NEW YORK, May 12, 2008 (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 ended February 29, 2008.
At Feb. 29, At Feb. 28,
2008 2007
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Net Assets (a) $1,491,221,363 $1,578,464,313
Common Shares Outstanding 66,056,188 65,696,762
Net Asset Value ("NAV") $14.02 $15.43
Market Price $14.50 $16.71
Premium to NAV 3.42% 8.30%
Quarter ended Quarter ended
Feb. 29, 2008 Feb. 28, 2007
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Net Investment Income (b) $24,978,657 $25,253,905
Per Share (b) $0.38 $0.38
Net Realized and Change in
Unrealized Gain (Loss) (b) $(16,279,924) $7,483,063
Per Common Share (b) $(0.25) $0.11
Undistributed (Overdistributed)
Net Investment Income Per
Common Share (c) $0.0146 (d) $(0.0219)(e)
(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 ended February 29, 2008
was $6,435,756 ($0.10 per common share), lower (and Net Realized
and Change in Unrealized Gain (Loss) correspondingly higher
(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 ended February 28, 2007 was $1,877,339 ($0.03 per
common share) lower (and Net Realized and Change in Unrealized
Gain (Loss) correspondingly higher (lower)) than those figures
would have been if swap amounts were treated as net income (loss)
in accordance with federal income tax treatment.
(c) 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 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 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) income balance will remain
constant. Inclusive of amounts earned under swap agreements, in
accordance with federal income tax treatment.
(d) Calculated using the accumulated balance at February 29, 2008.
(e) Calculated using the average fiscal year-to-date month-end
balances for the three months ended February 28, 2007.
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 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 any 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.