PIMCO NY MUNI II : PCK and PNI Report Results for the Fiscal Quarter and Year Ended May 31, 2011
July 27, 2011 at 04:05 pm
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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, 2011. 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 Municipal Income II
New York Municipal Income II
At May 31,
2011
2010
2011
2010
Net Assets (a)
$394,485,821
$415,815,605
$188,256,277
$196,161,001
Common Shares Outstanding
31,353,825
31,170,312
10,820,934
10,753,476
Net Asset Value ("NAV")
$7.38
$8.11
$10.10
$10.90
Market Price
$9.21
$9.33
$10.92
$11.42
Premium to NAV
24.80%
15.04%
8.12%
4.77%
Undistributed (Overdistributed) Net Investment Income
Per Common Share (b)
$(0.0373)
$(0.0561)
$0.1811
$0.1031
Quarter ended May 31,
2011
2010
2011
2010
Net Investment Income
$6,047,469
$5,954,220
$2,294,264
$2,639,133
Per Common Share
$0.19
$0.20
$0.22
$0.25
Net Realized and Change in Unrealized Gain
$11,246,984
$8,970,234
$3,129,422
$3,015,910
Per Common Share
$0.36
$0.28
$0.29
$0.28
Year ended May 31,
2011
2010
2011
2010
Net Investment Income
$23,136,186
$23,419,545
$9,489,719
$10,474,659
Per Common Share
$0.74
$0.76
$0.88
$0.98
Net Realized and Change in Unrealized Gain (Loss)
$(21,929,189)
$20,918,766
$(9,206,486)
$12,727,273
Per Common Share
$(0.70)
$0.67
$(0.85)
$1.19
(a)
Net assets are inclusive of Preferred Shares of $163 million and $79
million for the California Municipal Income Fund II and New York
Municipal Income Fund II, respectively.
(b)
Since the Funds' net earning rates fluctuate from month to month,
there will be periods when the Funds may over-earn or under-earn
their monthly dividend rate. This fluctuation will 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 Funds' Board of Trustees
for declaration. There can be no assurance that the monthly
dividend rates will remain at their current level or the
undistributed net investment income balances, if any, will be
sufficient to cover any shortfall in earnings to meet the current
dividend rate.
Allianz Global Investors Fund Management LLC ("AGIFM"), 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. Pacific Investment Management Company LLC, an AGIFM
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) 254-5197.
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. There
can be no assurance that the Funds will meet their stated objectives.
The Funds' ability to pay dividends to common shareholders is subject to
the restrictions in their registration statements, by-laws and other
governing documents, as well as the Investment Company Act of 1940. In
making any investment decision, individuals should utilize other
information sources and the advice of their own professional adviser.
PIMCO New York Municipal Income Fund II (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide current income exempt from federal, New York State and New York City income tax. Under normal circumstances, the Fund will invest at least 90% of its net assets in municipal bonds which pay interest that is exempt from regular federal, New York State and New York City income taxes. The Fund may invest up to 20% of its total assets in investments the interest from which is subject to the federal alternative minimum tax. The Fund invests at least 80% of its net assets in municipal bonds that at the time of investment are investment grade quality (Baa or higher by Moody's Investors Service, Inc. or BBB or better by S&P Global Ratings or Fitch, Inc.), or bonds that are unrated but determined to be of comparable quality by Pacific Investment Management Company LLC (PIMCO). The Fund's investment manager is PIMCO.
PIMCO NEW YORK MUNICIPAL INCOME FUND II 
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