NEW YORK, Dec. 1, 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 ended September 30, 2005.
At September 30,
2005 2004
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Net Assets(a) $1,378,426,371 $1,344,392,689
Common Shares Outstanding 57,377,578 56,462,399
Net Asset Value ("NAV") $15.22 $14.87
Market Price $14.94 $14.85
Discount to NAV (1.84)% (0.13)%
(a) Net assets are inclusive of
$505 million Preferred shares issuance.
Quarter ended September 30,
2005 2004
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Net Investment Income $19,250,330 (b) $20,162,186
Per Common Share $0.34 (b) $0.35
Net Realized and Change
in Unrealized Gain (Loss) $39,700,929 (b) $(16,295,035)
Per Common Share $0.69 (b) $(0.29)
3 Month Average
Undistributed
Net Investment Income
Per Common Share $0.1318 (c) N/A
(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 fiscal quarter ended September 30, 2005
was $2,105,416 ($0.04 per common share) lower and Net Realized
and Change in Unrealized Gain (Loss), correspondingly higher than
if payments received from interest rate cap agreements were
treated as net income (loss) in accordance with federal income
tax treatment. In addition, the fiscal quarter figures include
amortization of market premium of $2,567,090 ($0.04 per common
share). For tax purposes, the Fund has elected not to amortize
market premium.
(c) Calculated using the month-end tax-basis balances for the three
months ended September 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. This figure is inclusive of amounts
received under interest rate cap agreements, in accordance with
federal income tax treatment and excludes market premium which
the Fund, for tax purposes, has elected not to amortize.
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 (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.