NEW YORK, Nov. 4, 2008 (GLOBE NEWSWIRE) -- PIMCO Corporate Opportunity Fund (the ``Fund'') (NYSE:PTY - News), a 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 and nine months ended August 31, 2008.

                                              At August 31,
                                              -------------
                                           2008            2007
                                           ----            ----
 Net Assets (a)                       $1,400,042,987  $1,487,190,740
 Common Shares Outstanding                66,281,540      65,908,162
 Net Asset Value ("NAV")                      $12.60          $13.99
 Market Price                                 $13.48          $14.55
 Premium to NAV                                 6.98%           4.00%


                                         Quarter ended August 31,
                                         ------------------------
                                           2008            2007
                                           ----            ----
 Net Investment Income (b)               $23,871,317     $25,644,805
 Per Share (b)                                 $0.36           $0.39
 Net Realized and Change in
  Unrealized Loss (b)                   $(64,697,847)   $(60,007,718)
 Per Common Share (b)                         $(0.98)         $(0.91)
 Undistributed (Overdistributed) Net
  Investment Income Per Common 
  Share (c) (d)                              $0.0818        $(0.0948)


                                       Nine Months ended August 31,
                                       ----------------------------
                                           2008            2007
                                           ----            ----
 Net Investment Income (b)               $72,408,655     $75,778,501
 Per Share (b)                                 $1.09           $1.15
 Net Realized and Change in Unrealized
  Loss (b)                             $(102,960,230)   $(72,144,749)
 Per Common Share (b)                         $(1.55)         $(1.09)



 (a) Net assets are inclusive of market value of Preferred Shares
     of $565 million.

 (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 and nine months ended August 31, 2008 was $2,755,131
     ($0.04 per common share) and $18,653,507 ($0.28 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 and nine months ended August 31,
     2007 was $3,988,307 ($0.06 per common share) and $9,299,775
     ($0.14 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.

 (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
     (overdistributed) 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 (overdistributed) income balance will 
     remain constant. Inclusive of amounts earned under swap agreements,
     in accordance with federal income tax treatment.

 (d) Calculated using the accumulated balance at August 31, 2008
     and August 31, 2007, respectively.

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 http://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. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

          Christoph Hofmann
          (800) 285-4086