NEW YORK, Aug. 3, 2007 (PRIME NEWSWIRE) -- 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, 2007. The investment objective of each fund is to provide current income exempt from federal income tax. California Municipal Income Fund II also seeks to provide current income exempt from California state income taxes. New York Municipal Municipal Income Fund II also seeks to provide current income exempt from New York state and city income taxes.
California Municipal New York Municipal
Income II Income II
-------------------- --------------------
At May 31, At May 31,
------------ ------------
2007 2006 2007 2006
---- ---- ---- ----
Net
Assets(a) $715,284,090 $703,378,868 $246,217,890 $244,088,210
Common
Shares
Out-
standing 30,570,529 30,411,879 10,565,374 10,513,038
Net Asset
Value
("NAV") $14.89 $14.58 $14.79 $14.66
Market Price $15.96 $14.62 $15.49 $14.14
Premium
(Discount)
to NAV 7.19% 0.27% 4.73% (3.55)%
Quarter ended May 31, Quarter ended May 31,
-------------------- --------------------
2007 2006 2007 2006
---- ---- ---- ----
Net
Investment
Income $8,407,996 $8,477,717 $3,158,049 $2,801,302
Per Common
Share $0.27 $0.28 $0.31 $0.27
Net Realized
and Change
in
Unrealized
(Loss) $(6,859,639) $(6,769,469) $(4,007,063) $(2,753,644)
Per Common
Share $(0.22) $(0.22) $(0.38) $(0.26)
Undistributed
(Over-
distributed)
Net
Investment
Income Per
Common
Share (d) $(0.0633)(b) $(0.0312)(c) $0.0496(b) $(0.0731)(c)
Year ended May 31, Year ended May 31,
----------------- -----------------
2007 2006 2007 2006
---- ---- ---- ----
Net
Invest-
ment
Income $33,005,824 $32,096,363 $11,516,932 $11,187,579
Per Share $1.08 $1.06 $1.10 $1.07
Net
Realized
and
Change in
Unrealized
Gain $10,388,191 $1,497,549 $1,160,602 $1,143,325
Per
Share $0.34 $0.05 $0.11 $0.11
(a) Net assets are inclusive of market value of Preferred Shares of
$260 million and $90 million for California Municipal Income II
and New York Municipal Income II, respectively.
(b) Calculated using the accumulated fiscal year ended May 31, 2007
balance.
(c) Calculated using the average fiscal year-to-date month-end
balances for the three months ended May 31, 2006.
(d) 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 (overdistributed) 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 (overdistributed) net
investment income balances 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 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, net asset values per share, as well as other information, is available at http://www.allianzinvestors.com/closedendfunds or by calling the Funds' 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 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 Funds will fluctuate. In making an investment decision, individuals should utilize other information sources and the advice of their own professional adviser.