NEW YORK, Sept. 8, 2008 (GLOBE 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 and nine months ended June 30, 2008. 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 June 30, At June 30,
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2008 2007 2008 2007
---- ---- ---- ----
Net Assets(a) $465,215,623 $499,870,272 $121,882,987 $128,640,651
Common Shares
Outstanding 21,579,077 21,520,052 5,517,633 5,512,340
Net Asset
Value ("NAV") $12.99 $14.63 $13.57 $14.81
Market Price $12.75 $15.53 $12.64 $15.13
Premium
(Discount)
to NAV (1.85)% 6.15% (6.85)% 2.16%
Quarter ended June 30, Quarter ended June 30,
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2008 2007 2008 2007
---- ---- ---- ----
Net Investment
Income $6,192,298 $5,712,963 $1,561,028 $1,359,074
Per Common Share $0.28 $0.28 $0.27 $0.24
Net Realized and
Change in
Unrealized Gain
(Loss) $166,953 $(7,142,923) $1,847,889 $(2,044,294)
Per Common Share $0.01 $(0.34) $0.34 $(0.37)
Undistributed
(Overdistributed)
Net Investment
Income Per
Common Share
(b)(c) $0.1239 ($0.0847) $0.1501 $(0.0601)
Nine Months ended June 30, Nine Months ended June 30,
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2008 2007 2008 2007
---- ---- ---- ----
Net Investment
Income $18,862,087 $17,346,572 $4,640,921 $4,215,671
Per Common Share $0.87 $0.81 $0.84 $0.76
Net Realized and
Change in
Unrealized
Loss $(34,917,651) $(2,566,995) $(6,362,307) $(1,212,307)
Per Common
Share $(1.62) $(0.12) $(1.15) $(0.22)
(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 June 30, 2008 and June
30, 2007, respectively.
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. There can be no assurance that the Funds will meet their objectives. In making an investment decision, individuals should utilize other information sources and the advice of their own professional adviser.