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, 2014.
The Funds are non-diversified 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.
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California Municipal Income
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New York Municipal Income
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At January 31,
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At January 31,
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2014
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2013
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2014
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2013
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Net Assets (a)
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$
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395,960,788
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$
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420,526,979
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$
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129,117,865
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$
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139,680,824
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Common Shares Outstanding
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18,561,651
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18,503,513
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7,690,132
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7,677,920
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Net Asset Value ("NAV")
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$
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13.25
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$
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14.62
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$
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10.68
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$
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12.07
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Market Price
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$
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13.75
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$
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16.27
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$
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10.62
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$
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12.79
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Premium (Discount) to NAV
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3.77
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%
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11.29
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%
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(0.56
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)%
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5.97
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%
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Undistributed Net Investment Income Per Common Share (b)
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$
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0.6633
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$
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0.5877
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$
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0.3086
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$
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0.3079
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Quarter ended January 31,
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Quarter ended January 31,
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2014
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2013
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2014
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2013
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Net Investment Income
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$
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4,705,409
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$
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4,807,115
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$
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1,366,985
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$
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1,394,907
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Per Common Share
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$
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0.25
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$
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0.26
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$
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0.18
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$
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0.18
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Net Realized and Change in Unrealized Gain
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$
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5,638,785
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$
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3,815,953
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$
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885,006
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$
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450,743
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Per Common Share
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$
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0.30
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$
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0.21
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$
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0.12
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$
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0.05
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Nine Months ended January 31,
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Nine Months ended January 31,
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2014
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2013
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2014
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2013
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Net Investment Income
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$
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13,945,049
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$
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14,227,574
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$
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3,940,536
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$
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4,084,562
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Per Common Share
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$
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0.75
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$
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0.77
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$
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0.51
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$
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0.53
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Net Realized and Change in Unrealized Gain (Loss)
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$
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(27,956,967
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)
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$
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14,984,787
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$
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(10,401,319
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)
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$
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5,268,612
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Per Common Share
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$
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(1.51
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)
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$
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0.81
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$
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(1.35
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)
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$
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0.68
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(a) California Municipal Income Fund's net assets are inclusive of
Preferred Shares of $150 million. New York Municipal Income Fund's net
assets are inclusive of Preferred Shares of $47 million.
(b) Since the Funds' net earning rates fluctuate from month to month,
there will be periods when the Funds may over-earn or under-earn their
monthly dividend rates. This fluctuation will have the effect of adding
to or subtracting from the Funds' undistributed net investment income
balances. The Funds' management analyzes the current and projected net
earning rates prior to recommending dividend amounts to the Funds' Board
of Trustees for declaration. There can be no assurance that the monthly
dividend rates will remain at their current level or that the
undistributed net investment income balances will be sufficient to cover
any shortfall in earnings to meet the current dividend rates.
Allianz Global Investors Fund Management LLC ("AGIFM"), an indirect,
wholly-owned subsidiary of Allianz Asset Management of America L.P.,
serves as the Funds' investment manager and is a member of Munich-based
Allianz Group. Pacific Investment Management Company LLC, an AGIFM
affiliate, serves as the Funds' sub-adviser.
The Funds' daily New York Stock Exchange closing market prices, NAVs, as
well as other information, are available at
us.allianzgi.com/closedendfunds or by calling the Funds' shareholder
servicing agent at (800) 254-5197.
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 stated objectives.
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.
Copyright Business Wire 2014