NEW YORK, Nov. 2, 2007 (PRIME NEWSWIRE) -- 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, 2007. 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 New York
Municipal Income II Municipal Income II
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At August 31, At August 31,
2007 2006 2007 2006
---- ---- ---- ----
Net Assets (a) $688,182,222 $709,988,331 $238,049,459 $246,904,378
Common Shares
Outstanding 30,610,379 30,453,105 10,581,051 10,522,560
Net Asset Value
("NAV") $13.99 $14.78 $13.99 $14.91
Market Price $14.47 $15.49 $14.61 $15.24
Premium to NAV 3.43% 4.80% 4.43% 2.21%
Quarter ended Quarter ended
August 31, August 31,
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2007 2006 2007 2006
---- ----- ---- ----
Net Investment
Income $8,251,834 $8,183,407 $2,772,350 $2,795,118
Per Common Share $0.27 $0.27 $0.26 $0.27
Net Realized and
Change in
Unrealized
Gain (Loss) $(27,246,866) $6,192,398 $(8,316,240) $2,705,057
Per Common Share $(0.89) $0.20 $(0.79) $0.26
Overdistributed
Net Investment
Income Per
Common Share(d) $(0.0108)(b) $(0.0390)(c) $(0.0076)(b) $(0.0772)(c)
(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 accumulated balance at August 31, 2007.
(c) Calculated using the average fiscal year-to-date month-end
balances for the three months ended August 31, 2006.
(d) 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 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 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 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.