NEW YORK, May 8, 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 ended February 28, 2006.
At February 28, 2006 At February 28, 2005
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Net Assets (a) $1,591,011,456 $1,637,312,951
Common Shares Outstanding 65,146,263 64,590,627
Net Asset Value ("NAV") $15.75 $16.60
Market Price $17.41 $16.92
Premium to NAV 10.54% 1.93%
Quarter ended Quarter ended
February 28, 2006 February 28, 2005
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Net Investment Income $25,317,842(b) $31,153,674
Per Share $0.39(b) $0.48
Net Realized and Change in
Unrealized Gain $21,638,763(b) $11,577,69
Per Common Share $0.33(b) $0.18
3 Month Average
Undistributed Net
Investment Income
Per Common Share (c) 0.0049 N/A
(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 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 28, 2006
was $4,545,324 (0.07 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 February 28, 2006. 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.