NEW YORK, March 2, 2007 (PRIME NEWSWIRE) -- 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 ended December 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 Municipal New York Municipal
Income III Income III
-------------------- ------------------
At December 31, At December 31,
2006 2005 2006 2005
---- ---- ---- ----
Net
Assets (a) $508,428,754 $499,124,761 $131,152,343 $128,046,203
Common
Shares
Outstanding 21,478,123 21,377,123 5,499,565 5,469,566
Net Asset
Value
("NAV") $15.06 $14.69 $15.30 $14.82
Market
Price $17.96 $15.72 $16.24 $16.20
Premium
to NAV 19.26% 7.01% 6.14% 9.31%
Quarter ended Quarter ended
December 31, December 31,
2006 2005 2006 2005
---- ---- ---- ----
Net
Investment
Income $5,837,801 $5,923,436 $1,433,530 $1,458,450
Per
Common
Share $0.27 $0.28 $0.26 $0.27
Net Realized
and Change in
Unrealized
Gain (Loss) $5,673,487 $(1,892,434) $1,281,450 $(963,347)
Per Common
Share $0.26 $(0.09) $0.23 $(0.18)
3 Month
Average
Undistributed
(Overdistributed)
Net Investment
Income Per
Common
Share (b) ($0.0254) $0.0897 $(0.0123) $0.0152
(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 estimated month-end tax basis balances for
the three months ended December 31, 2006 and December 31, 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
balances. 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 rates or the
undistributed (overdistributed) net investment income balances
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 the 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.