands made in
    the demand letters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Manager and the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The foregoing speaks only as of the date of this document.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Independent Registered Public Accounting
    Firm.</B>&#160;&#160;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&#160;31,
    2011 for PCN and PKO, November&#160;30, 2011 for PTY and
    December&#160;31, 2011 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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    serve as investment adviser or
    <FONT style="white-space: nowrap">sub-adviser.</FONT>
    PwC is located at 300 Madison Avenue, New York, New York 10017.
    None of the Funds knows of any direct financial or material
    indirect financial interest of PwC in the Funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Pre-approval Policies and Procedures.</B>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>
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    <BR>
    20
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;10A of the Exchange Act and applicable regulations
    (referred to herein as the &#147;de minimis exception&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Audit Fees.</B>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fiscal Year Ended</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Audit Fees</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PCN
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    October 31, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    69,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    October 31, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    69,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PTY
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    November 30, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    74,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    November 30, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    74,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PKO
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    October 31, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    55,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    October 31, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    55,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PCM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    December 31, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    December 31, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Audit-Related Fees.</B>&#160;&#160;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,
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="61%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fiscal Year Ended</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Audit-Related Fees</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PCN
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    October 31, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    October 31, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PTY
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    November 30, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    November 30, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PKO
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    October 31, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    October 31, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PCM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    December 31, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    December 31, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Tax Fees.</B>&#160;&#160;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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fiscal Year Ended</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Tax Fees</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PCN
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    October 31, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    October 31, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PTY
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    November 30, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    November 30, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PKO
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    October 31, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    October 31, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PCM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    December 31, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    December 31, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,425
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>All Other Fees.</B>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    During the periods indicated in the tables above, pursuant to
    the de minimis exception, no services described under
    &#147;Audit-Related Fees,&#148; &#147;Tax Fees&#148; or
    &#147;All Other Fees&#148; were approved.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Aggregate Non-Audit Fees.</B>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="30%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate Non-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Non-Audit Fees for<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Audit Fees<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Accounting<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fiscal Year Ended</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>for Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Affiliates</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Non-Audit Fees</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PCN
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    October 31, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,925,461
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,956,161
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    October 31, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,252,549
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,282,724
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PTY
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    November 30, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    26,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,389,982
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,416,682
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    November 30, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    26,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    668,193
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    694,368
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PKO
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    October 31, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,941,461
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,956,161
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    October 31, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,252,549
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,266,724
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PCM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    December 31, 2010
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,189,580
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,204,280
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    December 31, 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,425
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,063,450
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,078,875
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 was compatible with maintaining the independence of
    PwC as the Fund&#146;s principal auditors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Other Business.</B>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Quorum, Adjournments and Methods of
    Tabulation.</B>&#160;&#160;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
    quorum is present, in the event that sufficient votes in favor
    of the 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 the proposal. In addition, if, in the
    judgment of the persons named as proxies, it is advisable to
    defer action on the proposal, the persons named as proxies may
    propose one or more adjournments of the Meeting with respect to
    the proposal for a reasonable time. Any adjournments with
    respect to the 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 the proposal. They will vote
    against any such adjournment those proxies required to be voted
    against the 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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
</DIV>
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    <BR>
    22
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    votes cast in favor of or in opposition to the 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). For a
    proposal requiring approval of a plurality of votes cast, such
    as the election of Trustees, abstentions and broker non-votes
    will have no effect on the outcome of the proposal. For a
    proposal requiring approval for a specific percentage of shares
    present or outstanding abstentions and broker non-votes will
    have the same effect as a vote against the proposal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For ease of reference, the terms &#147;shares&#148; and
    &#147;shareholders&#148; as used herein include the stock issued
    by, and stockholders of, PCM.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Reports to Shareholders.</B>&#160;&#160;Below are the dates
    on or about which the 2010 Annual Reports to Shareholders of
    each Fund were mailed:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="72%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Mail Date for 2010<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Annual Report to Shareholders</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PCN
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    12/29/2010
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PTY
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    1/28/2011
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PKO
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    12/29/2010
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PCM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    2/20/2011
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Additional copies of the Annual Reports and the Funds&#146;
    Semi-Annual Reports may be obtained without charge from the
    Funds by calling
    <FONT style="white-space: nowrap">1-800-254-5197</FONT>
    or by writing to the Funds at 1345 Avenue of the Americas, New
    York, NY 10105.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Shareholder Proposals for 2011 Annual
    Meeting.</B>&#160;&#160;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
    2012. Proposals of Shareholders intended to be presented at that
    annual meeting of the Fund must be received by the Fund no later
    than October&#160;28, 2011 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
    2012 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&#160;27, 2011 and no later than January&#160;11,
    2012 for PCN, PTY and PKO, and no earlier than November&#160;27,
    2011 and no later than December&#160;27, 2011 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 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&#160;&#038; Gray LLP, Prudential Tower, 800
    Boylston Street, Boston, Massachusetts
    <FONT style="white-space: nowrap">02199-3600.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">February&#160;25,
    2011</FONT></B>
</DIV>
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    <BR>
    23
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;A
    to Proxy Statement</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Allianz
    Global Investors Fund&#160;Management Sponsored Closed-End
    Funds<BR>
    Audit Oversight Committee Charter<BR>
    <BR>
    </FONT></B><FONT style="font-family: 'Times New Roman', Times">(Adopted
    as of January&#160;14, 2004,<BR>
    as amended through<BR>
    April&#160;6, 2010)
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Trustees (each a &#147;Board&#148;) of each of the
    registered investment companies listed in <U>Appendix&#160;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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Statement
    of Purpose and Functions</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 Item&#160;407(d)(3)(i) of
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    or otherwise required by Securities and Exchange Commission
    rules to be included in the Fund&#146;s annual proxy statements,
    if any.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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)&#160;the integrity of those persons and
    organizations within management and outside the Fund from which
    the Committee receives information and (ii)&#160;the accuracy of
    financial and other information provided to the Committee by
    such persons or organizations absent actual knowledge to the
    contrary.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Membership</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Committee shall be comprised of as many trustees as the
    Board shall determine, but in any event not less than three
    (3)&#160;Trustees. Each member of the Committee must be a member
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each member of the Committee may not be an &#147;interested
    person&#148; of the Fund, as defined in Section&#160;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
    <FONT style="white-space: nowrap">Rule&#160;10A-3(b)</FONT>
    (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
</DIV>
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    <BR>
    A-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Responsibilities
    and Duties</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="1%"></TD>
    <TD width="90%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    1. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    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&#160;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.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    2. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    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.&#160;1.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    3. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    To the extent required by applicable regulations, pre-approve
    (i)&#160;all audit and permitted non-audit services rendered by
    the independent auditors to the Fund and (ii)&#160;all non-audit
    services rendered by the independent auditors to the Fund&#146;s
    investment advisers (including
    <FONT style="white-space: nowrap">sub-advisers)</FONT>
    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.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    4. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    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.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    5. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    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.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    6. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    Obtain and review at least annually a report from the
    independent auditors describing (i)&#160;the accounting
    firm&#146;s internal quality-control procedures and
    (ii)&#160;any material issues raised (a)&#160;by the accounting
    firm&#146;s most recent internal quality-control review or peer
    review or (b)&#160;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.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    7. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    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.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    8. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    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.&#160;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.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>
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    <BR>
    A-2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="1%"></TD>
    <TD width="90%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    9. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    Discuss with management and the independent auditors the
    Fund&#146;s unaudited financial statements.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    10. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    Review with the independent auditors any audit problems or
    difficulties encountered in the course of their audit work and
    management&#146;s responses thereto.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    11. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    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.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    12. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    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
    form of presentation (<I>i.e.</I>, a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    review is not required) and need not discuss in advance each
    such release of information.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    13. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    Establish procedures for (i)&#160;the receipt, retention, and
    treatment of complaints received by the Fund regarding
    accounting, internal accounting controls, or auditing matters;
    and (ii)&#160;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.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    14. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    Investigate or initiate the investigation of any improprieties
    or suspected improprieties in the Fund&#146;s accounting
    operations or financial reporting.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    15. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    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.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    16. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    Report to the Board on a regular basis (at least annually) on
    the Committee&#146;s activities.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
<DIV style="text-indent: -2%; margin-left: 2%">
    17. </DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    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.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Meetings</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Outside
    Resources and Assistance from Management</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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)&#160;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)&#160;compensation of independent legal counsel or other
    advisers retained by the Committee; and (iii)&#160;ordinary
    administrative expenses of the Committee that are necessary or
    appropriate in fulfilling its purposes or carrying out its
    responsibilities under this Charter.
</DIV>
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    <BR>
    A-3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Annual
    Evaluations</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Adoption
    and Amendments</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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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    <BR>
    A-4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Appendix&#160;A</FONT></U></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Funds
    Subject to this Charter</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">(As of
    April&#160;6, 2010)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NFJ
    DIVIDEND, INTEREST&#160;&#038; PREMIUM STRATEGY FUND
    </FONT></B><FONT style="font-family: 'Times New Roman', Times">(&#147;NFJ&#148;)<BR>
    <B>AGIC CONVERTIBLE&#160;&#038; INCOME FUND
    </B>(&#147;NCV&#148;)<BR>
    <B>AGIC CONVERTIBLE&#160;&#038; INCOME FUND&#160;II
    </B>(&#147;NCZ&#148;)<BR>
    <B>AGIC EQUITY&#160;&#038; CONVERTIBLE INCOME FUND
    </B>(&#147;NIE&#148;)<BR>
    <B>AGIC GLOBAL EQUITY&#160;&#038; CONVERTIBLE INCOME FUND
    </B>(&#147;NGZ&#148;)<BR>
    <B>AGIC INTERNATIONAL&#160;&#038; PREMIUM STRATEGY FUND
    </B>(&#147;NAI&#148;)<BR>
    <B>PCM FUND, INC. </B>(&#147;PCM&#148;)<BR>
    <B>PIMCO CALIFORNIA MUNICIPAL INCOME FUND
    </B>(&#147;PCQ&#148;)<BR>
    <B>PIMCO CALIFORNIA MUNICIPAL INCOME FUND&#160;II
    </B>(&#147;PCK&#148;)<BR>
    <B>PIMCO CALIFORNIA MUNICIPAL INCOME FUND&#160;III
    </B>(&#147;PZC&#148;)<BR>
    <B>PIMCO CORPORATE INCOME </B>FUND (&#147;PCN&#148;)<BR>
    <B>PIMCO CORPORATE OPPORTUNITY FUND </B>(&#147;PTY&#148;)<BR>
    <B>PIMCO INCOME STRATEGY FUND </B>(&#147;PFL&#148;)<BR>
    <B>PIMCO INCOME STRATEGY FUND&#160;II </B>(&#147;PFN&#148;)<BR>
    <B>PIMCO GLOBAL STOCKSPLUS&#160;&#038; INCOME FUND
    </B>(&#147;PGP&#148;)<BR>
    <B>PIMCO HIGH INCOME FUND </B>(&#147;PHK&#148;)<BR>
    <B>PIMCO INCOME OPPORTUNITY FUND </B>(&#147;PKO&#148;)<BR>
    <B>PIMCO MUNICIPAL INCOME FUND </B>(&#147;PMF&#148;)<BR>
    <B>PIMCO MUNICIPAL INCOME FUND&#160;II </B>(&#147;PML&#148;)<BR>
    <B>PIMCO MUNICIPAL INCOME FUND&#160;III </B>(&#147;PMX&#148;)<BR>
    <B>PIMCO NEW YORK MUNICIPAL INCOME FUND </B>(&#147;PNF&#148;)<BR>
    <B>PIMCO NEW YORK MUNICIPAL INCOME FUND&#160;II
    </B>(&#147;PNI&#148;)<BR>
    <B>PIMCO NEW YORK MUNICIPAL INCOME FUND&#160;III
    </B>(&#147;PYN&#148;)<BR>
    <B>PIMCO STRATEGIC GLOBAL GOVERNMENT FUND, INC.
    </B>(&#147;RCS&#148;)
    </FONT>
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Exhibit&#160;B-1</FONT>
    to Proxy Statement</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Report of
    Audit Oversight Committee<BR>
    of the Board of Trustees of<BR>
    PIMCO Corporate Income Fund (the &#147;Fund&#148;)<BR>
    Dated December&#160;21, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;31,
    2010 were prepared in conformity with the generally accepted
    accounting principles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;31,
    2010. The Committee has discussed with PwC the matters required
    to be discussed by Statements on Auditing Standard No.&#160;61
    (SAS 61). SAS 61 requires independent auditors to communicate to
    the Committee matters including, if applicable: 1)&#160;methods
    used to account for significant unusual transactions;
    2)&#160;the effect of significant accounting policies in
    controversial or emerging areas for which there is a lack of
    authoritative guidance or consensus; 3)&#160;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)&#160;disagreements with Management
    over the application of accounting principles and certain other
    matters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to the Fund, the Committee has received the written
    disclosure and the letter from PwC required by Rule&#160;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&#160;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
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Based on the foregoing review and discussions, the Committee
    presents this Report to the Board and recommends that
    (1)&#160;the audited financial statements for the fiscal year
    ended October&#160;31, 2010 be included in the Fund&#146;s
    Annual Report to shareholders for such fiscal year,
    (2)&#160;such Annual Report be filed with the Securities and
    Exchange Commission and the New York Stock Exchange, and
    (3)&#160;PwC be reappointed as the Fund&#146;s independent
    registered public accounting firm for the fiscal year ending
    October&#160;31, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Submitted by the Audit Oversight Committee of the Board of
    Trustees:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Paul Belica
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Hans W. Kertess
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    James A. Jacobson
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    William B. Ogden, IV
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Alan Rappaport
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Bradford K. Gallagher
</DIV>
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    <BR>
    B-1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Exhibit&#160;B-2</FONT>
    to Proxy Statement</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Report of
    Audit Oversight Committee<BR>
    of the Board of Trustees of<BR>
    PIMCO Corporate Opportunity Fund (the &#147;Fund&#148;)<BR>
    Dated January&#160;25, 2011</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;30,
    2010 were prepared in conformity with the generally accepted
    accounting principles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;30,
    2010. The Committee has discussed with PwC the matters required
    to be discussed by Statements on Auditing Standard No.&#160;61
    (SAS 61). SAS 61 requires independent auditors to communicate to
    the Committee matters including, if applicable: 1)&#160;methods
    used to account for significant unusual transactions;
    2)&#160;the effect of significant accounting policies in
    controversial or emerging areas for which there is a lack of
    authoritative guidance or consensus; 3)&#160;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)&#160;disagreements with Management
    over the application of accounting principles and certain other
    matters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to the Fund, the Committee has received the written
    disclosure and the letter from PwC required by Rule&#160;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&#160;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
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Based on the foregoing review and discussions, the Committee
    presents this Report to the Board and recommends that
    (1)&#160;the audited financial statements for the fiscal year
    ended November&#160;30, 2010 be included in the Fund&#146;s
    Annual Report to shareholders for such fiscal year,
    (2)&#160;such Annual Report be filed with the Securities and
    Exchange Commission and the New York Stock Exchange, and
    (3)&#160;PwC be reappointed as the Fund&#146;s independent
    registered public accounting firm for the fiscal year ending
    November&#160;30, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Submitted by the Audit Oversight Committee of the Board of
    Trustees:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Paul Belica
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Bradford K. Gallagher
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    James A. Jacobson
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Hans W. Kertess
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    William B. Ogden, IV
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Alan Rappaport
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    B-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Exhibit&#160;B-3</FONT>
    to Proxy Statement</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Report of
    Audit Oversight Committee<BR>
    of the Board of Trustees of<BR>
    PIMCO Income Opportunity Fund (the &#147;Fund&#148;)<BR>
    Dated December&#160;21, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;31,
    2010 were prepared in conformity with the generally accepted
    accounting principles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;31,
    2010. The Committee has discussed with PwC the matters required
    to be discussed by Statements on Auditing Standard No.&#160;61
    (SAS 61). SAS 61 requires independent auditors to communicate to
    the Committee matters including, if applicable: 1)&#160;methods
    used to account for significant unusual transactions;
    2)&#160;the effect of significant accounting policies in
    controversial or emerging areas for which there is a lack of
    authoritative guidance or consensus; 3)&#160;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)&#160;disagreements with Management
    over the application of accounting principles and certain other
    matters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to the Fund, the Committee has received the written
    disclosure and the letter from PwC required by Rule&#160;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&#160;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
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Based on the foregoing review and discussions, the Committee
    presents this Report to the Board and recommends that
    (1)&#160;the audited financial statements for the fiscal year
    ended October&#160;31, 2010 be included in the Fund&#146;s
    Annual Report to shareholders for such fiscal year,
    (2)&#160;such Annual Report be filed with the Securities and
    Exchange Commission and the New York Stock Exchange, and
    (3)&#160;PwC be reappointed as the Fund&#146;s independent
    registered public accounting firm for the fiscal year ending
    October&#160;31, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Submitted by the Audit Oversight Committee of the Board of
    Trustees:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Paul Belica
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Hans W. Kertess
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    James A. Jacobson
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    William B. Ogden, IV
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Alan Rappaport
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Bradford K. Gallagher
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    B-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Exhibit&#160;B-4</FONT>
    to Proxy Statement</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Report of
    Audit Oversight Committee<BR>
    of the Board of Directors of<BR>
    PCM Fund&#160;Inc. (the &#147;Fund&#148;)<BR>
    Dated February&#160;23, 2011</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;31,
    2010 were prepared in conformity with the generally accepted
    accounting principles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;31,
    2010. The Committee has discussed with PwC the matters required
    to be discussed by Statements on Auditing Standard No.&#160;61
    (SAS 61). SAS 61 requires independent auditors to communicate to
    the Committee matters including, if applicable: 1)&#160;methods
    used to account for significant unusual transactions;
    2)&#160;the effect of significant accounting policies in
    controversial or emerging areas for which there is a lack of
    authoritative guidance or consensus; 3)&#160;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)&#160;disagreements with Management
    over the application of accounting principles and certain other
    matters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to the Fund, the Committee has received the written
    disclosure and the letter from PwC required by Rule&#160;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&#160;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
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Based on the foregoing review and discussions, the Committee
    presents this Report to the Board and recommends that
    (1)&#160;the audited financial statements for the fiscal year
    ended December&#160;31, 2010, be included in the Fund&#146;s
    Annual Report to shareholders for such fiscal year,
    (2)&#160;such Annual Report be filed with the Securities and
    Exchange Commission and the New York Stock Exchange, and
    (3)&#160;PwC be reappointed as the Fund&#146;s independent
    registered public accounting firm for the fiscal year ending
    December&#160;31, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Submitted by the Audit Oversight Committee of the Board of
    Directors:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Paul Belica
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Bradford K. Gallagher
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    James A. Jacobson
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Hans W. Kertess
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    William B. Ogden, IV
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Alan Rappaport
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    B-4
</DIV><!-- END PAGE WIDTH -->
<!-- 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
</DIV>


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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">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, 2011
</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, 2011 at the offices of Allianz Global Investors Fund
Management LLC, 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, 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" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&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="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV style="width: 100%; margin-top: 12pt; border-bottom: 1px solid black; border-top: 1px solid black; padding: 6px;">
<DIV align="left" style="font-size: 10pt; margin-top: 0pt">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>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></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" style="font-size: 12pt"><!-- 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">
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></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"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></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" style="font-size: 1pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Three simple methods to vote your proxy:</B>

</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"><B>Internet:</B></TD>
    <TD>&nbsp;</TD>
    <TD>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>
</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="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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 style="width: 100%; margin-top: 12pt; border-bottom: 1px solid black; border-top: 1px solid black; padding: 6px;">
<DIV align="center" style="font-size: 10pt; margin-top: 0pt">
PIMCO CORPORATE INCOME FUND
</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">Using a <U>black ink</U> pen, mark your votes with an X as shown<BR>
in this example. Please do not write outside the designated areas. <FONT style="font-family: Wingdings">&#254;</FONT>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ANNUAL MEETING PROXY CARD
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A. Election of Trustees &#151; The Board of Trustees urges you to vote <U>FOR</U> the election of the
Nominees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. Nominees:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(01)&nbsp;Bradford K. Gallagher (Class&nbsp;III)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For <FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withhold <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 2%">(02)&nbsp;John C. Maney (Class&nbsp;III)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For <FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withhold <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 2%">(03)&nbsp;Alan Rappaport (Class&nbsp;I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For <FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withhold <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. To vote and otherwise represent the undersigned on any other business that may properly come
before the Annual Meeting or any adjournments or postponements thereof, in the discretion of the
proxy holder(s).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B. Non-Voting Items
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Change of Address &#151; Please print new address below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Comments &#151; Please print your comments below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C. Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Date
and Sign Below
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please sign this proxy card 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" style="font-size: 10pt; margin-top: 6pt">Date (mm/dd/yyyy) &#151; Pls print date below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#95;&#95;&#95;/&#95;&#95;&#95;/&#95;&#95;&#95;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature 1 &#151; Please keep signature within the box.
</DIV>

<DIV align="left"><DIV style="font-size: 1pt; margin-top: 10pt; width: 40%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature 2 &#151; Please keep signature within the box.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</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
</DIV>


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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">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, 2011
</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 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, 2011 at the offices of Allianz Global Investors Fund
Management LLC, 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, 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" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&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="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV style="width: 100%; margin-top: 12pt; border-bottom: 1px solid black; border-top: 1px solid black; padding: 6px;">
<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>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></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" style="font-size: 12pt"><!-- 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">
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></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"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></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" style="font-size: 1pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Three simple methods to vote your proxy:</B>

</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"><B>Internet:</B></TD>
    <TD>&nbsp;</TD>
    <TD>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>
</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="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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 style="width: 100%; margin-top: 12pt; border-bottom: 1px solid black; border-top: 1px solid black; padding: 6px;">
<DIV align="center" style="font-size: 10pt; margin-top: 0pt">
PIMCO CORPORATE INCOME FUND
</DIV>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PREFERRED SHARES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Using a <U>black ink</U> pen, mark your votes with an X as shown<BR>
in this example. Please do not write outside the designated areas. <FONT style="font-family: Wingdings">&#254;</FONT>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ANNUAL MEETING PROXY CARD
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A. Election of Trustees &#151; The Board of Trustees urges you to vote <U>FOR</U> the election of the
Nominees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. Nominees:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(01)&nbsp;Bradford K. Gallagher (Class&nbsp;III)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For <FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withhold <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 2%">(02)&nbsp;John C. Maney (Class&nbsp;III)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For <FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withhold <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 2%">(03)&nbsp;Alan Rappaport (Class&nbsp;I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For <FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withhold <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. To vote and otherwise represent the undersigned on any other business that may properly come
before the Annual Meeting or any adjournments or postponements thereof, in the discretion of the
proxy holder(s).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B. Non-Voting Items
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Change of Address &#151; Please print new address below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Comments &#151; Please print your comments below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C. Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Date
and Sign Below
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please sign this proxy card 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" style="font-size: 10pt; margin-top: 6pt">Date (mm/dd/yyyy) &#151; Pls print date below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#95;&#95;&#95;/&#95;&#95;&#95;/&#95;&#95;&#95;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature 1 &#151; Please keep signature within the box.

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature 2 &#151; Please keep signature within the box.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</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
</DIV>


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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">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, 2011
</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 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, 2011 at the offices of Allianz Global Investors Fund
Management LLC, 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, 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" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&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="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV style="width: 100%; margin-top: 12pt; border-bottom: 1px solid black; border-top: 1px solid black; padding: 6px;">
<DIV align="left" style="font-size: 10pt; margin-top: 0pt">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>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></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" style="font-size: 12pt"><!-- 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">
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></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"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></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" style="font-size: 1pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Three simple methods to vote your proxy:</B>

</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"><B>Internet:</B></TD>
    <TD>&nbsp;</TD>
    <TD>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>
</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="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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 style="width: 100%; margin-top: 12pt; border-bottom: 1px solid black; border-top: 1px solid black; padding: 6px;">
<DIV align="center" style="font-size: 10pt; margin-top: 0pt">
PIMCO CORPORATE OPPORTUNITY FUND
</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">Using a <U>black ink</U> pen, mark your votes with an X as shown<BR>
in this example. Please do not write outside the designated areas. <FONT style="font-family: Wingdings">&#254;</FONT>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ANNUAL MEETING PROXY CARD
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A. Election of Trustee &#151; The Board of Trustees urges you to vote <U>FOR</U> the election of the
Nominee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. Nominee:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(01)&nbsp;Bradford K. Gallagher (Class&nbsp;II)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For <FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. To vote and otherwise represent the undersigned on any other business that may properly come
before the Annual Meeting or any adjournments or postponements thereof, in the discretion of the
proxy holder(s).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B. Non-Voting Items
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Change of Address &#151; Please print new address below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Comments &#151; Please print your comments below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C. Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Date
and Sign Below
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please sign this proxy card 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" style="font-size: 10pt; margin-top: 6pt">Date (mm/dd/yyyy) &#151; Pls print date below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#95;&#95;&#95;/&#95;&#95;&#95;/&#95;&#95;&#95;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature 1 &#151; Please keep signature within the box.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature 2 &#151; Please keep signature within the box.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</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
</DIV>


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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">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, 2011
</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, 2011 at the offices of Allianz Global Investors Fund
Management LLC, 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, 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" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&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="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV style="width: 100%; margin-top: 12pt; border-bottom: 1px solid black; border-top: 1px solid black; padding: 6px;">
<DIV align="left" style="font-size: 10pt; margin-top: 0pt">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>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></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" style="font-size: 12pt"><!-- 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">
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></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"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></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" style="font-size: 1pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Three simple methods to vote your proxy:</B>

</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"><B>Internet:</B></TD>
    <TD>&nbsp;</TD>
    <TD>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>
</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="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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 style="width: 100%; margin-top: 12pt; border-bottom: 1px solid black; border-top: 1px solid black; padding: 6px;">
<DIV align="center" style="font-size: 10pt; margin-top: 0pt">
PIMCO CORPORATE OPPORTUNITY FUND
</DIV>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PREFERRED SHARES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Using a <U>black ink</U> pen, mark your votes with an X as shown<BR>
in this example. Please do not write outside the designated areas.
<FONT style="font-family: Wingdings">&#254;</FONT>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ANNUAL MEETING PROXY CARD
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A. Election of Trustees &#151; The Board of Trustees urges you to vote <U>FOR</U> the election of the
Nominees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. Nominees:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(01)&nbsp;Bradford K. Gallagher (Class&nbsp;II)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For <FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 2%">(02)&nbsp;James A. Jacobson (Class&nbsp;II)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For <FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 2%">(03)&nbsp;Alan Rappaport (Class&nbsp;I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For <FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withhold <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. To vote and otherwise represent the undersigned on any other business that may properly come
before the Annual Meeting or any adjournments or postponements thereof, in the discretion of the
proxy holder(s).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B. Non-Voting Items
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Change of Address &#151; Please print new address below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Comments &#151; Please print your comments below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C. Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Date
and Sign Below
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please sign this proxy card 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" style="font-size: 10pt; margin-top: 6pt">Date (mm/dd/yyyy) &#151; Pls print date below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#95;&#95;&#95;/&#95;&#95;&#95;/&#95;&#95;&#95;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature 1 &#151; Please keep signature within the box.

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature 2 &#151; Please keep signature within the box.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</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
</DIV>


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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">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, 2011
</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 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, 2011 at the offices of Allianz Global Investors Fund
Management LLC, 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, 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" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&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="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV style="width: 100%; margin-top: 12pt; border-bottom: 1px solid black; border-top: 1px solid black; padding: 6px;">
<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>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></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" style="font-size: 12pt"><!-- 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">
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></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"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></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" style="font-size: 1pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Three simple methods to vote your proxy:</B>

</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"><B>Internet:</B></TD>
    <TD>&nbsp;</TD>
    <TD>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>
</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="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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 style="width: 100%; margin-top: 12pt; border-bottom: 1px solid black; border-top: 1px solid black; padding: 6px;">
<DIV align="center" style="font-size: 10pt; margin-top: 0pt">
PIMCO CORPORATE INCOME FUND
</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">Using a <U>black ink</U> pen, mark your votes with an X as shown<BR>
in this example. Please do not write outside the designated areas. <FONT style="font-family: Wingdings">&#254;</FONT>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ANNUAL MEETING PROXY CARD
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A. Election of Trustees &#151; The Board of Trustees urges you to vote <U>FOR</U> the election of the
Nominees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. Nominees:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(01)&nbsp;Bradford K. Gallagher (Class&nbsp;III)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For <FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 2%">(02)&nbsp;Alan Rappaport (Class&nbsp;III)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For <FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. To vote and otherwise represent the undersigned on any other business that may properly come
before the Annual Meeting or any adjournments or postponements thereof, in the discretion of the
proxy holder(s).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B. Non-Voting Items
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Change of Address &#151; Please print new address below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Comments &#151; Please print your comments below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C. Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Date
and Sign Below
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please sign this proxy card 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" style="font-size: 10pt; margin-top: 6pt">Date (mm/dd/yyyy) &#151; Pls print date below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#95;&#95;&#95;/&#95;&#95;&#95;/&#95;&#95;&#95;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature 1 &#151; Please keep signature within the box.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature 2 &#151; Please keep signature within the box.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</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
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PCM FUND, INC.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">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, 2011
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">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, 2011 at the offices of Allianz Global Investors Fund Management LLC, 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, 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" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&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="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>



<DIV style="width: 100%; margin-top: 12pt; border-bottom: 1px solid black; border-top: 1px solid black; padding: 6px;">
<DIV align="left" style="font-size: 10pt; margin-top: 0pt">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>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></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" style="font-size: 12pt"><!-- 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">
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></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"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></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" style="font-size: 1pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Three simple methods to vote your proxy:</B>

</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"><B>Internet:</B></TD>
    <TD>&nbsp;</TD>
    <TD>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>
</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="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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 style="width: 100%; margin-top: 12pt; border-bottom: 1px solid black; border-top: 1px solid black; padding: 6px;">
<DIV align="center" style="font-size: 10pt; margin-top: 0pt">
PCM FUND, INC.
</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">Using a <U>black ink</U> pen, mark your votes with an X as shown<BR>
in this example. Please do not write outside the designated areas. <FONT style="font-family: Wingdings">&#254;</FONT>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ANNUAL MEETING PROXY CARD
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A. Election of Directors &#151; The Board of Directors urges you to vote <U>FOR</U> the election of
the Nominees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. Nominees:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(01)&nbsp;Bradford K. Gallagher (Class&nbsp;II)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For <FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withhold <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 2%">(02)&nbsp;Hans W. Kertess (Class&nbsp;II)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For <FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withhold <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 2%">(03)&nbsp;John C. Maney (Class&nbsp;II)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For <FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withhold <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 2%">(04)&nbsp;Alan Rappaport (Class&nbsp;III)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For <FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withhold <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. To vote and otherwise represent the undersigned on any other business that may properly come
before the Annual Meeting or any adjournments or postponements thereof, in the discretion of the
proxy holder(s).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B. Non-Voting Items
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Change of Address &#151; Please print new address below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Comments &#151; Please print your comments below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C. Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Date
and Sign Below
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please sign this proxy card 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" style="font-size: 10pt; margin-top: 6pt">Date (mm/dd/yyyy) &#151; Pls print date below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#95;&#95;&#95;/&#95;&#95;&#95;/&#95;&#95;&#95;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature 1 &#151; Please keep signature within the box.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature 2 &#151; Please keep signature within the box.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="width: 40%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>



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



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
