Allianz Global Investors Fund Management LLC Announces Changes

Allianz Global Investors Fund Management LLC, investment manager to PIMCO Corporate Opportunity Fund PTY, PIMCO High Income Fund PHK, and PIMCO Corporate Income Fund PCN, announced that the Boards of Trustees of each Fund approved an expansion of the Funds' duration guidelines, such that each Fund will, under normal market conditions, maintain an average portfolio duration of between zero and eight years. These changes take effect today. PTY, PHK and PCN previously observed intermediate average portfolio duration ranges – normally between four and eight years for PTY and PHK and three and seven years for PCN. Each Fund's sub-adviser, Pacific Investment Management Company LLC, recommended expanding each Fund's average portfolio duration range to provide added flexibility in managing interest rate risk within the Funds' portfolios in what PIMCO anticipates to be a potentially prolonged period of rising market interest rates.