NEW YORK, Oct. 2, 2007 (PRIME NEWSWIRE) -- PIMCO California Municipal Income Fund (NYSE:PCQ) and PIMCO New York Municipal Income Fund (NYSE:PNF) (the "Fund") today announced their results for the fiscal quarter ended July 31, 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
--------------------------- -------------------------
At July 31, At July 31,
----------- -----------
2007 2006 2007 2006
---- ---- ---- ----
Net
Assets
(a) $411,308,680 $410,337,231 $162,838,915 $163,620,411
Common
Shares
Out-
standing 18,022,920 17,925,478 7,511,278 7,466,584
Net
Asset
Value
("NAV") $ 14.50 $ 14.52 $ 13.29 $ 13.48
Market
Price $ 15.75 $ 16.53 $ 13.25 $ 15.05
Premium
(Dis-
count)
to NAV 8.62% 13.84% (0.30)% 11.65%
Quarter ended July 31, Quarter ended July 31,
---------------------- ----------------------
2007 2006 2007 2006
---- ---- ---- ----
Net
Invest-
ment
Income $ 4,773,656 $ 4,756,689 $ 1,778,966 $ 1,805,241
Per
Common
Share $ 0.26 $ 0.27 $ 0.24 $ 0.24
Net
Realized
and
Change
in
Unreal-
ized
Gain
(Loss) $ (5,498,431) $ 1,400,359 $ (3,284,596) $ 350,791
Per
Common
Share $ (0.30) $ 0.08 $ (0.45) $ 0.05
Un-
dis-
tributed
(Over-
dis-
tribut-
ed)
Net
Invest-
ment
Income
Per
Common
Share
(b) $ 0.0704 $ 0.1682 ($ 0.0073) ($ 0.0380)
(c) (d) (c) (d)
(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) 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.
(c) Calculated using the accumulated balance at July 31, 2007.
(d) Calculated using the average fiscal year-to-date month-end
balances for the three months ended July 31, 2006.
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.