NEW YORK, March 10, 2008 (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, 2007. 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 December 31, At December 31,
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2007 2006 2007 2006
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Net
Assets (a) $486,060,315 $508,428,754 $124,681,797 $131,152,343
Common Shares
Outstanding 21,541,693 21,478,123 5,517,633 5,499,565
Net Asset
Value ("NAV") $13.98 $15.06 $14.08 $15.30
Market Price $13.29 $17.96 $12.85 $16.24
Premium (Discount)
to NAV (4.94)% 19.26% (8.74)% 6.14%
Quarter ended December 31,
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2007 2006 2007 2006
------------ ------------ ------------ ------------
Net Investment
Income $ 6,685,663 $ 5,837,801 $ 1,566,955 $ 1,433,530
Per Common
Share $0.31 $0.27 $0.28 $0.26
Net Realized
and Change in
Unrealized
Gain (Loss) $(12,104,066) $ 5,673,487 $ (3,000,213) $ 1,281,450
Per Common
Share $(0.56) $0.26 $(0.54) $0.23
Undistributed
(Overdistributed)
Net Investment
Income Per
Common Share(b) $0.0560(c) $(0.0254)(d) $0.0480(c) $(0.0123)(d)
(a) Net assets are inclusive of Preferred Shares of $185 million
and $47 million for California Municipal Income III and New York
Municipal Income III, respectively.
(b) 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 the Funds' undistributed
(overdistributed) net investment income balances. The Funds'
management analyzes 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.
(c) Calculated using the accumulated balance at December 31, 2007.
(d) Calculated using the average fiscal year-to-date month-end
balances for the three months ended December 31, 2006.
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.