NEW YORK, Dec. 10, 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 year ended September 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 Municipal Income III New York Municipal Income III
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At September 30, At September 30,
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2008 2007 2008 2007
---- ---- ---- ----
Net
Assets (a) $425,435,899 $496,957,824 $110,151,331 $127,417,107
Common Shares
Outstanding 21,595,180 21,541,693 5,517,633 5,517,633
Net Asset
Value ("NAV") $11.13 $14.48 $11.45 $14.57
Market Price $10.54 $14.20 $10.00 $13.57
Discount to
NAV (5.30)% (1.93)% (12.66)% (6.86)%
Quarter ended September 30, Quarter ended September 30,
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2008 2007 2008 2007
---- ---- ---- ----
Net Investment
Income $5,980,083 $5,750,206 $1,486,043 $1,475,107
Per Common
Share $0.28 $0.26 $0.27 $0.27
Net Realized
and Change in
Unrealized
Loss $(40,361,364) $(3,202,635) $(11,922,341) $(1,408,124)
Per Common
Share $(1.87) $(0.14) $(2.15) $(0.26)
Undistributed
(Overdistri-
buted)
Net Invest-
ment Income
Per Common
Share (b) $0.0791 (c) ($0.0634) (d) $0.1213 (c) $(0.0577)(d)
Year ended September 30, Year ended September 30,
------------------------ ------------------------
2008 2007 2008 2007
---- ---- ---- ----
Net Investment
Income $24,842,170 $23,096,778 $6,126,964 $5,690,778
Per Common
Share $1.15 $1.07 $1.11 $1.03
Net Realized
and Change in
Unrealized
Loss $(75,279,015) $(5,769,630) $(18,284,648) $(2,620,431)
Per Common
Share $(3.49) $(0.26) $(3.30) $(0.48)
(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) 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 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 fiscal year-to-date "tax" basis
balance at September 30, 2008.
(d) Calculated using the accumulated balance at September 30, 2007.
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.