NEW YORK, March 1, 2006 (PRIMEZONE) -- 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 ended December 31, 2005. 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
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At December 31,
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2005 2004
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Net Assets (a) $ 499,124,761 $ 491,119,681
Common Shares Outstanding 21,377,123 21,302,905
Net Asset Value ("NAV") $ 14.69 $ 14.37
Market Price $ 15.72 $ 13.85
Premium (Discount) to NAV 7.01% (3.62)%
Quarter ended December 31,
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2005 2004
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Net Investment Income $ 5,923,436 $ 6,185,154
Per Common Share $ 0.28 $ 0.29
Net Realized and Change in
Unrealized Gain (Loss) $ (1,892,434) $ 4,803,086
Per Common Share $ (0.09) $ 0.23
3 Month Average Undistributed
Net Investment Income Per
Common Share $ 0.0897 NA
New York Municipal Income III
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At December 31,
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2005 2004
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Net Assets (a) $ 128,046,203 $ 126,533,941
Common Shares Outstanding 5,469,566 5,449,631
Net Asset Value ("NAV") $ 14.82 $ 14.59
Market Price $ 16.20 $ 14.32
Premium (Discount) to NAV 9.31% (1.85)%
Quarter ended December 31,
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2005 2004
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Net Investment Income $ 1,458,450 $ 1,602,807
Per Common Share $ 0.27 $ 0.29
Net Realized and Change in
Unrealized Gain (Loss) $ (963,347) $ 906,284
Per Common Share $ (0.18) $ 0.17
3 Month Average Undistributed
Net Investment Income Per
Common Share $ 0.0152 NA
(a) Net assets are inclusive of Preferred Shares issuances of $185
million and $47 million for California Municipal Income III and
New York Municipal Income III, respectively.
(b) Calculated using the month-end balances for the three months
ended December 31, 2005. Please 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 each Fund's undistributed
net investment income balance. The Funds' management
analyzes each Funds' 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 rate or the undistributed net
investment income balance will remain constant.
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.