NEW YORK, Feb. 13, 2007 (PRIME 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, 2006.
At November 30,
2006 2005
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Net Assets (a) $1,587,822,848 $1,578,189,113
Common Shares Outstanding 65,501,953 64,994,148
Net Asset Value ("NAV") $15.62 $15.59
Market Price $16.94 $17.20
Premium to NAV 8.45% 10.33%
Quarter Ended November 30,
2006 2005
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Net Investment Income (b) $24,844,493 $24,738,465
Per Share (b) $0.39 $0.38
Net Realized and Change
in Unrealized Gain (Loss) (b) $29,300,845 $(42,163,974)
Per Common Share (b) $0.46 $(0.64)
3 Month Average Undistributed
(Overdistributed) Net
Investment Income Per Common
Share (c) $(0.1205) $0.0740
Year Ended November 30,
2006 2005
---- ----
Net Investment Income (b) $102,210,289 $97,509,482
Per Share (b) $1.57 $1.50
Net Realized and Change in
Unrealized Gain (Loss) (b) $34,557,405 $(26,297,730)
Per Share (b) $0.54 $(0.40)
(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 year ended November 30, 2006 was
$1,015,951 ($0.01 per common share) and $24,439,670 ($0.37
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. By using GAAP, Net Investment Income
for the fiscal quarter and year ended November 30, 2005 was
$2,729,256 ($0.04 per common share) and $25,337,450 ($0.39
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) Calculated using the accumulated month-end balances for the
three months ended November 30, 2006, and November 30, 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.