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
nine months ended August 31, 2013.
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At August 31,
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2013
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2012
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Net Assets (a)
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$1,439,787,734
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$1,462,400,270
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Common Shares Outstanding
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69,065,992
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68,471,200
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Net Asset Value ("NAV")
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$16.14
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$16.61
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Market Price
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$17.17
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$20.09
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Premium to NAV
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6.38%
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20.95%
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Undistributed Net Investment
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Income Per Common Share (c)
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$0.0780
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$0.5339
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Quarter ended August 31,
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2013
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2012
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Net Investment Income (b)
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$23,695,496
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$27,012,548
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Per Common Share (b)
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$0.34
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$0.40
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Net Realized and Change in Unrealized Gain (Loss) (b)
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$(67,001,903)
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$89,669,496
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Per Common Share (b)
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$(0.97)
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$1.30
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Nine Months ended August 31,
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2013
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2012
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Net Investment Income (b)
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$73,142,361
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$85,998,430
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Per Common Share (b)
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$1.06
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$1.26
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Net Realized and Change in Unrealized Gain (Loss) (b)
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$(22,400,665)
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$198,119,196
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Per Common Share (b)
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$(0.31)
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$2.91
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(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 income (loss) for
federal income tax purposes. By using GAAP, Net Investment Income for
the fiscal quarter and nine months ended August 31, 2013 was $7,843,004
($0.11 per common share) and $18,057,707 ($0.26 per common share) lower,
respectively, and Net Realized and Change in Unrealized Loss
correspondingly lower than those figures would have been if swaps
amounts were treated as net investment income. By using GAAP, Net
Investment Income for the fiscal quarter and nine months ended August
31, 2012 was $2,394,105 ($0.04 per common share) and $7,320,628 ($0.11
per common share) lower, and Net Realized and Change in Unrealized Gain
correspondingly higher than those figures would have been if swaps
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 us.allianzgi.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.
Copyright Business Wire 2013