PIMCO Corporate Income Fund Pfd Shares Rated 'AAA' By Fitch Ratings

Business Wire, Feb 20, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 20, 2002

The PIMCO Corporate Income Fund's auction-rate cumulative preferred shares, 2,400 shares series M are rated 'AAA' by Fitch Ratings. In addition, 2,400 shares series T are rated 'AAA'; 2,400 shares series W are rated 'AAA'; 2,400 shares series TH are rated 'AAA'; and 2,400 shares series F are rated 'AAA'. The ratings are based on asset coverage and preferred share basic maintenance amount tests, as well as Fitch Ratings' assessment of the qualifications of the fund asset manager.

The PIMCO Corporate Income Fund is a closed-end management investment company, which invests principally in U.S. corporate debt obligations and other corporate income-producing securities. The fund is registered under the Investment Company Act of 1940.

The fund's subadvisor, Pacific Investment Management Company LLC (PIMCO), PIMCO has been in the investment management business since 1971. As of Dec. 31, 2001, PIMCO and its affiliates had approximately $235 billion of assets under management.