NEW YORK, Oct. 17, 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 ended August 31, 2005.
California Municipal New York Municipal
Income II Income II
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At August 31, At August 31,
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2005 2004 2005 2004
---- ---- ---- -----
Net
Assets (a) $712,764,925 $682,438,206 $246,467,227 $235,067,851
Common
Shares
Outstanding 30,277,181 30,157,311 10,470,774 10,409,718
Net Assets
Value
("NAV") $14.95 $14.01 $14.94 $13.94
Market Price $15.45 $14.11 $15.50 $14.24
Premium to
NAV 3.34% 0.71% 3.75% 2.16%
(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
August 31, August 31,
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2005 2004 2005 2004
---- ---- ---- ----
Net Investment
Income $7,771,366 $7,986,769 $2,826,029 $2,846,312
Per Common Share $0.25 $0.26 $0.26 $0.27
Net Realized and
Change in
Unrealized Gain $11,200,924 $14,489,494 $3,556,403 $4,041,305
Per Common Share $0.37 $0.48 $0.34 $0.39
3 Month Average
Undistributed
(Overdistributed)
Net Investment
Income Per Common
Share (b) $0.0381 N/A $(0.0168) N/A
(b) Calculated using the month-end balances for the three months
ended August 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
earnings 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.
The Funds are closed-end management investment companies. 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.
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 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' transfer 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 the results 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 an investment decision, individuals should utilize other information sources and the advice of their own professional adviser.