PIMCO Corporate & Income Opportunity Fund Reports Results for the Fiscal Quarter Ended February 29, 2012
04 May 2012 - 6:00AM
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 ended February 29, 2012.
At February 29, 2012 At February
28, 2011 Net Assets (a) $ 1,371,486,946 $ 1,453,052,899
Common Shares Outstanding 68,310,032 67,727,288 Net Asset Value
("NAV") $ 15.32 $ 16.66 Market Price $ 19.15 $ 20.40 Premium to NAV
25.00% 22.45%
Undistributed Net Investment Income Per
Common Share (c)
$ 0.2089 $ 0.1785 Quarter ended Quarter ended
February
29, 2012 February 28, 2011 Net Investment
Income (b) $ 28,871,765 $ 32,296,661 Per Common Share (b) $ 0.43 $
0.48 Net Realized and Change in Unrealized Gain (b) $ 115,611,632 $
62,318,380 Per Common Share (b) $ 1.70 $ 0.92
(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 ended February 29, 2012 was $2,571,010 ($0.04 per common
share) lower, 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. By using GAAP, Net
Investment Income for the fiscal quarter ended February 28, 2011,
was $2,585,278 ($0.04 per common share) lower, 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. 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 market price,
NAV, as well as other information, is available at
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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