PIMCO Corporate Income Fund, PIMCO Corporate Opportunity Fund, PIMCO High Income Fund Declare Monthly Common Share Income Dividends.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 1, 2003

The Boards of Trustees of PIMCO Corporate Income Fund (NYSE: PCN), PIMCO Corporate Opportunity Fund (NYSE: PTY) and PIMCO High Income Fund (NYSE: PHK) (collectively, the "Funds") announced today that they have declared the following dividends on the Funds' common shares:

   PIMCO Corporate Income Fund          $0.10625   per common share
   PIMCO Corporate Opportunity Fund     $0.1375    per common share
   PIMCO High Income Fund               $0.121875  per common share

The dividends will be payable on September 2, 2003 to shareholders of record on August 15, 2003, with an ex-dividend date of August 13, 2003.

At July 31, 2003, the Funds' net assets(a) were approximately:

                                     (in millions)
   PIMCO Corporate Income Fund          $815.9
   PIMCO Corporate Opportunity Fund     $1,579.3
   PIMCO High Income Fund               $2,483.7

(a) Net assets are inclusive of Preferred Shares of $300 million, $565
million and $900 million for the Corporate Income, Corporate
Opportunity and High Income Funds, respectively.

The Funds are closed-end management investment companies. The primary objective of the Corporate Income is to provide high current income with secondary objectives of capital preservation and appreciation. The investment objective of the Corporate Opportunity Fund is to provide maximum total return through a combination of current income and capital appreciation. The High Income Fund's primary objective is high current income with capital appreciation as a secondary objective.

PIMCO Advisors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P., serves as the Funds investment manager and is a member of Munich-based Allianz Group (NYSE - AZ). Pacific Investment Management Company LLC, a PIMCO Advisors Fund Management affiliate, serves as the Funds' sub-adviser. Allianz is a leading global financial services company.

The Funds' daily New York Stock Exchange closing prices, net asset values per share as well as other information is available at www.pimcoadvisors.com or by calling 1-800-331-1710.