NEW YORK, May 31, 2006 (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, 2006. 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.
California New York
Municipal Income III Municipal Income III
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At March 31, At March 31,
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2006 2005 2006 2005
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Net Assets (a) $499,181,518 $495,962,265 $128,530,923 $129,174,040
Common Shares
Outstanding 21,404,511 21,302,905 5,477,544 5,449,631
Net Asset Value
("NAV") $14.68 $14.60 $14.88 $15.08
Market Price $15.90 $14.12 $15.08 $14.17
Premium (Discount)
to NAV 8.31% (3.29)% 1.34% (6.03)%
Quarter ended March 31, Quarter ended March 31,
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2006 2005 2006 2005
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Net Investment
Income $6,019,483 $6,236,282 $1,464,028 $1,556,842
Per Common Share $0.27 $0.29 $0.26 $0.29
Net Realized and
Change in Unrealized
Gain $38,293 $4,457,169 $435,549 $2,557,067
Per Common Share $0.01 $0.21 $0.08 $0.46
3 Month Average
Undistributed
(Overdistributed) Net
Investment Income Per
Common Share (b) $0.0690 $0.0987 $(0.0107) $0.0595
(a) Net assets are inclusive of market value of Preferred Shares
of $185 million and $47 million for California Municipal Income
III and New York Municipal Income III, respectively.
(b) Calculated using the month-end balances for the three months
ended March 31, 2006. 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 (overdistributed) net investment income
balance. The Funds' management analyzes each Funds' 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 current dividend rate or the
undistributed (overdistributed) net investment income balance
will remain constant.
Six Months ended March 31,
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2006 2005 2006 2005
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Net Investment
Income $11,942,919 $12,421,436 $2,922,478 $3,159,649
Per Common Share $0.55 $0.58 $0.53 $0.58
Net Realized and
Change in Unrealized
Gain (Loss) $(1,854,141) $9,260,255 $(527,798) $3,463,351
Per Common Share $(0.08) $0.44 $(0.10) $0.63
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 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.