NEW YORK, Dec. 11, 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 and year ended September 30, 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 September 30, At September 30,
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2007 2006 2007 2006
---- ---- ---- ----
Net Assets (a) $496,957,824 $503,236,284 $127,417,107 $129,836,088
Common Shares
Outstanding 21,541,693 21,455,010 5,517,633 5,489,402
Net Asset
Value ("NAV") $14.48 $14.83 $14.57 $15.09
Market Price $14.20 $16.94 $13.57 $16.45
Premium (Discount)
to NAV (1.93)% 14.23% (6.86)% 9.01%
Quarter ended Quarter ended
September 30, September 30,
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2007 2006 2007 2006
---- ---- ---- ----
Net Investment
Income $5,750,206 $5,915,198 $1,475,107 $1,507,031
Per Common
Share $0.26 $0.28 $0.27 $0.27
Net Realized
and Change
in Unrealized
Gain (Loss) $(3,202,635) $9,870,302 $(1,408,124) $2,343,581
Per Common Share $(0.14) $0.46 $(0.26) $0.43
Undistributed
(Overdistributed)
Net Investment
Income Per
Common Share (b) $(0.0634)(c) $0.0077 (d) $(0.0577)(c) $(0.0335)(d)
Year ended Year ended
September 30, September 30,
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2007 2006 2007 2006
---- ---- ---- ----
Net Investment
Income $23,096,778 $23,693,004 $5,690,778 $5,883,175
Per Common
Share $1.07 $1.11 $1.03 $1.07
Net Realized
and Change in
Unrealized Gain
(Loss) $(5,769,630) $2,843,272 $(2,620,431) $710,123
Per Common Share $(0.26) $0.13 $(0.48) $0.13
(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 September 30, 2007.
(d) Calculated using the average fiscal year-to-date month-end
balances for the three months ended September 30, 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.
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.