NEW YORK, April 30, 2009 (GLOBE NEWSWIRE) -- PIMCO Municipal Income Fund II (the "Fund") (NYSE:PML), a closed-end management investment company which seeks to provide current income exempt from federal income tax, today announced its results for the fiscal quarter and nine months ended February 28, 2009.
February 28, February 29,
2009 2008
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Net Assets (a) $835,507,875 $1,246,022,604
Common Shares Outstanding 59,446,683 59,056,305
Net Asset Value ("NAV") $7.88 $12.55
Market Price $8.38 $13.56
Premium to NAV 6.35% 8.05%
Quarter ended Quarter ended
February 28, February 29,
2009 2008
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Net Investment Income $13,819,911 (b) $17,559,904
Per Common Share $0.23 (b) $0.30
Net Realized and Change
in Unrealized Loss $(25,812,023)(b) $(108,835,079)
Per Common Share $(0.43)(b) $(1.85)
Undistributed Net
Investment Income
Per Common Share (c) $0.0565 $0.0319
Nine months Nine months
ended ended
February 28, February 29,
2009 2008
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Net Investment Income $46,442,433 (b) $49,650,740
Per Common Share $0.78 (b) $0.84
Net Realized and
Change in
Unrealized Loss $(355,577,287)(b) $(149,605,204)
Per Common Share $(6.00)(b) $(2.54)
(a) Net assets are inclusive of market value of Preferred Shares of
$367 million and $505 million at February 28, 2009 and February 29,
2008, respectively.
(b) The information provided is in accordance with generally accepted
accounting principles ("GAAP"), which requires the Fund to treat
amounts accrued under swap agreements as net realized gain (loss).
However, these amounts are treated as net income (loss) for federal
income tax purposes. By using GAAP, Net Investment Income for the
fiscal quarter and nine months ended February 28, 2009 was $29,375
($0.0005 per common share) higher (and Net Realized and Change in
Unrealized Loss correspondingly higher) than those figures would have
been if swap amounts were treated as net income in accordance with
federal income tax treatment.
(c) Note that generally there is a close correlation between what the
Fund earns (net of expenses) and what it pays 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 Fund may over-earn or under-earn its monthly
dividend, which would have the effect of adding to or subtracting from
the Fund's undistributed net investment income balance. Fund
management analyzes the Fund's current and projected net earning rates
prior to recommending dividend amounts to the Fund's Board of Trustees
for declaration. There can be no assurance that the current dividend
rate or the undistributed net investment income balance will remain
constant.
Top 5 State Positions at February 28, 2009
(as a percentage of investments)
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Illinois 13.5 %
Texas 12.9
Arizona 9.5
Massachusetts 8.2
Florida 6.2
Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund's 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 Fund's sub-adviser.
The Fund's daily New York Stock Exchange closing price, net asset value per share, as well as other information, is available at http://www.allianzinvestors.com/closedendfunds or by calling the Fund's 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 what is 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 Fund will fluctuate. There can be no assurance the Fund will meet its investment objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in its registration statement, by-laws and other governing documents, as well as the Investment Company Act of 1940. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.