NEW YORK, Jan. 3, 2006 (PRIMEZONE) -- PIMCO California Municipal Income Fund (NYSE:PCQ) and PIMCO New York Municipal Income Fund (NYSE:PNF) (the "Funds") today announced their results for the fiscal quarter and six months ended October 31, 2005.
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 also seeks to provide current income exempt from California state income taxes. New York Municipal Income Fund also seeks to provide current income exempt from New York state and city income taxes.
California Municipal Income New York Municipal Income
At October 31, At October 31,
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2005 2004 2005 2004
------------ ------------ ------------ ------------
Net Assets(a) $408,912,643 $404,556,364 $164,282,967 $163,117,682
Common Shares
Outstanding 17,850,653 17,811,229 7,419,228 7,366,004
Net Assets
Value ("NAV") $14.50 $14.29 $13.65 $13.59
Market Price $15.09 $14.03 $14.53 $13.87
Premium (Discount)
to NAV 4.07% (1.82)% 6.45% 2.06%
Quarter ended October 31,
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2005 2004 2005 2004
------------ ------------ ------------ ------------
Net Investment
Income $4,751,648 $4,800,071 $1,794,136 $1,884,556
Per Common Share $0.27 $0.27 $0.25 $0.25
Net Realized and
Change in
Unrealized Gain
(Loss) $(5,074,178) $8,800,629 $(1,881,743) $2,718,642
Per Common
Share $(0.29) $0.49 $(0.26) $0.37
Six Months ended October 31,
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2005 2004 2005 2004
------------ ------------ ------------ ------------
Net Investment
Income $9,414,713 $9,547,796 $3,573,621 $3,772,981
Per Common Share $0.53 $0.54 $0.49 $0.51
Net Realized and
Change in
Unrealized
Gain (Loss) $(1,247,341) $6,174,736 $(855,091) $1,008,371
Per Common
Share $(0.08) $0.34 $(0.12) $0.14
3 Month Average
Undistributed
Net Investment
Income Per
Common Share(b) $0.2435 N/A $0.0731 N/A
(a) Net assets are inclusive of Preferred Shares issuance of
$150 million and $63 million for California Municipal Income
and New York Municipal Income, respectively.
(b) Calculated using the month-end balances for the three months
ended October 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.
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' transfer 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 recommendation to buy or sell and 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.