NEW YORK, Dec. 5, 2008 (GLOBE NEWSWIRE) -- PIMCO Corporate Income Fund (NYSE:PCN) and PIMCO Corporate Opportunity Fund (NYSE:PTY) (each a "Fund" and collectively the "Funds") announced today that they have declared the following dividends on the Funds' common shares:
PIMCO Corporate Income Fund $0.10625 per common share PIMCO Corporate Opportunity Fund $0.1150 per common share
The dividends will be payable on December 31, 2008 to shareholders of record on December 15, 2008, with an ex-dividend date of December 11, 2008.
At November 28, 2008, the Funds' net assets (a) were approximately:
(in millions)
PIMCO Corporate Income Fund $603.8
PIMCO Corporate Opportunity Fund $1,132.4.0
(a) Net assets are inclusive of the full liquidation preference of outstanding auction rate preferred shares ("ARPS") of $300 million and $565 million for PCN and PTY, respectively. These amounts do not reflect the partial redemption of ARPS of PCN totaling $30 million and of PTY totaling $69 million scheduled to commence on December 15, 2008 and conclude on December 19, 2008, pro rata across each Fund's five Series of ARPS.
PCN's investment objective is to seek high current income with a secondary objective of capital preservation and appreciation. PTY's investment objective is to seek maximum total return through a combination of current income and capital appreciation. There can be no assurance that the Funds will achieve their stated objectives.
Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Funds' 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 Funds' sub-adviser.
The Funds' daily New York Stock Exchange closing prices and net asset values per share are available by calling the Funds' shareholder servicing agent at (800) 331-1710. This information, as well as updated portfolio statistics and performance, is available at http://www.allianzinvestors.com.
Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from further declines in the securities markets and in the Funds' performance, a general downturn in the economy, inability to obtain leverage to replace ARPS that have been or will be redeemed, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement their operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. The Funds' ability to pay dividends to common shareholders is subject to the restrictions in their registration statements, By-laws and other governing documents as well as the Investment Company Act of 1940.