NEW YORK, July 26, 2005 (PRIMEZONE) -- PIMCO Corporate Opportunity Fund (the "Fund") (NYSE:PTY), a closed-end management investment company which seeks maximum total return through a combination of current income and capital appreciation, today announced its results for the fiscal quarter and six months ended May 31, 2005.
At May 31, 2005 At May 31, 2004
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Net Assets (A) $1,612,811,651 $1,598,594,028
Shares Outstanding 64,705,169 63,796,079
Net Asset Value ("NAV") $16.19 $16.20
Market Price $16.78 $15.89
Premium (Discount) to NAV 3.64% (1.91)%
(A) Net assets are inclusive of $565 million Preferred shares issuance.
Quarter ended
May 31, 2005 May 31, 2004
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Net Investment Income $17,377,906(a) $27,109,194
Per Share $0.28(a) $0.43
Net Realized and Unrealized Loss $(12,958,060)(a) $(66,866,622)
Per Common Share $(0.21)(a) $(1.05)
3 Month Average Undistributed
Net Investment Income
Per Common Share (b) $0.095 NA
Six Months ended
May 31, 2005 May 31, 2004
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Net Investment Income $48,531,580(a) $58,034,134
Per Share $0.76(a) $0.91
Net Realized and Unrealized Loss $(1,380,364)(a) $(35,916,899)
Per Share $(0.03)(a) $(0.56)
(a) The information provided is in accordance with generally
accepted accounting principles ("GAAP"), which requires the Fund
to treat amounts received by the Fund under swap agreements as
net realized gain (loss). However, these amounts are treated as
net income (loss) for federal income tax purposes. By using GAAP,
Net Investment Income for the three and six months ended May 31,
2005 was, respectively $9,604,926 ($0.15 per common share) and
$16,929,068 ($0.26 per common share) lower (and the Net Realized
and Unrealized Loss correspondingly higher) than those figures
would be if the swap amounts were treated as net income (loss) in
accordance with federal income tax treatment.
(b) Calculated using the month-end balances for the three months
ended May 31, 2005. Please note that generally there is a close
correlation between what the Fund earns (net of expenses) and
what it pays in monthly dividends. However, since net earning
rates fluctuate from month to month while monthly dividends have
remained relatively stable, there will be periods when the Fund
may modestly over-earn or under-earn its monthly dividend which
would have the effect of adding to or subtracting from the Fund's
undistributed net Investment income balance. Fund management
analyzes the Fund's current and projected net earning rates prior
to recommending dividend amounts to the Fund's Board of Trustees
for declaration. There can be no assurance that the current
dividend rate or the undistributed net investment income balance
will remain constant.
Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P.,serves as the Fund's investment manager and is a member of Munich-based Allianz Group (NYSE:AZ). Pacific Investment Management Company LLC, an Allianz Global Investors Fund Management affiliate, serves as the Fund's sub-adviser.
The Fund's daily New York Stock Exchange closing price, net asset value per share as well as other information is available at www.allianzinvestors.com/closedEndFunds or by calling the Fund's transfer agent at 1-800-331-1710.
The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that future results will be the same or similar to what is reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.