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Bill Gross to Manage PIMCO Corporate Income Fund, PIMCO Corporate Opportunity Fund, PIMCO Floating Rate Income Fund and PIMCO Floating Rate Strategy Fund

NEW YORK, December 15, 2009 (BUSINESS WIRE) -- PIMCO Corporate Income Fund (NYSE: PCN), PIMCO Corporate Opportunity Fund (NYSE: PTY), PIMCO Floating Rate Income Fund (NYSE: PFL), and PIMCO Floating Rate Strategy Fund (NYSE:PFN) (each a “Fund” and collectively, the “Funds”) announced today that Bill Gross will assume primary responsibility for the day-to-day portfolio management of the Funds, effective immediately.

Mr. Gross founded Pacific Investment Management Company LLC ("PIMCO") more than 38 years ago and is a managing director and co-Chief Investment Officer of the company. He has 40 years of investment experience and holds an MBA from the Anderson School of Management at the University of California, Los Angeles. He received his undergraduate degree from Duke University.

Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Funds' investment manager and is a member of Munich-based Allianz Group. PIMCO, an Allianz Global Investors Fund Management affiliate, serves as the Funds' sub-adviser.

The Funds' New York Stock Exchange closing prices, net asset values per share, as well as other information, including updated portfolio statistics and performance, is available at http://www.allianzinvestors.com or by calling the Funds' shareholder servicing agent at (800) 254-5197.

Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from further declines in the securities markets and in the Funds’ performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement their operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. Each Fund’s ability to pay dividends to common shareholders is subject to the restrictions in its registration statement and other governing documents as well as the Investment Company Act of 1940.