NEW YORK, July 29, 2005 (PRIMEZONE) -- 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 year ended May 31, 2005.
California Municipal New York Municipal
Income II Income II
At May 31, At May 31, At May 31, At May 31,
----------- ---------- ---------- ----------
2005 2004 2005 2004
----- ----- ---- ----
Net
Assets (a) $701,595,778 $667,659,156 $242,812,134 $230,957,633
Common
Shares
Outstanding 30,224,783 30,132,862 10,451,534 10,409,718
Net Assets
Value
("NAV") $14.61 $13.53 $14.62 $13.54
Market Price $14.76 $13.27 $14.80 $13.05
Premium
(Discount)
to NAV 1.03% (1.92)% 1.23% (3.62)%
(a) Net assets are inclusive of Preferred Shares issuance of $260
million and $90 million for California Municipal Income II and
New York Municipal Income II, respectively.
Quarter ended Quarter ended Quarter ended Quarter ended
May 31, 2005 May 31, 2004 May 31, 2005 May 31, 2004
------------- ------------ ------------- ------------
Net
Investment
Income $ 7,772,146 $ 8,471,012 $ 2,711,104 $ 2,846,888
Per Common
Share $ 0.26 $ 0.28 $ 0.26 $ 0.27
Net Realized
and
Unrealized
Gain (Loss) $ 933,860 $ (29,225,711) $ 186,082)$(11,922,365)
Per Common
Share $ 0.03 $ (0.98) $ (0.01) $ (1.15)
3 Month
Average
Undistributed
Net
Investment
Income
Per
Common
Share (b) $ 0.0670 N/A $ 0.0065 N/A
(b) Calculated using the month-end balances for the three months
ended May 31, 2005. Please 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 modestly over-earn or under-earn their monthly dividend which
would have the effect of adding to or subtracting from the Funds'
undistributed 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 net investment income balances will
remain constant.
Year ended Year ended Year ended Year ended
May 31, 2005 May 31, 2004 May 31, 2005 May 31, 2004
------------- ------------ ------------- ------------
Net
Investment
Income $ 31,511,574 $ 33,940,350 $ 11,114,342 $ 11,106,041
Per Common
Share $ 1.05 $ 1.13 $ 1.07 $ 1.06
Net Realized
and
Unrealized
Gain (Loss) $ 34,211,344 $ (37,800,567) $ 11,660,089 $(10,105,324)
Per Common
Share $ 1.13 $ (1.26) $ 1.12 $ (0.97)
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 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 www.allianzinvestors.com/closedendfunds/ or by calling the Funds' 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 Funds' will fluctuate. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.