SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities
Exchange Act of 1934
(Amendment No. )
Filed by the
Registrant
þ
Filed by
a Party other than the Registrant
¨
Check the appropriate box:
¨
|
Preliminary Proxy Statement
|
¨
|
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
|
þ
|
Definitive Joint Proxy Statement
|
¨
|
Definitive Additional Materials
|
¨
|
Soliciting Material Under Rule 14a-12
|
PIMCO Corporate & Income Strategy Fund
PIMCO
Corporate & Income Opportunity Fund
PIMCO Income Opportunity Fund
(Name of Registrant as
Specified in its Charter)
(Name of Person(s) Filing Proxy
Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
¨
|
Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
|
|
(1)
|
Title of each class of securities to which transaction applies:
|
|
(2)
|
Aggregate number of securities to which transaction applies:
|
|
(3)
|
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and
state how it was determined):
|
|
(4)
|
Proposed maximum aggregate value of transaction:
|
¨
|
Fee paid previously with preliminary materials:
|
¨
|
Check box if any part of the fee is offset as provided by Exchange Act Rule 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.
|
|
(1)
|
Amount Previously Paid:
|
|
(2)
|
Form, Schedule or Registration Statement No.:
|
NOTICE OF JOINT ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON APRIL 23, 2012
c/o Allianz Global Investors Fund Management LLC
1633 Broadway
New York, New York 10019
To the Shareholders of PIMCO Corporate & Income Strategy Fund, f/k/a PIMCO Corporate Income Fund (PCN), PIMCO Corporate & Income Opportunity Fund, f/k/a PIMCO Corporate
Opportunity Fund (PTY), and PIMCO Income Opportunity Fund (PKO) (each a Fund and, collectively, the Funds):
Notice is hereby given that a Joint Annual Meeting of Shareholders (the Meeting) of the Funds will be held at the offices of Allianz Global Investors Fund Management LLC
(AGIFM or the Manager), at 1633 Broadway, between West 50
th
and West 51
st
Streets, 42
nd
Floor, New York, New York 10019, on Monday, April 23, 2012 at 10:30 A.M., Eastern Time, for the following purposes, which are more fully described in the accompanying Proxy Statement:
|
1.
|
To elect Trustees of each Fund, each to hold office for the term indicated and until his or her successor shall have been elected and qualified; and
|
|
2.
|
To transact such other business as may properly come before the Meeting or any adjournment(s) or postponement(s) thereof.
|
The Board of Trustees of each Fund has fixed the close of business on February 17, 2012 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 of each Fund.
|
By order of the Board of Trustees of each Fund
|
|
|
Thomas J. Fuccillo
|
Secretary
|
New York, New York
March 6, 2012
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.
PIMCO CORPORATE & INCOME STRATEGY FUND (PCN)
PIMCO CORPORATE & INCOME OPPORTUNITY FUND (PTY)
PIMCO INCOME OPPORTUNITY FUND (PKO)
c/o Allianz Global Investors Fund Management LLC
1633 Broadway
New York, New York 10019
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON APRIL 23, 2012
This 2012 Proxy Statement and the Annual Reports to Shareholders for the fiscal years ended October 31, 2011 for PCN and PKO and for
the fiscal year ended November 30, 2011 for PTY are also available at
www.allianzinvestors.com/closedendfunds
.
PROXY
STATEMENT
MARCH 6, 2012
FOR THE JOINT
ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON APRIL 23, 2012
INTRODUCTION
This Proxy Statement is furnished in connection with the solicitation by the Board of Trustees (the Board) of the shareholders of PIMCO Corporate & Income Strategy Fund
(PCN), PIMCO Corporate & Income Opportunity Fund (PTY), and PIMCO Income Opportunity Fund (PKO) (each a Fund and, collectively, the Funds) of proxies to be voted at the Joint
Annual Meeting of Shareholders of the Funds and any adjournment(s) or postponement(s) thereof (the Meeting). The Meeting will be held at the offices of Allianz Global Investors Fund Management LLC (AGIFM or the
Manager), at 1633 Broadway, between West
50
th
and West 51
st
Streets, 42
nd
Floor, New York, New York 10019, on Monday, April 23, 2012
at 10:30 A.M., Eastern Time.
The Notice of Joint Annual Meeting of Shareholders (the Notice), this Proxy
Statement and the enclosed proxy cards are first being sent to Shareholders on or about March 6, 2012.
The Meeting is
scheduled as a joint meeting of the holders of common shares of each Fund (the Common Shareholders) and preferred shares of PCN
and PTY (the Preferred Shareholders and, together with the Common Shareholders, the Shareholders). The Shareholders of each Fund are expected to consider and vote on
similar matters. The Shareholders of each Fund will vote on the applicable proposal set forth herein (the Proposal) and on any other matters that may arise for that Fund. An unfavorable vote on the 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.
The Board of each Fund has fixed the close of business on February 17, 2012 as the record date (the Record Date) 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. The following table sets forth the number of shares of common stock (Common Shares) and
shares of preferred stock (Preferred Shares and, together with the Common Shares, the Shares) issued and outstanding of each Fund at the close of business on the Record Date:
|
|
|
|
|
|
|
|
|
|
|
Outstanding
Common
Shares
|
|
|
Outstanding
Preferred
Shares
|
|
PCN
|
|
|
37,862,655
|
|
|
|
6,760
|
|
PTY
|
|
|
68,310,032
|
|
|
|
13,000
|
|
PKO
|
|
|
14,706,622
|
|
|
|
N/A
|
|
The classes of Shares listed for each Fund in the table above are the only classes of Shares currently
authorized by that Fund.
At the Meeting, the election of certain Trustees (the Preferred Shares Trustees) of PCN
and PTY will be voted exclusively by the applicable Funds Preferred Shareholders. On each other proposal brought before the Meeting (including the election of Trustee nominees for election by all Shareholders), the Preferred Shareholders will
have equal voting rights (
i.e.
, one vote per Share) with the applicable Funds Common Shareholders and will vote together with Common Shareholders as a single class. As summarized in the table below:
PCN:
The Common and Preferred Shareholders of PCN, voting together as a single class, have the right to vote on the re-election of William B.
Ogden, IV and Alan Rappaport and the election of Deborah A. Zoullas as Trustees of the Fund; the Preferred Shareholders of the Fund, voting as a separate class, have the right to vote on the re-election of Hans W. Kertess as a Trustee of the Fund.
2
PTY:
The Common and Preferred Shareholders of PTY, voting together as a single class, have the right to vote on the re-election of John C. Maney and the election of Deborah A. Zoullas as Trustees of the Fund.
PKO:
The Common Shareholders of PKO, voting together as a single class, have the right to vote on the re-election of Hans W. Kertess and William B. Ogden, IV and the election of Deborah A. Zoullas as Trustees
of the Fund.
Summary
|
|
|
|
|
Proposal
|
|
Common Shareholders
|
|
Preferred Shareholders
|
Election of Trustees
|
|
|
|
|
|
|
|
PCN
|
|
|
|
|
|
|
|
Independent Trustees/Nominees*
|
|
|
|
|
|
|
|
Re-election of Hans W. Kertess
|
|
N/A
|
|
ü
|
|
|
|
Re-election of William B. Ogden, IV
|
|
ü
|
|
ü
|
|
|
|
Re-election of Alan Rappaport
|
|
ü
|
|
ü
|
|
|
|
Election of Deborah A. Zoullas
|
|
ü
|
|
ü
|
|
|
|
PTY
|
|
|
|
|
|
|
|
Independent Trustees/Nominees
*
|
|
|
|
|
|
|
|
Election of Deborah A. Zoullas
|
|
ü
|
|
ü
|
|
|
|
Interested Trustee
/Nominee
|
|
|
|
|
|
|
|
Re-election of John C. Maney**
|
|
ü
|
|
ü
|
|
|
|
PKO
|
|
|
|
|
|
|
|
Independent Trustees/Nominees
*
|
|
|
|
|
|
|
|
Re-election of Hans W. Kertess
|
|
ü
|
|
N/A
|
|
|
|
Re-election of William B. Ogden, IV
|
|
ü
|
|
N/A
|
|
|
|
Election of Deborah A. Zoullas
|
|
ü
|
|
N/A
|
*
|
Independent Trustees or Independent Nominees are those Trustees or nominees who are not interested persons, as defined in the
Investment Company Act of 1940, as amended (the 1940 Act), of each Fund.
|
3
**
|
Mr. Maney is an interested person of the Funds, as defined in Section 2(a)(19) of the 1940 Act, due to his position as Chief Executive Officer of
the Manager, among other positions with the Manager and various affiliated entities.
|
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 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) by delivering a signed, written letter of revocation to the Secretary of the appropriate Fund at 1633 Broadway, New York, New York
10019, (ii) by properly executing and submitting a later-dated proxy vote, or (iii) by attending the Meeting and voting in person. Please call 1-800-254-5197 for information on how to obtain directions to be able to attend the Meeting and
vote in person. If any proposal, other than the Proposals set forth herein, properly comes before the Meeting, including any adjournment thereof, the persons named as proxies will vote in their sole discretion.
The principal executive offices of the Funds are located at 1633 Broadway, New York, New York 10019. AGIFM serves as the investment
manager of each Fund and retains its affiliate, Pacific Investment Management Company LLC (PIMCO or the Sub-Adviser), to serve as the sub-adviser to the Funds. Additional information regarding the Manager and the Sub-Adviser
may be found under Additional InformationInvestment Manager and Sub-Adviser below.
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, e-mail 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.
4
As of the Record Date, the Trustees and nominees and the officers of
each Fund as a group and individually beneficially owned less than one percent (1%) of each Funds outstanding Shares
1
and, to the knowledge of the Funds, the following entities beneficially owned more than five percent (5%) of a
class of a Fund:
|
|
|
|
|
Beneficial Owner
|
|
Fund
|
|
Percentage of Ownership of Class
|
Citigroup Inc.
399 Park
Avenue
New York, New York 10043
|
|
PCN
|
|
62.9% of Preferred Shares
|
UBS AG
Bahnhofstrasse 45, PO
Box CH-8021
Zurich, Switzerland
|
|
PCN
|
|
7.03% of Preferred Shares
|
Bank of America Corporation
100 North Tryon Street,
Charlotte, North
Carolina 28255
|
|
PCN
|
|
6.2% of Preferred Shares
|
Bank of America Corporation
100 North Tryon Street,
Charlotte, North
Carolina 28255
|
|
PTY
|
|
38.8% of Preferred Shares
|
UBS AG
Bahnhofstrasse 45, PO
Box CH-8021
Zurich, Switzerland
|
|
PTY
|
|
24.90% of Preferred Shares
|
Brigade Capital Management, LLC
399 Park Avenue,
16
th
Floor
New York, New York 10022
|
|
PTY
|
|
14.7% of Preferred Shares
|
1
|
Except for John C. Maney, a Trustee of the Funds, who owns 1,400 Common Shares of PCN and 1,410 Common Shares of PTY and Alan Rappaport, a Trustee 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 outstanding Shares.
|
PROPOSAL: ELECTION OF TRUSTEES
In accordance with each Funds
Amended and Restated Agreement and Declaration of Trust (each a Declaration), the Trustees have been divided into the following three classes (each a Class): Class I, Class II and Class III. On June 14,
2011, the Boards of each Fund appointed Deborah A. Zoullas to serve as a Trustee to fill a Class II vacancy for PCN, a Class III vacancy for PTY and a Class I vacancy for PKO. Accordingly, the Nominating Committee has recommended Ms. Zoullas
for election as a Trustee by the Shareholders of each
5
Fund. The Nominating Committee has also recommended the other nominees listed herein for re-election by the Shareholders as Trustees to the applicable Funds.
PCN
. With respect to PCN, the term of office of the Class I Trustees will expire at the Meeting; the term of office of the
Class II Trustees will expire at the 2013 annual meeting of Shareholders; and the term of office of the Class III Trustees will expire at the 2014 annual meeting of Shareholders. Currently, Hans W. Kertess, William B. Ogden, IV and Alan
Rappaport are Class I Trustees and Ms. Zoullas is a Class II Trustee. The Nominating Committee has recommended to the Board that Mr. Kertess be nominated for re-election by the Preferred Shareholders, voting as a separate class, as a Class
I Trustee at the Meeting, Messrs. Ogden and Rappaport be nominated for re-election by the Common Shareholders and Preferred Shareholders, voting as a single class, each as Class I Trustees, and Ms. Zoullas be nominated for election by the
Common Shareholders and Preferred Shareholders, voting as a single class, as a Class II Trustee at the Meeting. Consistent with the Funds 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. Kertess, Ogden and Rappaport will serve terms consistent with the Class I Trustees, which will expire at the Funds 2015 annual meeting. If elected at the
Meeting, Ms. Zoullas will serve a term consistent with the Class II Trustees, which will expire at the Funds 2013 annual meeting.
PTY
. With respect to PTY, the term of office of the Class III Trustees will expire at the Meeting; the term of office of the Class I Trustees will expire at the 2013 annual meeting of
Shareholders; and the term of office of the Class II Trustees will expire at the 2014 annual meeting of Shareholders. Currently, John A. Maney and Deborah A. Zoullas are Class III Trustees. The Nominating Committee has recommended to the Board
that Mr. Maney and Ms. Zoullas be nominated for re-election and election, respectively, by the Common and Preferred Shareholders, voting as a single class, as Class III Trustees at the Meeting. Consistent with the Funds 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, Mr. Maney and Ms. Zoullas will serve a term consistent with the Class
III Trustees, which will expire at the Funds 2015 annual meeting.
PKO
. With respect to PKO, the term of office
of the Class I Trustees will expire at the Meeting; the term of office of the Class II Trustees will expire at the 2013 annual meeting of Shareholders; and the term of office of the Class III Trustees will expire at the 2014 annual
meeting of Shareholders. Currently, Hans W. Kertess, William B. Ogden, IV and Deborah A. Zoulas are Class I Trustees.
6
The Nominating Committee has recommended to the Board that Messrs. Kertess and Ogden and Ms. Zoullas be nominated for re-election and election, respectively, by the Common Shareholders, as
Class I Trustees at the Meeting. Consistent with the Funds 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. Kertess and Ogden and Ms. Zoullas will serve terms consistent with the Class I Trustees, which will expire at the Funds 2015 annual meeting.
All members of each Board of the Funds are and will remain, if elected, Continuing Trustees, as such term is defined in the Declarations of those Funds, 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.
At any annual meeting of Shareholders, any Trustee 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 by the Board) shall hold office for a term that coincides with the remaining term of the Class of Trustees to which such office was previously assigned, if such vacancy arose other than by an increase in the number of Trustees, 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, any Trustee so elected to fill such vacancy at an annual meeting shall hold office for a term which
coincides with that of the Class of Trustees to which such office has been apportioned and until his or her successor shall be elected and shall qualify.
The following table summarizes the nominees who will stand for election at the Meeting, the respective Classes of Trustees to which they have been designated and the expiration of their respective terms
if elected:
|
|
|
|
|
Trustee/Director Nominee
|
|
Class
|
|
Expiration of Term if Elected
1
|
PCN
|
|
|
|
|
Hans W. Kertess
|
|
Class I
|
|
2015 Annual Meeting
|
William B. Ogden, IV
|
|
Class I
|
|
2015 Annual Meeting
|
Alan Rappaport
|
|
Class I
|
|
2015 Annual Meeting
|
Deborah A. Zoullas
|
|
Class II
|
|
2013 Annual Meeting
|
PTY
|
|
|
|
|
John C. Maney
2
|
|
Class III
|
|
2015 Annual Meeting
|
Deborah A. Zoullas
|
|
Class III
|
|
2015 Annual Meeting
|
PKO
|
|
|
|
|
Hans W. Kertess
|
|
Class I
|
|
2015 Annual Meeting
|
William B. Ogden, IV
|
|
Class I
|
|
2015 Annual Meeting
|
Deborah A. Zoullas
|
|
Class I
|
|
2015 Annual Meeting
|
7
1
|
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.
|
2
|
Mr. Maney is an Interested Trustee Nominee.
|
Under this classified Board structure, generally only those Trustees 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 anti-takeover provision, may make it more difficult for a Funds Shareholders to change the majority of Trustees of the Fund and, thus, promotes the continuity of
management.
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).
Trustees and Officers
The business of each Fund is managed under the direction of the Funds Board of Trustees. Subject to the provisions of each
Funds Declaration, its By-Laws and applicable state law, the Trustees have all powers necessary and convenient to carry out this responsibility, including the election and removal of the Funds officers.
Board Leadership Structure
If the nominees are elected as proposed, the Board of Trustees of each Fund will consist of
seven Trustees, six of whom are not interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Fund or of the Manager (the Independent Trustees). An Independent Trustee serves as Chairman and is
selected by a vote of the majority of the Independent Trustees. The Chairman presides at meetings of the Board and acts as a liaison with service providers, officers, attorneys and other Trustees generally between meetings, and performs such other
functions as may be requested by the Board from time to time.
The Board of Trustees 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 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.
8
The Board of Trustees 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 Board Committees and
Meetings. The membership of each Committee consists of all of the Independent Trustees, which the Board believes allows them to participate in the full range of the Boards oversight duties.
The Board reviews its leadership structure periodically and has determined that this leadership structure, including an Independent
Chairman, a supermajority of Independent Trustees and Committee membership limited to Independent Trustees, 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 Sub-Adviser in the day-to-day 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 Complex
(defined below), the variety of asset classes those portfolios include, the net assets of each Fund and the Fund Complex and the management and other service arrangements of each Fund and the Fund Complex. The Board also believes that its
structure, including the presence of one Trustee 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.
Risk Oversight
Each of the Funds has retained the Manager and the Sub-Adviser to provide investment advisory services,
and, in the case of the Manager, to oversee the Funds 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 officers, including the Funds principal executive officer and principal financial and accounting officer. The Board oversees the performance of these functions by the Manager and Sub-Adviser,
both directly and through the Committee structure it has established. The Board receives from the Manager and Sub-Adviser a wide range of reports, both on a regular and as-needed basis, relating to the Funds activities and to the actual and
potential risks of the Funds. These include reports on investment risks, compliance with applicable laws, and the Funds 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.
In addition, the Board has appointed a Chief Compliance Officer (CCO). The CCO oversees the development of compliance policies and procedures that
9
are reasonably designed to minimize the risk of violations of the federal securities laws (Compliance Policies). The CCO reports directly to the Independent Trustees, 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 CCOs reports. Further, the Board annually reviews the sufficiency of the Compliance Policies, as well as the appointment and compensation of the CCO.
10
Information Regarding Trustees and Nominees.
The following table provides information concerning the Trustees/Nominees of the Funds.
|
|
|
|
|
|
|
|
|
|
|
Name,
Address*,
Date of Birth
and Class
|
|
Position(s)
Held
with
the
Funds
|
|
Term of
Office and
Length of
Time
Served
|
|
Principal Occupation(s)
During the Past 5 Years
|
|
Number
of
Portfolios
in Fund
Complex
Overseen
by
Trustee/
Nominee
|
|
Other
Directorships
Held by
Trustee/
Nominee
During the
Past 5 Years
|
Independent Trustees/Nominees
|
|
|
|
|
|
|
|
|
|
|
|
|
Bradford K. Gallagher
02/28/1944
PCN/PKO Class III
PTY
Class II
|
|
Trustee
|
|
Since
September
2010
|
|
Partner, New Technology Ventures Capital Management LLC, a venture capital fund (since 2011); Chairman and Trustee, Atlantic Maritime Heritage Foundation (since 2007); Trustee, The
Common Fund (since 2005); Founder, Spyglass Investments LLC, a private investment vehicle (since 2001); and Founder, President and CEO of Cypress Holding Company and Cypress Tree Investment Management Company (since 1995). Trustee of the funds in
the Allianz/PIMCO Fund Complex since 2010.
|
|
57
|
|
Formerly,
Chairman
and
Trustee
of
Grail
Advisors
ETF
Trust
(2009-
2010)
and
Trustee
of
Nicholas-
Applegate
Institutional
Funds
(2007-
2010)
|
11
|
|
|
|
|
|
|
|
|
|
|
Name,
Address*,
Date of Birth
and Class
|
|
Position(s)
Held
with
the
Funds
|
|
Term of
Office and
Length of
Time
Served
|
|
Principal Occupation(s)
During the Past 5 Years
|
|
Number
of
Portfolios
in Fund
Complex
Overseen
by
Trustee/
Nominee
|
|
Other
Directorships
Held by
Trustee/
Nominee
During the
Past 5 Years
|
James A. Jacobson
02/03/1945
Class II
|
|
Trustee
|
|
Since
December
2009
|
|
Retired. Formerly, Vice Chairman and Managing Director of Spear, Leeds & Kellogg Specialists, LLC, a specialist firm on the New York Stock Exchange. Trustee of the funds in the
Allianz/PIMCO Fund Complex since 2009.
|
|
57
|
|
Trustee,
Alpine
Mutual
Funds
Complex
consisting
of 16
funds
|
|
|
|
|
|
|
Hans W. Kertess
07/12/1939
PCN Class I
PTY
Class I
PKO Class I
|
|
Chairman
of the
Board
Nominee,
Trustee
Trustee
Nominee,
Trustee
|
|
PCN
Since
inception
(December
2002)
PTY
Since
October
2003
PKO
Since
inception
(November
2007)
|
|
President, H. Kertess & Co., a financial advisory company. Formerly, Managing Director, Royal Bank of Canada Capital Markets. Trustee of the funds in the Allianz/PIMCO Fund
Complex since 2000.
|
|
57
|
|
None
|
|
|
|
|
|
|
William B. Ogden, IV
01/11/1945
PCN Class I
PTY
Class I
PKO Class I
|
|
Nominee,
Trustee
Trustee
Nominee,
Trustee
|
|
PCN/PTY
Since
September
2006
PKO
Since
March
2008
|
|
Asset Management Industry Consultant. Formerly, Managing Director, Investment Banking Division of Citigroup Global Markets Inc. Trustee of the funds in the Allianz/PIMCO Fund
Complex since 2006.
|
|
57
|
|
None
|
12
|
|
|
|
|
|
|
|
|
|
|
Name,
Address*,
Date of Birth
and Class
|
|
Position(s)
Held
with
the
Funds
|
|
Term of
Office and
Length of
Time
Served
|
|
Principal Occupation(s)
During the Past 5 Years
|
|
Number
of
Portfolios
in Fund
Complex
Overseen
by
Trustee/
Nominee
|
|
Other
Directorships
Held by
Trustee/
Nominee
During the
Past 5 Years
|
Alan Rappaport
03/13/1953
PCN Class I
PTY
Class I
PKO Class III
|
|
Nominee,
Trustee
Trustee
Trustee
|
|
Since
June
2010
|
|
Vice Chairman, Roundtable Investment Partners (since 2009); Chairman (formerly President), Private Bank of Bank of America; Vice Chairman, US Trust (2001-2008); Trustee, American
Museum of Natural History (since 2005) and Trustee, NYU Langone Medical Center (since 2007). Trustee of the funds in the Allianz/PIMCO Fund Complex since 2010.
|
|
57
|
|
None
|
13
|
|
|
|
|
|
|
|
|
|
|
Name,
Address*,
Date of Birth
and Class
|
|
Position(s)
Held
with
the
Funds
|
|
Term of
Office and
Length of
Time
Served
|
|
Principal Occupation(s)
During the Past 5 Years
|
|
Number
of
Portfolios
in Fund
Complex
Overseen
by
Trustee/
Nominee
|
|
Other
Directorships
Held by
Trustee/
Nominee
During the
Past 5 Years
|
Deborah A. Zoullas
11/13/1952
PCN Class II
PTY
Class III
PKO Class I
|
|
Nominee,
Trustee
|
|
Since
June
2011
|
|
Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Director, Helena Rubenstein Foundation (since 1997); Co-Chair Special Projects Committee, Memorial Sloan Kettering
(since 2005); Board Member and Member of the Investment and Finance Committees, Henry Street Settlement (since 2007); Trustee, Stanford University (since 2010). Formerly, Advisory Council, Stanford Business School (2002-2008) and Director, Armor
Holdings, a manufacturing company (2002-2007). Trustee of the funds in the Allianz/PIMCO Fund Complex since 2011.
|
|
57
|
|
None
|
14
|
|
|
|
|
|
|
|
|
|
|
Name,
Address*,
Date of Birth
and Class
|
|
Position(s)
Held
with
the
Funds
|
|
Term of
Office and
Length of
Time
Served
|
|
Principal Occupation(s)
During the Past 5 Years
|
|
Number
of
Portfolios
in Fund
Complex
Overseen
by
Trustee/
Nominee
|
|
Other
Directorships
Held by
Trustee/
Nominee
During the
Past 5 Years
|
|
|
|
|
Interested Trustee/Nominee
|
|
|
|
|
|
|
|
|
|
|
|
|
John C. Maney
08/03/1959
PCN Class III
PTY
Class III
PKO Class II
|
|
Trustee
Nominee,
Trustee
Trustee
|
|
PCN/PTY
Since
December
2006
PKO
Since
inception
(November
2007)
|
|
Management Board, Managing Director and Chief Executive Officer of Allianz Global Investors Fund Management LLC; Management Board and Managing Director of Allianz Asset Management
of America L.P. since January 2005 and also Chief Operating Officer of Allianz Asset Management of America L.P. since November 2006. Trustee of the funds in the Allianz/PIMCO Fund Complex since 2006.
|
|
80
|
|
None
|
*
|
Unless otherwise indicated, the business address of the persons listed above is c/o Allianz Global Investors Fund Management LLC, 1633 Broadway, New York, New
York 10019.
|
15
The following table states the dollar range of equity securities beneficially owned as of
the Record Date by each Trustee and nominee of each Fund and, on an aggregate basis, of any registered investment companies overseen by the Trustee or nominee in the family of investment companies, including the Funds.
|
|
|
|
|
Name of Trustee/Nominee
|
|
Dollar Range of Equity
Securities in the Funds*
|
|
Aggregate Dollar Range
of Equity Securities in
All Registered
Investment Companies
Overseen by
Trustee/Nominee in
the Family of
Investment Companies*
|
Independent Trustees/Nominees
|
|
|
Bradford K. Gallagher
|
|
None
|
|
$50,001-$100,000
|
James A. Jacobson
|
|
None
|
|
Over $100,000
|
Hans W. Kertess
|
|
None
|
|
Over $100,000
|
William B. Ogden, IV
|
|
None
|
|
Over $100,000
|
Alan Rappaport
|
|
$10,001-$50,000 (PCN)
|
|
Over $100,000
|
Deborah A. Zoullas
|
|
None
|
|
$50,001-$100,000
|
Interested Trustee/Nominee
|
|
|
John C. Maney
|
|
$10,001-$50,000 (PCN and PTY combined)
|
|
Over $100,000
|
*
|
Securities are valued as of the Record Date.
|
To the knowledge of the Funds, as of the Record Date, Trustees and nominees who are Independent Trustees 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.
Compensation.
Each of the Independent Trustees also serves as a trustee of PIMCO
Municipal Income Fund, PIMCO California Municipal Income Fund, PIMCO New York Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II, PIMCO New York Municipal Income Fund II, PIMCO Municipal
Income Fund III, PIMCO California Municipal Income Fund III, PIMCO New York Municipal Income Fund III, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, AGIC Convertible & Income Fund, AGIC
Convertible & Income Fund II, NFJ Dividend, Interest & Premium Strategy Fund, AGIC International & Premium Strategy Fund, PIMCO Global StocksPLUS
®
& Income Fund, AGIC Equity & Convertible Income Fund, AGIC Global Equity & Convertible Income Fund, PCM Fund, Inc. and PIMCO Strategic Global
16
Government Fund, Inc., each a closed-end fund for which the Manager serves as investment manager and affiliates of the Manager serve as sub-advisers (together, the Allianz Closed-End
Funds); and Allianz Global Investors Managed Accounts Trust and Allianz Funds Multi-Strategy Trust (together with the Allianz Closed-End Funds, the Allianz Managed Funds). As indicated below, certain of the officers of the Funds
are affiliated with the Manager. Each of the Allianz Managed Funds is expected to hold joint meetings of their Boards of Trustees whenever possible. Each Trustee, other than any Trustee 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 will also be reimbursed for meeting-related expenses.
Each Trustees compensation and other costs of joint meetings will be allocated pro rata among the Allianz Managed Funds for which
such Trustee serves as Trustee based on the complexity of issues relating to each such Fund and relative time spent by the Trustees in addressing them, and secondarily, on each such Funds relative net assets (including assets attributable to
any outstanding preferred shares issued by an Allianz Closed-End Fund).
Trustees do not currently receive any pension or
retirement benefits from the Funds or the Fund Complex.
The following table provides information concerning the
compensation paid to the Trustees and nominees for the fiscal years ended October 31, 2011 for PCN and PKO and November 30, 2011 for PTY. For the calendar year ended December 31, 2011, the Trustees received the compensation set forth
in the table below for serving as Trustees of the Funds and other funds in the same Fund Complex as the Funds. Each officer and each Trustee who is a director, officer, partner, member or employee of the Manager or the Sub-Adviser,
or of any entity controlling, controlled by or under common control with the Manager or the Sub-Adviser, including any Interested Trustee, serves without any compensation from the Funds.
17
Compensation Table
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Trustees/
Nominees
|
|
Aggregate
Compensation
from PCN for
the Fiscal
Year
Ended
October 31,
2011
|
|
|
Aggregate
Compensation
from PTY for
the Fiscal
Year
Ended
November 30,
2011
|
|
|
Aggregate
Compensation
from PKO for
the Fiscal
Year
Ended
October 31,
2011
|
|
|
Total Compensation
from the Funds and
Fund Complex Paid
to Trustees/Nominees
for the
Calendar
Year Ended
December 31, 2011*
|
|
Independent Trustees/Nominees
|
|
|
|
|
|
|
|
|
|
Paul Belica(1)
|
|
$
|
9,607
|
|
|
$
|
17,308
|
|
|
$
|
5,030
|
|
|
$
|
250,000
|
|
Bradford K. Gallagher
|
|
$
|
9,607
|
|
|
$
|
17,308
|
|
|
$
|
5,030
|
|
|
$
|
250,000
|
|
James A. Jacobson
|
|
$
|
11,530
|
|
|
$
|
20,786
|
|
|
$
|
6,036
|
|
|
$
|
300,000
|
|
Hans W. Kertess
|
|
$
|
12,497
|
|
|
$
|
22,516
|
|
|
$
|
6,542
|
|
|
$
|
325,000
|
|
William B. Ogden, IV
|
|
$
|
9,607
|
|
|
$
|
17,308
|
|
|
$
|
5,030
|
|
|
$
|
250,000
|
|
Alan Rappaport
|
|
$
|
9,607
|
|
|
$
|
17,308
|
|
|
$
|
5,030
|
|
|
$
|
250,000
|
|
Deborah A. Zoullas(2)
|
|
$
|
5,477
|
|
|
$
|
9,314
|
|
|
$
|
2,850
|
|
|
$
|
204,861
|
|
Interested Trustee/Nominee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John C. Maney
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
*
|
In addition to the Allianz Closed-End Funds, during each Funds most recently completed fiscal year, all of the Trustees served as Trustees of two open-end
investment companies (each consisting of separate investment portfolios) advised by the Manager. These investment companies are considered to be in the same Fund Complex as the Funds.
|
(1)
|
Paul Belica retired as a Trustee of the Funds effective December 31, 2011.
|
(2)
|
Deborah A. Zoullas was appointed as a Trustee of each Fund effective June 14, 2011.
|
The Funds have no employees. The Funds officers and Mr. Maney are compensated by the Manager, the Sub-Adviser or one of their
affiliates.
Trustee Qualifications
The Board has determined that each Trustee should continue to serve as
such based on several factors (none of which alone is decisive). With the exception of Messrs. Gallagher and Rappaport and Ms. Zoullas, who became Board members in September 2010, June 2010 and June 2011, respectively, each Trustee
has served in such role for several years and is knowledgeable about the Funds 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
18
on the Board were the following: (i) the individuals business and professional experience and accomplishments; (ii) the individuals ability to work effectively with other
members of the Board; (iii) the individuals 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) how the
individuals skills, experiences and attributes would contribute to an appropriate mix of relevant skills and experience on the Board.
In respect of each current Trustee, the individuals 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 of the Funds. Following is a summary of various qualifications, experiences and skills of each Trustee (in addition to business experience during the past five
years set forth in the table above) that contributed to the Boards conclusion that an individual should serve on the Board:
Bradford K. Gallagher
Mr. 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.
James A. Jacobson
Mr. Jacobson has substantial executive and board experience in the financial services industry. He served for more than 15 years as a senior executive at a
New York Stock Exchange (the NYSE) 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, serves as the Audit Oversight Committees Chair and has been determined by the Board to be an audit committee financial expert. He has expertise in
investment company matters through his service as a trustee of another fund family.
Hans W. Kertess
Mr. Kertess has substantial executive experience in the investment management industry. He is the president of a financial advisory company, H. Kertess & Co., and formerly served as a Managing Director of Royal Bank of Canada Capital
Markets. He has significant expertise in the investment banking industry.
19
John C. Maney
Mr. 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 and as a facilitator of communication with the Manager.
William B. Ogden, IV
Mr. Ogden has substantial senior executive experience in the investment banking industry. He
served as Managing Director at Citigroup, where he established and led the firms 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.
Alan Rappaport
Mr. Rappaport has substantial senior executive experience in the banking industry. He formerly
served as Chairman and President of the Private Bank of Bank of America and as Vice Chairman of U.S. Trust. He is currently the Vice Chairman of a private investment firm.
Deborah A. Zoullas
Ms. Zoullas has substantial senior executive experience in the investment banking industry,
having served as a Managing Director for Morgan Stanley. She has extensive board experience and experience in oversight of investment management functions through her experience as a Director of the Helena Rubenstein Foundation, Stanford Graduate
School of Business and Armor Holdings.
Board Committees and Meetings.
Audit Oversight Committee.
The Board of each Fund has established an Audit Oversight Committee in accordance with
Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the Exchange Act). Each Funds Audit Oversight Committee currently consists of Messrs. Gallagher, Jacobson, Kertess, Ogden, Rappaport and
Ms. Zoullas, each of whom is an Independent Trustee. Mr. Jacobson is the Chairman of each Funds Audit Oversight Committee. Each Funds Audit Oversight Committee provides oversight with respect to the internal and external
accounting and auditing procedures of each Fund and, among other things, determines the selection of the independent registered public accounting firm for each Fund and considers the scope of the audit, approves all audit and permitted non-audit
services proposed to be performed by those auditors on behalf of each Fund, and approves services to be performed by the auditors for certain affiliates, including the Manager, the Sub-Adviser and entities in a control relationship with the Manager
or the
20
Sub-Adviser that provide services to each Fund where the engagement relates directly to the operations and financial reporting of the Fund. The Committee considers the possible effect of those
services on the independence of the Funds independent registered public accounting firm.
Each member of each
Funds Audit Oversight Committee is independent, 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.
The Board of each Fund has adopted a written charter for its Audit Oversight Committee. A copy of the written charter for each Fund, as
amended through June 14, 2011 is attached to this Proxy Statement as
Exhibit A
. A report of the Audit Oversight Committee of PCN, dated December 20, 2011, is attached to this Proxy Statement as
Exhibit B-1
. A report
of the Audit Oversight Committee of PTY, dated January 24, 2011, is attached to this Proxy Statement as
Exhibit B-2
. A report of the Audit Oversight Committee of PKO, dated December 20, 2011, is attached to this Proxy Statement
as
Exhibit B-3
.
Nominating Committee.
The Board of each Fund has a Nominating Committee composed solely of
Independent Trustees, currently consisting of Messrs. Gallagher, Jacobson, Kertess, Ogden, Rappaport and Ms. Zoullas. 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 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:
http://www.allianzinvestors.com/closedendfunds
.
Each member of each Funds Nominating Committee is
independent, 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.
Qualifications, Evaluation and Identification of Trustee/Nominees.
The Nominating Committee of each Fund requires that
Trustee candidates have a college degree or equivalent business experience. When evaluating candidates, each Funds Nominating Committee may take into account a wide variety of factors including, but not limited to: (i) availability and
commitment of a candidate to attend meetings and perform his or her responsibilities on the Board, (ii) relevant industry and related experience, (iii) educational background, (iv) financial expertise, (v) an assessment of the
candidates ability, judgment and expertise and (vi) overall Board composition. The process of identifying nominees involves the consideration of candidates recommended by one or more
21
of the following sources: (i) the Funds current Trustees, (ii) the Funds officers, (iii) the Funds Shareholders and (iv) 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 Funds expense to identify potential candidates.
Consideration of Candidates Recommended by Shareholders.
The Nominating Committee of each Fund will review and consider
nominees recommended by Shareholders to serve as Trustees, provided that the recommending Shareholder follows the Procedures for Shareholders to Submit Nominee Candidates for the Allianz Global Investors Fund Management Sponsored
Closed-End Funds, which are set forth as Appendix B to the Funds 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 Funds 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 days nor more than 75 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 if elected. The foregoing description of the requirements is only a summary. Please refer to Appendix B to the Nominating Committee Charter for each Fund, which is
available at
http://www.allianzinvestors.com/closedendfunds
, for details.
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.
Diversity.
The Nominating Committee takes diversity of a particular nominee and overall diversity of the Board into account
when considering and evaluating nominees for Trustee. While the Committee has not adopted a particular definition of diversity, when considering a nominees and the Boards diversity, the Committee generally considers the manner in which
each nominees professional experience, education, expertise in matters that are relevant to the oversight of the Funds (
e.g.
, 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.
Valuation Committee.
The Board of each Fund has a Valuation Committee currently consisting of Messrs. Gallagher,
Jacobson, Kertess, Ogden, Rappaport
22
and Ms. Zoullas. The Board of each Fund has delegated to the Committee the responsibility to determine or cause to be determined the fair value of each Funds 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 Funds portfolio securities and periodically reviews information from the Manager and the
Sub-Adviser regarding fair value and liquidity determinations made pursuant to Board-approved procedures, and makes related recommendations to the full Board and assists the full Board in resolving particular fair valuation and other valuation
matters.
Compensation Committee.
The Board of each Fund has a Compensation Committee currently consisting of
Messrs. Gallagher, Jacobson, Kertess, Ogden, Rappaport and Ms. Zoullas. The Compensation Committee meets as the Board deems necessary to review and make recommendations regarding compensation payable to the Trustees of the Fund who are not
directors, officers, partners or employees of the Manager, the Sub-Adviser or any entity controlling, controlled by or under common control with the Manager or the Sub-Adviser.
Meetings.
With respect to PCN, during the fiscal year ended October 31, 2011, the Board of Trustees held four regular
meetings and one special meeting. The Audit Oversight Committee met in separate session four times, the Nominating Committee met in separate session two times, the Valuation Committee met in separate session four times and the Compensation Committee
did not meet in separate session. 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 31, 2011, except Ms. Zoullas who was not appointed to the Board until June 14, 2011.
With respect to
PTY, during the fiscal year ended November 30, 2011, the Board of Trustees held four regular meetings and two special meetings. The Audit Oversight Committee met in separate session three times, the Nominating Committee met in separate session
two times, the Valuation Committee met in separate session four times and the Compensation Committee did not meet in separate session. 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 30, 2011, except Ms. Zoullas who was not appointed to the Board until June 14, 2011.
With respect to PKO, during the fiscal year ended October 31, 2011, the Board of Trustees held four regular meetings. The Audit
Oversight Committee met in separate session four times, the Nominating Committee met in separate
23
session two times, the Valuation Committee met in separate session four times and the Compensation Committee did not meet in separate session. 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 31, 2011, except Ms. Zoullas who was not appointed to
the Board until June 14, 2011.
The Trustees do not attend the annual shareholder meetings.
Shareholder Communications with the Board of Trustees.
The Board of Trustees of each Fund has adopted procedures by which
Fund Shareholders may send communications to the Board. Shareholders may mail written communications to the Board to the attention of the Board of Trustees, [name of Fund], c/o Thomas J. Fuccillo, Chief Legal Officer (CLO),
Allianz Global Investors Fund Management LLC, 1633 Broadway, New York, New York 10019. Shareholder communications must (i) be in writing and be signed by the Shareholder and (ii) identify the class and number of Shares held by the
Shareholder. The CLO of each Fund or his designee is responsible for reviewing properly submitted shareholder communications. The CLO shall either (i) provide a copy of each properly submitted shareholder communication to the Board at its next
regularly scheduled Board meeting or (ii) if the CLO determines that the communication requires more immediate attention, forward the communication to the Trustees 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) any communication from an officer or Trustee of a Fund, (ii) any communication from an employee or agent of a Fund, unless such communication is
made solely in such employees or agents capacity as a shareholder, or (iii) any shareholder proposal submitted pursuant to Rule 14a-8 under the Exchange Act or any communication made in connection with such a proposal. A
Funds Trustees are not required to attend the Funds annual shareholder meetings or to otherwise make themselves available to shareholders for communications, other than by the aforementioned procedures.
Section 16(a) Beneficial Ownership Reporting Compliance.
Each Funds Trustees and certain officers, investment
advisers, certain affiliated persons of the investment advisers and persons who own more than 10% of any class of outstanding securities of a Fund (
i.e
., a Funds 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 Funds securities with the
24
Securities and Exchange Commission (the SEC) and the New York Stock Exchange (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 and relevant officers, investment advisers, relevant affiliated persons of the investment advisers and
persons who own more than 10% of any class of outstanding securities of the respective funds has complied with all applicable filing requirements during each Funds respective fiscal years, except (i) a late Form 4 covering ten
transactions was filed in March 2011 for Merrill Lynch, Pierce, Fenner & Smith, an indirect, wholly owned subsidiary of Bank of America Corporation (Merrill Lynch), which is a holder of more than 10% of the outstanding common
stock of PCN, and (ii) the following late Form 4s were filed for Merrill Lynch, which is a holder of more than 10% of the outstanding common stock of PTY: (a) four late Form 4s covering twenty-nine transactions, an additional twenty-nine
transactions, an additional two transactions and an additional ten transactions, respectively, were filed in March 2011, (b) five late Form 4s covering thirty transactions, an additional twenty-nine transactions, an additional fifteen
transactions, an additional eight transactions and an additional five transactions, respectively, were filed in May 2011, (c) one late Form 4 covering one transaction was filed in June 2011, (d) one late Form 4 covering six transactions
was filed in July 2011, and (e) one late Form 4 covering two transactions was filed in October 2011. Additionally, as of the date of this Proxy Statement, we are aware that one late Form 4 covering three transactions in PTY was filed in
January 2012 for Merrill Lynch.
Required Vote.
The re-election of Messrs. Ogden and Rappaport and the election of
Ms. Zoullas 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 re-election of Mr. Kertess to the Board of Trustees of PCN 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 the Preferred Shares Trustee at the Meeting, in person or by proxy. The re-election of Mr. Maney and the election of Ms. Zoullas to the Board of Trustees of PTY will require the affirmative vote of a plurality of the votes of
the Common and Preferred Shareholders (voting as a single class) of the Fund cast in the election of Trustees at the Meeting, in person or by proxy. The re-election of Messrs. Kertess and Ogden and the election of Ms. Zoullas to the Board
of Trustees of PKO will require the affirmative vote of a plurality of the votes of the Shareholders of the Fund cast in the election of Trustees at the Meeting, in person or by proxy.
25
THE BOARD OF TRUSTEES OF THE FUNDS UNANIMOUSLY RECOMMENDS THAT YOU
VOTE FOR THIS PROPOSAL.
ADDITIONAL INFORMATION
Executive and Other Officers of the
Funds.
The table below provides certain information concerning the executive officers of the Funds and certain other officers who perform similar duties. Officers of the Funds hold office at the pleasure of the Board and until their
successors are chosen and qualified, or in each case until he or she sooner dies, resigns, is removed with or without cause or becomes disqualified. Officers and employees of the Funds who are principals, officers, members or employees of the
Manager or the Sub-Adviser are not compensated by the Funds.
|
|
|
|
|
|
|
Name, Address*
and Date of Birth
|
|
Position(s) Held
with Fund
|
|
Term of
Office and
Length of
Time Served
|
|
Principal Occupation(s)
During the Past 5 Years
|
Brian S. Shlissel
11/14/1964
|
|
President & Chief Executive Officer
|
|
PCN Since September 2002 Formerly, Treasurer and Principal Financial and Accounting Officer
PTY Since inception (November 2002)
PKO Since inception (November 2007)
|
|
Management Board, Managing Director and Head of Mutual Fund Services of Allianz Global Investors Fund Management LLC; President and Chief Executive Officer of 27 funds in the Fund
Complex; President of 53 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.
|
26
|
|
|
|
|
|
|
Name, Address*
and Date of Birth
|
|
Position(s) Held
with Fund
|
|
Term of
Office and
Length of
Time Served
|
|
Principal Occupation(s)
During the Past 5 Years
|
Lawrence G. Altadonna
03/10/1966
|
|
Treasurer, Principal Financial and Accounting Officer
|
|
PCN Since September 2002
PTY Since inception (November 2002)
PKO Since inception (November 2007)
|
|
Senior Vice President, Director of Fund Administration of Allianz Global Investors Fund Management LLC; Treasurer, Principal Financial and Accounting Officer of 80 funds in the Fund
Complex; and Assistant Treasurer of The Korea Fund, Inc. Formerly, Assistant Treasurer of 50 funds in the Fund Complex.
|
|
|
|
|
Thomas J. Fuccillo
03/22/1968
|
|
Vice President, Secretary and Chief Legal Officer
|
|
PCN & PTY Since December 2004
PKO Since inception (November 2007)
|
|
Executive Vice President, Chief Legal Officer and Secretary of Allianz Global Investors Fund Management LLC; Executive Vice President of Allianz Asset Management of America L.P.;
Vice President, Secretary and Chief Legal Officer of 80 funds in the Fund Complex; and Secretary and Chief Legal Officer of The Korea Fund, Inc.
|
27
|
|
|
|
|
|
|
Name, Address*
and Date of Birth
|
|
Position(s) Held
with Fund
|
|
Term of
Office and
Length of
Time Served
|
|
Principal Occupation(s)
During the Past 5 Years
|
Youse E. Guia
680 Newport
Center Drive Suite 250
Newport Beach, CA 92660
09/03/1972
|
|
Chief Compliance Officer
|
|
PCN & PTY Since October 2004
PKO Since inception (November 2007)
|
|
Senior Vice President, Chief Compliance Officer, Allianz Asset Management of America L.P.; Chief Compliance Officer of 80 funds in the Fund Complex and of The Korea Fund,
Inc.
|
|
|
|
|
Lagan Srivastava
09/20/1977
|
|
Assistant Secretary
|
|
PCN & PTY Since December 2006
PKO Since inception (November 2007)
|
|
Vice President of Allianz Asset Management of America L.P.; Assistant Secretary of 80 funds in the Fund Complex and of The Korea Fund, Inc.
|
|
|
|
|
Scott Whisten
03/13/1971
|
|
Assistant Treasurer
|
|
PCN & PTY Since January 2007
PKO Since inception (November 2007)
|
|
Senior Vice President, Allianz Global Investors Fund Management LLC; and Assistant Treasurer of 80 funds in the Fund Complex.
|
|
|
|
|
Richard J. Cochran
01/23/1961
|
|
Assistant Treasurer
|
|
Since May 2008
|
|
Vice President, Allianz Global Investors Fund Management LLC; Assistant Treasurer of 80 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).
|
28
|
|
|
|
|
|
|
Name, Address*
and Date of Birth
|
|
Position(s) Held
with Fund
|
|
Term of
Office and
Length of
Time Served
|
|
Principal Occupation(s)
During the Past 5 Years
|
Orhan Dzemaili
04/18/1974
|
|
Assistant Treasurer
|
|
Since January 2011
|
|
Vice President, Allianz Global Investors Fund Management LLC; Assistant Treasurer of 80 funds in the Fund Complex.
|
*
|
Unless otherwise noted, the address of the Funds officers is Allianz Global Investors Fund Management LLC, 1633 Broadway, New York, New York 10019.
|
Each of the Funds executive officers is an interested person of each Fund (as defined in
Section 2(a)(19) of the 1940 Act) as a result of his or her position(s) set forth in the table above.
Investment
Manager and Sub-Adviser.
The Manager, located at 1633 Broadway, New York, New York 10019, serves as the investment manager of the Funds. The Manager retains its affiliate PIMCO as Sub-Adviser to the Funds. PIMCO is located at 800 Newport
Center Drive, Newport Beach, CA 92660. The Manager and the Sub-Adviser are each majority-owned indirect subsidiaries of Allianz SE, a publicly traded European insurance and financial services company.
Legal Proceedings.
Beginning in May 2010, several closed-end funds managed by the Manager, including PCN and PTY and certain
other funds sub-advised by the Sub-Adviser, each received a demand letter from a law firm on behalf of certain common shareholders. The demand letter alleges 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 auction rate preferred shares and demand that the board 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 letter.
The Manager and the Sub-Adviser
believe that these matters are not likely to have a material adverse effect on the Funds or on their ability to perform its investment advisory activities relating to the Funds.
The foregoing speaks only as of the date of this document.
Independent Registered Public Accounting Firm.
The Audit Oversight Committee of each Funds Board unanimously selected PricewaterhouseCoopers
29
LLP (PwC) as the independent registered public accounting firm for the fiscal years ending October 30, 2012 for PCN and PKO and November 30, 2012 for PTY. PwC served as the
independent registered public accounting firm of each Fund for the last fiscal year and also serves as the independent registered public accounting firm of various other investment companies for which the Manager and the Sub-Adviser serve as
investment adviser or sub-adviser. 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.
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.
Pre-approval
Policies and Procedures.
Each Funds Audit Oversight Committee has adopted written policies relating to the pre-approval of audit and permitted non-audit services to be performed by the Funds independent registered public
accounting firm. Under the policies, on an annual basis, a Funds 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.
In
addition, each Funds Audit Oversight Committee pre-approves annually any permitted non-audit services (including audit-related services) to be provided by the independent registered public accounting firm to the Manager, the Sub-Adviser and
any entity controlling, controlled by, or under common control with the Manager that provides ongoing services to the Fund (together, the Accounting Affiliates), 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.
Each Funds 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 Funds 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
30
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.
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 10A of the Exchange Act and applicable regulations (referred to herein as the de minimis exception).
Audit Fees.
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 Funds last two fiscal years, the Audit Fees billed by PwC are shown in the table below:
|
|
|
|
|
|
|
Fund
|
|
Fiscal Year Ended
|
|
Audit Fees
|
|
PCN
|
|
October 31, 2011
|
|
$
|
71,415
|
|
|
|
October 31, 2010
|
|
$
|
69,000
|
|
PTY
|
|
November 30, 2011
|
|
$
|
76,590
|
|
|
|
November 30, 2010
|
|
$
|
74,000
|
|
PKO
|
|
October 31, 2011
|
|
$
|
56,925
|
|
|
|
October 31, 2010
|
|
$
|
55,000
|
|
Audit-Related Fees.
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 Audit Fees above, and that include accounting consultations, agreed-upon procedure reports (inclusive of annual review
of basic maintenance testing associated with the Preferred Shares), attestation reports and comfort letters. The table below shows, for each Funds 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 Accounting Affiliates for audit-related services related directly to the operation and financial reporting of the Funds.
|
|
|
|
|
|
|
Fund
|
|
Fiscal Year Ended
|
|
Audit-Related Fees
|
|
PCN
|
|
October 31, 2011
|
|
$
|
16,000
|
|
|
|
October 31, 2010
|
|
$
|
16,000
|
|
PTY
|
|
November 30, 2011
|
|
$
|
12,000
|
|
|
|
November 30, 2010
|
|
$
|
12,000
|
|
PKO
|
|
October 31, 2011
|
|
$
|
0
|
|
|
|
October 31, 2010
|
|
$
|
0
|
|
31
Tax Fees.
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
Funds 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 Accounting Affiliates for audit-related services related directly to the
operation and financial reporting of the Funds:
|
|
|
|
|
|
|
Fund
|
|
Fiscal Year Ended
|
|
Tax Fees
|
|
PCN
|
|
October 31, 2011
|
|
$
|
15,000
|
|
|
|
October 31, 2010
|
|
$
|
14,700
|
|
PTY
|
|
November 30, 2011
|
|
$
|
15,000
|
|
|
|
November 30, 2010
|
|
$
|
14,700
|
|
PKO
|
|
October 31, 2011
|
|
$
|
15,000
|
|
|
|
October 31, 2010
|
|
$
|
14,700
|
|
All Other Fees.
All Other Fees are fees related to services other than those reported above
under Audit Fees, Audit-Related Fees and Tax Fees. For each Funds last two fiscal years, no such fees were billed by PwC to the Fund or the Funds Accounting Affiliates.
During the periods indicated in the tables above, no services described under Audit-Related Fees, Tax Fees or
All Other Fees were approved pursuant to the de minimis exception.
Aggregate Non-Audit Fees.
The
aggregate non-audit fees billed by PwC, during each Funds last two fiscal years, for services rendered to each Fund and the Funds Accounting Affiliates are shown in the table below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Fiscal Year Ended
|
|
Aggregate Non-Audit
Fees
for
Fund
|
|
|
Non-Audit Fees for
Accounting Affiliates
|
|
|
Aggregate
Non-Audit
Fees
|
|
PCN
|
|
October 31, 2011
|
|
$
|
31,000
|
|
|
$
|
5,712,793
|
|
|
$
|
5,743,793
|
|
|
|
October 31, 2010
|
|
$
|
30,700
|
|
|
$
|
3,925,461
|
|
|
$
|
3,956,161
|
|
PTY
|
|
November 30, 2011
|
|
$
|
27,000
|
|
|
$
|
5,987,865
|
|
|
$
|
6,014,865
|
|
|
|
November 30, 2010
|
|
$
|
26,700
|
|
|
$
|
4,389,982
|
|
|
$
|
4,416,682
|
|
PKO
|
|
October 31, 2011
|
|
$
|
15,000
|
|
|
$
|
5,728,793
|
|
|
$
|
5,743,793
|
|
|
|
October 31, 2010
|
|
$
|
14,700
|
|
|
$
|
3,941,461
|
|
|
$
|
3,956,161
|
|
Each Funds Audit Oversight Committee has determined that the provision by PwC of non-audit services
to the Funds Accounting Affiliates that were not pre-approved by the Committee was compatible with maintaining the independence of PwC as the Funds principal auditors.
32
Other Business.
As of the date of this Proxy Statement, each Funds
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, the persons named as proxies will vote in their sole discretion.
Quorum, Adjournments and Methods of Tabulation.
A quorum for each Fund at the Meeting will consist of the presence in person
or by proxy of thirty percent (30%) of the total Shares of each of Fund entitled to vote at the Meeting. 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 the relevant Fund 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.
Votes cast by proxy or in person at the Meeting will be counted by persons appointed by the Funds as tellers (the
Tellers/Inspectors) for the Meeting. For purposes of determining the presence of a quorum for each Fund, the Tellers/Inspectors will include the total number of Shares present at the Meeting in person or by proxy, including Shares
represented by proxies that reflect abstentions and broker non-votes (
i.e.
, shares held by brokers or nominees as to which instructions have not been received from the beneficial owners or the persons entitled to vote and the
broker or nominee does not have the discretionary voting power on a particular matter). Abstentions and broker non-votes will have no effect on the outcome of any Proposal for the election of Trustees for a Fund.
33
Reports to Shareholders.
Below are the dates on or about which the 2011 Annual
Reports to Shareholders of each Fund were mailed:
|
|
|
Fund
|
|
Mail Date for 2011 Annual Report to
Shareholders
|
PCN
|
|
12/27/2011
|
PTY
|
|
1/27/2012
|
PKO
|
|
12/27/2011
|
Additional copies of the Annual Reports and the Funds Semi-Annual Reports may be obtained
without charge from the Funds by calling 1-800-254-5197 or by writing to the Funds at 1633 Broadway, New York, New York 10019.
Shareholder Proposals for 2013 Annual Meeting.
It is currently anticipated that each Funds next annual meeting of Shareholders after the Meeting addressed in this Proxy Statement will be
held in April 2013. Proposals of Shareholders intended to be presented at that annual meeting of a Fund must be received by the Fund no later than November 6, 2012 for inclusion in the Funds 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 Funds Bylaws. Shareholders submitting any other proposals for a Fund intended to be presented at the 2013 annual meeting (
i.e
., other than those to be included in the Funds 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 Funds Bylaws, no earlier than January 5, 2013 and no later than
January 20, 2013. 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 Shareholders 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 SECs 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 & Gray LLP, Prudential Tower, 800 Boylston Street, Boston,
Massachusetts 02199-3600.
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.
March 6, 2012
34
Exhibit A to Proxy Statement
Allianz Global Investors Fund Management Sponsored Closed-End Funds
Audit Oversight Committee Charter
(Adopted as of January 14, 2004,
as amended through
June 14, 2011)
The Board of Trustees or Directors (each a Board) of each of the registered investment companies listed in
Appendix A
hereto (each a Fund and, collectively, the
Funds), as the same may be periodically updated, has adopted this Charter to govern the activities of the Audit Oversight Committee (the Committee) 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.
Statement of Purpose and Functions
The Committees general purpose is to oversee the Funds accounting and financial reporting policies and practices and its internal controls, including by assisting with the Boards
oversight of the integrity of the Funds financial statements, the Funds compliance with legal and regulatory requirements, the qualifications and independence of the Funds independent registered public accounting firm
(IA), and the performance of the Funds internal control systems and IA. The Committees purpose is also to prepare reports required by Securities and Exchange Commission rules to be included in the Funds annual proxy
statements, if any.
The Committees 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 Funds 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 Funds internal control systems, and the IA is
responsible for conducting a proper audit of the Funds 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 field
A-1
work or other types of auditing or accounting reviews or procedures. Each member of the Committee shall be entitled to rely on (i) the integrity of those persons and organizations
within management and outside the Fund from which the Committee receives information and (ii) the accuracy of financial and other information provided to the Committee by such persons or organizations absent actual knowledge to the contrary.
Membership
The Committee shall be comprised of as many trustees as the Board shall determine, but in any event not less than three (3) 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 Committees chairman or co-chairman, as the case may be.
Each member of the Committee may not be an interested person of the Fund, as defined in Section 2(a)(19) of the
Investment Company Act of 1940, as amended (the Investment Company Act), and must otherwise satisfy the standards for independence of an audit committee member of an investment company issuer as set forth in Rule 10A-3(b) (taking into
account any exceptions to those requirements set for in such rule) under the Securities Exchange Act of 1934, as amended, and under applicable listing standards of the New York Stock Exchange (the NYSE). Each member of the Committee must
be financially literate (or must become so within a reasonable time after his or her appointment to the Committee) and at least one member of the Committee must have accounting or related financial management expertise, in
each case as the Board interprets such qualification in its business judgment under NYSE listing standards.
Responsibilities and Duties
The Committees policies and procedures shall remain flexible to facilitate the Committees ability to react
to changing conditions and to generally discharge its functions. The following describe areas of attention in broad terms. The Committee shall:
1. Determine the selection, retention or termination of the Funds IA 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 IA shall be submitted to the Board for ratification in accordance with the requirements of Section 32(a) of the Investment Company Act. The Funds IA must
report directly to the
A-2
Committee, which shall be responsible for resolution of disagreements between management and the IA relating to financial reporting.
2. To consider the independence of the Funds IA at least annually, and in connection therewith receive on a periodic basis formal
written disclosures and letters from the IA as required by Rule 3526 of the Public Company Accounting Oversight Board.
3. To
the extent required by applicable regulations, pre-approve (i) all audit and permitted non-audit services rendered by the IA to the Fund and (ii) all non-audit services rendered by the IA to the Funds investment advisers (including
sub-advisers) and to certain of the investment advisers affiliates. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.
4. Review the fees charged by the IA to the Fund, the investment advisers and certain affiliates of the investment advisers for audit,
audit-related and permitted non-audit services.
5. 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 Funds IA.
6. Obtain and review at least
annually a report from the IA describing (i) the IAs internal quality-control procedures and (ii) any material issues raised (a) by the IAs most recent internal quality-control review or peer review or (b) by any
governmental or other professional inquiry or investigation performed within the preceding five years respecting one or more IA carried out by the firm, and any steps taken to address any such issues.
7. Review with the Funds IA 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.
8. Meet with management and the IA to review and
discuss the Funds annual audited financial statements, including a review of any specific disclosures of managements discussion of the Funds investment performance; and, with respect to the Funds audited financial statements,
discuss with the IA matters required by Statement of Accounting Standards (SAS) No. 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
Funds audited financial statements, the Committee recommends to the Board that the audited financial statements be included in the Funds Annual Report.
A-3
Meet with management to review and discuss the Funds unaudited
financial statements included in the semi-annual report, including, if any, a review of any specific disclosure of managements discussion of the Funds investment performance.
9. Discuss with management and, as needed, the IA the Funds unaudited financial statements.
10. Review with the IA any audit problems or difficulties encountered in the course of their audit work and managements responses
thereto.
11. Review with management and, as applicable, with the IA the Funds accounting and financial reporting
policies, practices and internal controls, including the effect on the Fund of any recommendation of changes in accounting principles or practices by management or the IA.
12. Discuss with management its policies with respect to risk assessment and risk management.
13. Discuss with management any press releases discussing the Funds 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.e.
, a case-by-case review is not required) and need not
discuss in advance each such release of information.
14. Establish procedures for (i) the receipt, retention, and
treatment of complaints received by the Fund regarding accounting, internal accounting controls, or auditing matters; and (ii) the confidential, anonymous submission by employees of the Fund, the Funds 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.
15. Investigate or initiate the investigation of any improprieties or suspected improprieties in the Funds accounting operations or financial reporting.
16. Review with counsel legal and regulatory matters that have a material impact on the Funds financial and accounting reporting
policies and practices or its internal controls.
17. Report to the Board on a regular basis (at least annually) on the
Committees activities.
A-4
18. 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.
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.
Meetings
At
least annually, the Committee shall meet separately with the IA 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.
Outside Resources and Assistance from Management
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 Funds 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) compensation of the Funds IA for the issuance of an audit report relating to the Funds financial statements or the performance of other audit, review or
attest services for the Fund; (ii) compensation of independent legal counsel or other advisers retained by the Committee; and (iii) ordinary administrative expenses of the Committee that are necessary or appropriate in fulfilling its
purposes or carrying out its responsibilities under this Charter.
Annual Evaluations
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.
Adoption and Amendments
The Board shall adopt and approve this Charter and may amend the Charter at any time on the Boards own motion.
A-5
Appendix A
Funds Subject to this Charter
(As of February 1, 2012)
NFJ DIVIDEND, INTEREST & PREMIUM STRATEGY
FUND (NFJ)
AGIC CONVERTIBLE & INCOME FUND (NCV)
AGIC CONVERTIBLE & INCOME FUND II (NCZ)
AGIC EQUITY & CONVERTIBLE INCOME FUND (NIE)
AGIC GLOBAL
EQUITY & CONVERTIBLE INCOME FUND (NGZ)
AGIC INTERNATIONAL & PREMIUM STRATEGY FUND
(NAI)
PCM FUND, INC. (PCM)
PIMCO CALIFORNIA MUNICIPAL INCOME FUND (PCQ)
PIMCO CALIFORNIA
MUNICIPAL INCOME FUND II (PCK)
PIMCO CALIFORNIA MUNICIPAL INCOME FUND III (PZC)
PIMCO CORPORATE & INCOME STRATEGY FUND (PCN)
PIMCO CORPORATE & INCOME OPPORTUNITY FUND (PTY)
PIMCO INCOME
STRATEGY FUND (PFL)
PIMCO INCOME STRATEGY FUND II (PFN)
PIMCO GLOBAL STOCKSPLUS & INCOME FUND (PGP)
PIMCO HIGH INCOME FUND (PHK)
PIMCO INCOME OPPORTUNITY FUND
(PKO)
PIMCO MUNICIPAL INCOME FUND (PMF)
PIMCO MUNICIPAL INCOME FUND II (PML)
PIMCO MUNICIPAL INCOME FUND III (PMX)
PIMCO NEW YORK MUNICIPAL INCOME
FUND (PNF)
PIMCO NEW YORK MUNICIPAL INCOME FUND II (PNI)
PIMCO NEW YORK MUNICIPAL INCOME FUND III (PYN)
PIMCO STRATEGIC GLOBAL GOVERNMENT FUND INC. (RCS)
A-6
Exhibit B-1 to Proxy Statement
Report of Audit Oversight Committee
of the Board of Trustees of
PIMCO Corporate Income Fund (the Fund)
Dated December 20, 2011
The Audit Oversight Committee (the Committee) oversees the Funds financial reporting process on behalf of the Board of Trustees of the Fund (the Board) and operates under a
written Charter adopted by the Board. The Committee meets with the Funds management (Management) 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 Committees and independent accountants responsibilities, Management has advised that the Funds
financial statements for the fiscal year ended October 31, 2011 were prepared in conformity with the generally accepted accounting principles.
The Committee has reviewed and discussed with Management and PricewaterhouseCoopers LLP (PwC), the Funds independent registered public accounting firm, the audited financial statements
for the fiscal year ended October 31, 2011. The Committee has discussed with PwC the matters required to be discussed by Statements on Auditing Standard No. 61 (SAS 61). SAS 61 requires independent auditors to communicate to the Committee
matters including, if applicable: 1) methods used to account for significant unusual transactions; 2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus;
3) the process used by management in formulating particularly sensitive accounting estimates and the basis for the independent registered public accounting firms conclusions regarding the reasonableness of those estimates; and 4) disagreements
with Management over the application of accounting principles and certain other matters.
With respect to the Fund, the
Committee has received the written disclosure and the letter from PwC required by Rule 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 firms independence), and has discussed with PwC their independence. The Committee has also reviewed the aggregate fees billed by PwC for professional services rendered to the Fund and for non-audit
services provided to Allianz Global Investors Fund Management LLC (AGIFM), the
B-1
Funds investment manager during portions of the last fiscal year, Pacific Investment Management Company LLC (PIMCO), the Funds sub-adviser and any entity controlling,
controlled by or under common control with AGIFM or PIMCO that provided services to the Fund. As part of this review, the Committee considered, in addition to other practices and requirements relating to selection of the Funds independent
registered public accounting firm, whether the provision of such non-audit services was compatible with maintaining the independence of PwC.
Based on the foregoing review and discussions, the Committee presents this Report to the Board and recommends that (1) the audited financial statements for the fiscal year ended October 31, 2011
be included in the Funds Annual Report to shareholders for such fiscal year, (2) such Annual Report be filed with the Securities and Exchange Commission and the New York Stock Exchange, and (3) PwC be reappointed as the Funds
independent registered public accounting firm for the fiscal year ending October 31, 2012.
Submitted by the Audit Oversight Committee of
the Board of Trustees:
Paul Belica
Hans W. Kertess
James A. Jacobson
William B. Ogden, IV
Alan Rappaport
Bradford K. Gallagher
Deborah A. Zoullas
B-2
Exhibit B-2 to Proxy Statement
Report of Audit Oversight Committee
of the Board of Trustees of
PIMCO Corporate Opportunity Fund (the
Fund)
Dated January 24, 2012
The Audit Oversight Committee (the Committee) oversees the Funds financial reporting process on behalf of the Board of Trustees of the Fund (the Board) and operates under a
written Charter adopted by the Board. The Committee meets with the Funds management (Management) 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 Committees and independent accountants responsibilities, Management has advised that the Funds
financial statements for the fiscal year ended November 30, 2011 were prepared in conformity with the generally accepted accounting principles.
The Committee has reviewed and discussed with Management and PricewaterhouseCoopers LLP (PwC), the Funds independent registered public accounting firm, the audited financial statements
for the fiscal year ended November 30, 2011. The Committee has discussed with PwC the matters required to be discussed by Statements on Auditing Standard No. 61 (SAS 61). SAS 61 requires independent auditors to communicate to the Committee
matters including, if applicable: 1) methods used to account for significant unusual transactions; 2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus;
3) the process used by management in formulating particularly sensitive accounting estimates and the basis for the independent registered public accounting firms conclusions regarding the reasonableness of those estimates; and 4) disagreements
with Management over the application of accounting principles and certain other matters.
With respect to the Fund, the
Committee has received the written disclosure and the letter from PwC required by Rule 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 firms 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
B-3
provided to Allianz Global Investors Fund Management LLC (AGIFM), the Funds investment manager during portions of the last fiscal year, Pacific Investment Management Company LLC
(PIMCO), the Funds sub-adviser and any entity controlling, controlled by or under common control with AGIFM or PIMCO that provided services to the Fund. As part of this review, the Committee considered, in addition to other
practices and requirements relating to selection of the Funds independent registered public accounting firm, whether the provision of such non-audit services was compatible with maintaining the independence of PwC.
Based on the foregoing review and discussions, the Committee presents this Report to the Board and recommends that (1) the audited
financial statements for the fiscal year ended November 30, 2011 be included in the Funds Annual Report to shareholders for such fiscal year, (2) such Annual Report be filed with the Securities and Exchange Commission and the New
York Stock Exchange, and (3) PwC be reappointed as the Funds independent registered public accounting firm for the fiscal year ending November 30, 2012.
Submitted by the Audit Oversight Committee of the Board of Trustees:
Bradford K. Gallagher
James A. Jacobson
Hans W. Kertess
William B. Ogden, IV
Alan Rappaport
Deborah A. Zoullas
B-4
Exhibit B-3 to Proxy Statement
Report of Audit Oversight Committee
of the Board of Trustees of
PIMCO Income Opportunity Fund (the Fund)
Dated December 20, 2011
The Audit Oversight Committee (the Committee) oversees the Funds financial reporting process on behalf of the Board of Trustees of the Fund (the Board) and operates under a
written Charter adopted by the Board. The Committee meets with the Funds management (Management) 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 Committees and independent accountants responsibilities, Management has advised that the Funds
financial statements for the fiscal year ended October 31, 2011 were prepared in conformity with the generally accepted accounting principles.
The Committee has reviewed and discussed with Management and PricewaterhouseCoopers LLP (PwC), the Funds independent registered public accounting firm, the audited financial statements
for the fiscal year ended October 31, 2011. The Committee has discussed with PwC the matters required to be discussed by Statements on Auditing Standard No. 61 (SAS 61). SAS 61 requires independent auditors to communicate to the Committee
matters including, if applicable: 1) methods used to account for significant unusual transactions; 2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus;
3) the process used by management in formulating particularly sensitive accounting estimates and the basis for the independent registered public accounting firms conclusions regarding the reasonableness of those estimates; and 4) disagreements
with Management over the application of accounting principles and certain other matters.
With respect to the Fund, the
Committee has received the written disclosure and the letter from PwC required by Rule 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 firms independence), and has discussed with PwC their independence. The Committee has also reviewed the aggregate fees billed by PwC for professional services rendered to the Fund and for non-audit
services provided to Allianz Global Investors Fund Management LLC (AGIFM), the
B-5
Funds investment manager during portions of the last fiscal year, Pacific Investment Management Company LLC (PIMCO), the Funds sub-adviser and any entity controlling,
controlled by or under common control with AGIFM or PIMCO that provided services to the Fund. As part of this review, the Committee considered, in addition to other practices and requirements relating to selection of the Funds independent
registered public accounting firm, whether the provision of such non-audit services was compatible with maintaining the independence of PwC.
Based on the foregoing review and discussions, the Committee presents this Report to the Board and recommends that (1) the audited financial statements for the fiscal year ended October 31, 2011
be included in the Funds Annual Report to shareholders for such fiscal year, (2) such Annual Report be filed with the Securities and Exchange Commission and the New York Stock Exchange, and (3) PwC be reappointed as the Funds
independent registered public accounting firm for the fiscal year ending October 31, 2012.
Submitted by the Audit Oversight Committee of
the Board of Trustees:
Paul Belica
Hans W. Kertess
James A. Jacobson
William B. Ogden, IV
Alan Rappaport
Bradford K. Gallagher
Deborah A. Zoullas
B-6
PROXY
PIMCO CORPORATE & INCOME STRATEGY FUND
COMMON SHARES
PROXY IN CONNECTION WITH THE ANNUAL MEETING OF
SHAREHOLDERS TO BE HELD ON APRIL 23, 2012
THIS PROXY IS SOLICITED ON BEHALF OF
THE BOARD OF TRUSTEES OF THE FUND
The undersigned holder of common shares of PIMCO Corporate & Income Strategy
Fund, a Massachusetts business trust (the Fund), 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 Annual Meeting) to be held at 10:30 a.m., Eastern Time, April 23, 2012 at the offices of Allianz Global Investors Fund Management LLC, 1633 Broadway, between West 50
th
and West
51
st
Streets, 42
nd
Floor, New York, New York 10019, and any adjournment(s) or
postponement(s) 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 as 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.
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(S) OR POSTPONEMENT(S) THEREOF. IF THIS PROXY IS PROPERLY EXECUTED BUT NO DIRECTION IS MADE AS REGARDS TO
THE PROPOSAL INCLUDED IN THE PROXY STATEMENT, SUCH VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST FOR SUCH PROPOSAL.
Please refer to the Proxy Statement for a discussion of the Proposal.
PLEASE VOTE, DATE AND SIGN ON THE
REVERSE SIDE HEREOF
AND RETURN THE SIGNED PROXY PROMPTLY IN THE ENCLOSED ENVELOPE.
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.
|
|
|
|
|
HAS YOUR ADDRESS CHANGED?
|
|
|
|
DO YOU HAVE ANY COMMENTS?
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three simple methods to vote your proxy:
|
|
|
Internet:
|
|
Log on to
www.proxyonline.com
. 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.
|
|
|
Touchtone
Phone
|
|
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.
|
|
|
Mail:
|
|
Simply sign, date, and complete the reverse side of this proxy card and return it in the postage paid envelope provided.
|
PIMCO CORPORATE & INCOME STRATEGY FUND
COMMON SHARES
Using a
black
ink
pen, mark your votes with an X as shown
in this example. Please do not write outside the designated areas.
x
ANNUAL MEETING PROXY CARD
A. Election of Trustees The Board of Trustees urges you to vote
FOR
the election of the Nominees.
1. Nominees:
|
|
|
|
|
|
|
|
|
|
|
(01)
|
|
William B. Ogden, IV (Class I)
|
|
For
|
|
¨
|
|
Withhold
|
|
¨
|
|
|
|
|
|
|
(02)
|
|
Alan Rappaport (Class I)
|
|
For
|
|
¨
|
|
Withhold
|
|
¨
|
|
|
|
|
|
|
(03)
|
|
Deborah A. Zoullas (Class II)
|
|
For
|
|
¨
|
|
Withhold
|
|
¨
|
2. To vote and otherwise represent the undersigned on any other business that may properly come before the Annual Meeting
or any adjournment(s) or postponement(s) thereof, in the discretion of the proxy holder(s).
B. Non-Voting Items
Change of Address Please print new address below.
Comments Please print your comments below.
C. Authorized Signatures This section must be completed for your vote to be counted. Date and Sign Below
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.
Date (mm/dd/yyyy) Please print date below.
/
/
Signature 1 Please keep signature within the box.
Signature 2 Please keep signature within the box.
PROXY
PIMCO CORPORATE & INCOME STRATEGY FUND
PREFERRED SHARES
PROXY IN CONNECTION WITH THE ANNUAL MEETING OF
SHAREHOLDERS TO BE HELD ON APRIL 23, 2012
THIS PROXY IS SOLICITED ON BEHALF OF
THE BOARD OF TRUSTEES OF THE FUND
The undersigned holder of preferred shares of PIMCO Corporate & Income
Strategy Fund, a Massachusetts business trust (the Fund), 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 Annual Meeting) to be held at 10:30 a.m., Eastern Time, April 23, 2012 at the offices of Allianz Global Investors Fund Management LLC, 1633 Broadway, between West
50
th
and West 51
st
Streets,
42
nd
Floor, New York, New York 10019, and any
adjournment(s) or postponement(s) 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 as 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.
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(S) OR POSTPONEMENT(S) THEREOF. IF THIS PROXY IS PROPERLY EXECUTED BUT NO DIRECTION IS MADE AS REGARDS TO
THE PROPOSAL INCLUDED IN THE PROXY STATEMENT, SUCH VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST FOR SUCH PROPOSAL.
Please refer to the Proxy Statement for a discussion of the Proposal.
PLEASE VOTE, DATE AND SIGN ON THE
REVERSE SIDE HEREOF
AND RETURN THE SIGNED PROXY PROMPTLY IN THE ENCLOSED ENVELOPE.
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.
|
|
|
|
|
HAS YOUR ADDRESS CHANGED?
|
|
|
|
DO YOU HAVE ANY COMMENTS?
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three simple methods to vote your proxy:
|
|
|
Internet:
|
|
Log on to
www.proxyonline.com
. 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.
|
|
|
Touchtone
Phone
|
|
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.
|
|
|
Mail:
|
|
Simply sign, date, and complete the reverse side of this proxy card and return it in the postage paid envelope provided.
|
PIMCO CORPORATE & INCOME STRATEGY FUND
PREFERRED SHARES
Using a
black ink
pen, mark your votes with an X as shown
in this example. Please do not write outside the designated areas.
x
ANNUAL MEETING PROXY CARD
A. Election of Trustees The Board of Trustees urges you to vote
FOR
the election of the Nominees.
1. Nominees:
|
|
|
|
|
|
|
|
|
|
|
(01)
|
|
Hans W. Kertess (Class I)
|
|
For
|
|
¨
|
|
Withhold
|
|
¨
|
|
|
|
|
|
|
(02)
|
|
William B. Ogden, IV (Class I)
|
|
For
|
|
¨
|
|
Withhold
|
|
¨
|
|
|
|
|
|
|
(03)
|
|
Alan Rappaport (Class I)
|
|
For
|
|
¨
|
|
Withhold
|
|
¨
|
|
|
|
|
|
|
(04)
|
|
Deborah A. Zoullas (Class II)
|
|
For
|
|
¨
|
|
Withhold
|
|
¨
|
2. To vote and otherwise represent the undersigned on any other business that may properly come before the Annual Meeting
or any adjournment(s) or postponement(s) thereof, in the discretion of the proxy holder(s).
B. Non-Voting Items
Change of Address Please print new address below.
Comments Please print your comments below.
C. Authorized Signatures This section must be completed for your vote to be counted. Date and Sign Below
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.
Date (mm/dd/yyyy) Please print date below.
/
/
Signature 1 Please keep signature within the box.
Signature 2 Please keep signature within the box.
PROXY
PIMCO CORPORATE & INCOME OPPORTUNITY FUND
COMMON SHARES
PROXY IN CONNECTION WITH THE ANNUAL MEETING OF
SHAREHOLDERS TO BE HELD ON APRIL 23, 2012
THIS PROXY IS SOLICITED ON BEHALF OF
THE BOARD OF TRUSTEES OF THE FUND
The undersigned holder of common shares of PIMCO Corporate & Income
Opportunity Fund, a Massachusetts business trust (the Fund), 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 Annual Meeting) to be held at 10:30 a.m., Eastern Time, April 23, 2012 at the offices of Allianz Global Investors Fund Management LLC, 1633 Broadway, between West
50
th
and West 51
st
Streets,
42
nd
Floor, New York, New York 10019, and any
adjournment(s) or postponement(s) 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 as 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.
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(S) OR POSTPONEMENT(S) THEREOF. IF THIS PROXY IS PROPERLY EXECUTED BUT NO DIRECTION IS MADE AS REGARDS TO
THE PROPOSAL INCLUDED IN THE PROXY STATEMENT, SUCH VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST FOR SUCH PROPOSAL.
Please refer to the Proxy Statement for a discussion of the Proposal.
PLEASE VOTE, DATE AND SIGN ON THE
REVERSE SIDE HEREOF
AND RETURN THE SIGNED PROXY PROMPTLY IN THE ENCLOSED ENVELOPE.
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.
|
|
|
|
|
HAS YOUR ADDRESS CHANGED?
|
|
|
|
DO YOU HAVE ANY COMMENTS?
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three simple methods to vote your proxy:
|
|
|
Internet:
|
|
Log on to
www.proxyonline.com
. 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.
|
|
|
Touchtone
Phone
|
|
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.
|
|
|
Mail:
|
|
Simply sign, date, and complete the reverse side of this proxy card and return it in the postage paid envelope provided.
|
PIMCO CORPORATE & INCOME OPPORTUNITY FUND
COMMON SHARES
Using a
black
ink
pen, mark your votes with an X as shown
in this example. Please do not write outside the designated areas.
x
ANNUAL MEETING PROXY CARD
A. Election of Trustees The Board of Trustees urges you to vote
FOR
the election of the Nominees.
1. Nominees:
|
|
|
|
|
|
|
|
|
|
|
(01)
|
|
John C. Maney (Class III)
|
|
For
|
|
¨
|
|
Withhold
|
|
¨
|
|
|
|
|
|
|
(02)
|
|
Deborah A. Zoullas (Class III)
|
|
For
|
|
¨
|
|
Withhold
|
|
¨
|
2. To vote and otherwise represent the undersigned on any other business that may properly come before the Annual Meeting
or any adjournment(s) or postponement(s) thereof, in the discretion of the proxy holder(s).
B. Non-Voting Items
Change of Address Please print new address below.
Comments Please print your comments below.
C. Authorized Signatures This section must be completed for your vote to be counted. Date and Sign Below
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.
Date (mm/dd/yyyy) Please print date below.
/
/
Signature 1 Please keep signature within the box.
Signature 2 Please keep signature within the box.
PROXY
PIMCO CORPORATE & INCOME OPPORTUNITY FUND
PREFERRED SHARES
PROXY IN CONNECTION WITH THE ANNUAL MEETING OF
SHAREHOLDERS TO BE HELD ON APRIL 23, 2012
THIS PROXY IS SOLICITED ON BEHALF OF
THE BOARD OF TRUSTEES OF THE FUND
The undersigned holder of preferred shares of PIMCO Corporate & Income
Opportunity Fund, a Massachusetts business trust (the Fund), 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 Annual Meeting) to be held at 10:30 a.m., Eastern Time, April 23, 2012 at the offices of Allianz Global Investors Fund Management LLC, 1633 Broadway, between West
50
th
and West 51
st
Streets,
42
nd
Floor, New York, New York 10019, and any
adjournment(s) or postponement(s) 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 as 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.
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(S) OR POSTPONEMENT(S) THEREOF. IF THIS PROXY IS PROPERLY EXECUTED BUT NO DIRECTION IS MADE AS REGARDS TO
THE PROPOSAL INCLUDED IN THE PROXY STATEMENT, SUCH VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST FOR SUCH PROPOSAL.
Please refer to the Proxy Statement for a discussion of the Proposal.
PLEASE VOTE, DATE AND SIGN ON THE
REVERSE SIDE HEREOF
AND RETURN THE SIGNED PROXY PROMPTLY IN THE ENCLOSED ENVELOPE.
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.
|
|
|
|
|
HAS YOUR ADDRESS CHANGED?
|
|
|
|
DO YOU HAVE ANY COMMENTS?
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three simple methods to vote your proxy:
|
|
|
Internet:
|
|
Log on to
www.proxyonline.com
. 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.
|
|
|
Touchtone
Phone
|
|
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.
|
|
|
Mail:
|
|
Simply sign, date, and complete the reverse side of this proxy card and return it in the postage paid envelope provided.
|
PIMCO CORPORATE & INCOME OPPORTUNITY FUND
PREFERRED SHARES
Using a
black ink
pen, mark your votes with an X as shown
in this example. Please do not write outside the designated areas.
x
ANNUAL MEETING PROXY CARD
A. Election of Trustees The Board of Trustees urges you to vote
FOR
the election of the Nominees.
1. Nominees:
|
|
|
|
|
|
|
|
|
|
|
(01)
|
|
John C. Maney (Class III)
|
|
For
|
|
¨
|
|
Withhold
|
|
¨
|
|
|
|
|
|
|
(02)
|
|
Deborah A. Zoullas (Class III)
|
|
For
|
|
¨
|
|
Withhold
|
|
¨
|
2. To vote and otherwise represent the undersigned on any other business that may properly come before the Annual Meeting
or any adjournment(s) or postponement(s) thereof, in the discretion of the proxy holder(s).
B. Non-Voting Items
Change of Address Please print new address below.
Comments Please print your comments below.
C. Authorized Signatures This section must be completed for your vote to be counted. Date and Sign Below
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.
Date (mm/dd/yyyy) Please print date below.
/
/
Signature 1 Please keep signature within the box.
Signature 2 Please keep signature within the box.
PROXY
PIMCO INCOME OPPORTUNITY FUND
COMMON SHARES
PROXY IN CONNECTION WITH THE ANNUAL MEETING OF
SHAREHOLDERS TO BE HELD ON APRIL 23, 2012
THIS PROXY IS SOLICITED ON BEHALF OF
THE BOARD OF TRUSTEES OF THE FUND
The undersigned holder of common shares of PIMCO Income Opportunity Fund, a
Massachusetts business trust (the Fund), 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 Annual Meeting) to be held at 10:30 a.m., Eastern Time, April 23, 2012 at the offices of Allianz Global Investors Fund Management LLC, 1633 Broadway, between West 50
th
and West
51
st
Streets, 42
nd
Floor, New York, New York 10019, and any adjournment(s) or
postponement(s) 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 as 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.
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(S) OR POSTPONEMENT(S) THEREOF. IF THIS PROXY IS PROPERLY EXECUTED BUT NO DIRECTION IS MADE AS REGARDS TO
THE PROPOSAL INCLUDED IN THE PROXY STATEMENT, SUCH VOTES ENTITLED TO BE CAST BY THE UNDERSIGNED WILL BE CAST FOR SUCH PROPOSAL.
Please refer to the Proxy Statement for a discussion of the Proposal.
PLEASE VOTE, DATE AND SIGN ON THE
REVERSE SIDE HEREOF
AND RETURN THE SIGNED PROXY PROMPTLY IN THE ENCLOSED ENVELOPE.
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.
|
|
|
|
|
HAS YOUR ADDRESS CHANGED?
|
|
|
|
DO YOU HAVE ANY COMMENTS?
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three simple methods to vote your proxy:
|
|
|
Internet:
|
|
Log on to
www.proxyonline.com
. 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.
|
|
|
Touchtone
Phone
|
|
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.
|
|
|
Mail:
|
|
Simply sign, date, and complete the reverse side of this proxy card and return it in the postage paid envelope provided.
|
PIMCO INCOME OPPORTUNITY FUND
COMMON SHARES
Using a
black
ink
pen, mark your votes with an X as shown
in this example. Please do not write outside the designated areas.
x
ANNUAL MEETING PROXY CARD
A. Election of Trustees The Board of Trustees urges you to vote
FOR
the election of the Nominees.
1. Nominees:
|
|
|
|
|
|
|
|
|
|
|
(01)
|
|
Hans W. Kertess (Class I)
|
|
For
|
|
¨
|
|
Withhold
|
|
¨
|
|
|
|
|
|
|
(02)
|
|
William B. Ogden, IV (Class I)
|
|
For
|
|
¨
|
|
Withhold
|
|
¨
|
|
|
|
|
|
|
(03)
|
|
Deborah A. Zoullas (Class I)
|
|
For
|
|
¨
|
|
Withhold
|
|
¨
|
2. To vote and otherwise represent the undersigned on any other business that may properly come before the Annual Meeting
or any adjournment(s) or postponement(s) thereof, in the discretion of the proxy holder(s).
B. Non-Voting Items
Change of Address Please print new address below.
Comments Please print your comments below.
C. Authorized Signatures This section must be completed for your vote to be counted. Date and Sign Below
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.
Date (mm/dd/yyyy) Please print date below.
/
/
Signature 1 Please keep signature within the box.
Signature 2 Please keep signature within the box.
PIMCO Corporate and Inco... (NYSE:PTY)
Historical Stock Chart
From Jun 2024 to Jul 2024
PIMCO Corporate and Inco... (NYSE:PTY)
Historical Stock Chart
From Jul 2023 to Jul 2024