NEW YORK, March 23, 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 nine months ended January 31, 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 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 January 31, At January 31,
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2006 2005 2006 2005
---- ---- ---- ----
Net
Assets (a) $413,434,611 $409,698,400 $164,545,155 $163,920,242
Common
Shares
Outstanding 17,876,152 17,811,229 7,436,193 7,372,200
Net Asset
Value ("NAV") $14.74 $14.58 $13.66 $13.69
Market Price $15.64 $14.24 $15.28 $13.77
Premium
(Discount)
to NAV 6.11% (2.33)% 11.86% 0.58%
Quarter ended January 31, Quarter ended January 31,
2006 2005 2006 2005
---- ---- ---- ----
Net
Investment
Income $4,704,467 $4,756,134 $1,755,615 $1,837,250
Per Common
Share $0.26 $0.26 $0.23 $0.25
Net Realized and
Change in
Unrealized
Gain $4,587,926 $4,996,413 $404,085 $799,946
Per Common
Share $0.27 $0.29 $0.06 $0.11
3 Month Average
Undistributed
Net Investment
Income Per
Common
Share (b) $0.2218 N/A $0.0236 N/A
Nine Months ended January 31,
-----------------------------
2006 2005 2006 2005
---- ---- ---- ----
Net
Investment
Income $14,119,180 $14,303,930 $5,329,236 $5,610,231
Per Common
Share $0.79 $0.80 $0.72 $0.76
Net Realized
and Change
in Unrealized
Gain (Loss) $3,340,585 $11,171,149 $(451,006) $1,808,317
Per Common
Share $0.19 $0.63 $(0.06) $0.25
(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 January 31, 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
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 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 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.