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24.08.2010 20:00:00
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PZC and PYN Report Results for the Fiscal Quarter and Nine Months Ended June 30, 2010
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 nine months ended June 30, 2010. 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.
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California Municipal Income III |
New York Municipal Income III |
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At June 30, |
At June 30, |
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2010 |
2009 |
2010 |
2009 |
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| Net Assets (a) | $ | 323,906,117 | $ | 294,172,602 | $ | 82,388,502 | $ | 77,291,141 | ||||||||||
| Common Shares Outstanding | 21,763,939 | 21,645,884 | 5,577,393 | 5,537,593 | ||||||||||||||
| Net Asset Value ("NAV") | $ | 9.14 | $ | 7.82 | $ | 9.03 | $ | 8.18 | ||||||||||
| Market Price | $ | 10.13 | $ | 8.12 | $ | 9.45 | $ | 8.22 | ||||||||||
| Premium to NAV | 10.83 | % | 3.84 | % | 4.65 | % | 0.49 | % | ||||||||||
| Undistributed Net Investment Income Per Common Share (b) | $ | 0.1494 | $ | 0.1166 | $ | 0.1728 | $ | 0.1582 | ||||||||||
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Quarter ended June 30, |
Quarter ended June 30, |
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2010 |
2009 |
2010 |
2009 |
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| Net Investment Income | $ | 4,129,392 | $ | 4,605,384 | $ | 925,281 | $ | 1,060,880 | ||||||||||
| Per Common Share | $ | 0.19 | $ | 0.22 | $ | 0.16 | $ | 0.19 | ||||||||||
| Net Realized and Change in Unrealized Gain | $ | 3,640,502 | $ | 8,490,426 | $ | 682,669 | $ | 2,228,053 | ||||||||||
| Per Common Share | $ | 0.17 | $ | 0.39 | $ | 0.12 | $ | 0.40 | ||||||||||
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Nine Months ended June 30, |
Nine Months ended June 30, |
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2010 |
2009 |
2010 |
2009 |
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| Net Investment Income | $ | 12,458,924 | $ | 14,485,846 | $ | 2,749,490 | $ | 3,333,210 | ||||||||||
| Per Common Share | $ | 0.57 | $ | 0.67 | $ | 0.49 | $ | 0.60 | ||||||||||
| Net Realized and Change in Unrealized Loss | $ | (9,322,083 | ) | $ | (72,514,754 | ) | $ | (388,004 | ) | $ | (18,227,726 | ) | ||||||
| Per Common Share | $ | (0.42 | ) | $ | (3.35 | ) | $ | (0.07 | ) | $ | (3.31 | ) | ||||||
| (a) Net assets are inclusive of Preferred Shares of $125 million for California Municipal Income III and $32 million for New York Municipal Income III. |
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(b) 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 dividends, which would have the effect of adding to or subtracting from the Funds' undistributed net investment income balances. The Funds' management analyzes the 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 rates or the undistributed net investment income balances will remain constant. |
Allianz Global Investors Fund Management LLC ("AGIFM"), 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. Pacific Investment Management Company LLC, an affiliate of AGIFM, 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 www.allianzinvestors.com/closedendfunds or by calling the Funds' shareholder servicing agent at (800) 254-5197.
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 the same or similar to what is 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 stated objectives. The Funds' ability 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. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.
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