NEW YORK, Feb. 3, 2006 (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 year ended November 30, 2005.
At November 30, 2005 At November 30, 2004
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Net Assets (a) $1,578,189,113 $1,658,218,923
Common Shares Outstanding 64,994,148 64,122,189
Net Asset Value ("NAV") $15.59 $17.05
Market Price $17.20 $17.01
Premium (Discount) to NAV 10.33% (0.23)%
Quarter ended Quarter ended
November 30, 2005 November 30, 2004
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Net Investment Income $24,738,465 (b) $26,258,935
Per Share $0.38 (b) $0.39
Net Realized and Change
in Unrealized Gain (Loss) $(42,163,974)(b) $16,699,564
Per Common Share $(0.64)(b) $0.29
3 Month Average Undistributed
Net Investment Income
Per Common Share (c) 0.0740 N/A
Year ended Year ended
November 30, 2005 November 30, 2004
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Net Investment Income $97,509,482 (b) $111,240,005
Per Share $1.50 (b) $1.72
Net Realized and Change in
Unrealized Gain (Loss) $(26,297,730)(b) $22,690,818
Per Share ($0.40)(b) $0.38
(a) Net assets are inclusive of $565 million Preferred shares issuance.
(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 year ended November 30, 2005, was, respectively $2,729,256 ($0.04 per common share) and $25,337,450 ($0.39 per common share) lower (and the Net Realized and Change in Unrealized Gain (Loss) correspondingly lower) 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 November 30, 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 investment advisor.
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 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.