NEW YORK, Aug. 1, 2007 (PRIME NEWSWIRE) -- The Boards of Trustees of PIMCO Municipal Income Fund III (NYSE:PMX), PIMCO California Municipal Income Fund III (NYSE:PZC) and PIMCO New York Municipal Income Fund III (NYSE:PYN), (collectively, the "Funds") announced today that they have declared the following dividends on the Funds' common shares:
PIMCO Municipal Income Fund III $0.07 per common share
(no change from previous month)
PIMCO California Municipal $0.06 per common share
Income Fund III (previously $0.073 per share)
PIMCO New York Municipal $0.0525 per common share
Income Fund III (previously $0.063 per share)
The above mentioned dividends will be payable on September 4, 2007 to shareholders of record on August 13, 2007, with an ex-dividend date of August 9, 2007.
The Board of Trustees of the Funds determined to reduce the monthly dividend payments for PZC and PYN in recognition of the high borrowing costs related to the Funds' preferred shares.
The Funds' investment manager also announced that a conference call with portfolio manager Mark McCray will be held on Thursday, August 2, 2007 at 4:15 PM ET. During the conference call, Mr. McCray intends to provide an investment update for the Funds and will discuss the current market environment and PIMCO's outlook for municipal closed-end funds.
The dial-in number for this call is (800) 805-3092 and the pass code is 11975115. The call will be available for replay for 4 weeks. The replay number is (800) 642-1687 and the replay pass code is 11975115.
At July 31, 2007, the Funds' net assets (a) were approximately:
(in millions)
PIMCO Municipal Income Fund III $731.5
PIMCO California Municipal Income Fund III $498.9
PIMCO New York Municipal Income Fund III $128.4
(a) Net assets are inclusive of Preferred Shares of $ 270 million,
$185 million and $47 million for PIMCO Municipal Income III,
PIMCO California Municipal Income III and PIMCO New York
Municipal Income III Funds, respectively.
The Funds are closed-end management investment companies. The investment objective of each Fund is to provide current income exempt from federal income tax. PIMCO California Municipal Income Fund III also seeks to provide current income exempt from California income taxes. PIMCO New York Municipal Income Fund III also seeks to provide income exempt from New York State and City income taxes. There can be no assurance that the Funds will achieve their stated objectives.
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, including updated portfolio statistics and performance are available at www.allianzinvestors.com or by calling the Funds' shareholder servicing agent at 1-800-331-1710.
Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Funds' performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.