NEW YORK, Feb. 1, 2006 (PRIMEZONE) -- The Boards of Trustees of PIMCO Municipal Income Fund II (NYSE: PML), PIMCO California Municipal Income Fund II (NYSE: PCK) and PIMCO New York Municipal Income Fund II (NYSE: PNI), (collectively, the "Funds") announced today that they have declared the following dividends on the Funds' common shares:
PIMCO Municipal Income Fund II $0.07 per common share (previously
$0.084375 cent/share)
PIMCO California Municipal Income
Fund II $0.07 per common share (previously
$0.08125 cents/share)
PIMCO New York Municipal Income
Fund II $0.06625 per common share
(previously $0.08125 cents/share)
The above mentioned dividends will be payable on March 1, 2006 to shareholders of record on February 10, 2006, with an ex-dividend date of February 8, 2006.
The Boards of Trustees determined to reduce the monthly dividend payments in recognition of the significant increase in borrowing costs related to the Funds' preferred shares.
The Funds' investment manager also announced that a conference call with portfolio manager Mark McCray will be held on Monday, February 6, 2006 at 4:15 p.m. ET. During the conference call, Mr. McCray intends to provide an investment update on the Funds and will discuss the current market environment and PIMCO's outlook for municipal closed-end funds.
The dial-in number for this call is (888) 515-1794 and the pass code is 4956921. The call will be available for replay for 4 weeks. The replay number is (888) 203-1112 and the replay pass code is 4956921.
At January 31, 2006, the Funds' net assets (see note) were approximately:
PIMCO Municipal Income Fund II $1.4 bil. PIMCO California Municipal Income Fund II $703.0 mil. PIMCO New York Municipal Income Fund II $242.3 mil. (Note) Net assets are inclusive of Preferred Shares of $ 505 million, $260 million and $90 million for the Municipal Income II, California Municipal Income II and New York Municipal Income II funds, respectively.
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 income exempt from New York state and city income taxes. There can be no assurance that the Funds will achieve their stated objectives.
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 and net asset values per share are available at www.allianzinvestors.com or by calling the Funds' transfer agent at 1-800-331-1710. Additional information, including updated portfolio statistics and performance, are available at the website.
Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Funds' performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.