NEW YORK, Sept. 15, 2005 (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 ended July 31, 2005.
California New York
Municipal Income Municipal Income
At July 31, At July 31,
----------- -----------
2005 2004 2005 2004
---- ---- ---- ----
Net
Assets (a) $413,854,501 $395,485,977 $166,170,579 $160,276,086
Common
Shares
Outstanding 17,827,083 17,811,229 7,402,208 7,359,308
Net Assets
Value ("NAV") $14.80 $13.78 $13.94 $13.22
Market Price $15.09 $13.45 $15.30 $13.12
Premium
(Discount)
to NAV 1.96% (2.39)% 9.76% (0.76)%
(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.
Quarter ended July 31, Quarter ended July 31,
2005 2004 2005 2004
---- ---- ---- ----
Net Investment
Income $4,663,065 $4,747,725 $1,779,485 $1,888,425
Per Common
Share $0.26 $0.27 $0.24 $0.26
Net Realized
and Change in
Unrealized
Gain (Loss) $3,826,837 $(2,625,893) $1,026,652 $(1,710,271)
Per Common
Share $0.21 $(0.15) $0.14 $(0.23)
3 Month Average
Undistributed
Net Investment
Income Per
Common Share(b) $0.2532 N/A $0.1019 N/A
(b) Calculated using the month-end balances for the three months ended July 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.
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.
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 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.