NEW YORK, July 26, 2006 (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, 2006. 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.
California Municipal New York Municipal
Income II Income II
-------------------- ------------------
At May 31, At May 31,
----------- -----------
2006 2005 2006 2005
---- ---- ---- ----
Net
Assets(a) $703,378,868 $701,595,778 $244,088,210 $242,812,134
Common
Shares Out-
standing 30,411,879 30,224,783 10,513,038 10,451,534
Net Asset
Value
("NAV") $14.58 $14.61 $14.66 $14.62
Market Price $14.62 $14.76 $14.14 $14.80
Premium
(Discount)
to NAV 0.27% 1.03% (3.55)% 1.23%
Quarter ended May 31, Quarter ended May 31,
--------------------- ---------------------
2006 2005 2006 2005
---- ---- ---- ----
Net
Investment
Income $8,207,352 $7,772,146 $2,810,718 $2,711,104
Per Common
Share $0.27 $0.26 $0.27 $0.26
Net Realized
and Change
in
Unrealized
Gain (Loss) $(6,499,104) $933,860 $(2,763,060) $(186,082)
Per Common
Share $(0.21) $0.03 $(0.26) $(0.01)
3 Month
Average
Undistributed
(Over-
distributed)
Net
Investment
Income Per
Common
Share(b) $(0.0312) $0.0670 $(0.0731) $0.0065
Year ended May 31, Year ended May 31,
------------------ ------------------
2006 2005 2006 2005
---- ---- ---- ----
Net
Investment
Income $31,825,998 $31,511,574 $11,196,995 $11,114,342
Per Share $1.05 $1.05 $1.07 $1.07
Net Realized
and Change
in
Unrealized
Gain $1,767,914 $34,211,344 $1,133,909 $11,660,089
Per Share $0.06 $1.13 $0.11 $1.12
(a) Net assets are inclusive of market value of Preferred Shares of
$260 million and $90 million for California Municipal Income II
and New York Municipal Income II, respectively.
(b) Calculated using the month-end balances for the three months
ended May 31, 2006 and May 31, 2005, respectively. 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
(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.
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' 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 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.