NEW YORK, July 10, 2007 (PRIME NEWSWIRE) -- 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 year ended April 30, 2007.
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
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At April 30, At April 30,
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2007 2006 2007 2006
---- ---- ---- ----
Net Assets (a) $417,060,853 $409,127,424 $166,035,012 $163,367,203
Common Shares
Outstanding 17,998,381 17,900,557 7,500,814 7,452,004
Net Asset
Value ("NAV") $ 14.84 $ 14.48 $ 13.74 $ 13.47
Market Price $ 17.70 $ 15.87 $ 15.02 $ 14.56
Premium to NAV 19.27% 9.60% 9.32% 8.09%
Quarter ended April 30, Quarter ended April 30,
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2007 2006 2007 2006
---- ---- ---- ----
Net Investment
Income $5,416,849 $4,747,093 $1,874,325 $1,861,770
Per Common Share $0.30 $0.26 $0.26 $0.26
Net Realized and
Change in
Unrealized Loss $(263,148) $(4,264,949) $(85,915) $(1,256,999)
Per Common Share $(0.01) $(0.24) $(0.01) $(0.17)
3 Month Average
Undistributed
(Overdistributed)
Net Investment
Income Per
Common Share (b) $0.1054 $0.1998 ($0.0938) ($0.0053)
Year ended April 30, Year ended April 30,
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2007 2006 2007 2006
---- ---- ---- ----
Net Investment
Income $19,801,729 $18,866,273 $7,223,788 $7,191,006
Per Common Share $1.10 $1.05 $0.97 $0.98
Net Realized and
Change in
Unrealized Gain
(Loss) $7,901,532 $(924,364) $2,731,577 $(1,708,005)
Per Common Share $0.44 $(0.05) $0.37 $(0.23)
(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 estimated accumulated month-end tax-basis
balances for the three months ended April 30, 2007 and April 30,
2006, respectively. 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 recommendation 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.