NEW YORK, June 9, 2008 (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 six months ended March 31, 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 New York Municipal
Income III Income III
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At March 31, At March 31,
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2008 2007 2008 2007
---- ---- ---- ----
Net
Assets (a) $463,789,150 $507,292,956 $119,688,010 $130,722,157
Common Shares
Outstanding 21,556,009 21,499,599 5,517,633 5,504,777
Net Asset
Value ("NAV") $12.93 $14.99 $13.17 $15.21
Market Price $13.84 $17.14 $12.82 $16.12
Premium
(Discount) to
NAV 7.04% 14.34% (2.66)% 5.98%
Quarter ended March 31, Quarter ended March 31,
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2008 2007 2008 2007
---- ---- ---- ----
Net Investment
Income $5,984,126 $5,795,808 $1,512,938 $1,423,067
Per Common
Share $0.28 $0.26 $0.29 $0.26
Net Realized
and Change
in Unrealized
Loss $(22,980,538) $(1,097,559) $(5,209,983) $(449,463)
Per Common
Share $(1.07) $(0.04) $(0.95) $(0.08)
Undistributed
(Overdistributed)
Net Investment
Income Per
Common
Share (b) $0.0804(c) $(0.0523)(d) $0.0856(c) $(0.0306)(d)
Six months ended March 31, Six months ended March 31,
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2008 2007 2008 2007
---- ---- ---- ----
Net Investment
Income $12,669,789 $11,633,609 $3,079,893 $2,856,597
Per Common
Share $0.59 $0.53 $0.57 $0.52
Net Realized
and Change
in Unrealized
Gain
(Loss) $(35,084,604) $4,575,928 $(8,210,196) $831,987
Per Common
Share $(1.63) $0.22 $(1.49) $0.15
(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 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 March 31, 2008.
(d) Calculated using the average fiscal year-to-date month-end
balances for the three months ended March 31, 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. In making an investment decision, individuals should utilize other information sources and the advice of their own professional adviser.