NEW YORK, Feb. 2, 2009 (GLOBE NEWSWIRE) -- PIMCO Municipal Income Fund II (the "Fund") (NYSE:PML), a closed-end management investment company which seeks to provide current income exempt from federal income tax, today announced its results for the fiscal quarter and six months ended November 30, 2008.
At November 30,
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2008 2007
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Net Assets (a) $ 997,401,730 $ 1,352,696,742
Common Shares Outstanding 59,311,427 59,029,006
Net Asset Value ("NAV") $ 8.30 $ 14.36
Market Price $ 8.00 $ 13.73
Discount to NAV (3.61)% (4.39)%
Quarter ended November 30,
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2008 2007
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Net Investment Income $ 15,363,946 $ 15,849,700
Per Common Share $ 0.26 $ 0.26
Net Realized and Change
in Unrealized Gain
(Loss) $ (282,963,550) $ 3,807,559
Per Common Share $ (4.78) $ 0.07
Undistributed Net
Investment Income Per
Common Share (b) (c) $ 0.0421 $ 0.0023
Six Months ended November 30,
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2008 2007
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Net Investment Income $ 32,622,522 $ 32,090,836
Per Common Share $ 0.55 $ 0.54
Net Realized and Change
in Unrealized Loss $ (329,765,264) $ (40,770,125)
Per Common Share $ (5.57) $ (0.69)
(a) Net assets are inclusive of market value of Preferred Shares of
$505 million. The Fund redeemed $138 million of its Preferred
Shares from January 5, 2009 through January 9, 2009.
(b) 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 net investment income
balance. Fund management analyzes the Fund's 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 current dividend rate or the
undistributed net investment income balance will remain constant.
(c) Calculated using the accumulated fiscal year-to-date balance at
November 30, 2008 and November 30, 2007, respectively.
Top 5 State Positions at November 30, 2008
(as a percentage of investments)
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Illinois 19.5 %
Texas 9.1
Arizona 6.6
Massachusetts 6.4
Pennsylvania 5.3
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. There can be no assurance the Fund will meet its investment 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.