NEW YORK, Sept. 12, 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 nine months ended June 30, 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 Municipal New York Municipal
Income III Income III
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At June 30, At June 30,
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2006 2005 2006 2005
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Net Assets(a) $493,614,698 $502,498,760 $127,410,442 $129,785,454
Common Shares
Outstanding 21,430,271 21,314,517 5,482,173 5,449,631
Net Asset Value
("NAV") $14.40 $14.90 $14.67 $15.19
Market Price $15.95 $14.89 $15.23 $15.50
Premium (Discount)
to NAV 10.76% (0.07)% 3.82% 2.04%
Quarter ended June 30, Quarter ended June 30,
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2006 2005 2006 2005
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Net Investment
Income $5,834,887 $5,931,723 $1,453,666 $1,481,763
Per Common Share $0.28 $0.28 $0.27 $0.27
Net Realized and
Change in
Unrealized Gain
(Loss) $(5,172,889) $6,499,644 $(1,105,660) $699,789
Per Common Share $(0.25) $0.30 $(0.20) $0.13
3 Month Average
Undistributed
(Overdistributed)
Net Investment
Income Per Common
Share(b) $0.0386 $0.1012 $(0.0214) $0.0515
Nine Months ended June 30, Nine Months ended June 30,
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2006 2005 2006 2005
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Net Investment
Income $17,777,806 $18,353,159 $4,376,144 $4,641,412
Per Common Share $0.83 $0.86 $0.80 $0.85
Net Realized and
Change in
Unrealized Gain
(Loss) $(7,027,030) $15,759,899 $(1,633,458) $4,163,140
Per Common Share $(0.33) $0.74 $(0.30) $0.76
(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
June 30, 2006 and June 30, 2005, respectively. 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.
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.