NEW YORK, Aug. 17, 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 nine months ended June 30, 2005.
California Municipal New York Municipal
Income III Income III
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At June 30, At June 30,
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2005 2004 2005 2004
------------ ------------ ------------ ------------
Net Assets (a) $502,498,760 $472,567,144 $129,785,454 $122,503,209
Common Shares
Outstanding 21,314,517 21,302,905 5,449,631 5,446,069
Net Assets
Value ("NAV") $ 14.90 $ 13.50 $ 15.19 $ 13.86
Market Price $ 14.89 $ 12.91 $ 15.50 $ 12.95
Premium
(Discount) to
NAV (0.07)% (4.37)% 2.04% (6.57)%
(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 June 30, Quarter ended June 30,
------------------------ -----------------------
2005 2004 2005 2004
---------- ------------ ---------- -----------
Net Investment
Income $5,931,723 $ 6,546,428 $1,481,763 $ 1,625,938
Per Common Share $ 0.28 $ 0.31 $ 0.27 $ 0.30
Net Realized and
Change in
Unrealized
Gain (Loss) $6,499,644 $(14,900,128) $ 699,789 $(4,138,874)
Per Common Share $ 0.30 $ (0.70) $ 0.13 $ (0.76)
3 Month Average
Undistributed
Net Investment
Income Per
Common Share (b) $ 0.1012 NA $ 0.0515 NA
(b) Calculated using the month-end balances for the three months
ended June 30, 2005. Please 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 each Fund's
undistributed net investment income balance. The Funds'
management analyzes each 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.
Nine months ended June 30,
------------------------------------------------
2005 2004 2005 2004
----------- ----------- ---------- -----------
Net Investment
Income $18,353,159 $19,396,430 $4,641,412 $ 4,799,058
Per Common Share $ 0.86 $ 0.91 $ 0.85 $ 0.88
Net Realized and
Change in
Unrealized
Gain (Loss) $15,759,899 $(1,267,945) $4,163,140 $(2,088,290)
Per Common Share $ 0.74 $ (0.06) $ 0.76 $ (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 http://www.allianzinvestors.com/closedendfunds/ or by calling the Funds' transfer 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 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 professional adviser.