PIMCO Corporate Opportunity Fund Reports Results for the Fiscal Quarter Ended February 28, 2009

• Press Release
• Source: PIMCO Corporate Opportunity Fund
• On 4:00 pm EDT, Tuesday May 5, 2009

NEW YORK, May 5, 2009 (GLOBE NEWSWIRE) -- PIMCO Corporate Opportunity Fund (the "Fund") (NYSE:PTY - News), a diversified closed-end management investment company, which seeks maximum total return through a combination of current income and capital appreciation, today announced its results for the fiscal quarter ended February 28, 2009.

Related Quotes

Symbol	Price	Change
PTY	14.00	-0.03

{"s" : "pty","k" : "c10,l10,p20,t10","o" : "","j" : ""}

                               February 28, 2009     February 29, 2008
                               -----------------     -----------------
 Net Assets (a)                    $940,637,855        $1,491,221,363
 Common Shares Outstanding           66,503,900            66,056,188
 Net Asset Value ("NAV")                  $6.69                $14.02
 Market Price                             $7.49                $14.50
 Premium to NAV                           11.96%                 3.42%
 Undistributed Net
  Investment Income Per
  Common Share (c)                     $0.1556               $0.0146


                                            Quarter ended
                                            -------------
                                February 28, 2009    February 29, 2008
                                -----------------    -----------------
 Net Investment Income (b)          $28,403,958           $24,978,657
 Per Common Share (b)                     $0.43                 $0.38
 Net Realized and Change in
  Unrealized Loss (b)             $(128,043,537)         $(16,279,924)
 Per Common Share (b)                    $(1.93)               $(0.25)



 (a) Net assets are inclusive of market value of Preferred Shares of
     $496 million and $565 million at February 28, 2009 and February
     29, 2008, respectively. The Fund redeemed $101 million of its
     Preferred Shares from March 16, 2009 through March 20, 2009 and
     an additional $70 million of its Preferred Shares from March 30,
     2009 through April 3, 2009.

 (b) The information provided is in accordance with generally accepted
     accounting principles ("GAAP"), which requires the Fund to treat
     amounts received (paid) by the Fund under swap agreements as net
     realized 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 ended February 28, 2009
     was $3,310,292 ($0.05 per common share) lower, (and Net Realized
     and Change in Unrealized Loss correspondingly lower) than those
     figures would have been if swap amounts were treated as net
     income (loss) in accordance with federal income tax treatment. By
     using GAAP, Net Investment Income for the fiscal quarter ended
     February 29, 2008 was $6,435,756 ($0.10 per common share) lower,
     (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.

 (c) Note that generally there is a close correlation between what the
     Fund earns (net of expenses) and what it pays in monthly
     dividends. However, since net earning rates fluctuate from month
     to month while monthly dividends have remained relatively stable,
     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 current and projected net
     earning 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
     income balance will remain constant. In accordance with the
     federal income tax treatment, inclusive of amounts accrued under
     swap agreements.

Allianz Global Investors Fund Management LLC, 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 - News). Pacific Investment Management Company LLC, an Allianz Global Investors Fund Management affiliate, 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) 331-1710.

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 investment 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.

PIMCO Closed-End Funds:
Financial Advisors:
(800) 628-1237
Shareholders:
(800) 285-4086
Media Relations:
(212) 739-3501