PIMCO NY INC III : PZC and PYN Report Results for the Fiscal Quarter and Nine Months Ended June 30, 2011
August 19, 2011 at 01:35 am IST
By
Share
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,
2011. 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
New York Municipal Income III
At June 30,
2011
2010
2011
2010
Net Assets (a)
$314,939,546
$323,906,117
$80,137,737
$82,388,502
Common Shares Outstanding
21,853,881
21,763,939
5,606,276
5,577,393
Net Asset Value ("NAV")
$8.69
$9.14
$8.59
$9.03
Market Price
$9.22
$10.13
$8.85
$9.45
Premium to NAV
6.10
%
10.83
%
3.03
%
4.65
%
Undistributed Net Investment Income Per Common Share (b)
$0.1774
$0.1494
$0.2054
$0.1728
Quarter ended June 30,
2011
2010
2011
2010
Net Investment Income
$4,266,201
$4,129,392
$970,189
$925,281
Per Common Share
$0.20
$0.19
$0.18
$0.16
Net Realized and Change in Unrealized Gain
$14,530,985
$3,640,502
$2,813,152
$682,669
Per Common Share
$0.67
$0.17
$0.50
$0.12
Nine Months ended June 30,
2011
2010
2011
2010
Net Investment Income
$12,646,460
$12,458,924
$2,892,823
$2,749,490
Per Common Share
$0.58
$0.57
$0.52
$0.49
Net Realized and Change in Unrealized Loss
$(21,469,969
)
$(9,322,083
)
$(4,601,695
)
$(388,004
)
Per Common Share
$(0.98
)
$(0.42
)
$(0.82
)
$(0.07
)
(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.
(b) Since the Funds' net earning rates fluctuate from month to month,
there will be periods when the Funds may over-earn or under-earn their
monthly dividend rates. This fluctuation will have the effect of adding
to or subtracting from the Funds' undistributed net investment income
balances. Funds management analyzes the 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 monthly
dividend rates will remain at their current level or that the
undistributed net investment income balances will be sufficient to cover
any shortfall in earnings to meet the current dividend rates.
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 AGIFM
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, are available at http://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.
PIMCO New York Municipal Income Fund III (the Fund) is a non-diversified closed-end management investment company. The Fund's primary investment objective is to seek to provide current income exempt from federal and California income tax. Under normal circumstances, the Fund invests at least 90% of its net assets in municipal bonds which pay interest that is exempt from regular federal, New York State and New York City income. 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 also invests at least 80% of its net assets in municipal bonds that at the time of investment are investment grade quality. Pacific Investment Management Company LLC (PIMCO) serves as the Fund's investment manager.