NEW YORK, July 29, 2005 (PRIMEZONE) -- 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, 2005.
California Municipal New York Municipal Income II Income II At May 31, At May 31, At May 31, At May 31, ----------- ---------- ---------- ---------- 2005 2004 2005 2004 ----- ----- ---- ---- Net Assets (a) $701,595,778 $667,659,156 $242,812,134 $230,957,633 Common Shares Outstanding 30,224,783 30,132,862 10,451,534 10,409,718 Net Assets Value ("NAV") $14.61 $13.53 $14.62 $13.54 Market Price $14.76 $13.27 $14.80 $13.05 Premium (Discount) to NAV 1.03% (1.92)% 1.23% (3.62)% (a) Net assets are inclusive of Preferred Shares issuance of $260 million and $90 million for California Municipal Income II and New York Municipal Income II, respectively. Quarter ended Quarter ended Quarter ended Quarter ended May 31, 2005 May 31, 2004 May 31, 2005 May 31, 2004 ------------- ------------ ------------- ------------ Net Investment Income $ 7,772,146 $ 8,471,012 $ 2,711,104 $ 2,846,888 Per Common Share $ 0.26 $ 0.28 $ 0.26 $ 0.27 Net Realized and Unrealized Gain (Loss) $ 933,860 $ (29,225,711) $ 186,082)$(11,922,365) Per Common Share $ 0.03 $ (0.98) $ (0.01) $ (1.15) 3 Month Average Undistributed Net Investment Income Per Common Share (b) $ 0.0670 N/A $ 0.0065 N/A (b) Calculated using the month-end balances for the three months ended May 31, 2005. Please 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 modestly over-earn or under-earn their monthly dividend which would have the effect of adding to or subtracting from the Funds' undistributed 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 net investment income balances will remain constant. Year ended Year ended Year ended Year ended May 31, 2005 May 31, 2004 May 31, 2005 May 31, 2004 ------------- ------------ ------------- ------------ Net Investment Income $ 31,511,574 $ 33,940,350 $ 11,114,342 $ 11,106,041 Per Common Share $ 1.05 $ 1.13 $ 1.07 $ 1.06 Net Realized and Unrealized Gain (Loss) $ 34,211,344 $ (37,800,567) $ 11,660,089 $(10,105,324) Per Common Share $ 1.13 $ (1.26) $ 1.12 $ (0.97)
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 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 www.allianzinvestors.com/closedendfunds/ or by calling the Funds' 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 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 Funds' will fluctuate. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.