At July 31,                           
                                                           2009                 2008             
 Net Assets (a)                                            $244,956,685         $479,140,444     
 Common Shares Outstanding                                 18,307,756           18,265,782       
 Net Asset Value ("NAV")                                   $9.07                $14.73           
 Market Price                                              $8.98                $13.98           
 Discount to NAV                                           (0.99          )%    (5.09         )% 
 Undistributed Net Investment                                                                    
 Income Per Common Share (c)                               $1.3964              $0.1469          
                                                                                                 
                                                                                                 
                                                           Quarter ended July 31,                
                                                           2009                 2008             
 Net Investment Income (b)                                 $6,184,617           $6,824,695       
 Per Common Share (b)                                      $0.34                $0.37            
 Net Realized and Change in Unrealized Gain (Loss) (b)     $38,807,234          $(12,217,219  )  
 Per Common Share (b)                                      $2.12                $(0.68        )  
                                                                                                 
                                                                                                 
                                                           Year ended July 31,                   
                                                           2009                 2008             
 Net Investment Income (b)                                 $28,081,101          $33,021,100      
 Per Common Share (b)                                      $1.54                $1.81            
 Net Realized and Change in Unrealized Loss (b)            $(106,285,900  )     $(37,828,573  )  
 Per Common Share (b)                                      $(5.81         )     $(2.08        )  


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 (a)   Net assets are inclusive of market value of Preferred Shares of $78,975,000 and $210,000,000 at July 31, 2009 and July 31, 2008, respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 (b)   The information provided is in accordance with generally accepted accounting principals ("GAAP"), which requires the Fund to treat amounts accrued by the Fund under swap agreements as net realized and unrealized gain (loss). However, these amounts are treated as net income (loss) for federal income tax purposes. By using GAAP, Net Investment Income for the fiscal quarter and year ended July 31, 2009 was $795,936 ($0.04 per common share) and $3,330,039 ($0.18 per common share) lower, respectively and Net Realized and Change in Unrealized Gain (Loss) correspondingly higher (lower) than those figures would have been if swap amounts were treated as net income in accordance with federal income tax treatment. By using GAAP, Net Investment Income for the fiscal quarter and year ended July 31, 2008 was $1,518,678 ($0.08 per common share) and $8,239,121 ($0.45 per common share) lower, respectively and Net Realized and Change in Unrealized Loss correspondingly lower than those figures would have been if swap amounts were treated as net income in accordance with federal income tax treatment. 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 (c)   Since net earning rates fluctuate from month to month, there will be periods when the Fund may over-earn or under-earn its monthly dividend which would have the effect of adding to or subtracting from the Fund's undistributed net investment income balance. Fund management analyzes the Fund's current and projected net earnings rates prior to recommending dividend amounts to the Fund's Board of Trustees for declaration. There can be no assurance that the current dividend rate or the undistributed net investment income balance will remain constant. Inclusive of amounts accrued under swap agreements, in accordance with federal income tax treatment. Inclusive of net realized gains from foreign currency transactions of $0.52 per common share at July 31, 2009.                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 


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Allianz Global Investors Fund Management LLC ("AGIFM"), an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group (NYSE: AZ). Pacific Investment Management Company LLC, an affiliate of AGIFM, serves as the Fund's sub-adviser.

The Fund's daily New York Stock Exchange closing price, net asset value per share, as well as other information, is available at www.allianzinvestors.com/closedendfunds or by calling the Fund's shareholder servicing agent at (800) 254-5197.

The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to what is reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. There can be no assurance that the Fund will meet its stated objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in its registration statement, By-laws and other governing documents as well as the Investment Company Act of 1940. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

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