NEW YORK, Jan. 3, 2007 (PRIME NEWSWIRE) -- The Boards of Trustees of PIMCO Municipal Income Fund II (NYSE:PML), PIMCO California Municipal Income Fund II (NYSE:PCK) and PIMCO New York Municipal Income Fund II (NYSE:PNI), (collectively, the "Funds") announced today that they have declared the following dividends on the Funds' common shares:
PIMCO Municipal Income Fund II $0.065 per common share
(previously $0.07 per share)
PIMCO California Municipal
Income Fund II $0.07 per common share (no
change from previous month)
PIMCO New York Municipal
Income Fund II $0.06625 per common share (no
change from previous month)
The above mentioned dividends will be payable on February 1, 2007 to shareholders of record on January 16, 2007, with an ex-dividend date of January 11, 2007.
The Board of Trustees of PIMCO Municipal Income Fund II determined to reduce the Fund's monthly dividend payment in recognition of the increase in borrowing costs related to the Fund's preferred shares.
The Funds' investment manager also announced that a conference call with portfolio manager Mark McCray will be held on Monday, January 8, 2007 at 4:15 PM ET. During the conference call, Mr. McCray intends to provide an investment update for the Funds and will discuss the current market environment and PIMCO's outlook for municipal closed-end funds.
The dial-in number for this call is (888) 515-1794 and the pass code is 6158864. The call will be available for replay for 4 weeks. The replay number is (888) 203-1112 and the replay pass code is 6158864.
At December 31, 2006, the Funds' net assets* were approximately:
PIMCO Municipal Income Fund II $1,399.1 mil. PIMCO California Municipal Income Fund II $720.6 mil. PIMCO New York Municipal Income Fund II $249.4 mil.
* Net assets are inclusive of market value of Preferred Shares of $505 million, $260 million and $90 million for PIMCO Municipal Income II, PIMCO California Municipal Income II and PIMCO New York Municipal Income II Funds, respectively.
The Funds are closed-end management investment companies. The investment objective of each Fund is to provide current income exempt from federal income tax. PIMCO California Municipal Income Fund II also seeks to provide current income exempt from California state income taxes. PIMCO New York Municipal Income Fund II also seeks to provide income exempt from New York State and city income taxes. There can be no assurance that the Funds will achieve their stated objectives.
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 and net asset values per share are available at www.allianzinvestors.com or by calling the Funds' transfer agent at 1-800-331-1710. Additional information, including updated portfolio statistics and performance, are also available on the website.
Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Funds' performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.