Current Cases Under Investigation

PIMCO Closed-End Funds Investigation

New York, NY – Dec. 3, 2008.  The firm of Lovell Stewart Halebian LLP is investigating certain investment practices that resulted in the failure to maintain the required 200% asset coverage ratio for eight closed-end funds managed by Pacific Investment Management Co. (“PIMCO”).  The eight funds involved are: Municipal Income Fund II (symbol: PML), Municipal Income Fund III (symbol: PMX), New York Municipal Income Fund (symbol: PNF), New York Municipal Income Fund III (symbol: PYN), California Municipal Income Fund II (symbol: PCK), California Municipal Income Fund III (symbol: PZC), Corporate Income (symbol: PCN) and Corporate Opportunity (symbol: PTY).

According to certain accounts looking into PIMCO investment practices, PIMCO failed to reduce its outstanding positions in certain auction rate preferred shares issued by those funds in a proper manner, resulting in a failure by those funds to maintain required asset coverage ratios and causing the postponement of monthly dividend payments on fund common shares of six of the funds (PML, PMX, PNF, PYN, PCK and PZC) and the announced future dividend payment postponements on two additional funds (PCN and PTY).

If you or a family member have purchased shares in any of these eight funds, and you still hold those shares, we invite you to contact us to discuss the situation.

Lovell Stewart Halebian LLP, its Seattle affiliate (Lovell Mitchell & Barth) and their predecessors have extensive experience in class actions brought under the antitrust laws, the securities laws, and the Commodity Exchange Act. Our firm has recovered billions of dollars for investors in numerous class actions since 1980.  We invite you to visit our website at www.lshllp.com for further information about the firm, its attorneys and significant class action recoveries achieved.  If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact one of the following attorneys:

Victor E. Stewart
Christopher M. McGrath
Lovell Stewart Halebian Jacobson LLP
500 Fifth Avenue
New York, New York 10110
Telephone: (212) 608-1900
Email:  victornj@ix.netcom.com
            cmcgrath@lshllp.com

If you have a current case you would like for us to investigate please contact us at (212) 608-1900 or fill out the form at our request an investigation page.