Edgar Filing: PIMCO CORPORATE OPPORTUNITY FUND

	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549	OMB APPROVAL
		OMB Number: 3235-0578 Expires: May 31, 2007 Estimated average burden hours per response........21.09


	FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

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, 2007

Date of reporting period:	February 28, 2007

Form N-Q is to be used by the registered management investment company, other than a small business investment company registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b 1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to the collection of information contained in Form N-Q 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 the 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.

Item 1. Schedule of Investments

PIMCO Corporate Opportunity Fund Schedule of Investments

February 28, 2007 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*

CORPORATE BONDS & NOTES—81.1%
Airlines—2.8%
$	7,000	American Airlines, Inc., pass thru certificates,
		7.858%, 10/1/11, Ser. 01-2	Baa2/A-	$	7,634,375
		Continental Airlines, Inc., pass thru certificates,
1,559		6.545%, 8/2/20, Ser. 99-1A	Baa3/A-	1,610,160
3,445		6.703%, 6/15/21, Ser. 01-1	Baa3/BBB+	3,583,191
1,695		7.056%, 9/15/09, Ser. 99-2	Baa3/A-	1,742,672
2,210		7.373%, 6/15/17, Ser. 01-1	Ba1/BB+	2,244,796
9,082		7.707%, 10/2/22, Ser. 00-2	Baa3/BBB	9,973,532
1,903		9.798%, 4/1/21	Ba2/BB+	2,126,834
15,500		Northwest Airlines, Inc., pass thru certificates,
		6.841%, 4/1/11, Ser. 1A-2 (f)	NR/BB	15,587,188
				44,502,748

Apparel & Textiles—0.1%
1,000		Quiksilver, Inc., 6.875%, 4/15/15	Ba3/BB-	980,000

Automotive—0.5%
4,000		Auburn Hills Trust, 12.375%, 5/1/20	Baa1/BBB	6,011,844
2,500		Ford Motor Co., 9.98%, 2/15/47	Caa1/CCC+	2,331,250
				8,343,094

Banking—5.4%
625		Bank of America, 9.375%, 9/15/09	Aa2/AA-	688,361
		HSBC Capital Funding L.P., VRN,
8,000		4.61%, 6/27/13 (d)	A1/A	7,664,592
2,000		10.176%, 6/30/30	A1/A	3,007,794
8,550		HSBC Holdings PLC, 6.50%, 5/2/36	Aa3/A+	9,405,530
4,600		Rabobank Capital Funding Trust, 5.254%, 10/21/16, UNIT, VRN (d)	Aa2/AA	4,530,632
15,000		Republic New York Corp., 9.70%, 2/1/09	A1/A+	16,231,515
9,706		Riggs Capital Trust, 8.875%, 3/15/27, Ser. C	A2/BBB+	10,161,406
2,000		Royal Bank of Scotland Group PLC, 7.648%, 9/30/31, VRN	A1/A	2,430,796
8,000		Sumitomo Mitsui Banking Corp., 8.15%, 8/1/08	A2/BBB+	8,287,752
10,800		USB Capital IX, 6.189%, 4/15/11, VRN	A1/A+	11,138,720
7,500		Wachovia Capital Trust III, 5.80%, 3/15/11, VRN	A2/A	7,631,820
4,100		Wells Fargo Capital X, 5.95%, 12/15/36	Aa2/AA-	4,130,475
				85,309,393

Building/Construction—0.3%
5,000		Pulte Homes, Inc., 7.875%, 8/1/11	Baa3/BBB	5,483,115

Computer Services—0.5%
		Electronic Data Systems Corp.,
4,000		6.50%, 8/1/13, Ser. B	Ba1/BBB-	4,091,588
3,500		7.125%, 10/15/09	Ba1/BBB-	3,655,130
				7,746,718

Consumer Products—0.3%
4,000		Reynolds American, Inc., 7.75%, 6/1/18	Ba2/BB	4,425,540

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
Containers—0.5%
		Smurfit-Stone Container,
$	4,000	8.375%, 7/1/12	B2/CCC+	$	4,100,000
3,437		9.75%, 2/1/11	B2/CCC+	3,570,184
				7,670,184

Diversified Manufacturing—0.9%
5,000		Hutchison Whampoa International Ltd., 7.45%, 11/24/33 (d)	A3/A-	5,950,350
£	3,340	Tyco International Group S.A., 6.50%, 11/21/31	Baa3/BBB+	7,701,514
				13,651,864

Electronics—0.2%
$	1,000	Arrow Electronics, Inc., 6.875%, 6/1/18	Baa3/BBB-	1,056,000
2,000		Celestica, Inc., 7.875%, 7/1/11	B2/B-	1,975,000
				3,031,000

Energy—2.8%
800		Entergy Gulf States, Inc., 5.25%, 8/1/15	Baa3/BBB+	771,718
		Kinder Morgan Energy Partners L.P.,
6,000		6.00%, 2/1/17	Baa1/BBB	6,150,378
1,500		6.50%, 2/1/37	Baa1/BBB	1,549,319
5,000		7.50%, 11/1/10	Baa1/BBB	5,374,705
4,200		Nevada Power Co., 5.875%, 1/15/15, Ser. L	Ba1/BB+	4,287,432
1,300		Peabody Energy Corp., 7.375%, 11/1/16	Ba1/BB	1,365,000
2,293		Salton SEA Funding, Inc., 8.30%, 5/30/11, Ser. E	Baa3/BBB-	2,467,319
12,000		Sithe Independence Funding Corp., 9.00%, 12/30/13, Ser. A	Ba2/B	13,072,644
		TECO Energy, Inc.,
1,690		6.75%, 5/1/15	Ba2/BB	1,782,950
5,500		7.00%, 5/1/12	Ba2/BB	5,802,500
1,850		Tennessee Gas Pipeline Co., 7.50%, 4/1/17	Ba1/B+	2,088,694
				44,712,659

Financial Services—8.3%
5,000		AES Red Oak LLC, 9.20%, 11/30/29, Ser. B	B1/B+	5,737,500
2,000		American General Finance Corp., 8.45%, 10/15/09	A1/A+	2,164,486
13,500		BNP Paribas, 5.186%, 6/29/15, VRN (d)	A1/A+	13,151,416
2,500		Canadian Oil Sands Ltd., 4.80%, 8/10/09 (d)	Baa2/BBB	2,467,558
5,644		Cedar Brakes II LLC, 9.875%, 9/1/13 (b)(d)	Baa2/BBB-	6,275,393
4,000		CIT Group, Inc., 6.875%, 11/1/09	A2/A	4,175,312
12,700		Ford Motor Credit Co., 8.00%, 12/15/16	B1/B	12,558,014
		General Electric Capital Corp.,
1,100		8.50%, 7/24/08	Aaa/AAA	1,146,071
4,990		9.83%, 12/15/08 (g)	NR/NR	5,400,440
10,000		Goldman Sachs Group, Inc., 7.35%, 10/1/09	Aa3/AA-	10,565,200
6,500		HBOS Capital Funding L.P., 6.071%, 6/30/14, VRN (d)	A1/A	6,698,075
4,000		Idearc, Inc., 8.00%, 11/15/16 (d)	B2/B+	4,130,000
4,200		MBNA Capital, 6.171%, 2/1/27, Ser. B, FRN	Aa2/A+	4,195,090
9,800		Mizuho JGB Investment LLC, 9.87%, 6/30/08, VRN (d)	Baa1/BBB+	10,348,104
1,510		Mizuho Preferred Capital Co. LLC, 8.79%, 6/30/08, VRN (d)	Baa1/BBB+	1,575,940
		Pemex Project Funding Master Trust,
8,500		5.75%, 12/15/15	Baa1/BBB	8,468,125
7,500		8.625%, 2/1/22	Baa1/BBB	9,378,750

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*

Financial Services (continued)
$	13,500	RBS Capital Trust I, 5.512%, 9/30/14, VRN	A1/A	$	13,495,302
2,030		SB Treasury Co. LLC, 9.40%, 6/30/08, VRN (b)	Baa1/BBB+	2,133,402
1,000		UBS Preferred Funding Trust V, 6.243%, 5/15/16, Ser. 1, VRN	A1/AA-	1,051,022
3,000		Universal City Development Partners Ltd., 11.75%, 4/1/10	B2/B-	3,202,500
1,000		Vita Capital III Ltd., 6.46%, 1/1/11, FRN (b)(d)(g)	A1/A	1,001,350
				129,319,050

Food & Beverage—1.1%
5,000		Delhaize America, Inc., 8.125%, 4/15/11	Ba1/BB+	5,489,155
5,000		Kroger Co., 8.05%, 2/1/10	Baa2/BBB-	5,373,805
750		Pilgrim’s Pride Corp., 7.625%, 5/1/15	B1/B	745,312
5,000		Tyson Foods, Inc., 6.85%, 4/1/16	Ba1/BBB-	5,212,500
				16,820,772

Healthcare & Hospitals—1.3%
		HCA, Inc.,
4,100		7.50%, 12/15/23	Caa1/B-	3,595,532
1,000		8.36%, 4/15/24	Caa1/B-	950,243
2,000		9.00%, 12/15/14	Caa1/B-	2,059,684
1,500		9.25%, 11/15/16 (d)	B2/BB-	1,610,625
		Tenet Healthcare Corp.,
3,000		7.375%, 2/1/13	Caa1/CCC+	2,820,000
9,400		9.25%, 2/1/15	Caa1/CCC+	9,435,250
				20,471,334

Hotels/Gaming—3.8%
		Caesars Entertainment, Inc.,
2,000		7.00%, 4/15/13	Baa3/BB	2,122,638
5,000		7.50%, 9/1/09	Baa3/BB	5,227,980
2,000		8.875%, 9/15/08	Ba1/B+	2,097,500
1,938		Choctaw Resort Development Enterprise, Inc., 7.25%, 11/15/19 (d)	Ba2/BB-	1,971,915
2,000		Gaylord Entertainment Co., 8.00%, 11/15/13	B3/B-	2,080,000
		Harrah’s Operating Co., Inc.,
4,000		5.50%, 7/1/10	Baa3/BB	3,952,984
3,730		8.00%, 2/1/11	Baa3/BB	3,845,134
3,000		Hilton Hotels Corp., 7.625%, 5/15/08	Ba1/BB	3,071,250
4,950		ITT Corp., 7.375%, 11/15/15	Baa3/BBB-	5,217,775
1,200		Mandalay Resort Group, 9.375%, 2/15/10	B1/B+	1,287,000
3,750		MGM Mirage, Inc., 8.375%, 2/1/11	B1/B+	3,956,250
8,560		Times Square Hotel Trust, 8.528%, 8/1/26 (b)(d)	Baa3/BBB-	9,972,269
14,950		Wynn Las Vegas LLC, 6.625%, 12/1/14	B1/BB-	14,875,250
				59,677,945

Manufacturing—0.3%
		Bombardier, Inc. (d),
1,000		6.75%, 5/1/12	Ba2/BB	1,000,000
3,000		8.00%, 11/15/14	Ba2/BB	3,150,000
				4,150,000

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
Metals & Mining—0.9%
$	9,537	Phelps Dodge Corp., 9.50%, 6/1/31	B1/BB-	$	12,278,249
1,900		Vale Overseas Ltd., 6.875%, 11/21/36	Baa3/BBB	2,007,836
				14,286,085

Multi-Media—8.9%
2,000		Charter Communications Operating LLC, 8.375%, 4/30/14 (d)	B3/B-	2,105,000
12,300		Comcast Cable Communications Holdings, Inc., 8.375%, 3/15/13	Baa2/BBB+	14,224,790
2,400		COX Communications, Inc., 6.45%, 12/1/36 (d)	Baa3/BBB-	2,509,265
		CSC Holdings, Inc.,
15,640		7.625%, 7/15/18	B2/B+	15,913,700
10,535		7.875%, 2/15/18, Ser. B	B2/B+	10,943,231
4,500		8.125%, 8/15/09, Ser. B	B2/B+	4,680,000
2,000		DirecTV Holdings LLC, 6.375%, 6/15/15	Ba3/BB-	1,932,500
15,000		Rogers Cable, Inc., 8.75%, 5/1/32	Baa3/BB+	18,917,595
		Shaw Communications, Inc.,
5,000		7.20%, 12/15/11	Ba1/BB+	5,262,500
8,000		8.25%, 4/11/10	Ba1/BB+	8,580,000
18,000		Time Warner Entertainment Co. L.P., 8.375%, 7/15/33	Baa2/BBB+	22,809,330
11,000		Time Warner, Inc., 7.70%, 5/1/32	Baa2/BBB+	12,951,422
12,495		Univision Communications, Inc., 7.85%, 7/15/11	Ba3/B	13,150,988
5,000		Viacom, Inc., 6.25%, 4/30/16	Baa3/BBB	5,115,895
				139,096,216

Office Equipment—0.3%
5,000		Xerox Capital Trust I, 8.00%, 2/1/27	Ba1/B+	5,131,250

Oil & Gas—9.3%
		Anadarko Petroleum Corp.,
4,700		5.95%, 9/15/16	Baa3/BBB-	4,773,292
4,700		6.45%, 9/15/36	Baa3/BBB-	4,803,424
		CenterPoint Energy Res. Corp.,
23,000		7.75%, 2/15/11	Baa3/BBB	24,973,423
5,000		7.875%, 4/1/13, Ser. B	Baa3/BBB	5,612,000
		Chesapeake Energy Corp.,
300		7.50%, 6/15/14	Ba2/BB	315,750
3,000		7.75%, 1/15/15	Ba2/BB	3,142,500
		El Paso Corp.,
23,200		7.42%, 2/15/37	B2/B	24,302,000
5,000		7.625%, 9/1/08	B2/B	5,185,320
2,800		Energy Transfer Partners L.P., 6.625%, 10/15/36	Baa3/NR	2,966,169
		Gaz Capital S.A.,
1,300		6.212%, 11/22/16 (d)	A3/BBB	1,302,600
13,000		8.625%, 4/28/34	A3/BBB	16,640,000
		Gazprom AG,
1,800		9.625%, 3/1/13 (d)	A3/BBB	2,137,500
8,700		9.625%, 3/1/13	A3/BBB	10,331,250
1,030		Hanover Compressor Co., 9.00%, 6/1/14	B2/B	1,122,700
2,400		Plains All American Pipeline L.P., 6.65%, 1/15/37 (d)	Baa3/BBB-	2,529,859
1,500		Range Resources Corp., 7.50%, 5/15/16	B1/B	1,548,750
2,280		Ras Laffan Liquefied Natural Gas Co., Ltd., 3.437%, 9/15/09 (b)	Aa3/A	2,238,148
2,500		Reliant Energy, Inc., 6.75%, 12/15/14	B2/B	2,606,250

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
Oil & Gas (continued)
$	10,000	Southern Natural Gas Co., 8.875%, 3/15/10	Ba1/B+	$	10,493,800
17,400		Williams Cos., Inc., 7.875%, 9/1/21	Ba2/BB-	19,140,000
				146,164,735

Paper/Paper Products—3.3%
		Abitibi-Consolidated, Inc.,
12,200		7.50%, 4/1/28	B2/B+	10,492,000
5,000		8.375%, 4/1/15 (h)	B2/B+	4,887,500
2,000		Bowater Canada Finance, 7.95%, 11/15/11	B2/B+	2,020,000
3,000		Bowater, Inc., 9.50%, 10/15/12	B2/B+	3,172,500
		Georgia-Pacific Corp.,
2,300		7.00%, 1/15/15 (d)	Ba3/B	2,311,500
6,500		7.25%, 6/1/28	B2/B	6,256,250
2,500		7.375%, 12/1/25	B2/B	2,431,250
4,250		7.75%, 11/15/29	B2/B	4,271,250
14,119		8.00%, 1/15/24	B2/B	14,471,975
2,000		Smurfit Capital Funding PLC, 7.50%, 11/20/25	B1/B+	2,040,000
				52,354,225

Retail—1.9%
16,000		Albertson’s LLC, 8.00%, 5/1/31	B1/B	16,888,416
13,000		JC Penney Co., Inc., 8.125%, 4/1/27	Baa3/BBB-	13,377,741
				30,266,157

Telecommunications—17.0%
35,000		AT&T Corp., 8.00%, 11/15/31, VRN	A2/A	44,565,080
10,000		Bellsouth Capital Funding, 7.875%, 2/15/30	A2/A	12,013,140
5,000		Cincinnati Bell, Inc., 8.375%, 1/15/14	B2/B-	5,156,250
		Citizens Communications Co.,
7,500		9.00%, 8/15/31	Ba2/BB+	8,343,750
4,000		9.25%, 5/15/11	Ba2/BB+	4,470,000
8,000		Deutsche Telekom International Finance BV, 8.25%, 6/15/30	A3/A-	10,138,760
		Embarq Corp.,
5,000		6.738%, 6/1/13	Baa3/BBB-	5,197,240
10,000		7.082%, 6/1/16	Baa3/BBB-	10,358,100
10,000		7.995%, 6/1/36	Baa3/BBB-	10,648,530
11,000		France Telecom S.A., 8.50%, 3/1/31	A3/A-	14,793,075
2,000		Intelsat Subsidiary Holding Co., Ltd., 8.625%, 1/15/15	B2/B+	2,160,000
		Nextel Communications, Inc.,
5,000		6.875%, 10/31/13, Ser. E	Baa3/BBB	5,128,590
10,000		7.375%, 8/1/15, Ser. D	Baa3/BBB	10,357,870
21,650		PanAmSat Corp., 6.875%, 1/15/28	Ba2/BB	20,026,250
		Qwest Capital Funding, Inc.,
5,000		7.00%, 8/3/09	B1/B+	5,100,000
14,000		7.90%, 8/15/10	B1/B+	14,700,000
2,000		Qwest Communications International, Inc., 7.50%, 2/15/14	Ba3/B+	2,082,500
		Qwest Corp.,
3,000		7.25%, 9/15/25	Ba1/BB+	3,116,250
4,400		8.61%, 6/15/13, FRN	Ba1/BB+	4,823,500
6,150		8.875%, 3/15/12	Ba1/BB+	6,826,500
12,340		Rogers Wireless, Inc., 9.75%, 6/1/16	Baa3/BB+	15,671,800

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
Telecommunications (continued)
		Sprint Capital Corp.,
$	25,000	6.90%, 5/1/19	Baa3/BBB	$	26,307,850
2,900		8.375%, 3/15/12	Baa3/BBB	3,255,218
1,350		Sprint Nextel Corp., 9.25%, 4/15/22	Baa3/BBB	1,656,551
15,000		Verizon Global Funding Corp., 7.25%, 12/1/10	A3/A	16,073,580
3,500		Verizon New York, Inc., 7.375%, 4/1/32, Ser. B	Baa3/A	3,768,692
				266,739,076

Utilities—8.9%
2,000		CMS Energy Corp., 8.90%, 7/15/08	Ba3/B+	2,085,000
		East Coast Power LLC, Ser. B,
2,858		6.737%, 3/31/08	Baa3/BBB-	2,874,971
5,643		7.066%, 3/31/12	Baa3/BBB-	5,770,958
4,500		Homer City Funding LLC, 8.137%, 10/1/19	Ba2/BB	4,938,750
22,000		IPALCO Enterprises, Inc., 8.375%, 11/14/08	Ba1/BB-	22,825,000
		Midwest Generation LLC, pass thru certificates,
25,334		8.30%, 7/2/09, Ser. A	Ba2/BB-	26,141,754
14,480		8.56%, 1/2/16, Ser. B	Ba2/BB-	15,846,124
5,000		8.75%, 5/1/34	Ba2/B+	5,412,500
1,000		Ohio Edison Co., 5.647%, 6/15/09 (d)	Baa2/BBB-	1,005,993
		PSE&G Energy Holdings LLC,
42,500		8.50%, 6/15/11	Ba3/BB-	46,112,500
2,000		10.00%, 10/1/09	Ba3/BB-	2,192,500
5,307		South Point Energy Center LLC, 8.40%, 5/30/12 (b)(d)	NR/D	5,124,648
				140,330,698

Waste Disposal—1.5%
		Allied Waste North America, Inc.,
2,000		6.875%, 6/1/17 (e)	B1/BB-	1,995,000
6,000		7.25%, 3/15/15	B1/BB-	6,150,000
11,250		7.875%, 4/15/13	B1/BB-	11,784,375
3,000		8.50%, 12/1/08, Ser. B	B1/BB-	3,165,000
				23,094,375
		Total Corporate Bonds & Notes (cost—$1,179,361,851)		1,273,758,233

U.S. GOVERNMENT AGENCY SECURITIES—3.5%
		Fannie Mae,
1,102		6.828%, 11/1/35, FRN, MBS	Aaa/AAA	1,141,254
468		7.00%, 7/25/26, CMO	Aaa/AAA	481,838
941		7.00%, 2/18/27, CMO	Aaa/AAA	964,033
146		7.00%, 2/1/30, MBS	Aaa/AAA	150,104
167		7.00%, 3/1/31, MBS	Aaa/AAA	171,264
30		7.00%, 10/1/31, MBS	Aaa/AAA	30,503
131		7.00%, 11/1/31, MBS	Aaa/AAA	134,070
143		7.00%, 1/1/32, MBS	Aaa/AAA	148,396
1,645		7.00%, 6/1/32, MBS	Aaa/AAA	1,690,418
354		7.00%, 9/1/32, MBS	Aaa/AAA	362,917
59		7.00%, 11/1/32, MBS	Aaa/AAA	60,548
311		7.00%, 1/1/33, MBS	Aaa/AAA	321,665

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
$	188	7.00%, 2/1/33, MBS	Aaa/AAA	$	194,183
424		7.00%, 4/1/33, MBS	Aaa/AAA	435,782
887		7.00%, 6/1/33, MBS	Aaa/AAA	909,961
466		7.00%, 9/1/33, MBS	Aaa/AAA	479,214
254		7.00%, 1/1/34, MBS	Aaa/AAA	263,360
305		7.00%, 2/1/34, MBS	Aaa/AAA	313,062
6,679		7.00%, 6/1/35, MBS	Aaa/AAA	6,875,658
1,409		7.00%, 7/1/35, MBS	Aaa/AAA	1,450,881
5,173		7.00%, 2/1/36, MBS	Aaa/AAA	5,330,271
151		7.00%, 9/25/41, CMO	Aaa/AAA	155,226
2,399		7.00%, 12/25/41, CMO	Aaa/AAA	2,472,832
68		7.50%, 12/25/19, CMO	Aaa/AAA	71,622
630		7.50%, 5/1/22, MBS	Aaa/AAA	657,307
28		7.50%, 6/25/30, CMO	Aaa/AAA	29,358
635		7.50%, 12/1/33, MBS	Aaa/AAA	659,743
131		7.50%, 11/25/40, CMO	Aaa/AAA	134,540
226		7.50%, 5/25/42, CMO	Aaa/AAA	235,980
64		7.50%, 7/25/42, CMO	Aaa/AAA	66,269
12,238		7.50%, 12/25/45, CMO	Aaa/AAA	12,923,499
41		8.00%, 9/25/23, CMO	Aaa/AAA	41,209
45		8.00%, 7/18/27, CMO	Aaa/AAA	47,444
12,323			Aaa/AAA	13,160,630
364		9.99%, 9/25/17, CMO	Aaa/AAA	400,496
		Freddie Mac,
123		7.00%, 5/15/23, CMO	Aaa/AAA	126,649
1,832		7.00%, 1/15/24, CMO	Aaa/AAA	1,897,238
163		7.50%, 11/1/19, MBS	Aaa/AAA	167,929
53		8.00%, 9/15/26, CMO	Aaa/AAA	56,076
14		9.50%, 5/15/21, CMO	Aaa/AAA	14,769
165		Small Business Administration Participation Certificates,
		7.50%, 4/1/17, Ser. 97-D	NR/NR	172,468
		Total U.S. Government Agency Securities (cost—$55,038,441)		55,400,666

SOVEREIGN DEBT OBLIGATIONS—1.6%
Brazil—1.1%
		Federal Republic of Brazil,
14,249		8.00%, 1/15/18	Ba2/BB	15,987,378
1,250		10.125%, 5/15/27	Ba2/BB	1,796,875
				17,784,253

Panama—0.4%
6,000		Republic of Panama, 9.375%, 7/23/12	Ba1/BB	7,014,000

Ukraine—0.1%
1,000		Republic of Ukraine, 7.65%, 6/11/13	B1/BB-	1,083,900
		Total Sovereign Debt Obligations (cost—$19,438,892)		25,882,153

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
MUNICIPAL BONDS (d)—1.6%
New Jersey—1.6%
		Tobacco Settlement Financing Corp. Rev., VRN,
$	7,571	7.417%, 6/1/32	NR/AA	$	8,667,887
5,000		8.167%, 6/1/24	NR/AA	5,747,000
8,334		8.667%, 6/1/32	NR/AA	10,671,020
		Total Municipal Bonds (cost—$19,470,737)		25,085,907

SENIOR LOANS (a)(b)(c)—1.5%
Entertainment—0.1%
993		MGM Studios, 8.614%, 4/8/12, Term B		1,002,425

Healthcare & Hospitals—0.7%
10,000		HCA, Inc., 8.086%, 11/14/13, Term B		10,130,830

Insurance—0.0%
500		Shackleton B Event Linked Loan, 13.371%, 8/1/08 (b)		507,500

Multi-Media—0.6%
10,000		Charter Communications Holdings LLC, 8.005%, 4/25/13, Term B		10,083,130

Utilities—0.1%
		AES Corp., Term B,
714		6.75%, 4/30/08		716,518
714		7.50%, 8/10/11		716,518
				1,433,036
		Total Senior Loans (cost—$22,925,072)		23,156,921

MORTGAGE-BACKED SECURITIES—0.8%
		GSMPS Mortgage Loan Trust, CMO (d),
4,313		7.50%, 12/21/26	NR/NR	4,450,244
210		7.50%, 6/19/32	NR/NR	219,141
7,008		7.50%, 6/25/43	NR/NR	7,129,088
413		MASTR Reperforming Loan Trust, 7.00%, 8/25/34, CMO (d)	Aaa/NR	427,500
176		Washington Mutual, Inc., 7.50%, 4/25/33, CMO	NR/AAA	182,035
		Total Mortgage-Backed Securities (cost—$12,710,876)		12,408,008

ASSET-BACKED SECURITIES—0.6%
8,300		Greenpoint Manufactured Housing, 8.30%, 10/15/26 (cost—$7,340,715)	Ca/NR	8,713,042

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*

SHORT-TERM INVESTMENTS—9.2%
Commercial Paper—2.5%
Financial Services—2.5%
$	38,900	Total Finance, 5.31%, 3/1/07 (cost—$38,900,000)	NR/NR	$	38,900,000

Corporate Notes—2.1%
Financial Services—0.1%
356		Beaver Valley II Funding, 8.625%, 6/1/07	Baa3/BBB-	358,065
900		HSBC Finance Corp., 7.875%, 3/1/07	NR/NR	900,000
500		Redwood Capital IX Ltd., 11.614%, 1/9/08, Ser. A, FRN (b)(d)(g)	Ba2/NR	505,075
				1,763,140

Insurance—0.0%
500		Shackleton Reinsurance Ltd., 13.36%, 2/7/08, FRN (b)(d)(g)	Ba3/BB	508,150

Multi-Media—1.8%
20,000		Comcast Cable Communications LLC, 8.375%, 5/1/07	Baa2/BBB+	20,091,540
7,250		Historic TW, Inc., 8.18%, 8/15/07	Baa2/BBB+	7,329,322
				27,420,862

Utilities—0.2%
2,950		Indianapolis Power & Light, 7.375%, 8/1/07	Baa1/BBB-	2,973,170
		Total Corporate Notes (cost—$32,742,359)		32,665,322

U.S. Treasury Bills (h)—1.4%
22,430		4.80-5.04%, 3/1/07-5/31/07 (cost—$22,382,498)		22,381,926

Sovereign Debt Obligations—0.0%
Ukraine—0.0%
93		Republic of Ukraine, 11.00%, 3/15/07 (cost—$93,495)	B1/NR	93,710

Repurchase Agreements—3.2%
46,000		Credit Suisse First Boston, dated 2/28/07, 5.18%, due 3/1/07, proceeds $46,006,619; collateralized by U.S. Treasury Note, 4.50%, due 9/30/11, valued at $47,093,627 including accrued interest		46,000,000
3,967		State Street Bank & Trust Co., dated 2/28/07, 4.90%, due 3/1/07, proceeds $3,967,540; collateralized by Federal Home Loan Bank, 4.125%, due 10/19/07, valued at $4,050,528 including accrued interest		3,967,000
		Total Repurchase Agreements (cost—$49,967,000)		49,967,000
		Total Short Term Investments (cost—$144,085,352)		144,007,958

Contracts/
Notional
Amount		Value*

OPTIONS PURCHASED (i)—0.1%
	Call Options—0.1%
110,200,000	9-Year Interest Rate Swap (OTC) Pay 3-Month USD LIBOR Floating Rate Index strike rate 4.66%, expires 2/21/08	$	939,187

	Put Options—0.0%
998	CME Index (OTC) strike price $92.75, expires 3/17/08	2
	Financial Future EuroII90 day (CME),
664	strike price $91, expires 6/18/07	2
1,740	strike price $91, expires 9/17/07	4
270	strike price $91.50, expires 9/17/07	1
2,515	strike price $91.75, expires 3/17/08	6
507	strike price $92, expires 3/17/08	1
18	strike price $92.50, expires 3/17/08	—
110,200,000	9-Year Interest Rate Swap (OTC) Pay 3-Month USD LIBOR Floating Rate Index strike rate 5.84%, expires 2/21/08	414,500
		414,516
	Total Options Purchased (cost—$1,277,342)	1,353,703
	Total Investments (cost—$1,461,649,278)—100.0%	$	1,569,766,591

Notes to Schedule 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, are 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 by using the last sale price on the exchange that is the primary market for such securities, or the last quoted mean 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 pursuant to procedures approved by the Board of Trustees. Such procedures 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. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily until settlement at the forward settlement value. Exchange traded options and futures are valued at the settlement price determined by the relevant exchange. 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. 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 (“NYSE”) on each day the NYSE is open for business.
*
(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)		When-issued or delayed-delivery security. To be settled/delivered after February 28, 2007.
(f)		Security in default.
(g)		Fair-valued security. Securities with an aggregate value of $7,415,015, representing 0.47% of net assets, have been fair valued.
(h)		All or partial amount segregated as collateral for futures contracts.
(i)		Non-income producing.

Glossary:
£ - British Pound
CME - Chicago Mercantile Exchange
CMO - Collateralized Mortgage Obligation
FRN - Floating Rate Note. The interest rate disclosed reflects the rate in effect on February 28, 2007.
LIBOR - London Inter-Bank Offered Rate
MBS - Mortgage-Backed Securities
NR - Not Rated
OTC - Over the Counter
UNIT - More than one class of securities traded together.
VRN - Variable Rate Note. Instruments whose interest rates change on a 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 February 28, 2007.

Other Investments:

(1) Future contracts outstanding at February 28, 2007:

				Market				Unrealized
				Value			Expiration	Appreciation
Type		Contracts		(000)			Date	(Depreciation)

Long:	Financial Future British Pound—90 day	180		$	41,621		3/20/08	$	60,820
	Financial Future Euro—90 day	3,085		734,616			3/17/08	1,357,785
	Financial Future Euro—90 day	2,396		570,787			6/16/08	2,336,887
	Financial Future Euro—90 day	212		50,514			9/15/08	114,325
	Financial Future Euro—90 day	2,520		600,453			12/15/08	95,638
	Financial Future Euro—90 day	2,291		545,802			3/16/09	(114,550		)
Short:	U.S. Treasury Notes 10 yr. Future	(103	)	(11,182		)	3/21/07	(226,921		)
	U.S. Treasury Notes 10 yr. Future	(1,045	)	(113,480		)	6/20/07	228,594
								$	3,852,578

(2) Transactions in options written for the three months ended February 28, 2007:

	Contracts		Premiums
Options outstanding, November 30, 2006	1,378,000,000		$	4,431,150
Options terminated in closing purchase transactions	(1,378,000,000	)	(4,431,150		)
Options outstanding, February 28, 2007	—		$	—

(3) Credit default swap contracts outstanding at February 28, 2007:

	Notional Amount			Payments		Unrealized
Swap Counterparty/	Payable on Default		Termination	Received (Paid)		Appreciation
Referenced Debt Issuer	(000)		Date	by Portfolio		(Depreciation)

ABN Amro Bank N.V.
Ford Motor Credit	$	2,000	6/20/07	3.10	%	$	28,998
Bank of America
Dow Jones CDX	23,500		12/20/11	0.40	%	17,236
Dow Jones CDX	24,500		12/20/16	(0.65	)%	1,079
Ford Motor Credit	10,000		3/20/12	2.55	%	708
Barclays Bank
Centex Corp.	5,000		3/20/12	(0.45	)%	10,337
BNP Paribas
Masco Corp.	3,100		3/20/17	(0.95	)%	(15,257		)
Credit Suisse First Boston
GMAC	10,000		3/20/07	2.40	%	58,947
Lennar Corp.	3,100		3/20/17	(0.95	)%	3,576
Deutsche Bank
Chesapeake Energy	400		3/20/14	1.32	%	—
Goldman Sachs
Andarko Petroleum	6,000		3/20/08	0.15	%	4,235
Centex	2,300		3/20/17	(0.85	)%	5,072
Chesapeake Energy	4,200		3/20/14	1.32	%	—
Dow Jones CDX	12,250		12/20/11	0.40	%	(5,545		)
Dow Jones CDX	7,000		12/20/16	(0.65	)%	5,122
Ford Motor Credit	1,000		6/20/07	3.00	%	13,993
Pulte Homes	2,300		3/20/17	(0.86	)%	20,640
Weyerhaeuser Co.	2,300		3/20/17	(1.02	)%	(41,084		)
JPMorgan Chase
GMAC	5,000		6/20/07	3.40	%	149,234
Lehman Brothers
Chesapeake Energy	6,800		3/20/14	1.16	%	(92,516		)
Federal Republic of Brazil	5,650		2/20/12	0.93	%	6,800
Federal Republic of Brazil	1,500		2/20/17	1.51	%	6,013
Ford Motor Credit	5,000		6/20/07	3.28	%	77,046

	Notional Amount			Payments		Unrealized
Swap Counterparty/	Payable on Default		Termination	Received (Paid)		Appreciation
Referenced Debt Issuer	(000)		Date	by Fund		(Depreciation)

Proctor & Gamble	$	10,000	9/20/08	0.07	%	$	6,500
Tool Brothers	2,300		3/20/17	(1.20	)%	(5,447		)
United Mexican States	11,000		1/20/17	0.67	%	(19,291		)
Merrill Lynch
Federation of Russia	10,000		7/20/07	0.40	%	12,628
Ford Motor Credit	3,000		6/20/07	3.45	%	48,807
Ford Motor Credit	5,000		6/20/07	2.80	%	64,908
Morgan Stanley
Federation of Russia	15,000		6/20/07	0.41	%	22,874
Federation of Russia	10,000		6/20/07	0.39	%	14,496
Ford Motor Credit	7,000		6/20/07	4.00	%	126,136
Ford Motor Credit	20,000		9/20/10	4.05	%	1,370,314
Ford Motor Credit	2,000		6/20/07	3.40	%	32,032
Ford Motor Credit	3,000		6/20/07	3.75	%	53,359
Whirlpool	2,300		3/20/17	(0.78	)%	58,779
Royal Bank of Scotland
Pulte Homes	7,000		3/20/12	(0.46	)%	39,234
UBS
Andarko Petroleum	12,000		9/20/07	0.15	%	5,060
Wachovia Securities
Ford Motor Credit	1,000		6/20/07	3.41	%	16,067
						$	2,101,090

(4) Interest rate swap agreements outstanding at February 28, 2007:

							Rate Type
	Notional						Payments	Payments	Unrealized
Swap	Amount					Termination	made by	received by	Appreciation
Counterparty	(000)					Date	the Fund	the Fund	(Depreciation)

Citigroup	AUD				6,000	1/15/10	6 Month Australian Bank Bill	6.50%	$	14,868
Deutsche Bank	AUD				16,500	1/15/10	6 Month Australian Bank Bill	6.50%	41,490
HSBC	£			12,900		12/12/35	4.00%	6 Month LIBOR	280,984
Lehman Brothers	$	1,700,000				12/18/24	5.77%	3 Month LIBOR	(115,279,739		)
Lehman Brothers	1,650,000					12/18/24	3 Month LIBOR	5.70%	89,800,563
Morgan Stanley	AUD		65,000			1/15/10	6 Month Australian Bank Bill	6.50%	162,069
Morgan Stanley	AUD			82,000		1/15/10	6 Month Australian Bank Bill	6.50%	228,432
Royal Bank of Canada	AUD			5,000		1/15/10	6 Month Australian Bank Bill	6.50%	14,634
Royal Bank of Scotland	$	740,200				2/25/17	4.66%	3 Month LIBOR	(2,406,184		)
Royal Bank of Scotland	740,200					2/25/17	3 Month LIBOR	5.84%	1,824,347
									$	(25,318,536	)

£ - British Pound
AUD - Australian Dollar
LIBOR - London Inter-Bank Offered Rate

The Portfolio received $14,750,000 par value in U.S. Treasury Bills as collateral for swap contracts.

(5) Forward foreign currency contracts outstanding at February 28, 2007:

					Unrealized
	U.S.$ Value		U.S.$ Value		Appreciation
	Origination Date		February 28, 2007		(Depreciation)
Purchased:
1,119,000 Canadian Dollar settling 4/5/07	$	956,353	$	955,363	$	(990	)
¥ 953,160,000 settling 5/15/07	7,920,690		8,123,888		203,198
Sold:
£ 9,474,000 settling 4/5/07	18,516,554		18,565,983		(49,429		)
					$	152,779

£ - British Pound
¥ - Japanese Yen

Item 2. 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 3.	Exhibits
	(a) Exhibit 99.302 Cert. – Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

SIGNATURES

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 & Chief Executive Officer

Date: April 13, 2007

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

Date: April 13, 2007

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 dated indicated.

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

Date: April 13, 2007

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

Date: April 13, 2007