NEW YORK, Feb. 4, 2009 (GLOBE 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 year ended November 30, 2008.
At November 30,
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2008 2007
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Net Assets (a) $1,131,926,556 $1,511,896,328
Common Shares Outstanding 66,423,064 66,020,861
Net Asset Value ("NAV") $8.54 $14.34
Market Price $7.55 $13.89
Discount to NAV (11.59)% (3.14)%
Quarter ended November 30,
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2008 2007
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Net Investment Income (b) $20,363,514 $22,831,719
Per Share (b) $0.31 $0.35
Net Realized and Change in Unrealized
Gain (Loss) (b) $(263,654,866) $30,470,837
Per Common Share (b) $(3.97) $0.45
Undistributed (Overdistributed) Net
Investment
Income Per Common Share (c) (d) $0.0484 $(0.1763)
Year ended November 30,
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2008 2007
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Net Investment Income (b) $92,772,169 $98,610,220
Per Share (b) $1.40 $1.50
Net Realized and Change in Unrealized
Loss (b) $(366,615,096) $(41,673,912)
Per Common Share (b) $(5.52) $(0.64)
(a) Net assets are inclusive of market value of Preferred Shares
of $565 million. The Fund redeemed $69 million of Preferred
Shares from December 15, 2008 through December 19, 2008.
(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
year ended November 30, 2008 was $(5,304,363) ($(0.08) per common
share) and $13,349,144 ($0.20 per common share), lower,
respectively (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 year ended November 30, 2007
was $3,692,402 ($0.06 per common share) and $12,992,177 ($0.20
per common share), lower, respectively (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 fiscal year-to-date "tax"
basis balance at November 30, 2008 and November 30, 2007,
respectively.
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. There can be no assurance that the Fund will meet its investment objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in its registration statement, by-laws and other governing documents, as well as the investment Company Act of 1940. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.