PIMCO Corporate Opportunity Fund Reports Results for the Fiscal Quarter and Year Ended November 30, 2007


NEW YORK, Jan. 31, 2008 (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, 2007.


                                           At November 30,
                                      2007                2006
                                      ----                ----
 Net Assets (a)                  $1,511,896,328      $1,587,822,848
 Common Shares Outstanding           66,020,861          65,501,953
 Net Asset Value ("NAV")         $        14.34      $        15.62
 Market Price                    $        13.89      $        16.94
 Premium (Discount) to NAV                (3.14)%              8.45%

                                     Quarter ended November 30,
                                      2007                2006
                                      ----                ----
 Net Investment Income (b)         $22,831,719         $24,844,493
 Per Common Share (b)              $      0.35         $      0.39
 Net Realized and Change in
  Unrealized Gain (b)              $30,470,837         $29,300,845
 Per Common Share (b)              $      0.45         $      0.46
 Overdistributed Net Investment
   Income Per Common Share (e)     $   (0.1763)(c)     $   (0.1205)(d)

                                        Year ended November 30,
                                      2007                2006
                                      ----                ----
 Net Investment Income (b)         $ 98,610,220        $102,210,289
 Per Common Share (b)              $       1.50        $       1.57
 Net Realized and Change in
  Unrealized Gain (Loss) (b)       $(41,673,912)       $ 34,557,405
 Per Common Share (b)              $      (0.64)       $       0.54


 (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 (paid) 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 quarter and year ended November 30,
     2007 was $3,692,402 ($0.06 per common share) and $12,992,177
     ($0.20 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
     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 treated as net income (loss) in
     accordance with federal income tax treatment.
 (c) Calculated using the accumulated balance at November 30, 2007.
 (d) Calculated using the average year-to-date month-end balances
     for the three months ended November 30, 2006.
 (e) 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 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 current
     and projected net earning rates prior to recommending dividend
     amounts to the Fund's Board of Trustee 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 earned 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 any 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.



            

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