NEW YORK--(BUSINESS WIRE)-- PIMCO Income Opportunity Fund (the "Fund") (NYSE: PKO), a non-diversified, closed-end management investment company which seeks current income as a primary focus and also capital appreciation, today announced its results for the fiscal quarter and the six months ended April 30, 2009.

				At April 30,
		2009			2008
Net Assets		$229,205,996			$331,796,901
Shares Outstanding		14,243,921			14,103,021
Net Asset Value ("NAV")		$16.09			$23.53
Market Price		$16.27			$23.72
Premium to NAV		1.12%			0.81%
Undistributed Ordinary Income Per Share		$0.1932	(b)
				Quarter ended April 30,
		2009			2008
Net Investment Income (a)		$7,281,686			$5,257,429
Per Share (a)		$0.52			$0.37
Net Realized and Change in Unrealized Loss (a)		$(7,202,762)			$(1,328,438)
Per Share (a)		$(0.52)			$(0.09)
		Six Months ended
		April 30, 2009
Net Investment Income (a)		$13,523,374
Per Share (a)		$0.96
Net Realized and Change in Unrealized Loss (a)		$(24,040,699)
Per Share (a)		$(1.71)

(a)		The information provided is in accordance with generally accepted accounting principles ("GAAP"), which requires the Fund to treat amounts accrued 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 six months ended April 30, 2009 was $612,102 ($0.04 per share) and $1,188,160 ($0.08 per 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 (loss) in accordance with federal income tax treatment. By using GAAP, Net Investment Income for the fiscal quarter was $178,713 ($0.01 per 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.
(b)		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 ordinary 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 ordinary income balance will remain constant. In accordance with federal income tax treatment, inclusive of amounts accrued under swap agreements. Inclusive of net realized gains from foreign currency transactions and pay-down gains of $0.32 per share at April 30, 2009.

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





For Information on PIMCO Closed-End Funds:

Financial Advisors: 800-628-1237

Shareholders: 800-285-4086

Media Relations: 212-739-3501

Source: PIMCO Income Opportunity Fund