NEW YORK, April 30, 2009 (GLOBE NEWSWIRE) -- PIMCO California Municipal Income Fund II (NYSE:PCK) and PIMCO New York Municipal Income Fund II (NYSE:PNI) (the "Funds") today announced their results for the fiscal quarter and nine months ended February 28, 2009. The investment objective of each fund is to provide current income exempt from federal income tax. California Municipal Income Fund II also seeks to provide current income exempt from California state income taxes. New York Municipal Income Fund II also seeks to provide current income exempt from New York state and city income taxes.
California Municipal Income II
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February 28, 2009 February 29, 2008
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Net Assets (a) $381,401,040 $623,630,278
Common Shares Outstanding 30,885,751 30,677,287
Net Asset Value ("NAV") $7.07 $11.85
Market Price $7.99 $13.55
Premium to NAV 13.01% 14.35%
New York Municipal Income II
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February 28, 2009 February 29, 2008
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Net Assets (a) $172,064,914 $222,710,562
Common Shares Outstanding 10,663,728 10,597,053
Net Asset Value ("NAV") $8.73 $12.52
Market Price $9.69 $13.39
Premium to NAV 11.00% 6.95%
California Municipal Income II
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Quarter Ended
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February 28, 2009 February 29, 2008
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Net Investment Income $4,638,597 $8,326,320
Per Common Share $0.15 $0.27
Net Realized and Change
in Unrealized Loss $(8,247,976) $(60,560,851)
Per Common Share $(0.27) $(1.98)
Overdistributed Net
Investment Income
Per Common Share (c) (d) $(0.1450) $(0.0390)
New York Municipal Income II
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Quarter Ended
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February 28, 2009 February 29, 2008
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Net Investment Income $2,573,925 (b) $2,954,924
Per Common Share $0.24 (b) $0.28
Net Realized and Change
in Unrealized Loss $(2,206,120)(b) $(15,788,518)
Per Common Share $(0.20)(b) $(1.49)
Overdistributed Net
Investment Income
Per Common Share (c) (d) $(0.0221) $(0.0091)
California Municipal Income II
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Nine Months Ended
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February 28, 2009 February 29, 2008
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Net Investment Income $20,299,150 $24,540,333
Per Common Share $0.66 $0.80
Net Realized and Change
in Unrealized Loss $(188,538,239) $(91,990,570)
Per Common Share $(6.13) $(3.00)
New York Municipal Income II
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Nine Months Ended
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February 28, 2009 February 29, 2008
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Net Investment Income $7,962,587 (b) $8,514,973
Per Common Share $0.75 (b) $0.80
Net Realized and Change
in Unrealized Loss $(52,334,688)(b) $(23,866,571)
Per Common Share $(4.91)(b) $(2.25)
(a) California Municipal Income II net assets are inclusive of market
value of Preferred Shares of $163 million and $260 million at
February 28, 2009 and February 29, 2008, respectively. New York
Municipal Income II net assets are inclusive of market value of
Preferred Shares of $79 million and $90 million at February 28, 2009
and February 29, 2008, respectively.
(b) The information provided is in accordance with generally accepted
accounting principles ("GAAP"), which requires New York Municipal
Income II to treat amounts accrued under swap agreements as net
realized 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
February 28, 2009 was $5,573 ($0.0005 per common share) higher (and
Net Realized and Change in Unrealized Loss correspondingly higher)
than those figures would have been if swap amounts were treated as
net income in accordance with federal income tax treatment.
(c) Note that generally there is a close correlation between what the
Funds earn (net of expenses) and what they pay 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 Funds may over-earn or under-earn their monthly
dividends, which would have the effect of adding to or subtracting
from the Funds' undistributed (overdistributed) net investment income
balances. The Funds' management analyzes current and projected net
earning rates prior to recommending dividend amounts to the Board of
Trustees for declaration. There can be no assurance that the current
dividend rates or the undistributed (overdistributed) net investment
income balances will remain constant.
(d) Calculated using the accumulated balance at February 28, 2009 and
February 29, 2008, respectively.
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, net asset values per share, as well as other information, is available at http://www.allianzinvestors.com/closedendfunds or by calling the Funds' 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 Funds will fluctuate. There can be no assurance that the Funds will meet their investment objectives. 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. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.