NEW YORK, Jan. 12, 2009 (GLOBE 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 six months ended October 31, 2008. 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,
-------------- --------------
2008 2007 2008 2007
---- ---- ---- ----
Net Assets (a) $348,617,098 $409,524,339 $137,483,977 $162,481,469
Common Shares
Outstanding 18,151,615 18,049,491 7,552,868 7,522,894
Net Asset Value
("NAV") $10.94 $14.38 $9.86 $13.22
Market Price $11.21 $16.20 $10.16 $12.93
Premium
(Discount)
to NAV 2.47% 12.66% 3.04% (2.19)%
Quarter ended October 31, Quarter ended October 31,
------------------------- ------------------------
2008 2007 2008 2007
---- ---- ---- ----
Net Investment
Income $4,544,342 $4,754,815 $1,607,239 $1,783,011
Per Common Share $0.25 $0.26 $0.21 $0.23
Net Realized and
Change in
Unrealized Loss $(39,586,271) $(1,468,565) $(18,236,408) $ (446,538)
Per Common Share $(2.17) $(0.08) $(2.42) $(0.05)
Undistributed
(Overdistributed)
Net Investment
Income Per Common
Share(b)(c) $(0.1072) $0.0313 $(0.0583) $(0.0157)
Six Months ended Six Months ended
October 31, October 31,
------------------------- -------------------------
2008 2007 2008 2007
---- ---- ---- ----
Net Investment
Income $ 9,318,400 $ 9,528,471 $ 3,336,138 $ 3,561,977
Per Common Share $0.51 $0.52 $0.44 $0.47
Net Realized and
Change in
Unrealized Loss $(46,789,494) $(6,966,996) $(20,975,591) $(3,731,134)
Per Common Share $(2.57) $(0.38) $(2.78) $(0.50)
(a) Net assets are inclusive of market value of Preferred Shares of
$150 million and $63 million for California Municipal Income
Fund and New York Municipal Income Fund, respectively. On
January 7, 2009, New York Municipal Income Fund redeemed $16
million of Preferred Shares.
(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 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 October 31, 2008 and
October 31, 2007, respectively.
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 what is 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. There can be no assurance that the Funds will meet their investment objective. The Funds' ability to pay dividends to common shareholders is subject to the restrictions in their registration statements, by-laws and other governing documents, as well as the Investment Company Act of 1940. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.