NEW YORK, June 2, 2005 (PRIMEZONE) -- PIMCO California Municipal Income Fund III (NYSE:PZC) and PIMCO New York Municipal Income Fund III (NYSE:PYN) (the "Funds") today announced their results for the fiscal quarter and six months ended March 31, 2005.
California Municipal Income III New York Municipal Income III
At March 31, At March 31,
------------------------- --------------------------
2005 2004 2005 2004
------------ ------------ ------------ ------------
Net Assets(a) $495,962,265 $486,293,984 $129,174,040 $126,384,677
Common Shares
Outstanding 21,302,905 21,287,764 5,449,631 5,442,280
Net Assets
Value ("NAV") $14.60 $14.15 $15.08 $14.59
Market Price $14.12 $14.19 $14.17 $14.69
Premium
(Discount) to
NAV (3.29)% 0.28% (6.03)% 0.69%
(a) Net assets are inclusive of Preferred Shares issuances of $185
million and $47 million for California Municipal Income III and
New York Municipal Income III, respectively.
Quarter ended March 31,
2005 2004 2005 2004
---------- ---------- ---------- ----------
Net Investment
Income $6,236,282 $6,426,512 $1,556,842 $1,595,757
Per Common
Share $0.29 $0.30 $0.29 $0.29
Net Realized
and Unrealized
Gain (Loss) $4,457,169 $(3,309,431) $2,557,067 $(1,243,570)
Per Common Share $0.21 $(0.16) $0.46 $(0.23)
3 Month Average Undistributed
2005 2004 2005 2004
---- ---- ---- ----
Net Investment
Income Per Common Share(b) $0.0987 NA $0.0595 NA
(b) Calculated using the month-end balances for the three months
ended March 31, 2005. Please note that generally there is a close
correlation between what the Fund earns (net of expenses) and
what it pays 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 Fund
may modestly over-earn or under-earn its monthly dividend which
would have the effect of adding to or subtracting from the Fund's
undistibuted net investment income balance. Fund management
analyzes the Fund's current and projected net earning rates prior
to recommending dividend amounts to the Fund's Board of Trustees
for declaration. There can be no assurance that the current
dividend rate or the undistributed net investment income balance
will remain constant.
Six months ended March 31,
2005 2004 2005 2004
---- ---- ---- ----
Net Investment
Income $12,421,436 $12,850,002 $3,159,649 $3,173,120
Per Share $0.58 $0.60 $0.58 $0.58
Net Realized
and Unrealized
Gain $9,260,255 $13,632,183 $3,463,351 $2,050,584
Per Share $0.44 $0.64 $0.63 $0.38
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 III also seeks to provide current income exempt from California state income taxes. New York Municipal Income Fund III 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 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 www.allianzinvestors.com/closedendfunds/ or by calling the Funds' transfer agent at 1-800-331-1710.
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 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.