NEW YORK, Aug. 1, 2007 (PRIME NEWSWIRE) -- 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, 2007.
At May 31, 2007 At May 31, 2006
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Net Assets (a) $1,550,488,516 $1,549,709,346
Common Shares Outstanding 65,799,064 65,271,643
Net Asset Value ("NAV") $14.98 $15.09
Market Price $16.37 $17.06
Premium to NAV 9.28% 13.06%
Quarter ended Quarter ended
May 31, 2007 May 31, 2006
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Net Investment Income (b) $24,879,791 $26,955,333
Per Share (b) $0.38 $0.42
Net Realized and Change in
Unrealized Loss (b) $(19,620,094) $(36,803,544)
Per Common Share (b) $(0.29) $(0.56)
3 Month Average Overdistributed Net
Investment Income Per Common Share (c) $(0.0590) $(0.0192)
Six Months ended Six Months ended
May 31, 2007 May 31, 2006
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Net Investment Income (b) $50,133,696 $52,273,175
Per Share (b) $0.76 $0.81
Net Realized and Change in
Unrealized Loss (b) $(12,137,031) $(15,164,781)
Per Common Share (b) $(0.18) $(0.23)
(a) Net assets are inclusive of market value of Preferred Shares of
$565 million.
(b) The information provided is in accordance with generally accepted
accounting principles ("GAAP"), which requires the Fund to treat
amounts received (paid) 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 fiscal quarter and six months ended May
31, 2007 was $3,434,129 ($0.05 per common share) and $5,311,468
($0.08 per common share) lower (and Net Realized and Change in
Unrealized Loss correspondingly lower) than those figures would
have been if swap amounts were treated as net income (loss) in
accordance with federal income tax treatment. By using GAAP, Net
Investment Income for the fiscal quarter and six months ended May
31, 2006 was $4,918,762 ($0.08 per common share) and $9,464,086
($0.15 per common share) lower (and Net Realized and Change in
Unrealized Loss correspondingly lower) than those figures would
have been if swap amounts were treated as net income (loss) in
accordance with federal income tax treatment.
(c) Calculated using the estimated accumulated (fiscal year-to-date)
month-end tax-basis balances for the three months ended May 31,
2007 and May 31, 2006, respectively. 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 (overdistributed) 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 (overdistributed) net investment income balance
will remain constant. Inclusive of amounts received under swap
agreements, in accordance with federal income tax treatment.
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 investment adviser.
The Fund's daily New York Stock Exchange closing price, net asset value per share, as well as other information, is available at http://www.allianzinvestors.com/closedendfunds or by calling the Fund's shareholder servicing agent at (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.