PIMCO Income Opportunity Fund Reports Results for the Fiscal Quarter and Six Months Ended April 30, 2009

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

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