NEW YORK, Oct. 30, 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 nine months ended August 31, 2006.
At August 31,
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2006 2005
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Net Assets (a) $1,563,084,826 $1,625,093,593
Common Shares Outstanding 65,391,456 64,852,873
Net Asset Value ("NAV") $ 15.26 $ 16.35
Market Price $ 17.86 $ 17.60
Premium to NAV 17.04% 7.65%
Quarter Ended August 31,
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2006 2005
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Net Investment Income (b) $ 25,092,621 $ 24,239,437
Per Share (b) $ 0.37 $ 0.36
Net Realized and Change in Unrealized
Gain (b) $ 20,421,341 $ 17,246,608
Per Common Share (b) $ 0.31 $ 0.27
3 Month Average Undistributed
(Overdistributed)Net Investment
Income Per Common Share (c) $ (0.0723) $ 0.1336
Nine Months Ended August 31,
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2006 2005
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Net Investment Income (b) $ 77,365,796 $ 72,771,017
Per Share (b) $ 1.18 $ 1.12
Net Realized and Change in Unrealized
Gain (b) $ 5,256,560 $ 15,866,244
Per Share (b) $ 0.08 $ 0.24
(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 and nine months ended
August 31, 2006 was $13,959,633 ($0.21 per common share) and
$23,423,719 ($0.36 per common share) lower, respectively (and 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.
By using GAAP, Net Investment Income for the fiscal quarter and
nine months ended August 31, 2005 was $5,679,126 ($0.09 per common
share) and $22,608,194 ($0.35 per common share) lower, respectively
(and 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, 2006, and August 31, 2005, respectively. 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 (overdistributed) 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 (overdistributed) 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 http://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.