PIMCO New York Municipal Income Fund III Announces Payment of Previously Declared Common Share Dividend and Declaration of Common Share Dividends for December 2008 and January 2009


NEW YORK, Jan. 7, 2009 (GLOBE NEWSWIRE) -- PIMCO New York Municipal Income Fund III (NYSE:PYN) (the "Fund") announced today that the previously declared November dividend of $0.0525 per common share (payable to shareholders of record on November 13, 2008) will be paid today.

This dividend was declared on November 3, 2008 and postponed on December 1, 2008.

In addition, the Fund also announced today that is has declared a $0.0525 per common share dividend for December 2008 and a $0.0525 per common share dividend for January 2009.

The dividend declared for December 2008 will be payable on January 23, 2009 to shareholders of record on January 20, 2009, with an ex-dividend date of January 15, 2009.

The dividend declared for January 2009 will be payable on February 2, 2009 to shareholders of record on January 20, 2009, with an ex-dividend date of January 15, 2009.

As stated in the December 1, 2008 press release, the Fund is not permitted to pay or declare common share dividends unless the Fund's auction rate preferred shares ("ARPS") have a minimum asset coverage of 200% ("200% Level") after payment or declaration of the common share dividend, in accordance with the Fund's By-laws and the Investment Company Act of 1940, as amended. The Fund's asset coverage is now at a level at which the Fund can pay the previously declared November common share dividend and declare common share dividends for December 2008 and January 2009.

At January 6, 2009 the Fund's net assets were approximately $72.1 million (inclusive of Preferred Shares of approximately $32.0 million).

The Fund's investment objective is to provide current income exempt from federal and New York income tax. There can be no assurance that the Fund will achieve its stated objective.

Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund's 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 Fund's sub-adviser.

The Fund's daily New York Stock Exchange closing price and net asset value per share are available by calling the Fund's shareholder servicing agent at (800) 331-1710. This information, as well as updated portfolio statistics and performance, is available at http://www.allianzinvestors.com.

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 further declines in the securities markets and in the Fund's performance, a general downturn in the economy, inability to obtain leverage to replace ARPS that have been redeemed, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement their operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. The Fund's ability to maintain leverage and to pay dividends to common shareholders is subject to the restrictions in their registration statements, By-laws and other governing documents as well as the Investment Company Act of 1940.



            

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