NEW YORK, May 5, 2006 (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 nine months ended February 28, 2006. The Funds are closed-end management investment companies. 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 Income Fund II also seeks to provide current income exempt from New York state and city income taxes.
California New York
Municipal Income II Municipal Income II
At February 28, At February 28,
2006 2005 2006 2005
---- ---- ---- ----
Net
Assets(a) $709,483,654 $701,297,261 $246,754,934 $243,191,879
Common
Shares
Outstanding 30,371,891 30,208,903 10,508,164 10,444,763
Net Asset
Value
("NAV") $14.80 $14.61 $14.92 $14.67
Market Price $14.85 $14.47 $14.89 $14.51
Premium
(Discount)
to NAV 0.34% (0.96)% (0.20)% (1.09)%
Quarter ended Quarter ended
February 28, February 28,
2006 2005 2006 2005
---- ---- ---- ----
Net Investment
Income $8,118,269 $7,840,583 $2,765,884 $2,751,139
Per Common
Share $0.26 $0.26 $0.26 $0.27
Net Realized
and Change
in Unrealized
Gain $13,445,507 $16,620,883 $6,196,075 $7,689,694
Per Common
Share $0.44 $0.55 $0.58 $0.73
3 Month
Average
Undistributed
(Overdistributed)
Net Investment
Income Per
Common
Share(b) $(0.0261) NA $(0.0764) NA
Nine months ended Nine months ended
February 28, February 28,
------------ ------------
2006 2005 2006 2005
---- ---- ---- ----
Net Investment
Income $23,618,646 $23,739,428 $8,386,277 $8,403,238
Per Share $0.78 $0.79 $0.80 $0.81
Net Realized
and Change in
Unrealized
Gain $8,267,018 $33,277,484 $3,896,969 $11,846,171
Per Share $0.27 $1.10 $0.37 $1.13
(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 month-end balances for the three months
ended February 28, 2006. 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
earnings 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 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.