Pimco NY Municipal Income Fund : PCQ and PNF Report Results for the Fiscal Quarter and Year Ended April 30, 2014
June 30, 2014 at 04:03 pm EDT
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PIMCO California Municipal Income Fund
PIMCO New York Municipal Income Fund
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, 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.
California Municipal Income
New York Municipal Income
At April 30,
At April 30,
2014
2013
2014
2013
Net Assets (a)
$405,751,404
$422,397,728
$133,210,845
$139,508,684
Common Shares Outstanding
18,572,365
18,517,531
7,695,354
7,684,606
Net Asset Value ("NAV")
$13.77
$14.71
$11.20
$12.04
Market Price
$14.38
$15.33
$11.36
$12.52
Premium to NAV
4.43%
4.21%
1.43%
3.99%
Undistributed Net Investment
Income Per Common Share (b)
$0.6676
$0.6091
$0.3026
$0.3118
Quarter ended April 30,
Quarter ended April 30,
2014
2013
2014
2013
Net Investment Income
$4,500,133
$4,757,567
$1,228,364
$1,287,217
Per Common Share
$0.24
$0.25
$0.16
$0.17
Net Realized and Change in Unrealized Gain (Loss)
$9,475,207
$1,252,882
$4,134,970
$(203,398)
Per Common Share
$0.51
$0.07
$0.53
$(0.02)
Year ended April 30,
Year ended April 30,
2014
2013
2014
2013
Net Investment Income
$18,445,182
$18,985,141
$5,168,900
$5,371,779
Per Common Share
$0.99
$1.02
$0.67
$0.70
Net Realized and Change in Unrealized Gain (Loss)
$(18,481,760)
$16,237,669
$(6,266,349)
$5,065,214
Per Common Share
$(1.00)
$0.88
$(0.82)
$0.66
(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.
PIMCO New York Municipal Income Fund is a non-diversified, closed-end management investment company. The Fund's investment objective is to provide current income exempt from federal, New York State and New York City income tax. Under normal circumstances, the Fund will invest at least 90% of its net assets in municipal bonds which pay interest that is exempt from regular federal, New York State and New York City income taxes. The Fund may invest up to 20% of its total assets in investments the interest from which is subject to the federal alternative minimum tax. The Fund invests at least 80% of its net assets in municipal bonds that at the time of investment are investment grade quality (Baa or higher by Moodyâs Investors Service, Inc. or BBB or better by S&P Global Ratings or Fitch, Inc.), or bonds that are unrated but determined to be of comparable quality by Pacific Investment Management Company LLC (PIMCO). The Fund's investment manager is PIMCO.