Edgar Filing: PIMCO CORPORATE OPPORTUNITY FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-21238

PIMCO Corporate Opportunity Fund
(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York					10105
(Address of principal executive offices)					(Zip code)

Lawrence G. Altadonna - 1345 Avenue of the Americas, New York, New York 10105
(Name and address of agent for service)

Registrant’s telephone number, including area code:				212-739-3371

Date of fiscal year end:	November 30, 2005

Date of reporting period:		November 30, 2005

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

PIMCO Corporate Opportunity Fund

Annual Report
November 30, 2005

Contents
Letter to Shareholders					1

Performance & Statistics					2

Schedule of Investments					3-12

Statement of Assets and Liabilities					13

Statement of Operations					14

Statement of Changes in Net Assets					15

Notes to Financial Statements					16-23

Financial Highlights					24

Report of Independent Registered Public Accounting Firm					25

Matters Relating to the Trustees Consideration of the Investment Management & Portfolio Management Agreements					26-27

Privacy Policy/Proxy Voting Policies & Procedures					28

Tax Information/Annual Shareholder Meeting Results					29

Dividend Reinvestment Plan					30

Board of Trustees & Principal Officers					31-32

PIMCO Corporate Opportunity Fund Letter to Shareholders

January 25, 2006

Dear Shareholder:

We are pleased to provide you with the annual report of the PIMCO Corporate Opportunity Fund (the "Fund") for the year ended November 30, 2005.

During this time frame, the Federal Reserve raised short-term interest rates eight times, for a total increase of 200 basis points. The Fund's NAV total return was 5.15%, and its market price was 6.45% for the twelve months ended November 30, 2005. These results far outpaced other segments of the bond market. The Merrill Lynch U.S. Corporate Master Index earned 2.40% during the 12 months ended November 30, 2005, matching the return of the Lehman Brothers Aggregate Bond Index, a widely used benchmark for the overall U.S. bond market.

The returns generated by high yield securities were somewhat better during this period, with higher yields helping to offset the modest price losses which resulted from spread widening. Fundamentals remained strong within the high yield sector and default rates continued to decline steadily. The Merrill Lynch High Yield Master II Index returned 3.34% for the 12-month period.

Please refer to the following pages for specific Fund information. If you have any questions regarding the information provided, we encourage you to contact your financial advisor or call the Fund's shareholder servicing agent at (800) 331-1710. Also, note that a wide range of information and resources can be accessed through our Web site, www.allianzinvestors.com.

Together with Allianz Global Investors Fund Management LLC, the Fund's investment manager and Pacific Investment Management Company LLC, the Fund's sub-adviser, we thank you for investing with us.

We remain dedicated to serving your investment needs.

Sincerely,



Robert E. Connor Chairman				Brian S. Shlissel President & Chief Executive Officer

11.30.05 | PIMCO Corporate Opportunity Fund Annual Report 1

PIMCO Corporate Opportunity Fund Performance & Statistics

November 30, 2005 (unaudited)

Symbol:

PTY

Objective:

Seeks maximum total return through a combination of current income and capital appreciation.

Primary Investments:

U.S. dollar-denominated corporate debt obligations of varying maturities and other corporate income-producing securities.

Inception Date:

December 27, 2002

Total Net Assets⁽¹⁾:

$1.578 billion

Portfolio Manager:

Mark Kiesel

Total Return⁽²⁾:		Market Price			Net Asset Value ("NAV")
	1 Year		16.16	%		5.15	%
	Commencement of Operations (12/27/02) to 11/30/05		17.71	%		15.73	%

Common Share Market Price/NAV Performance:

Commencement of Operations (12/27/02) to 11/30/05

Market Price/NAV:

Market Price	$	17.20
NAV	$	15.59
Premium to NAV		10.33	%
Market Price Yield⁽³⁾		9.59	%

(1) Inclusive of net assets attributable to Preferred Shares outstanding.

(2) Past performance is no guarantee of future results. Total return is calculated by subtracting the value of an investment in the Fund at the beginning of each specified period from the value at the end of the period and dividing the remainder by the value of the investment at the beginning of the period and expressing the result as a percentage. The calculation assumes that all of the Fund's income dividends and capital gain distributions have been reinvested at prices obtained under the dividend reinvestment plan. Total return does not reflect broker commissions or sales charges. Total return for a period more than one year represents the average annual total return.

An investment in the Fund involves risk, including the loss of principal. Total return, market price, market yield and net asset value will fluctuate with changes in market conditions. This data is provided for information only and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Net asset value is total assets applicable to common shareholders less total liabilities divided by the number of common shares outstanding. Holdings are subject to change daily.

(3) Market Price Yield is determined by dividing the annualized current monthly per share dividend to common shareholders by the market price per common share at November 30, 2005.

2 PIMCO Corporate Opportunity Fund Annual Report | 11.30.05

PIMCO Corporate Opportunity Fund Schedule of Investments

November 30, 2005

Principal Amount (000)			Credit Rating (Moody's/S&P)*	Value
CORPORATE BONDS & NOTES – 74.3%
Airlines – 4.5%
		American Airlines, Inc., pass thru certificates,
$	7,000	7.858%, 4/1/13, Ser. 01-2	Baa2/BBB+	$	7,295,383
		Continental Airlines, Inc., pass thru certificates,
	4,033	6.703%, 12/15/22, Ser. 01-1	Baa3/BBB+		3,877,763
	1,695	7.056%, 9/15/09, Ser. 99-2	Baa3/A-		1,717,640
	2,559	7.373%, 6/15/17, Ser. 01-1	Ba1/BB+		2,225,335
	2,000	7.487%, 4/2/12, Ser. 00-2	Baa3/BBB		1,990,204
	9,522	7.707%, 10/2/22, Ser. 00-2	Baa3/BBB		9,461,852
		Delta Air Lines, Inc., pass thru certificates, Ser. 00-1,
	8,000	7.57%, 11/18/10	Ba2/BB		7,836,410
	8,000	7.92%, 11/18/10	Caa1/CCC+		6,485,000
		Northwest Airlines, Inc., pass thru certificates,
	1,566	6.81%, 2/1/20, Ser. 99-1A	B1/B+		1,446,409
	15,500	6.841%, 10/1/12, Ser. 1A-2	Ba3/BB		14,967,730
		United Air Lines, Inc., pass thru certificates,
	14,658	7.186%, 4/1/11, Ser. 00-2 (f)	NR/NR		14,593,462
					71,897,188
Apparel & Textiles – 0.2%
	1,000	Quiksilver, Inc., 6.875%, 4/15/15 (d)	B1/BB-		950,000
	3,000	Russell Corp., 9.25%, 5/1/10	B2/B		3,060,000
					4,010,000
Automotive – 0.5%
	4,000	Auburn Hills Trust, 12.375%, 5/1/20	A3/BBB		5,918,912
	2,500	Ford Motor Co., 9.98%, 2/15/47	Ba1/BB+		2,000,000
					7,918,912
Banking – 2.2%
		HSBC Capital Funding L.P., VRN
	8,000	4.61%, 6/27/13 (d)	A1/A-		7,504,104
	2,000	10.176%, 6/30/30	A1/A-		3,022,458
	625	NCNB, 9.375%, 9/15/09	Aa3/A+		717,505
	9,706	Riggs Capital Trust, 8.875%, 3/15/27, Ser. C	A3/BBB		10,543,045
	3,500	Royal Bank of Canada, 4.80%, 11/8/11, Ser. N, FRN	Aa3/A+		3,514,137
	2,000	Royal Bank of Scotland Group PLC, 7.648%, 9/30/31, VRN	A1/A		2,371,212
	8,000	Sumitomo Mitsui Banking Corp., 8.15%, 8/1/08	A2/NR		8,460,160
					36,132,621
Chemicals – 0.6%
	8,445	Equistar Chemicals L.P., 10.125%, 9/1/08	B2/BB-		9,215,606
Computer Services – 0.5%
		Electronic Data Systems Corp.,
	4,000	6.50%, 8/1/13, Ser. B	Ba1/BBB-		4,066,564
	3,500	7.125%, 10/15/09	Ba1/BBB-		3,701,026
					7,767,590
Containers – 0.2%
	4,000	Smurfit-Stone Container, 8.375%, 7/1/12	B2/B		3,920,000
Diversified Manufacturing – 0.8%
	5,000	Hutchison Whampoa International Ltd., 7.45%, 11/24/33 (d)	A3/A-		5,685,020
£	3,340	Tyco International Group S.A., 6.50%, 11/21/31	Baa3/BBB+		6,408,061
					12,093,081

11.30.05 | PIMCO Corporate Opportunity Fund Annual Report 3

PIMCO Corporate Opportunity Fund Schedule of Investments

November 30, 2005 (continued)

Principal Amount (000)			Credit Rating (Moody's/S&P)*	Value
Electronics – 0.1%
$	1,000	Arrow Electronics, Inc., 6.875%, 6/1/18	Baa3/BBB-	$	1,046,991
Energy – 1.0%
	2,462	Salton SEA Funding, Inc., 8.30%, 5/30/11, Ser. E	Ba1/BB+		2,653,120
	12,000	Sithe Independence Funding Corp., 9.00%, 12/30/13, Ser. A	Ba2/B		12,830,268
					15,483,388
Finance – 7.6%
	5,000	AES Red Oak LLC, 9.20%, 11/30/29, Ser. B	B2/B+		5,700,000
	686	Beaver Valley II Funding, 8.625%, 6/1/07	Baa3/BBB-		700,380
	13,500	BNP Paribas, 5.186%, 6/29/15, VRN	A1/A+		13,019,143
	2,500	Canadian Oil Sands Trust Ltd., 4.80%, 8/10/09	Baa2/BBB+		2,456,798
	6,241	Cedar Brakes II LLC, 9.875%, 9/1/13 (b)	Baa2/BBB-		7,114,734
		Ford Motor Credit Co.,
	1,000	6.50%, 1/25/07	Baa3/BB+		971,275
	21,240	7.75%, 2/15/07	Baa3/BB+		20,552,546
	10,000	7.875%, 6/15/10	Baa3/BB+		9,380,680
		General Electric Capital Corp.,
	1,100	8.50%, 7/24/08	Aaa/AAA		1,195,500
	4,990	9.83%, 12/15/08 (g)	NR/NR		5,940,046
		General Motors Acceptance Corp.,
	7,000	5.05%, 1/16/07, FRN	Ba1/BB		6,664,189
	900	6.125%, 2/1/07	Ba1/BB		864,072
	6,500	HBOS Capital Funding L.P., 6.071%, 6/30/14, VRN (d)	A1/A		6,654,316
	9,800	Mizuho JGB Investment LLC, 9.87%, 6/30/08, VRN (d)	Baa1/BBB+		10,865,466
	1,510	Mizuho Preferred Capital Co. LLC, 8.79%, 6/30/08, VRN (d)	Baa1/BBB+		1,635,483
	2,500	Morgan Stanley, 4.43%, 1/15/10, FRN	Aa3/A+		2,508,245
	7,500	Pemex Project Funding Master Trust, 8.625%, 2/1/22	Baa1/BBB		9,168,750
	13,500	RBS Capital Trust I, 5.512%, 9/30/14, VRN	A1/A		13,349,610
	3,000	Universal City Development Partners Ltd., 11.75%, 4/1/10	B2/B-		3,375,000
					122,116,233
Food & Beverage – 0.4%
	5,000	Delhaize America, Inc., 8.125%, 4/15/11	Ba1/BB+		5,428,710
	1,500	HJ Heinz Co., 6.428%, 12/1/08, VRN (d) (e)	Baa1/A-		1,500,000
					6,928,710
Healthcare & Hospitals – 2.0%
	800	HCA, Inc., 9.00%, 12/15/14	Ba2/BB+		930,173
	19,000	HEALTHSOUTH Corp., 7.625%, 6/1/12	NR/NR		17,670,000
		Tenet Healthcare Corp.,
	7,400	6.375%, 12/1/11	B3/B		6,715,500
	5,600	7.375%, 2/1/13	B3/B		5,124,000
	2,000	9.25%, 2/1/15 (d)	B3/B		1,970,000
					32,409,673
Hotels/Gaming – 4.1%
		Caesars Entertainment, Inc.,
	2,000	7.00%, 4/15/13	Baa3/BBB-		2,127,338
	1,000	8.875%, 9/15/08	Ba1/BB+		1,082,500
	4,875	9.375%, 2/15/07	Ba1/BB+		5,106,563
	2,000	Choctaw Resort Development Enterprise, 7.25%, 11/15/19	B1/BB-		2,030,000
	2,000	Gaylord Entertainment Co., 8.00%, 11/15/13	B3/B-		2,080,000

4 PIMCO Corporate Opportunity Fund Annual Report | 11.30.05

PIMCO Corporate Opportunity Fund Schedule of Investments

November 30, 2005 (continued)

Principal Amount (000)			Credit Rating (Moody's/S&P)*	Value
Hotels/Gaming (continued)
		Harrah's Operating Co., Inc.,
$	4,000	5.50%, 7/1/10	Baa3/BBB-	$	3,989,444
	3,730	8.00%, 2/1/11	Baa3/BBB-		4,115,730
		ITT Corp.,
	4,950	7.375%, 11/15/15	Ba1/BB+		5,333,625
	3,750	7.75%, 11/15/25	Ba1/BB+		3,843,750
	1,200	Mandalay Resort Group, 9.375%, 2/15/10	Ba3/B+		1,320,000
	2,500	MGM Mirage, 8.50%, 9/15/10	Ba2/BB		2,718,750
	7,250	Starwood Hotels & Resorts Worldwide, Inc., 7.875%, 5/1/12	Ba1/BB+		7,975,000
	8,763	Times Square Hotel Trust, 8.528%, 8/1/26 (b) (d) (g)	Baa3/BB+		10,226,667
	14,950	Wynn Las Vegas LLC, 6.625%, 12/1/14	B2/B+		14,520,188
					66,469,555
Manufacturing – 0.2%
		Bombardier, Inc.,
	2,000	6.30%, 5/1/14	Ba2/BB		1,740,000
	1,000	6.75%, 5/1/12	Ba2/BB		915,000
					2,655,000
Miscellaneous – 1.4%
	22,500	Morgan Stanley TRACERS, 5.866%, 3/1/07, VRN (b) (d) (h)	A3/NR		22,561,110
Multi-Media – 8.9%
	2,000	Cablevision Systems Corp., 8.00%, 4/15/12, Ser. B	B3/B+		1,920,000
	2,000	Charter Communications Operating LLC, 8.375%, 4/30/14	B2/B-		2,000,000
	11,000	Comcast Cable Communications Holdings, Inc., 8.375%, 3/15/13	Baa2/BBB+		12,715,109
		CSC Holdings, Inc.,
	6,515	7.25%, 7/15/08	B1/BB-		6,547,575
	15,640	7.625%, 7/15/18	B1/BB-		14,936,200
	10,535	7.875%, 2/15/18	B1/BB-		10,245,288
	4,500	8.125%, 8/15/09, Ser. B	B1/BB-		4,578,750
	2,000	DirecTV Holdings LLC, 6.375%, 6/15/15	Ba2/BB-		1,972,500
	4,000	Mediacom Broadband LLC, 11.00%, 7/15/13	B2/B		4,320,000
	16,050	News America Holdings, Inc., 7.43%, 10/1/26	Baa2/BBB		17,994,682
	15,000	Rogers Cable, Inc., 8.75%, 5/1/32	Ba3/BB+		17,025,000
		Shaw Communications, Inc.,
	5,000	7.20%, 12/15/11	Ba2/BB+		5,212,500
	8,000	8.25%, 4/11/10	Ba2/BB+		8,600,000
	18,000	Time Warner Entertainment Co. L.P., 8.375%, 7/15/33	Baa1/BBB+		21,776,328
		Time Warner, Inc.,
	5,000	7.70%, 5/1/32	Baa1/BBB+		5,747,230
	7,250	8.18%, 8/15/07	Baa1/BBB+		7,613,979
					143,205,141
Office Equipment – 0.3%
	5,000	Xerox Capital Trust I, 8.00%, 2/1/27	Ba3/B-		5,150,000
Oil & Gas – 7.2%
		CenterPoint Energy Res. Corp.,
	23,000	7.75%, 2/15/11	Baa3/BBB		25,481,884
	5,000	7.875%, 4/1/13, Ser. B	Baa3/BBB		5,699,830
	3,000	Chesapeake Energy Corp., 7.75%, 1/15/15	Ba2/BB		3,187,500
	1,500	Dynergy-Roseton Danskammer, Inc., pass thru certificates, 7.67%, 11/8/16, Ser. B	Caa2/B		1,504,688

11.30.05 | PIMCO Corporate Opportunity Fund Annual Report 5

PIMCO Corporate Opportunity Fund Schedule of Investments

November 30, 2005 (continued)

Principal Amount (000)			Credit Rating (Moody's/S&P)*	Value
Oil & Gas (continued)
		El Paso CGP Co.,
$	23,200	7.42%, 2/15/37	Caa1/B-	$	21,576,000
	5,000	7.625%, 9/1/08	Caa1/B-		5,050,000
	12,000	Gaz Capital S.A., 8.625%, 4/28/34	Baa1/BB		15,090,000
	1,800	Morgan Stanley Bank AG for OAO Gazprom, 9.625%, 3/1/13 (d)	NR/BB		2,160,000
	2,980	Ras Laffan Liquefied Natural Gas Co. Ltd., 3.437%, 9/15/09 (b)	A1/A		2,884,273
	5,000	Reliant Energy, Inc., 6.75%, 12/15/14	B1/B+		4,400,000
	10,000	Southern Natural Gas Co., 8.875%, 3/15/10	B1/B		10,743,600
	17,400	Williams Cos., Inc., 7.875%, 9/1/21	B1/B+		18,444,000
					116,221,775
Paper/Paper Products – 3.5%
		Abitibi-Consolidated, Inc.,
	23,500	7.50%, 4/1/28	Ba3/B+		19,505,000
	5,000	8.375%, 4/1/15	Ba3/B+		4,862,500
	10,000	8.50%, 8/1/29	Ba3/B+		8,600,000
	2,000	Bowater Canada Finance, 7.95%, 11/15/11	Ba3/B+		1,980,000
		Georgia-Pacific Corp.,
	5,000	7.25%, 6/1/28	Ba2/BB+		4,450,000
	4,000	8.00%, 1/15/24	Ba2/BB+		3,870,000
	9,750	8.875%, 2/1/10	Ba1/BB+		10,993,125
	2,000	Smurfit Capital Funding PLC, 7.50%, 11/20/25	B1/B+		1,760,000
					56,020,625
Retail – 1.7%
	16,000	Albertson's, Inc., 8.00%, 5/1/31	Baa3/BBB-		14,446,512
	13,000	JC Penney Co., Inc., 8.125%, 4/1/27	Ba1/BB+		13,715,000
					28,161,512
Telecommunications – 14.5%
	35,000	AT&T Corp., 9.75%, 11/15/31	Baa2/A		43,225,000
	10,000	Bellsouth Capital Funding, 7.875%, 2/15/30	A2/A		11,973,660
	739	Calpoint Receivable Structured Trust, 7.44%, 12/10/06 (d)	Caa2/NR		744,488
	2,000	Cincinnati Bell, Inc., 8.375%, 1/15/14	B3/B-		1,970,000
		Citizens Communications Co.,
	7,500	9.00%, 8/15/31	Ba3/BB+		7,537,500
	4,000	9.25%, 5/15/11	Ba3/BB+		4,390,000
	2,000	Intelsat Bermuda Ltd., 8.625%, 1/15/15 (d)	B2/B+		2,015,000
		MCI, Inc.,
	6,372	6.908%, 5/1/07	B2/B+		6,459,615
	11,874	7.688%, 5/1/09	B2/B+		12,334,118
		Nextel Communications, Inc.,
	5,000	6.875%, 10/31/13, Ser. E	Baa2/A-		5,205,145
	10,000	7.375%, 8/1/15, Ser. D	Baa2/A-		10,534,490
	21,650	PanAmSat Corp., 6.875%, 1/15/28	Ba3/BB+		20,215,687
		Qwest Capital Funding, Inc.,
	8,070	7.00%, 8/3/09	B3/B		8,110,350
	15,600	7.90%, 8/15/10	B3/B		16,107,000
	2,000	Qwest Communications International, Inc., 7.50%, 2/15/14	B2/B		2,030,000
		Qwest Corp.,
	4,400	7.12%, 6/15/13, FRN (d)	Ba3/BB		4,763,000
	3,000	7.25%, 9/15/25	Ba3/BB		2,992,500
	6,150	8.875%, 3/15/12	Ba3/BB		6,934,125

6 PIMCO Corporate Opportunity Fund Annual Report | 11.30.05

PIMCO Corporate Opportunity Fund Schedule of Investments

November 30, 2005 (continued)

Principal Amount (000)			Credit Rating (Moody's/S&P)*	Value
Telecommunications (continued)
		Rogers Wireless, Inc.,
CAD	1,000	7.625%, 12/15/11 (d)	Ba3/BB	$	919,944
$	12,340	9.75%, 6/1/16	Ba3/BB		14,885,125
		Sprint Capital Corp.,
	25,000	6.90%, 5/1/19	Baa2/A-		27,382,075
	2,900	8.375%, 3/15/12	Baa2/A-		3,360,018
	1,350	Sprint Nextel Corp., 9.25%, 4/15/22	Baa2/A-		1,757,165
	1,400	Time Warner Telecom Holdings, Inc., 8.34%, 2/15/11, FRN	B2/CCC+		1,438,500
	15,000	Verizon Global Funding Corp., 7.25%, 12/1/10	A2/A+		16,287,315
					233,571,820
Tobacco – 0.1%
	2,000	RJ Reynolds Tobacco Holdings, Inc., 7.25%, 6/1/12	Ba2/BB+		2,032,500
Utilities – 10.6%
	2,000	CMS Energy Corp., 8.90%, 7/15/08	B1/B+		2,130,000
		East Coast Power LLC, Ser. B,
	5,538	6.737%, 3/31/08	Baa3/BBB-		5,597,861
	5,643	7.066%, 3/31/12	Baa3/BBB-		5,847,670
	5,900	Entergy Gulf States, Inc., 5.17%, 12/8/08, FRN (b) (e)	Baa3/BBB+		5,900,000
	4,700	Homer City Funding LLC, 8.137%, 10/1/19	Ba2/BB		5,217,000
	2,950	Indianapolis Power & Light, 7.375%, 8/1/07	Baa2/BBB-		3,048,200
		IPALCO Enterprises, Inc.,
	22,000	8.375%, 11/14/08	Ba1/BB-		22,990,000
	6,960	8.625%, 11/14/11	Ba1/BB-		7,638,600
		Midwest Generation LLC, pass thru certificates,
	30,060	8.30%, 7/2/09, Ser. A	B1/B+		31,281,187
	16,411	8.56%, 1/2/16, Ser. B	B1/B+		17,898,146
	5,000	8.75%, 5/1/34	B1/B		5,537,500
	1,000	Ohio Edison Co., 5.647%, 6/15/09 (d)	Baa2/BBB-		1,014,614
		PSEG Energy Holdings LLC,
	42,500	8.50%, 6/15/11	Ba3/BB-		45,368,750
	2,000	10.00%, 10/1/09	Ba3/BB-		2,205,000
	10,493	South Point Energy Center LLC, 8.40%, 5/30/12 (d)	Caa2/CCC-		9,450,187
					171,124,715
Waste Disposal – 1.2%
		Allied Waste North America, Inc.,
	6,000	7.25%, 3/15/15	B2/BB-		6,135,000
	10,250	7.875%, 4/15/13	B2/BB-		10,711,250
	3,000	8.50%, 12/1/08, Ser. B	B2/BB-		3,172,500
					20,018,750
		Total Corporate Bonds & Notes (cost-$1,120,435,980)			1,198,132,496
SOVEREIGN DEBT OBLIGATIONS – 4.0%
Brazil – 1.8%
		Federal Republic of Brazil,
	5,735	5.25%, 4/15/12, FRN	Ba3/BB-		5,656,825
	14,249	8.00%, 1/15/18	Ba3/BB-		14,997,072
	1,250	10.125%, 5/15/27	Ba3/BB-		1,485,000
	4,750	11.00%, 1/11/12	Ba3/BB-		5,726,125
	1,050	12.75%, 1/15/20	Ba3/BB-		1,438,815
					29,303,837

11.30.05 | PIMCO Corporate Opportunity Fund Annual Report 7

PIMCO Corporate Opportunity Fund Schedule of Investments

November 30, 2005 (continued)

Principal Amount (000)			Credit Rating (Moody's/S&P)*	Value
Mexico – 0.7%
		United Mexican States,
$	1,000	8.375%, 1/14/11	Baa1/BBB	$	1,143,500
	7,000	11.375%, 9/15/16	Baa1/BBB		10,290,000
					11,433,500
Panama – 0.4%
	6,000	Republic of Panama, 9.375%, 7/23/12	Ba1/BB		7,029,000
Peru – 1.0%
	13,000	Republic of Peru, 9.125%, 2/21/12	Ba3/BB		15,210,000
Ukraine – 0.1%
		Republic of Ukraine,
	1,000	7.65%, 6/11/13	B1/BB-		1,087,300
	280	11.00%, 3/15/07	B1/BB-		292,201
					1,379,501
		Total Sovereign Debt Obligations (cost-$54,080,905)			64,355,838
U.S. GOVERNMENT AGENCY SECURITIES – 2.0%
		Fannie Mae, MBS,
	6,939	5.50%, 4/1/35	AAA/AAA		6,839,111
	9,802	5.50%, 6/1/35	AAA/AAA		9,660,166
	1,969	5.50%, 8/1/35	AAA/AAA		1,941,125
	1,976	5.50%, 9/1/35	AAA/AAA		1,947,352
	7,970	5.50%, 10/1/35	AAA/AAA		7,854,457
	999	5.50%, 11/1/35	AAA/AAA		984,541
		Small Business Administration Participation Certificates, CMO,
	1,708	6.03%, 2/10/12	NR/NR		1,761,442
	1,385	6.44%, 6/1/21	NR/NR		1,457,343
		Total U.S. Government Agency Securities (cost-$33,098,488)			32,445,537
NEW JERSEY MUNICIPAL BONDS (d) (k) – 1.5%
		Tobacco Settlement Financing Corp. Rev., VRN,
	7,806	7.847%, 6/1/32	NR/AA		8,213,161
	5,000	8.699%, 6/1/24	NR/AA		5,877,700
	8,334	9.199%, 6/1/32	NR/AA		9,947,129
		Total Municipal Bonds (cost-$19,672,893)			24,037,990
ASSET-BACKED SECURITIES – 1.3%
	8,300	Greenpoint Manufactured Housing, 8.30%, 10/15/26	Ca/NR		7,302,376
	1,245	GSAMP Trust, 4.741%, 6/25/34, FRN	Aaa/AAA		1,258,895
	3,000	Long Beach Mortgage Loan Trust, 5.841%, 3/25/32, FRN	Baa1/NR		2,910,943
	9,992	United Air Lines, Inc., 7.73%, 7/1/10	NR/BBB-		9,832,127
		Total Asset-Backed Securities (cost-$19,794,840)			21,304,341

8 PIMCO Corporate Opportunity Fund Annual Report | 11.30.05

PIMCO Corporate Opportunity Fund Schedule of Investments

November 30, 2005 (continued)

Principal Amount (000)			Credit Rating (Moody's/S&P)*	Value
SENIOR LOANS (a) (b) ( c) – 0.9%
Hotels/Gaming – 0.2%
		Aladdin Gaming, Inc.,
$	2,939	5.305%, 8/31/10, Term A		$	2,942,445
	63	8.055%, 8/31/10, Term B			63,142
					3,005,587
Multi-Media – 0.6%
		Charter Communications Holdings LLC,
	25	7.42%, 4/27/11, Term B			25,044
	9,838	7.50%, 4/27/11, Term B			9,867,361
					9,892,405
Utilities – 0.1%
		AES Corp.,
	714	5.07%, 4/30/08, Term B			723,661
	714	5.69%, 8/10/11, Term B			723,661
					1,447,322
		Total Senior Loans (cost-$13,353,035)			14,345,314
MORTGAGE-BACKED SECURITIES – 0.4%
	5,751	GSMPS Mortgage Loan Trust, 7.50%, 12/21/26, CMO (cost-$6,187,892)	NR/NR		5,911,313
PREFERRED STOCK – 0.1%
Shares
Government – 0.1%
	38,100	Fannie Mae, 7.00%, Ser. O (cost-$1,905,000)	Aa3/AA-		2,113,361
SHORT-TERM INVESTMENTS – 15.7%
Principal Amount (000)
Commercial Paper – 9.0%
Banking – 3.4%
$	11,700	Danske Corp., 4.10%, 1/26/06	NR/NR		11,625,380
		Skandinaviska Enskilda Banken, (g)
	5,600	4.17%, 2/3/06	NR/NR		5,558,672
	11,800	4.21%, 2/9/06	NR/NR		11,704,538
		Westpac Banking Corp., (g)
	17,700	4.31%, 2/28/06	NR/NR		17,516,805
	8,100	4.315%, 3/1/06	NR/NR		8,015,193
					54,420,588
Finance – 5.6%
	40,700	DNB NOR Bank ASA, 4.17%, 2/3/06 (g)	NR/NR		40,399,634
	43,600	HBOS PLC, 4.165%, 2/3/06 (g)	NR/NR		43,278,232
	7,700	UBS Finance, Inc., 3.96%, 1/27/06	NR/NR		7,651,721
					91,329,587
		Total Commercial Paper (cost-$145,738,456)			145,750,175

11.30.05 | PIMCO Corporate Opportunity Fund Annual Report 9

PIMCO Corporate Opportunity Fund Schedule of Investments

November 30, 2005 (continued)

Principal Amount (000)			Credit Rating (Moody's/S&P)*	Value
Corporate Notes – 3.1%
Finance – 0.4%
		General Motors Acceptance Corp.,
$	2,500	5.243%, 5/18/06, FRN	Ba1/BB	$	2,446,652
	4,470	6.125%, 9/15/06	Ba1/BB		4,313,014
					6,759,666
Food & Beverage – 0.2%
	2,500	Delhaize America, Inc., 7.375%, 4/15/06	Ba1/BB+		2,530,867
	755	Yum! Brands, Inc., 8.50%, 4/15/06	Baa3/BBB-		764,893
					3,295,760
Holding Companies – 0.1%
	2,000	Progress Capital Holdings, 7.17%, 11/1/06 (d)	Baa1/BBB-		2,037,322
Hotels/Gaming – 0.1%
	900	Caesars Entertainment, Inc., 8.50%, 11/15/06	Baa3/BBB-		926,144
Insurance – 0.1%
	1,000	Prudential Financial, Inc., 4.104%, 11/15/06	A3/A-		993,098
Multi-Media – 0.2%
	3,000	COX Communications, Inc., 7.75%, 8/15/06	Baa3/BBB-		3,054,270
Oil & Gas – 0.6%
	10,000	Williams Gas Pipelines Central, Inc., 7.375%, 11/15/06 (b) (d)	Ba1/BBB-		10,256,560
Paper/Paper Products – 0.1%
	1,000	Georgia-Pacific Corp., 7.50%, 5/15/06	Ba2/BB+		1,007,500
Telecommunications – 0.7%
	6,000	Cincinnati Bell, Inc., 6.33%, 12/30/05	Ba2/NR		6,007,500
	5,765	Sprint Capital Corp., 7.125%, 1/30/06	Baa2/A-		5,785,691
					11,793,191
Utilities – 0.6%
	900	American Electric Power Co., Inc., 6.125%, 5/15/06, Ser. A	Baa2/BBB		905,545
	7,750	PPL Capital Funding Trust I, 7.29%, 5/18/06	Ba1/BB+		7,814,651
	1,631	Progress Energy, Inc., 6.75%, 3/1/06	Baa2/BBB-		1,639,194
					10,359,390
		Total Corporate Notes (cost-$50,888,431)			50,482,901
U.S. Treasury Bills (i) – 2.6%
	42,190	3.35%-3.92%,12/1/05-3/2/06 (cost-$42,114,510)			42,114,005
U.S. Government Agency Securities – 0.8%
	12,000	Fannie Mae, 3.87%, 12/1/05 (cost-$12,000,000)	Aaa/AAA		12,000,000
Repurchase Agreements – 0.2%
	3,756	State Street Bank & Trust Co., dated 11/30/05, 3.65%, due 12/1/05, proceeds $3,756,381: collateralized by Fannie Mae, 5.00%, 1/15/07, valued at $3,833,790 including accrued interest (cost-$3,756,000)			3,756,000
		Total Short-Term Investments (cost-$254,497,397)			254,103,081

10 PIMCO Corporate Opportunity Fund Annual Report | 11.30.05

PIMCO Corporate Opportunity Fund Schedule of Investments

November 30, 2005 (continued)

Contracts			Value
OPTIONS PURCHASED (j) – 0.0%
Put Options – 0.0%
		Eurodollar Futures, Chicago Mercantile Exchange,
	552	strike price $93.75, expires 3/13/06	$	3,450
	1,402	strike price $94, expires 12/19/05		8,763
	446	strike price $94.25, expires 12/19/05		2,787
		Total Options Purchased (cost-$23,501)		15,000
		Total Investments before options written (cost-$1,523,049,931) – 100.2%	$	1,616,764,271
OPTIONS WRITTEN (j) – (0.2)%
Contracts/Notional Amount (000)
Call Options – (0.2)%
		News America Holdings, (g)
$	16,050	strike price $100, expires 10/1/06		(1,775,644	)
		U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
	1,140	strike price $110, expires 12/23/05		(106,875	)
	1,160	strike price $110, expires 2/24/06		(507,500	)
	1,540	strike price $111, expires 2/24/06		(336,875	)
	920	strike price $112, expires 2/24/06		(100,625	)
				(2,827,519	)
Put Options – (0.0)%
		U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
	1,640	strike price $105, expires 2/24/06		(281,875	)
	2,227	strike price $106, expires 12/23/05		(69,594	)
	820	strike price $107, expires 12/23/05		(89,687	)
				(441,156	)
		Total Options Written (premiums received – $2,261,222)		(3,268,675	)
		Total Investments net of options written (cost-$1,520,788,709) – 100.0%	$	1,613,495,596

Notes to Schedule of Investments:

* Unaudited

(a) Private Placement. Restricted as to resale and may not have a readily available market.

(b) Illiquid security.

(c) These securities generally pay interest at rates which are periodically pre-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the "LIBOR" or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. These securities are generally considered to be restricted as the Fund is ordinarily contractually obligated to receive approval from the Agent bank and/or borrower prior to disposition. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional payments by the borrower. Such prepayments cannot be predicted with certainty.

(d) 144A Security—Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(e) Delayed-delivery security. To be settled after November 30, 2005.

(f) Issuer in default.

(g) Fair-valued security.

(h) Credit-linked trust certificate.

(i) All or partial amount segregated as collateral for futures contracts, swap and options or delayed-delivery securities.

11.30.05 | PIMCO Corporate Opportunity Fund Annual Report 11

PIMCO Corporate Opportunity Fund Schedule of Investments

November 30, 2005 (continued)

(j) Non-income producing.

(k) Residual Interest/Tax Exempt Municipal Bonds - The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index.

Glossary:

£ - British Pound

CAD - Canadian Dollar

CMO - Collateralized Mortgage Obligation

FRN - Floating Rate Note. The interest rate disclosed reflects the rate in effect on November 30, 2005.

LIBOR - London Inter-Bank Offered Rate

NR - Not Rated

TRACERS - Traded Custody Receipts

VRN - Variable Rate Note. Instruments whose interest rates change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on November 30, 2005.

12 PIMCO Corporate Opportunity Fund Annual Report | 11.30.05 | See accompanying Notes to Financial Statements.

PIMCO Corporate Opportunity Fund Statement of Assets and Liabilities

November 30, 2005

Assets:
Investments, at value (cost-$1,523,049,931)	$	1,616,764,271
Cash (including foreign currency of $379,370 with a cost of $376,651)		9,498,098
Interest receivable		26,460,539
Unrealized appreciation on swaps		3,774,914
Receivable for investments sold		1,035,242
Premiums for swaps purchased		857,083
Prepaid expenses		38,019
Total Assets		1,658,428,166
Liabilities:
Payable for investments purchased		61,233,365
Dividends payable to common and preferred shareholders		9,156,331
Unrealized depreciation on swaps		4,816,470
Options written, at value (premiums received-$2,261,222)		3,268,675
Investment management fees payable		777,529
Payable for variation margin on futures contracts		356,527
Premiums on swaps sold		309,188
Accrued expenses		270,132
Unrealized depreciation of forward foreign currency contracts		50,836
Total Liabilities		80,239,053
Preferred shares ($25,000 net asset and liquidation value per share applicable to an aggregate of 22,600 shares issued and outstanding)		565,000,000
Net Assets Applicable to Common Shareholders	$	1,013,189,113
Composition of Net Assets Applicable to Common Shareholders:
Common Stock:
Par value ($0.00001 per share, applicable to 64,994,148 shares issued and outstanding)	$	650
Paid-in-capital in excess of par		926,771,349
Dividends in excess of net investment income		(5,862,757	)
Accumulated net realized gain		3,306,421
Net unrealized appreciation of investments, futures contracts, options written, swaps and foreign currency transactions		88,973,450
Net Assets Applicable to Common Shareholders	$	1,013,189,113
Net Asset Value Per Common Share	$	15.59

See accompanying Notes to Financial Statements | 11.30.05 | PIMCO Corporate Opportunity Fund Annual Report 13

PIMCO Corporate Opportunity Fund Statement of Operations

For the year ended November 30, 2005

Investment Income:
Interest	$	109,450,886
Dividends		123,831
Total Investment Income		109,574,717
Expenses:
Investment management fees		9,687,499
Auction agent fees and commissions		1,438,521
Custodian and accounting agent fees		349,336
Reports to shareholders		228,063
Audit and tax services		113,492
Trustees' fees and expenses		83,627
New York Stock Exchange listing fees		58,775
Transfer agent fees		34,248
Insurance expense		31,592
Legal fees		28,420
Miscellaneous		18,383
Investor relations		15,460
Total expenses		12,087,416
Less: custody credits earned on cash balances		(22,181	)
Net expenses		12,065,235
Net Investment Income		97,509,482
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		23,757,770
Futures contracts		(7,870,980	)
Options written		3,898,608
Swaps		(4,076,091	)
Foreign currency transactions		1,688,970
Net change in unrealized appreciation/depreciation of:
Investments		(48,595,455	)
Futures contracts		(245,742	)
Options written		3,515,636
Swaps		615,741
Foreign currency transactions		1,013,813
Net realized and change in unrealized loss on investments, futures contracts, options written, swaps and foreign currency transactions		(26,297,730	)
Net Increase in Net Assets Resulting from Investment Operations		71,211,752
Dividends and Distributions on Preferred Shares from:
Net investment income		(14,501,451	)
Net realized gains		(3,080,828	)
Total dividends and distributions on preferred shares		(17,582,279	)
Net Increase in Net Assets Applicable to Common Shareholders Resulting from Investment Operations	$	53,629,473

14 PIMCO Corporate Opportunity Fund Annual Report | 11.30.05 | See accompanying Notes to Financial Statements.

PIMCO Corporate Opportunity Fund Statement of Changes in Net Assets
Applicable to Common Shareholders

	Year ended
	November 30, 2005			November 30, 2004
Investment Operations:
Net investment income	$	97,509,482		$	111,240,005
Net realized gain on investments, futures contracts, options written, swaps and foreign currency transactions		17,398,277			47,156,049
Net change in unrealized depreciation of investments, futures contracts, options written, swaps and foreign currency transactions		(43,696,007	)		(24,465,231	)
Net increase in net assets resulting from investment operations		71,211,752			133,930,823
Dividends and Distributions on Preferred Shares from:
Net investment income		(14,501,451	)		(8,246,983	)
Net realized gains		(3,080,828	)		–
Total dividends and distributions to preferred shareholders		(17,582,279	)		(8,246,983	)
Net increase in net assets applicable to common shareholders resulting from investment operations		53,629,473			125,683,840
Dividends and Distributions on Common Shareholders from:
Net investment income		(106,777,724	)		(110,462,266	)
Net realized gains		(41,265,388	)		(17,015,966	)
Total dividends and distributions to common shareholders		(148,043,112	)		(127,478,232	)
Capital Share Transactions:
Reinvestment of dividends and distributions		14,383,829			6,585,600
Total increase (decrease) in net assets applicable to common shareholders		(80,029,810	)		4,791,208
Net Assets Applicable to Common Shareholders:
Beginning of year		1,093,218,923			1,088,427,715
End of year (including undistributed (dividends in excess of) net investment income of $(5,862,757) and $1,366,298, respectively)	$	1,013,189,113		$	1,093,218,923
Common Shares Issued in Reinvestment of Dividends and Distributions		871,959			391,980

See accompanying Notes to Financial Statements | 11.30.05 | PIMCO Corporate Opportunity Fund Annual Report 15

PIMCO Corporate Opportunity Fund Notes to Financial Statements

November 30, 2005

1. Organization and Significant Accounting Policies

PIMCO Corporate Opportunity Fund (the "Fund"), was organized as a Massachusetts business trust on September 13, 2002. Prior to commencing operations on December 27, 2002, the Fund had no operations other than matters relating to its organization and registration as a diversified, closed-end management investment company registered under the Investment Company Act of 1940 and the rules and regulations thereunder, as amended. Allianz Global Investors Fund Management LLC (the "Investment Manager") serves as the Fund's Investment Manager and is an indirect wholly-owned subsidiary of Allianz Global Investors of America L.P. ("Allianz Global"). Allianz Global is an indirect, majority-owned subsidiary of Allianz AG.

The Fund seeks to maximize total return through a combination of current income and capital appreciation in a diversified portfolio of U.S. dollar denominated corporate debt obligations of varying maturities and other income producing securities. The Fund employs a strategy of selling options on U. S. Treasury futures and other fixed income instruments. This strategy enables the Fund to capture premiums when Pacific Investment Management Company LLC (the "Sub-Adviser") believes future interest rate volatility is likely to be lower than the level of volatility implied in the options contracts. In addition, the Fund also engages in interest rate and credit default swaps as part of a strategy to enhance the Fund's income while managing interest rate and credit risk.

The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been asserted. However, the Fund expects the risk of any loss to be remote.

The following is a summary of significant accounting policies followed by the Fund:

(a) Valuation of Investments

Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotations are not readily available or if a development/event occurs that may significantly impact the value of a security, may be fair-valued, in good faith, pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily available. The Fund's investments are valued daily using prices supplied by an independent pricing service or dealer quotations, or are valued at the last sale price on the exchange that is the primary market for such securities, or the last quoted bid price for those securities for which the over-the-counter market is the primary market or for listed securities in which there were no sales. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The Fund's investments in senior floating rate loans ("Senior Loans") for which a secondary market exists will be valued at the mean of the last available bid and asked prices in the market for such Senior Loans, as provided by an independent pricing service. Other Senior Loans are valued at fair value by the Sub-Adviser. Under procedures adopted by the Fund's Board of Trustees, which include consideration and evaluation of: (1) the creditworthiness of the borrower and any intermediate participants; (2) the term of the Senior Loan; (3) recent prices in the market for similar loans, if any; (4) recent prices in the market for loans of similar quality, coupon rate, and period until next interest rate reset and maturity; and (5) general economic and market conditions affecting the fair value of the Senior Loan. Exchange traded options and futures are valued at the settlement price determined by the relevant exchange. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. The prices used by the Fund to value securities may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements. The Fund's net asset value is determined daily as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the New York Stock Exchange on each day the exchange is open for business.

(b) Investment Transactions and Investment Income

Investment transactions are accounted for on the trade date. Securities purchased and sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses on investments are determined on the identified cost basis. Interest income is recorded on an accrual basis. Discounts or premiums

16 PIMCO Corporate Opportunity Fund Annual Report | 11.30.05

PIMCO Corporate Opportunity Fund Notes to Financial Statements

November 30, 2005

1. Organization and Significant Accounting Policies (continued)

on debt securities purchased are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date.

(c) Federal Income Taxes

The Fund intends to distribute all of its taxable income and to comply with the other requirements of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no provision for U.S. federal income taxes is required. In addition, by distributing substantially all of its ordinary income and long-term capital gains, if any, during each calendar year the Fund intends not to be subject to U.S. federal excise tax.

(d) Dividends and Distributions — Common Stock

The Fund declares dividends from net investment income monthly to common shareholders. Distributions of net realized capital gains, if any, are paid at least annually. The Fund records dividends and distributions to its shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. These "book-tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their income tax treatment; temporary differences do not require reclassification. For the year ended November 30, 2005, permanent differences of $16,540,638 are primarily attributable to the differing treatment of foreign currency transactions, swap payments, paydowns and consent fees.

Net investment income and net realized gains differ for financial statement and tax purposes primarily due to the treatment of amounts received under swap agreements. For the year ended November 30, 2005, the Fund received $14,647,927 from swap agreements which are treated as net realized gain (loss) for financial statement purposes and as net income (loss) for federal income tax purposes.

(e) Foreign Currency Translation

The Fund's accounting records are maintained in U.S. dollars as follows: (1) the foreign currency market value of investments and other assets and liabilities denominated in foreign currency are translated at the prevailing exchange rate at the end of the period; and (2) purchases and sales, income and expenses are translated at the prevailing exchange rate on the respective dates of such transactions. The resulting net foreign currency gain or loss is included in the Statement of Operations.

The Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities. Accordingly, such foreign currency gain (loss) is included in net realized and unrealized gain (loss) on investments. However, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain or loss upon the sale or maturity of foreign currency denominated debt obligations pursuant to U.S. federal income tax regulations; such amount is categorized as foreign currency gain or loss for both financial reporting and income tax reporting purposes.

(f) Senior Loans

The Fund may purchase assignments of Senior Loans originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (the "Agent") for a lending syndicate of financial institutions (the "Lender"). When purchasing an assignment, the Fund succeeds all the rights and obligations under the loan agreement with the same rights and obligations as the assigning Lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning Lender.

(g) Option Transactions

The Fund may purchase and write (sell) put and call options for hedging purposes, risk management purposes or as a part of its investment strategy. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from the securities sold through the exercise of put options are decreased by the premiums paid.

11.30.05 | PIMCO Corporate Opportunity Fund Annual Report 17

PIMCO Corporate Opportunity Fund Notes to Financial Statements

November 30, 2005

1. Organization and Significant Accounting Policies (continued)

When an option is written, the premium received is recorded as an asset with an equal liability and is subsequently marked to market to reflect the current market value of the option written. These liabilities are reflected as options written in the Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transactions, as a realized loss. If a call option written by the Fund is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written by the Fund is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing a security at a price different from its current market value.

(h) Interest Rate/Credit Default Swaps

The Fund enters into interest rate and credit default swap contracts ("swaps") for investment purposes, to manage its interest rate and credit risk.

As a seller in the credit default swap contract, the Fund would be required to pay the notional amount or other agreed-upon value of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. Such periodic payments are accrued daily and recorded as realized gain (loss).

The Fund may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held, in which case the Fund would function as the counterparty referenced in the preceding paragraph. As a purchaser of a credit default swap contract, the Fund would receive the notional amount or other agreed upon value of a referenced debt obligation from the counterparty in the event of default by a third party, such as a U.S. or foreign corporate issuer on the referenced debt obligation. In return, the Fund would make periodic payments to the counterparty over the term of the contract provided no event of default has occurred. Such periodic payments are accrued daily and recorded as realized gain (loss).

Interest rate swap agreements involve the exchange by the Fund with a counterparty of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. Net periodic payments received (paid) by the Fund are included as part of realized gain (loss) and net periodic payments accrued, but not yet received (paid) are included in the change in unrealized appreciation/depreciation on the Statement of Operations.

Swaps are marked to market daily by the Sub-Adviser based upon quotations from market makers and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Fund's Statement of Operations. For a credit default swap sold by the Fund, payment of the agreed upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation purchased/received. For a credit default swap purchased by the Fund, the agreed upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.

Entering into swaps involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in net interest rates.

(i) Futures Contracts

A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into such a contract, the Fund is required to pledge to the broker an amount of cash or securities equal to the minimum "initial margin" requirements of the exchange. Pursuant to the contracts, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized appreciation or

18 PIMCO Corporate Opportunity Fund Annual Report | 11.30.05

PIMCO Corporate Opportunity Fund Notes to Financial Statements

November 30, 2005

1. Organization and Significant Accounting Policies (continued)

depreciation. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contracts at the time they were opened and the value at the time they were closed. Any unrealized appreciation or depreciation recorded is simultaneously reversed. The use of futures transactions involves the risk of an imperfect correlation in the movements in the price of futures contracts, interest rates and the underlying hedged assets, and the possible inability of counterparties to meet the terms of their contracts.

(j) Forward Foreign Currency Contracts

A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. The Fund may enter into forward foreign currency contracts for the purpose of hedging against foreign currency risk arising from the investment or anticipated investment in securities denominated in foreign currencies. The Fund may also enter these contracts for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. The market value of a forward foreign currency contract fluctuates with changes in forward currency exchange rates. All commitments are marked to market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time the forward contract matures or by delivery of the currency. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

(k) Credit-Linked Trust Certificates

Credit-linked trust certificates are investments in a limited purpose trust or other vehicle formed under state law which, in turn, invests in a basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order to provide exposure to the high yield or another fixed income market.

Similar to an investment in a bond, investments in credit-linked trust certificates represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the certificate. However, these payments are conditioned on the trust's receipt of payments from, and the trust's potential obligations to, the counterparties to the derivative instruments and other securities in which the trust invests.

(l) Repurchase Agreements

The Fund enters into transactions with its custodian bank or securities brokerage firms whereby it purchases securities under agreements to resell at an agreed upon price and date ("repurchase agreements"). Such agreements are carried at the contract amount in the financial statements. Collateral pledged (the securities received), which consists primarily of U.S. government obligations and asset-backed securities, are held by the custodian bank until maturity of the repurchase agreement. Provisions of the repurchase agreements and the procedures adopted by the Fund require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Fund may be delayed or limited.

(m) When-Issued/Delayed-Delivery Transactions

The Fund may purchase or sell securities on a when-issued or delayed-delivery basis. The transactions involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Fund will set aside and maintain until the settlement date in a designated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a realized gain or loss. When a security on a delayed-delivery basis is sold, the Fund does not participate in future gains and losses with respect to the security.

(n) Custody Credits on Cash Balances

The Fund benefits from an expense offset arrangement with its custodian bank whereby uninvested cash balances earn credits which reduce monthly custodian and accounting agent expenses. Had these cash balances been invested in income producing securities, they would have generated income for the Fund.

11.30.05 | PIMCO Corporate Opportunity Fund Annual Report 19

PIMCO Corporate Opportunity Fund Notes to Financial Statements

November 30, 2005

2. Investment Manager/Sub-Adviser

The Fund has an Investment Management Agreement (the "Agreement") with the Investment Manager. Subject to the supervision of the Fund's Board of Trustees, the Investment Manager is responsible for managing, either directly or through others selected by it, the Fund's investment activities, business affairs and administrative matters. Pursuant to the Agreement, the Investment Manager receives an annual fee, payable monthly, at an annual rate of 0.60% of the Fund's average daily net assets, inclusive of net assets attributable to any preferred shares that may be outstanding.

The Investment Manager has retained its affiliate, the Sub-Adviser, to manage the Fund's investments. Subject to the supervision of the Investment Manager, the Sub-Adviser is responsible for making all the Fund's investment decisions. The Investment Manager, and not the Fund pays a portion of the fees it receives to the Sub-Adviser in return for its services, at the maximum annual rate of 0.39% of the Fund's average daily net assets, inclusive of net assets attributable to any preferred shares that may be outstanding, for the period from commencement of operations through December 31, 2007, and will receive an increasing amount thereafter.

3. Investment in Securities

For the year ended November 30, 2005, purchases and sales of investments, other than short-term securities and U.S. government obligations, were $395,178,433 and $615,856,165, respectively.

(a) Futures contracts outstanding at November 30, 2005:

Type	Notional Amount (000)		Expiration Date	Unrealized Depreciation
Long: Financial Future Euro – 90 day	$	3,625	12/18/06	$	(1,879,375	)
Financial Future Euro – 90 day		4,300	3/19/07		(468,125	)
U.S. Treasury 10 yr. Note		3	3/22/06		(117	)
U.S. Treasury Bond		250	3/22/06		(296,875	)
			Total	$	(2,644,492	)

(b) Transactions in options written for the year ended November 30, 2005:

	Notional/ Contracts			Premiums
Options outstanding, November 30, 2004		891,050,000		$	3,312,500
Options written		461,454,566			16,078,938
Options terminated in closing transactions		(1,148,740,428	)		(16,207,605	)
Options expired		(187,704,691	)		(922,611	)
Options outstanding, November 30, 2005		16,059,447		$	2,261,222

20 PIMCO Corporate Opportunity Fund Annual Report | 11.30.05

PIMCO Corporate Opportunity Fund Notes to Financial Statements

November 30, 2005

3. Investment in Securities (continued)

Swap Counterparty/ Referenced Debt Issuer	Notional Amount Payable on Default (000)		Termination Date	Fixed Payments Received by Fund			Unrealized Appreciation (Depreciation)
ABN Amro Bank
Ford Motor Credit	$	2,000	6/20/07		3.10	%	$	(33,869	)
Bank of America
Dow Jones CDX		120	6/20/10		3.60	%		5,776
Bear Stearns
GMAC		25,000	12/20/06		5.35	%		(141,786	)
Goldman Sachs
Dow Jones CDX		100	6/20/10		3.60	%		4,626
Dow Jones CDX		22,000	12/20/10		3.95	%		592,168
Ford Motor Credit		1,000	6/20/07		3.00	%		(18,561	)
HSBC Bank
Ford Motor Credit		1,000	6/20/06		3.25	%		(258	)
JP Morgan Chase
Ford Motor Credit		2,700	6/20/06		2.15	%		(22,743	)
Ford Motor Credit		1,000	6/20/06		3.50	%		1,598
GMAC		5,000	6/20/07		6.40	%		(410,541	)
GMAC		1,000	6/20/06		4.10	%		(2,146	)
GMAC		20,000	6/20/06		2.63	%		(260,092	)
GMAC		500	6/20/06		2.75	%		(6,059	)
GMAC		4,000	6/20/06		2.80	%		(46,996	)
Lehman Brothers
Ford Motor Credit		1,350	6/20/06		2.90	%		6,149
Ford Motor Credit		5,000	6/20/07		3.28	%		(70,040	)
Merrill Lynch
Ford Motor Credit		3,000	6/20/07		3.45	%		(33,732	)
Morgan Stanley
Ford Motor Credit		2,000	6/20/07		3.40	%		(24,114	)
Ford Motor Credit		3,000	6/20/07		3.75	%		(19,098	)
Ford Motor Credit		7,000	6/20/07		4.00	%		(16,108	)
Ford Motor Credit		20,000	9/20/10		4.05	%		(575,686	)
Wachovia Bank
Ford Motor Credit		1,000	6/20/07		3.41	%		(11,894	)
							$	(1,083,406	)

(d) Interest rate swap agreements outstanding at November 30, 2005:

				Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date	Payments made by Fund			Payments received by Fund			Unrealized Appreciation (Depreciation)
Goldman Sachs	$	1,650,000	12/24/24	3 month LIBOR				5.13	%	$	(3,008,263	)
Lehman Brothers		1,700,000	12/15/24		5.20	%	3 month LIBOR				3,164,597
Lehman Brothers		16,050	10/1/06		7.43	%	3 month LIBOR + 1.15%				(114,484	)
										$	41,850

LIBOR—London Interbank Offered Rate

11.30.05 | PIMCO Corporate Opportunity Fund Annual Report 21

PIMCO Corporate Opportunity Fund Notes to Financial Statements

November 30, 2005

3. Investment in Securities (continued)

The Fund received $5,500,000 par value in U.S. Treasury Bills as collateral for swap contracts.

(e) Forward foreign currency contracts outstanding at November 30, 2005:

Sold:

U.S. $ Value
Origination Date

U.S. $ Value
November 30, 2005

Unrealized
Depreciation

3,812,000 British Pound settling 1/12/06

$6,543,729

$6,594,565

$(50,836)

4. Income Tax Information

The tax character of dividends and distributions paid were:

	Year Ended November 30, 2005		Year Ended November 30, 2004
Ordinary Income	$	121,108,032	$	135,725,215
Long-Term Capital Gains		44,517,360		–

At November 30, 2005, the tax character of distributable earnings was $6,197,548 which was comprised of $4,775,930 of ordinary income and $1,421,618 of long-term capital gains.

The cost basis of portfolio securities for federal income tax purposes is $1,523,049,931. Aggregated gross unrealized appreciation for securities in which there is an excess value over tax cost is $112,361,756, aggregate gross unrealized depreciation for securities in which there is an excess of tax cost over value is $18,647,416, unrealized appreciation for federal income tax purposes is $93,714,340.

5. Auction Preferred Shares

The Fund has issued 4,520 shares of Preferred Shares Series M, 4,520 shares of Preferred Shares Series T, 4,520 shares of Preferred Shares Series W, 4,520 shares of Preferred Shares Series TH, and 4,520 shares of Preferred Shares Series F each with a net asset and liquidation value of $25,000 per share plus accrued dividends.

Dividends are accumulated daily at an annual rate set through auction procedures. Distributions of net realized long-term capital gains, if any, are paid annually.

For the year ended November 30, 2005 the annualized dividend rate ranged from:

	High			Low			At November 30, 2005
Series M		3.95	%		2.11	%		3.70	%
Series T		3.97	%		2.10	%		3.97	%
Series W		4.00	%		2.07	%		4.00	%
Series TH		4.00	%		2.07	%		4.00	%
Series F		3.94	%		2.07	%		3.94	%

The Fund is subject to certain limitations and restrictions while Preferred Shares are outstanding. Failure to comply with these limitations and restrictions could preclude the Fund from declaring any dividends or distributions to common shareholders or repurchasing common shares and/or could trigger the mandatory redemption of Preferred Shares at their liquidation value.

Preferred Shares, which are entitled to one vote per share, generally vote together with the common stock but vote separately as a class to elect two Trustees and on any matters affecting the rights of the preferred shares.

22 PIMCO Corporate Opportunity Fund Annual Report | 11.30.05

PIMCO Corporate Opportunity Fund Notes to Financial Statements

November 30, 2005

6. Subsequent Common Dividend Declarations

On December 1, 2005, a dividend of $0.1375 per share was declared to common shareholders payable December 30, 2005 to shareholders of record on December 16, 2005.

On December 20, 2005, a long term capital gain dividend of $0.01925 per share and special income dividend of $0.04 per share was declared to common shareholders payable January 13, 2006 to shareholders of record on December 30, 2005.

On January 3, 2006, a dividend of $0.1375 per share was declared to common shareholders payable on February 1, 2006 to shareholders of record on January 13, 2006.

7. Legal Proceedings

In June and September 2004, the Investment Manager, certain of its affiliates (Allianz Global Investors Distributors LLC and PEA Capital LLC) and Allianz Global, agreed to settle, without admitting or denying the allegations, claims brought by the Securities and Exchange Commission (the "Commission"), the New Jersey Attorney General and the California Attorney General alleging violations of federal and state securities laws with respect to certain open-end funds for which the Investment Manager serves as investment adviser. Two settlements (with the Commission and New Jersey) related to an alleged "market timing" arrangement in certain open-end funds sub-advised by PEA Capital. Two settlements (with the Commission and California) related to the alleged use of cash and fund portfolio commissions to finance "shelf-space" arrangements with broker-dealers for open-end funds. The Investment Manager and its affiliates agreed to pay a total of $68 million to settle the claims related to market timing and $20.6 million to settle the claims related to shelf space. The settling parties also agreed to make certain corporate governance changes. None of the settlements allege that any inappropriate activity took place with respect to the Fund.

Since February 2004, the Investment Manager and certain of its affiliates and their employees have been named as defendants in a number of pending lawsuits concerning "market timing," and "revenue sharing/shelf space/directed brokerage," which allege the same or similar conduct underlying the regulatory settlements discussed above. The market timing lawsuits have been consolidated in a Multi-District Litigation in the United States District Court for the District of Maryland, and the revenue sharing/shelf space/directed brokerage lawsuits have been consolidated in the United States District Court for the District of Connecticut. An additional market timing lawsuit filed by the Attorney General of West Virginia against a number of fund companies, including the Investment Manager and two of its affiliates, has also been transferred to the Multi-District Litigation in Maryland. Any potential resolution of these matters may include, but not be limited to, judgments or settlements for damages against the Investment Manager or its affiliates or related injunctions. The Investment Manager believes that other similar lawsuits may be filed in federal or state courts in the future.

Under Section 9(a) of the 1940 Act, if any of the various regulatory proceedings or lawsuits were to result in a court injunction against the Investment Manager, Allianz Global and/or their affiliates, they and their affiliates would, in the absence of exemptive relief granted by the Commission, be barred from serving as an investment adviser/sub-adviser or principal underwriter for any registered investment company, including the Fund. In connection with an inquiry from the Commission concerning the status of the New Jersey settlement referenced above with regard to any implications under Section 9(a), the Investment Manager and certain of its affiliates, including the Investment Adviser, (together, the "Applicants") have sought exemptive relief from the Commission under Section 9(c) of the 1940 Act. The Commission has granted the Applicants a temporary exemption from the provisions of Section 9(a) with respect to the New Jersey settlement until the earlier of (i) September 13, 2006 and (ii) the date on which the Commission takes final action on their application for a permanent exemptive order. There is no assurance that the Commission will issue a permanent order. If a court injunction were to issue against the Investment Manager or the Affiliates with respect to any of the other matters referenced above, the Investment Manager or the affiliates would, in turn, seek similar exemptive relief under Section 9(c) with respect to that matter, although there is no assurance that such exemptive relief would be granted.

The foregoing speaks only as of the date hereof.

11.30.05 | PIMCO Corporate Opportunity Fund Annual Report 23

PIMCO Corporate Opportunity Fund Financial Highlights

For a share of common stock outstanding throughout each period:

	Year Ended						For the period December 27, 2002* through
	November 30, 2005			November 30, 2004			November 30, 2003
Net asset value, beginning of period	$	17.05		$	17.08		$	14.33	**
Investment Operations:
Net investment income		1.50			1.74			1.62
Net realized and unrealized gain (loss) on investments, futures contracts, options written, swaps and foreign currency transactions		(0.40	)		0.36			2.71
Total from investment operations		1.10			2.10			4.33
Dividends and Distributions on Preferred Shares from:
Net investment income		(0.22	)		(0.13	)		(0.08	)
Net realized gains		(0.05	)		–			–
Total dividends and distributions on preferred shares		(0.27	)		(0.13	)		(0.08	)
Net increase in net assets applicable to common shareholders resulting from investment operations		0.83			1.97			4.25
Dividends and Distributions to Common Shareholders from:
Net investment income		(1.65	)		(1.73	)		(1.38	)
Net realized gains		(0.64	)		(0.27	)		–
Total dividends and distributions to common shareholders		(2.29	)		(2.00	)		(1.38	)
Capital Share Transactions:
Common stock offering costs charged to paid-in capital in excess of par		–			–			(0.02	)
Preferred shares offering costs/underwriting discounts charged to paid-in capital in excess of par		–			–			(0.10	)
Total capital share transactions		–			–			(0.12	)
Net asset value, end of period	$	15.59		$	17.05		$	17.08
Market price, end of period	$	17.20		$	17.01		$	16.88
Total Investment Return (1)		16.16	%		13.29	%		22.50	%
RATIOS/SUPPLEMENTAL DATA:
Net assets applicable to common shareholders, end of period (000)	$	1,013,189		$	1,093,219		$	1,088,428
Ratio of expenses to average net assets (2)(3)		1.15	%		1.13	%		1.07	%(4)
Ratio of net investment income to average net assets (2)		9.29	%		10.31	%		11.13	%(4)
Preferred shares asset coverage per share	$	69,814		$	73,362		$	73,145
Portfolio turnover		41	%		64	%		26	%

* Commencement of operations.

** Initial public offering price of $15.00 per share less underwriting discount of $0.675 per share.

(1) Total investment return is calculated assuming a purchase of a share of common stock at the current market price on the first day of each period and a sale of a share of common stock at the current market price on the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total investment return does not reflect brokerage commissions or sales charges. Total investment return for a period of less than one year is not annualized.

(2) Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders.

(3) Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank. (See note 1(n) in Notes to Financial Statements).

(4) Annualized.

24 PIMCO Corporate Opportunity Fund Annual Report | 11.30.05 | See accompanying Notes to Financial Statements.

PIMCO Corporate Opportunity Fund Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
PIMCO Corporate Opportunity Fund

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets applicable to common shareholders and the financial highlights present fairly, in all material respects, the financial position of PIMCO Corporate Opportunity Fund (the "Fund") at November 30, 2005, the results of its operations for the year then ended, the changes in its net assets applicable to common shareholders for each of the two years in the period then ended and financial highlights for each of the two years in the period then ended and for the period December 27, 2002 (commencement of operations) through November 30, 2003, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on test basis evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2005 by correspondence with the custodian, brokers and agent banks, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
New York, New York
January 24, 2006

11.30.05 | PIMCO Corporate Opportunity Fund Annual Report 25

PIMCO Corporate Opportunity Fund Matters Relating to the Trustees Consideration of the Investment Management and Portfolio Management Agreements (unaudited)

The Investment Company Act of 1940 requires that both the full Board of Trustees (the "Trustees") and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's Investment Management Agreement with the Investment Manager and Portfolio Management Agreement between the Investment Manager and the Sub-Adviser (together, the "Agreements"). The Trustees consider matters bearing on the Fund and its investment management arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the Trustees met on June 15 and 16, 2005 (the "contract review meeting") for the specific purpose of considering whether to approve the continuation of the Investment Management Agreement and the Portfolio Management Agreement. The independent Trustees were assisted in their evaluation of the Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Fund management during the contract review meeting.

Based on their evaluation of factors that they deemed to be material, including those factors described below, the Board of Trustees, including a majority of the independent Trustees, unanimously concluded that the Fund's Investment Management Agreement and Portfolio Management Agreement should be continued for an additional one-year period.

In connection with their deliberations regarding the continuation of the Agreements, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Trustees considered the nature, quality, and extent of the various investment management, administrative and other services performed by the Investment Manager and the Sub-Adviser under the Agreements.

In connection with their contract review meeting, the Trustees received and relied upon materials provided by the Investment Manager which included, among other items: (i) information provided by Lipper Inc. on the total return investment performance (based on net assets) of the Fund for various time periods and the investment performance of a group of funds with substantially similar investment classifications/objectives, (ii) information provided by Lipper Inc. on the Fund's management fees and other expenses and the management fees and other expenses of comparable funds identified by Lipper, (iii) information regarding the investment performance and management fees of comparable portfolios of other clients of the Sub-Adviser, including institutional separate account and other clients, (iv) an estimate of the profitability to the Investment Manager from its relationship with the Fund for the twelve months ended March 31, 2005, (v) descriptions of various functions performed by the Investment Manager and the Sub-Adviser for the Fund, such as compliance monitoring and portfolio trading practices, and (vi) information regarding the overall organization of the Investment Manager and the Sub-Adviser, including information regarding senior management, portfolio managers and other personnel providing investment management, administrative and other services to the Fund.

The Trustees' conclusions as to the continuation of the Agreements were based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors.

As part of their review, the Trustees examined the Investment Manager's and Sub-Adviser's abilities to provide high quality investment management and other services to the Fund. The Trustees considered the investment philosophy and research and decision-making processes of the Sub-Adviser; the experience of key advisory personnel of the Sub-Adviser responsible for portfolio management of the Fund; the ability of the Investment Manager and Sub-Adviser to attract and retain capable personnel; the capability and integrity of the senior management and staff of the Investment Manager and Sub-Adviser; and the level of skill required to manage the Fund. In addition, the Trustees reviewed the quality of the Investment Manager's and Sub-Adviser's services with respect to regulatory compliance and compliance with the investment policies of the Fund; the nature and quality of certain administrative services the Investment Manager is responsible for providing to the Fund; and conditions that might affect the Investment Manager's or Sub-Adviser's ability to provide high quality services to the Fund in the future under the Agreements, including each organization's respective business reputation, financial condition and operational stability. Based on the foregoing, the Trustees concluded that the Sub-Adviser's investment process, research capabilities and philosophy were well suited

26 PIMCO Corporate Opportunity Fund Annual Report | 11.30.05

PIMCO Corporate Opportunity Fund Matters Relating to the Trustees Consideration of the Investment Management and Portfolio Management Agreements (unaudited) (continued)

to the Fund given its investment objectives and policies, and that the Investment Manager and Sub-Adviser would be able to meet any reasonably foreseeable obligations under the Agreements.

Based on information provided by Lipper Inc., the Trustees also reviewed the Fund's total return investment performance as well as the performance of comparable funds identified by Lipper Inc. In the course of their deliberations, the Trustees took into account information provided by the Investment Manager in connection with the contract review meeting, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreements that they were satisfied with the Investment Manager's and Sub-Adviser's responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's fees under the Agreements, the Trustees considered, among other information, the Fund's management fee and the total expense ratio as a percentage of average net assets attributable to common shares and the management fee and total expense ratios of comparable funds identified by Lipper Inc.

The Trustees also considered the management fees charged by the Sub-Adviser to other clients, including institutional separate accounts with investment strategies similar to those of the Fund. They noted that the management fee paid by the Fund is generally higher than the fees paid by these clients of the Sub-Adviser, but that the administrative burden for the Investment Manager and the Sub-Adviser with respect to the Fund are also relatively higher, due in part to the more extensive regulatory regime to which the Fund is subject in comparison to institutional accounts. The Trustees noted that the Fund was in the top quintile of its peer group for the one-year period ended May 31, 2005 in total return but noted that the year-to-date performance was just slightly above average. The Trustees also noted that the Fund's expense ratio was below the average and median for its peer group.

The Trustees also took into account that the Fund has preferred shares outstanding, which increases the amount of fees received by the Investment Manager and Sub-Adviser under the Agreements (because the fees are calculated based on the Fund's total managed assets, including assets attributable to preferred shares and other forms of leverage outstanding). In this regard, the Trustees took into account that the Investment Manager and Sub-Adviser have a financial incentive for the Fund to continue to have preferred shares outstanding, which may create a conflict of interest between the Investment Manager and Sub-Adviser, on one hand, and the Fund's common shareholders, on the other. In this regard, the Trustees considered information provided by the Investment Manager and Sub-Adviser indicating that the Fund's use of leverage through preferred shares continues to be appropriate and in the interests of the Fund's common shareholders.

Based on a profitability analysis provided by the Investment Manager, the Trustees also considered the estimated profitability of the Investment Manager from its relationship with the Fund and determined that such profitability was not excessive.

The Trustees also took into account that, as a closed-end investment company, the Fund does not currently intend to raise additional assets, so the assets of the Fund will grow (if at all) only through the investment performance of the Fund. Therefore, the Trustees did not consider potential economies of scale as a principal factor in assessing the fee rates payable under the Agreements.

Additionally, the Trustees considered so-called "fall-out benefits" to the Investment Manager and Sub-Adviser, such as reputational value derived from serving as investment manager and sub-adviser to the Fund.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the Agreements, that the fees payable under the Agreements represent reasonable compensation in light of the nature and quality of the services being provided by the Investment Manager and Sub-Adviser to the Fund.

11.30.05 | PIMCO Corporate Opportunity Fund Annual Report 27

PIMCO Corporate Opportunity Fund Privacy Policy/Proxy Voting Policies & Procedures (unaudited)

Privacy Policy:

Our Commitment to You

We consider customer privacy to be a fundamental aspect of our relationship with clients. We are committed to maintaining the confidentiality, integrity, and security of our current, prospective and former clients' personal information. We have developed policies designed to protect this confidentiality, while allowing client needs to be served.

Obtaining Personal Information

In the course of providing you with products and services, we may obtain non-public personal information about you. This information may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from your transactions, from your brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on our internet web sites.

Respecting Your Privacy

We do not disclose any personal or account information provided by you or gathered by us to non-affiliated third parties, except as required or permitted by law. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on client satisfaction, and gathering shareholder proxies. We may also retain non-affiliated companies to market our products and enter in joint marketing agreements with other companies. These companies may have access to your personal and account information, but are permitted to use the information solely to provide the specific service or as otherwise permitted by law. We may also provide your personal and account information to your brokerage or financial advisory firm and/or to your financial adviser or consultant.

Sharing Information with Third Parties

We do reserve the right to disclose or report personal information to non-affiliated third parties in limited circumstances where we believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect our rights or property, or upon reasonable request by any mutual fund in which you have chosen to invest. In addition, the fund may disclose information about a shareholder's accounts to a non-affiliated third party with the consent or upon the request of the shareholder.

Sharing Information with Affiliates

We may share client information with our affiliates in connection with servicing your account or to provide you with information about products and services that we believe may be of interest to you. The information we share may include, for example, your participation in our mutual funds or other investment programs, your ownership of certain types of accounts (such as IRAs), or other data about your accounts. Our affiliates, in turn, are not permitted to share your information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder's non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder's non-public personal information, physical, electronic and procedural safeguards are in place.

Proxy Voting Policies & Procedures:

A description of the policies and procedures that the Fund has adopted to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to portfolio securities held during the twelve months ended June 30, 2005 is available (i) without charge, upon request, by calling the Fund's transfer agent at (800) 331-1710; (ii) on the Fund's website at www.allianzinvestors.com; and (iii) on the Securities and Exchange Commission's website at www.sec.gov.

28 PIMCO Corporate Opportunity Fund Annual Report | 11.30.05

PIMCO Corporate Opportunity Fund Tax Information/Annual Shareholder Meeting Results (unaudited)

Tax Information:

Subchapter M of the Internal Revenue Code of 1986, as amended, requires the Fund to advise shareholders within 60 days of the Fund's tax year ended (November 30, 2005) as to the federal tax status of dividends and distributions received by shareholders during such tax year. Per share dividends for the tax year ended November 30, 2005 were as follows:

Dividends to common shareholders from ordinary income	$	1.65
Dividends to preferred shareholders from ordinary income	$	641.65712
Distributions to common shareholders from long-term gains	$	0.64293
Distribution to preferred shareholders from long-term gains	$	136.31982

Since the Fund's tax year is not the calendar year, another notification will be sent with respect to calendar year 2005. In January 2006, shareholders will be advised on IRS Form 1099 DIV as to the federal tax status of the dividends and distributions received during calendar 2005. The amount that will be reported will be the amount to use on your 2005 federal income tax return and may differ from the amount which must be reported in connection with the Fund's tax year ended November 30, 2005. Shareholders are advised to consult their tax advisers as to the federal, state and local tax status of the dividend income received from the Fund.

Annual Shareholder Meeting Results:

The Fund held its annual meeting of shareholders on March 1, 2005. Common and Preferred shareholders voted to re-elect R. Peter Sullivan III as a Class II Trustee to serve until 2008 and David C. Flattum as a Class III Trustee to serve until 2006. Preferred shareholders voted to re-elect John J. Dalessandro II as a Class II Trustee to serve until 2008. The results are as follows:

	Affirmative		Withhold Authority
Re-election of David C. Flattum		54,560,513		367,434
Re-election of R. Peter Sullivan III		54,578,489		349,458
Re-election of John J. Dalessandro		11,365		159

Paul Belica, Robert E. Connor and Hans W. Kertess* continue to serve as Trustees of the Fund.

* Preferred Shares Trustee

11.30.05 | PIMCO Corporate Opportunity Fund Annual Report 29

PIMCO Corporate Opportunity Fund Dividend Reinvestment Plan (unaudited)

Pursuant to the Fund's Dividend Reinvestment Plan (the "Plan"), all Common Shareholders whose shares are registered in their own names will have all dividends, including any capital gain dividends, reinvested automatically in additional Common Shares by PFPC Inc., as agent for the Common Shareholders (the "Plan Agent"), unless the shareholder elects to receive cash. An election to receive cash may be revoked or reinstated at the option of the shareholder. In the case of record shareholders such as banks, brokers or other nominees that hold Common Shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder as representing the total amount registered in such shareholder's name and held for the account of beneficial owners who are to participate in the Plan. Shareholders whose shares are held in the name of a bank, broker or nominee should contact the bank, broker or nominee for details. All distributions to investors who elect not to participate in the Plan (or whose broker or nominee elects not to participate on the investor's behalf), will be paid cash by check mailed, in the case of direct shareholder, to the record holder by PFPC Inc., as the Fund's dividend disbursement agent.

Unless you (or your broker or nominee) elects not to participate in the Plan, the number of Common Shares you will receive will be determined as follows:

(1) If on the payment date the net asset value of the Common Shares is equal to or less than the market price per Common Share plus estimated brokerage commissions that would be incurred upon the purchase of Common Shares on the open market, the Fund will issue new shares at the greater of (i) the net asset value per Common Share on the payment date or (ii) 95% of the market price per Common Share on the payment date; or

(2) If on the payment date the net asset value of the Common Shares is greater than the market price per Common Share plus estimated brokerage commissions that would be incurred upon the purchase of Common Shares on the open market, the Plan Agent will receive the dividend or distribution in cash and will purchase Common Shares in the open market, on the New York Stock Exchange or elsewhere, for the participants' accounts. It is possible that the market price for the Common Shares may increase before the Plan Agent has completed its purchases. Therefore, the average purchase price per share paid by the Plan Agent may exceed the market price on the payment date, resulting in the purchase of fewer shares than if the dividend or distribution had been paid in Common Shares issued by the Fund. The Plan Agent will use all dividends and distributions received in cash to purchase Common Shares in the open market on or shortly after the payment date, but in no event later than the ex-dividend date for the next distribution. Interest will not be paid on any uninvested cash payments.

You may withdraw from the Plan at any time by giving notice to the Plan Agent. If you withdraw or the Plan is terminated, you will receive a certificate for each whole share in your account under the Plan and you will receive a cash payment for any fraction of a share in your account. If you wish, the Plan Agent will sell your shares and send you the proceeds, minus brokerage commissions.

The Plan Agent maintains all shareholders' accounts in the Plan and gives written confirmation of all transactions in the accounts, including information you may need for tax records. The Plan Agent will also furnish each person who buys Common Shares with written instructions detailing the procedures for electing not to participate in the Plan and to instead receive distributions in cash. Common Shares in your account will be held by the Plan Agent in non-certificated form. Any proxy you receive will include all Common Shares you have received under the Plan.

There is no brokerage charge for reinvestment of your dividends or distributions in Common Shares. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes open market purchases.

Automatically reinvested dividends and distributions are taxed in the same manner as cash dividends and distributions.

The Fund and the Plan Agent reserve the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. Additional information about the Plan may be obtained from the Fund's transfer agent, PFPC Inc., P.O. Box 43027, Providence, RI 02940-3027, telephone number (800) 331-1710.

30 PIMCO Corporate Opportunity Fund Annual Report | 11.30.05

PIMCO Corporate Opportunity Fund Board of Trustees (unaudited)

Name, Age, Position(s) Held with Fund, Length of Service, Other Trusteeships/Directorships Held by Trustee; Number of Portfolios in Fund Complex/Outside Fund Complexes Currently Overseen by Trustee				Principal Occupation(s) During Past 5 Years:
The address of each trustee is 1345 Avenue of the Americas, New York, NY 10105

Robert E. Connor Date of Birth: 9/17/34 Chairman of the Board of Trustees since: 2004 Trustee since: 2002 Term of office: Expected to stand for re-election at 2007 annual meeting of shareholders. Trustee/Director of 24 funds in Fund Complex Trustee/Director of no funds outside of Fund Complex				Corporate Affairs Consultant; Formerly, Senior Vice President, Corporate Office, Smith Barney Inc.

Paul Belica Date of Birth: 9/27/21 Trustee since: 2002 Term of Office: Expected to stand for re-election at 2006 annual meeting of shareholders Director/Trustee of 24 funds in Fund Complex Director/Trustee of no funds outside of Fund Complex				Formerly Director, Student Loan Finance Corp., Education Loans, Inc., Goal Funding, Inc., Goal Funding II, Inc. and Surety Loan Fund, Inc.; Formerly, Manager of Stratigos Fund LLC, Whistler Fund LLC, Xanthus Fund LLC & Wynstone Fund LLC; and Formerly, senior executive and member of the Board of Smith Barney, Harris Upham & Co.

John J. Dalessandro II Date of Birth: 7/26/37 Trustee since: 2002 Term of office: Expected to stand for re-election at 2008 annual meeting of shareholders. Trustee of 23 funds in Fund Complex Trustee of no funds outside of Fund complex				Formerly, President and Director, J.J. Dalessandro II Ltd., registered broker-dealer and member of the New York Stock Exchange.

David C. Flattum† Date of Birth: 8/27/64 Trustee since: 2004 Term of office: Expected to stand for election at 2006 annual meeting of shareholders. Trustee of 52 funds in Fund Complex Trustee of no funds outside of Fund Complex				Managing Director, Chief Operating Officer, General Counsel and member of Management Board, Allianz Global Investors of America L.P.; Member of Management board, Allianz Global Investors Fund Management LLC; Formerly, Head of Corporate Functions of Allianz Global Investors of America L.P.; Formerly, Partner, Latham & Watkins LLP (1998-2001).

Hans W. Kertess Date of Birth: 7/12/39 Trustee since: 2003 Term of office: Expected to stand for re-election at 2007 annual meeting of shareholders. Trustee of 23 Funds in Fund Complex; Trustee of no funds outside of Fund Complex				President, H Kertess & Co. L.P. Formerly, Managing Director, Royal Bank of Canada Capital Markets.

R. Peter Sullivan III Date of Birth: 9/4/41 Trustee since: 2004 Term of office: Expected to stand for re-election at 2008 annual meeting of shareholders. Trustee of 20 funds in Fund Complex Trustee of no funds outside of Fund Complex				Formerly, Managing Partner, Bear Wagner Specialists LLC specialist firm on the New York Stock Exchange

† Mr. Flattum is an "interested person" of the Fund due to his affiliation with Allianz Global Investors of America L.P. and the Investment Manager. In addition to Mr. Flattum's positions with affiliated persons of the Fund set forth in the table above, he holds the following positions with affiliated persons: Director, PIMCO Global Advisors (Resources) Limited; Managing Director, Allianz Dresdner Asset Management U.S. Equities LLC, Allianz Hedge Fund Partners Holdings L.P., Allianz PacLife Partners LLC, PA Holdings LLC; Director and Chief Executive Officer, Oppenheimer Group, Inc.

Further information about Fund's Trustees is available in the Fund's Statement of Additional Information, dated December 23, 2002, which can be obtained upon request, without charge, by calling the Fund's transfer agent at (800) 331-1710.

11.30.05 | PIMCO Corporate Opportunity Fund Annual Report 31

PIMCO Corporate Opportunity Fund Principal Officers (unaudited)

Name, Age, Position(s) Held with Fund.				Principal Occupation(s) During Past 5 Years:
Brian S. Shlissel Date of Birth: 11/14/64 President & Chief Executive Officer since: 2002				Executive Vice President, Allianz Global Investors Fund Management LLC; President and Chief Executive Officer of 32 funds in the Fund Complex; Treasurer; Principal Financial and Accounting Officer of 32 funds in the Fund Complex; Trustee of 8 funds in the Fund Complex.

Lawrence G. Altadonna Date of Birth: 3/10/66 Treasurer, Principal/Financial and Accounting Officer since: 2002				Senior Vice President, Allianz Global Investors Fund Management LLC; Treasurer, Principal Financial and Accounting officer of 24 funds in the Fund Complex; Treasurer of 8 funds in the Fund Complex; Assistant Treasurer of 32 funds in the Fund Complex.

Mark Kiesel Date of Birth: 7/18/69 Vice President since: 2004				Executive Vice President and a senior member of PIMCO's investment strategy and portfolio management group. He also heads the investment-grade corporate desk and manages corporate portfolios for the firm. Previously Mr. Kiesel served as PIMCO's head of equity derivatives and as a senior credit analyst.

Thomas J. Fuccillo Date of Birth: 3/22/68 Secretary & Chief Legal Officer since: 2004				Senior Vice President, Senior Fund Attorney, Allianz Global Investors of America L.P., Secretary of 32 funds in the Fund Complex. Formerly, Vice President and Associate General Counsel, Neuberger Berman, LLC.

Youse Guia Date of Birth: 9/3/72 Chief Compliance Officer since: 2004				Senior Vice President, Group Compliance Manager, Allianz Global Investors of America L.P., Chief Compliance Officer of 64 funds in the Fund Complex; Formerly, Vice President, Group Compliance Manager, Allianz Global Investors of America L.P. (since 2002). Audit Manager, PricewaterhouseCoopers LLP (1996-2002).

Officers hold office at the pleasure of the Board and until their successors are appointed and qualified or until their earlier resignation or removal.

32 PIMCO Corporate Opportunity Fund Annual Report | 11.30.05

Trustees and Principal Officers

Robert E. Connor
Trustee, Chairman of the Board of Trustees

Paul Belica
Trustee

John J. Dalessandro II
Trustee

David C. Flattum
Trustee

Hans W. Kertess
Trustee

R. Peter Sullivan III
Trustee

Brian S. Shlissel
President & Chief Executive Officer

Mark R. Kiesel
Vice President

Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer

Thomas J. Fuccillo
Secretary & Chief Legal Officer

Youse Guia
Chief Compliance Officer

Investment Manager

Allianz Global Investors Fund Management LLC

1345 Avenue of the Americas

New York, NY 10105

Sub-Adviser

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, CA 92660

Custodian & Accounting Agent

State Street Bank & Trust Co.

801 Pennsylvania

Kansas City, MO 64105-1307

Transfer Agent, Dividend Paying Agent and Registrar

PFPC Inc.

P.O. Box 43027

Providence, RI 02940-3027

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

300 Madison Avenue

New York, NY 10017

Legal Counsel

Ropes & Gray LLP

One International Place

Boston, MA 02210-2624

This report, including the financial information herein, is transmitted to the shareholders of PIMCO Corporate Opportunity Fund for their information. It is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that from time to time the Fund may purchase shares of its common stock in the open market.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarter of its fiscal year on Form N-Q. The Fund's Form N-Q is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The information on Form N-Q is also available on the Fund's website at www. allianzinvestors.com.

On March 3, 2005, the Fund submitted a CEO annual certification to the New York Stock Exchange ("NYSE") on which the Fund's principal executive officer certified that he was not aware, as of the date, of any violation by the Fund of the NYSE's Corporate Governance listing standards. In addition, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and related SEC rules, the Fund's principal executive and principal financial officer made quarterly certifications, included in filings with the SEC on Forms N-CSR and N-Q relating to, among other things, the Fund's disclosure controls and procedures and internal control over financial reporting, as applicable.

Information on the Fund is available at www.allianzinvestors.com or by calling the Fund's transfer agent at (800) 331-1710.

ITEM 2. CODE OF ETHICS

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies — Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-331-1710. The Investment Managers code of ethics are included as an Exhibit 99.CODE ETH hereto.

(b) During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in
2(a) above.

(c) During the period covered by this report, there were not any waivers or implicit waivers to a provision of the code of ethics adopted in 2(a) above.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The registrant’s Board has determined that Mr. Paul Belica, a member of the Board’s Audit Oversight Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this Item.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

a) Audit fees. The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $75,000. in 2004 and $65,000 in 2005.

b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the principal accountant that are reasonably related to the performance of the audit registrant’s financial statements and are not reported under paragraph (e) of this Item were $26,275 in 2004 and $12,000 in 2005. These services consist of accounting consultations, agreed upon procedure reports (inclusive of annual review of basic maintenance testing associated with the Preferred Shares), attestation reports and comfort letters.

c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance,

tax service and tax planning (“Tax Services”) were $9,900 in 2004 and $11,850 in 2005. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.

d) All Other Fees. There were no other fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant.

e) 1. Audit Committee Pre-Approval Policies and Procedures. The Registrant’s Audit Committee has established policies and procedures for pre-approval of all audit and permissible non-audit services by the Auditor for the Registrant, as well as the Auditor’s engagements related directly to the operations and financial reporting of the Registrant. The Registrant’s policy is stated below.

PIMCO Corporate Opportunity Fund (THE “FUND”)

AUDIT OVERSIGHT COMMITTEE POLICY FOR PRE-APPROVAL OF SERVICES PROVIDED BY THE INDEPENDENT ACCOUNTANTS

The Funds’ Audit Oversight Committee (“Committee”) is charged with the oversight of the Funds’ financial reporting policies and practices and their internal controls. As part of this responsibility, the Committee must pre-approve any independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement by the independent accountants, the Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

a review of the nature of the professional services expected to provided,

the fees to be charged in connection with the services expected to be provided,

a review of the safeguards put into place by the accounting firm to safeguard independence, and

periodic meetings with the accounting firm.

POLICY FOR AUDIT AND NON-AUDIT SERVICES TO BE PROVIDED TO THE FUNDS

On an annual basis, the Funds’ Committee will review and pre-approve the scope of the audits of the Funds and proposed audit fees and permitted non-audit (including audit-related) services that may be performed by the Funds’ independent accountants. At least annually, the Committee will receive a report of all audit and non-audit services that were rendered in the previous calendar year pursuant to this Policy. In addition to the Committee’s

pre-approval of services pursuant to this Policy, the engagement of the independent accounting firm for any permitted non-audit service provided to the Funds will also require the separate written pre-approval of the President of the Funds, who will confirm, independently, that the accounting firm’s engagement will not adversely affect the firm’s independence. All non-audit services performed by the independent accounting firm will be disclosed, as required, in filings with the Securities and Exchange Commission.

AUDIT SERVICES

The categories of audit services and related fees to be reviewed and pre-approved annually by the Committee are:

Annual Fund financial statement audits

Seed audits (related to new product filings, as required)

SEC and regulatory filings and consents

Semiannual financial statement reviews

AUDIT-RELATED SERVICES

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants and services falling under one of these categories will be pre-approved by the Committee on an annual basis if the Committee deems those services to be consistent with the accounting firm’s independence:

Accounting consultations

Fund merger support services

Agreed upon procedure reports (inclusive of quarterly review of Basic Maintenance testing associated with issuance of Preferred Shares and semiannual report review)

Other attestation reports

Comfort letters

Other internal control reports

Individual audit-related services that fall within one of these categories and are not presented to the Committee as part of the annual pre-approval process described above, may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee Chair (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $100,000. Any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.

TAX SERVICES

The following categories of tax services are considered to be consistent with the role of the Funds’ independent accountants and services falling under one of these categories will be pre-approved by the Committee on an annual basis if the Committee deems those services to be consistent with the accounting firm’s independence:

Tax compliance services related to the filing or amendment of the following:

Federal, state and local income tax compliance; and, sales and use tax compliance

Timely RIC qualification reviews

Tax distribution analysis and planning

Tax authority examination services

Tax appeals support services

Accounting methods studies

Fund merger support service

Other tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Committee as part of the annual pre-approval process described above, may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee Chairman (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $100,000. Any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.

PROSCRIBED SERVICES

The Funds’ independent accountants will not render services in the following categories of non-audit services:

Bookkeeping or other services related to the accounting records or financial statements of the Funds

Financial information systems design and implementation

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

Actuarial services

Internal audit outsourcing services

Management functions or human resources

Broker or dealer, investment adviser or investment banking services

Legal services and expert services unrelated to the audit

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible

PRE-APPROVAL OF NON-AUDIT SERVICES PROVIDED TO OTHER ENTITIES WITHIN THE FUND COMPLEX

The Committee will pre-approve annually any permitted non-audit services to be provided to Allianz Global Investors Fund Management LLC (Formerly, PA Fund Management LLC) or any other investment manager to the Funds (but not including any sub-adviser whose role is primarily portfolio management and is sub-contracted by the investment manager) (the “Investment Manager”) and any entity

controlling, controlled by, or under common control with the Investment Manager that provides ongoing services to the Funds (including affiliated sub-advisers to the Funds), provided, in each case, that the engagement relates directly to the operations and financial reporting of the Funds (such entities, including the Investment Manager, shall be referred to herein as the “Accounting Affiliates”). Individual projects that are not presented to the Committee as part of the annual pre-approval process, may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee Chairman (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $100,000. Any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.

Although the Committee will not pre-approve all services provided to the Investment Manager and its affiliates, the Committee will receive an annual report from the Funds’ independent accounting firm showing the aggregate fees for all services provided to the Investment Manager and its affiliates.

DE MINIMUS EXCEPTION TO REQUIREMENT OF PRE-APPROVAL OF NON-AUDIT SERVICES

With respect to the provision of permitted non-audit services to a Fund or Accounting Affiliates, the pre-approval requirement is waived if:

(1) The aggregate amount of all such permitted non-audit services provided constitutes no more than (i) with respect to such services provided to the Fund, five percent (5%) of the total amount of revenues paid by the Fund to its independent accountant during the fiscal year in which the services are provided, and (ii) with respect to such services provided to Accounting Affiliates, five percent (5%) of the total amount of revenues paid to the Fund’s independent accountant by the Fund and the Accounting Affiliates during the fiscal year in which the services are provided;

(2) Such services were not recognized by the Fund at the time of the engagement for such services to be non-audit services; and

(3) Such services are promptly brought to the attention of the Committee and approved prior to the completion of the audit by the Committee or by the Committee Chairman (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this Committee Chairman or other delegate shall be reported to the full Committee at its next regularly scheduled meeting.

e) 2. No services were approved pursuant to the procedures contained in paragraph (C) (7) (i) (C) of Rule 2-01 of Registration S-X.

f) Not applicable

g) Non-audit fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to the Adviser, for the 2004 Reporting Period was $2,424,702 and the 2005 Reporting Period was $2,388,310.

h) Auditor Independence. The Registrant’s Audit Oversight Committee has considered whether the provision of non-audit services that were rendered to the Adviser which were not pre-approved is compatible with maintaining the Auditor’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANT

The Fund has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee of the Fund is comprised of Robert E. Connor, Paul Belica, John J. Dalessandro II, Hans W. Kertess and R. Peter Sullivan III.

ITEM 6. SCHEDULE OF INVESTMENTS Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

The registrant has delegated the voting of proxies relating to its voting securities to its sub-adviser, Pacific Investment Management Co. (the “Sub-Adviser”). The Proxy Voting Policies and Procedures of the Sub-Adviser are included as an Exhibit 99.PROXYPOL hereto.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT OMPANIES

Not effective at time of filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED COMPANIES

			Total Number
			Of Shares Purchased	Maximum Number of
	Total Number	Average	As Part Of Publicly	Shares That May Yet Be
	Of Shares	Price Paid	Announced Plans Or	Purchased Under The Plans
Period	Purchased	Per Share	Programs	Or Programs

December 2004	N/A	17.03	61,141	N/A
December 2004	N/A	16.47	287,648	N/A
January 2005	N/A	16.83	58,770	N/A
February 2005	N/A	16.64	60,881	N/A
March 2005	N/A	16.61	59,561	N/A
April 2005	N/A	N/A	N/A	N/A
May 2005	N/A	15.87	54,982	N/A
June 2005	N/A	16.30	51,150	N/A
July 2005	N/A	16.321	49,302	N/A
August 2005	N/A	16.758	47,251	N/A
September 2005	N/A	16.73	46,984	N/A
October 2005	N/A	16.464	47,372	N/A
November 2005	N/A	15.875	46,917	N/A

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The registrant’s President and Chief Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no significant changes in the registrant’s internal controls or in factors that could affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

ITEM 12. EXHIBITS

(a) (1) Exhibit 99.CODE ETH - Code of Ethics

(a) (2) Exhibit 99 Cert. - Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

(b) Exhibit 99.906 Cert. - Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)					PIMCO Corporate Opportunity Fund

By		/s/ Brian S. Shlissel
President and Chief Executive Officer

Date				February 7, 2006

By	/s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer

Date			February 7, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Brian S. Shlissel
President and Chief Executive Officer

Date		February 7, 2006

By	/s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer

Date			February 7, 2006