NEW YORK, Sept. 2, 2005 (PRIMEZONE) -- Nicholas-Applegate Convertible & Income Fund II (the "Fund") (NYSE: NCZ), a closed-end management investment company which seeks to provide total return through a combination of capital appreciation and high current income, today announced its results for the fiscal quarter and year ended June 30, 2005.
At June 30, 2005 At June 30, 2004
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Net Assets(a) $1,339,909,415 $1,360,783,221
Common Shares Outstanding 57,128,978 56,364,367
Net Asset Value ("NAV") $ 14.61 $ 15.18
Market Price $ 14.74 $ 14.05
Premium (Discount) to NAV 0.89% (7.44)%
(a) Net assets are inclusive of $505 million Preferred shares
issuance.
Quarter ended Quarter ended
June 30, 2005 June 30, 2004
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Net Investment Income $ 21,979,225(b) $ 20,420,077
Per Common Share $ 0.52 $ 0.36
Net Realized and Change
in Unrealized Loss $ (7,344,108)(b) $ (14,815,186)
Per Common Share $ (0.26) $ (0.27)
3-Month Average Undistributed
Net Investment Income Per
Common Share(b) $ 0.0575(c) N/A
Year ended
June 30, 2005
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Net Investment Income $ 82,903,663(b)
Per Common Share $ 1.59
Net Realized and Unrealized Loss $ (14,687,796)(b)
Per Common Share $ (0.39)
(b) The information provided is in accordance with generally
accepted accounting principles ("GAAP"), which requires the Fund
to treat amounts received under interest rate cap 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 quarter and year ended June 30,
2005 was, respectively $1,420,961 and $2,389,229 lower (and Net
Realized and Change in Unrealized Loss correspondingly lower)
than those figures would have been if payments received from
interest rate cap agreements were treated as net income (loss) in
accordance with federal income tax treatment. In addition, the
quarter and year-end figures include amortization of market
premium of $2,134,027 and $7,514,643, respectively. For tax
purposes, the Fund has elected not to amortize market premium on
corporate and convertible bonds and notes.
(c) Calculated using the month-end tax-basis balances for the
three months ended June 30, 2005. Please 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 modestly 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 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.
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). Nicholas-Applegate Capital Management 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 www.allianzinvestors.com/closedendfunds or by calling the Fund's transfer agent at 1-800-331-1710.
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 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 Fund will fluctuate. In making an investment decision, individuals should utilize other information sources and the advice of their own professional advisor.