NEW YORK, Oct. 14, 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 nine months ended August 31, 2005.
At August 31, At August 31,
2005 2004
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Net Assets (a) $1,625,093,593 $1,641,137,131
Common Shares Outstanding 64,852,873 63,932,616
Net Asset Value ("NAV") $16.35 $16.83
Market Price $17.60 $17.16
Premium to NAV 7.65% 1.96%
(a) Net assets are inclusive of
$565 million Preferred shares
issuance.
Quarter ended Quarter ended
August 31, 2005 August 31, 2004
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Net Investment Income $24,239,437 (b) $26,946,936
Per Share $0.36 (b) $0.42
Net Realized and Change in
Unrealized Gain $17,246,608 (b) $41,908,153
Per Common Share $0.27 (b) $0.65
3 Month Average Undistributed
Net Investment Income Per
Common Share (c) 0.1336 NA
Nine Months Nine Months
ended ended
August 31, August 31,
2005 2004
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Net Investment Income $72,771,017 (b) $84,981,070
Per Share $1.12 (b) $1.33
Net Realized and Change in
Unrealized Gain $15,866,244 (b) $5,991,254
Per Share $0.24 (b) $0.09
(b) 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 fiscal quarter and nine
months ended August 31, 2005 was, respectively $5,679,126 ($0.09
per common share) and $22,608,194 ($0.35 per common share) lower
(and the Net Realized and Change in Unrealized Gain
correspondingly higher) than those figures would be if the swap
amounts were treated as net income (loss) in accordance with
federal income tax treatment.
(c) Calculated using the month-end balances for the three months
ended August 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. 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 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.