PIMCO California Municipal Income Fund III Reports Earnings Results for the Second Quarter and Six Months Ended March 31, 2012
May 31, 2012 at 01:30 am IST
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PIMCO California Municipal Income Fund III reported earnings results for the second quarter and six months ended March 31, 2012. For the quarter, the fund reported net investment income of $5,246,303 or $0.24 per share against $4,189,756 or $0.19 per share a year ago. Net realized and change in unrealized gain was $11,183,479 or $0.52 per share against net realized and change in unrealized loss was $6,917,998 or $0.33 per share a year ago.
For the six months, the fund reported net investment income of $9,407,763 or $0.43 per share against $8,380,259 or $0.38 per share a year ago. Net realized and change in unrealized gain was $14,113,350 or $0.65 per share against net realized and change in unrealized loss was $36,000,954 or $1.65 per share a year ago. Net asset value as at March 31, 2012 was $9.79 against $8.01 as at March 31, 2011.
PIMCO California Municipal Income Fund III (the Fund) is a closed-end management investment company. The Fundâs investment objective is to seek to provide current income exempt from federal and California income tax. Under normal circumstances, the fund will invest at least 90% of its net assets in municipal bonds which pay interest that are exempt from regular federal and California income taxes. The fund may invest up to 20% of its total assets in investments, the interest from which is subject to the federal alternative minimum tax. The fund invests at least 80% of its net assets in municipal bonds that, at the time of investment, are investment grade quality. The fund may invest up to 20% of its net assets in municipal bonds that are, at the time of investment, rated Ba/BB or B by Moodyâs, S&P or Fitch or lower or that are unrated but judged to be of comparable quality by PIMCO. Pacific Investment Management Company LLC serves as the Fund's investment manager.