NEW YORK, July 31, 2008 (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 and year ended May 31, 2008. 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,
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2008 2007 2008 2007
------------ ------------ ------------ ------------
Net Assets(a) $669,769,349 $715,284,090 $235,100,144 $246,217,890
Common Shares
Outstanding 30,720,927 30,570,529 10,613,890 10,565,374
Net Asset Value
("NAV") $ 13.34 $ 14.89 $ 13.67 $ 14.79
Market Price $ 14.25 $ 15.96 $ 14.42 $ 15.49
Premium to NAV 6.82% 7.19% 5.49% 4.73%
Quarter ended May 31,
-----------------------------------------------------
2008 2007 2008 2007
----------- ----------- ----------- -----------
Net Investment
Income $ 7,898,817 $ 8,407,996 $ 2,875,338 $ 3,158,049
Per Common
Share $ 0.26 $ 0.27 $ 0.27 $ 0.31
Net Realized
and Change
in Unrealized
Gain (Loss) $46,329,809 $(6,859,639) $12,169,661 $(4,007,063)
Per Common
Share $ 1.51 $ (0.22) $ 1.14 $ (0.38)
Undistributed
(Overdist-
ributed) Net
Investment
Income Per
Common
Share(b) $ (0.0723)(c) $(0.0633)(d) $(0.0585)(c) $ 0.0496(d)
Year ended May 31,
----------------------------------------------------
2008 2007 2008 2007
------------ ----------- ------------ -----------
Net Investment
Income $ 32,439,150 $33,005,824 $ 11,390,311 $11,516,932
Per Common
Share $ 1.06 $ 1.08 $ 1.07 $ 1.10
Net Realized
and Change in
Unrealized
Gain (Loss) $(45,660,761) $10,388,191 $(11,696,910) $ 1,160,602
Per Common
Share $ (1.49) $ 0.34 $ (1.11) $ 0.11
(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) 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.
(c) Calculated using the accumulated balance at May 31, 2008.
(d) Calculated using the average fiscal year-to-date month-end
balances for the three months ended May 31, 2007.
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. There can be no assurance that the Funds will meet their objectives. In making an investment decision, individuals should utilize other information sources and the advice of their own professional adviser.