NEW YORK, Nov. 22, 2005 (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 year ended September 30, 2005.
California Municipal New York Municipal
Income III Income III
At September 30, At September 30,
-------------------------- --------------------------
2005 2004 2005 2004
------------ ------------ ------------ ------------
Net Assets(a) $500,962,582 $485,860,102 $129,042,608 $125,465,355
Common Shares
Outstanding 21,346,804 21,302,905 5,459,884 5,446,069
Net Assets
Value ("NAV") $14.80 $14.12 $15.03 $14.41
Market Price $15.11 $13.74 $16.04 $14.30
Premium
(Discount)
to NAV 2.09% (2.69)% 6.72% (0.76)%
(a) Net assets are inclusive of Preferred Shares issuances of $185
million and $47 million for California Municipal Income III and
New York Municipal Income III, respectively.
Quarter ended Quarter ended
September 30, September 30,
2005 2004 2005 2004
---------- ---------- ---------- ----------
Net
Investment
Income $6,044,223 $6,680,943 $1,491,508 $1,653,796
Per Common
Share $0.28 $0.32 $0.28 $0.31
Net Realized
and Change
in Unrealized
Gain (Loss) $(2,011,974) $12,245,056 $(832,670) $2,744,070
Per Common
Share $(0.09) $0.57 $(0.15) $0.50
3 Month Average
Undistributed
Net Investment
Income Per
Common Share (b) $0.1013 NA $0.0400 NA
(b) Calculated using the month-end balances for the three months
ended September 30, 2005. 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 net investment income balance. The
Funds' management analyzes each Fund's current and projected net
earning rates prior to recommending dividend amounts to the
Fund's Board of Trustees for declaration. There can be no
assurance that the current dividend rate or the undistributed net
investment income balance will remain constant.
Year ended September 30, Year ended September 30,
2005 2004 2005 2004
----------- ----------- ----------- -----------
Net
Investment
Income $24,397,382 $26,077,373 $6,132,920 $6,452,854
Per Common
Share $1.14 $1.23 $1.13 $1.19
Net Realized
and Change
in Unrealized
Gain $13,747,925 $10,977,111 $3,330,470 $655,780
Per Common
Share $0.65 $0.51 $0.61 $0.12
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.
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' transfer 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.