NEW YORK, Oct. 2, 2006 (PRIMEZONE) -- The Board of Trustees of PIMCO Corporate Opportunity Fund (NYSE:PTY) (the "Fund") announced today that they have declared a dividend of $0.115 (formerly $0.1375) per common share.
The dividend will be payable on November 1, 2006 to shareholders of record on October 12, 2006, with an ex-dividend date of October 10, 2006.
The Board of Trustees determined to reduce the monthly dividend payment in recognition of the significant increase in borrowing costs related to the Fund's preferred shares, combined with the current environment of relatively low yields for corporate bonds.
The Fund's investment manager also announced that a conference call with Mark Kiesel and Craig Dawson will be held on October 10, 2006, at 4:15 pm ET. Mr. Kiesel is an Executive Vice President at Pacific Investment Management Company ("PIMCO") and the Portfolio manager for the Fund. Mr. Dawson is an Executive Vice President at PIMCO and Product manager for the Fund. During the conference call, Mr. Kiesel and Mr. Dawson intend to provide an investment update on the Fund and will discuss the current market environment and PIMCO's outlook for corporate bonds.
The dial-in number for the call is (888) 515-1794, and the pass code is 9504394. The call will be available for replay for 4 weeks. The replay number is (888) 203-1112 and the replay pass code is 9504394.
The Fund is a closed-end management investment company. The investment objective of the Fund is to seek maximum total return through a combination of current income and capital appreciation. There can be no assurance that the Fund will achieve its stated objectives.
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, the latest available net asset value per share as well as other information is available by calling the Fund's shareholder servicing agent at 1-800-331-1710. In addition, this information plus updated portfolio statistics and performance is available at http://www.allianzinvestors.com/closedendfunds.
Statements made in this release that look forward in time involve risks and uncertainties and are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other investment companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.