NEW YORK, June 7, 2005 (PRIMEZONE) -- Nicholas-Applegate Convertible & Income Fund II (the "Fund") (NYSE:NCZ), a closed-end management investment company which seeks to provide total return through a combination of capital appreciation and high current income, today announced its results for the fiscal quarter and nine months ended March 31, 2005.
At March 31, 2005 At March 31, 2004
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Net Assets(a) $1,346,440,438 $1,374,584,338
Common Shares Outstanding 56,949,481 56,256,981
Net Asset Value ("NAV") $14.78 $15.46
Market Price $14.09 $15.58
Premium (Discount) to NAV (4.67)% 0.78%
(a) Net assets are inclusive of $505 million
Preferred shares issuance.
Quarter ended Quarter ended
March 31, 2005 March 31, 2004
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Net Investment Income $20,050,556 $20,883,681
Per Common Share $0.35 $0.37
Net Realized and Unrealized Loss $(45,395,168) $(1,486,122)
Per Common Share $(0.80) $(0.02)
3 Month Average Undistributed
Net Investment Income Per
Common Share(b) $0.0307 N/A
(b) Calculated using the month-end balances for the three months
ended March 31, 2005. (excluding market premium which is treated
as a reduction of income for book purposes only). Please 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 modestly 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.
Nine months ended
March 31, 2005
Net Investment Income $60,924,438
Per Common Share $1.07
Net Realized and Unrealized Loss $(7,343,688)
Per Common Share $(0.13)
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). Nicholas-Applegate Capital Management 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 www.allianzinvestors.com/closed-endfunds/ or by calling the Fund's transfer agent at 1-800-331-1710.
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. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.