PIMCO Corporate & Income Opportunity Fund Reports Results for the Fiscal Quarter and Year Ended November 30, 2011
February 02 2012 - 3:00PM
Business Wire
PIMCO Corporate & Income Opportunity Fund (the "Fund")
(NYSE: PTY), a diversified 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,
2011.
At November 30, 2011
2010 Net Assets (a) $1,292,195,158 $1,423,919,645
Common Shares Outstanding 68,000,979 67,445,348 Net Asset Value
("NAV") $14.22 $16.29 Market Price $16.78 $17.30 Premium to NAV
18.00% 6.20% Undistributed Net Investment Income Per Common
Share (c) $0.6542 $0.6584
Quarter ended November
30, 2011 2010 Net Investment
Income (b) $29,853,212 $32,416,807 Per Common Share (b) $0.45 $0.48
Net Realized and Change in Unrealized Gain (Loss) (b) $(70,615,651)
$32,560,071 Per Common Share (b) $(1.05) $0.48
Year ended November 30, 2011
2010 Net Investment Income (b) $127,201,763
$121,332,731 Per Common Share (b) $1.88 $1.80 Net Realized and
Change in Unrealized Gain (Loss) (b) $(127,839,217) $190,076,264
Per Common Share (b) $(1.87) $2.83
(a) Net assets are inclusive of Preferred Shares of $325
million.
(b) The information provided is in accordance with generally
accepted accounting principles ("GAAP"), which requires the Fund to
treat amounts accrued by the Fund under swap agreements as net
realized and unrealized gain (loss). However, these amounts are
treated as net investment income (loss) for federal income tax
purposes. By using GAAP, Net Investment Income for the fiscal
quarter and year ended November 30, 2011 was $2,757,257 ($0.04 per
common share) and $10,635,729 ($0.16 per common share) lower,
respectively, and Net Realized and Change in Unrealized Loss
correspondingly lower than those figures would have been if swap
amounts were treated as net investment income. By using GAAP, Net
Investment Income for the fiscal quarter and year ended November
30, 2010 was $1,337,441 ($0.02 per common share) and $4,995,658
($0.07 per common share) lower, respectively, and Net Realized and
Change in Unrealized Gain correspondingly higher than those figures
would have been if swap amounts were treated as net investment
income.
(c) Since the Fund’s net earning rates fluctuate from month to
month, there will be periods when the Fund may over-earn or
under-earn its monthly dividend rate. This fluctuation will have
the effect of adding to or subtracting from the Fund's
undistributed 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 Trustees for
declaration. There can be no assurance that the monthly dividend
rate will remain at its current level or that the undistributed net
investment income balance will be sufficient to cover any shortfall
in earnings to meet the current dividend rate. The undistributed
net investment income balance is inclusive of swap income (or
loss), paydown gains and net gain (or loss) from foreign currency
transactions in accordance with federal income tax treatment of
these items.
Allianz Global Investors Fund Management LLC ("AGIFM"), an
indirect, wholly-owned subsidiary of Allianz Asset Management of
America L.P. (formerly Allianz Global Investors of America L.P.),
serves as the Fund's investment manager and is a member of
Munich-based Allianz Group. Pacific Investment Management Company
LLC, an AGIFM 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) 254-5197.
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. There can
be no assurance that the Fund will meet its stated objective. The
Fund's ability to pay dividends to common shareholders is subject
to the restrictions in its registration statement, by-laws and
other governing documents, as well as the Investment Company Act of
1940. In making any investment decision, individuals should utilize
other information sources and the advice of their own professional
adviser.
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