Pimco NY Muni Income Fund III : PZC and PYN Report Results for the Fiscal Quarter and Nine Months Ended June 30, 2014
August 29, 2014 at 09:01 pm
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Pimco California Municipal Income Fund III
Pimco New York Municipal Income Fund III
PIMCO California Municipal Income Fund III (NYSE:PZC) and PIMCO New York
Municipal Income Fund III (NYSE:PYN) (each a "Fund" and collectively the
"Funds") today announced their results for the fiscal quarter and nine
months ended June 30, 2014. 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,
2014
2013
2014
2013
Net Assets (a)
$
343,121,770
$
332,530,809
$
84,124,211
$
81,420,008
Common Shares Outstanding
22,076,299
22,011,040
5,653,122
5,639,744
Net Asset Value ("NAV")
$
9.88
$
9.43
$
9.22
$
8.76
Market Price
$
10.58
$
10.14
$
9.66
$
9.51
Premium to NAV
7.09
%
7.53
%
4.77
%
8.56
%
Undistributed Net Investment Income Per Common Share (b)
$
0.2969
$
0.2678
$
0.2678
$
0.3409
Quarter ended June 30,
2014
2013
2014
2013
Net Investment Income
$
3,786,401
$
2,593,263
$
775,842
$
874,286
Per Common Share
$
0.18
$
0.11
$
0.14
$
0.15
Net Realized and Change in Unrealized Gain (Loss)
$
7,929,646
$
(17,055,363
)
$
2,397,272
$
(4,168,824
)
Per Common Share
$
0.35
$
(0.77
)
$
0.41
$
(0.75
)
Nine Months ended June 30,
2014
2013
2014
2013
Net Investment Income
$
11,445,842
$
12,124,769
$
2,374,308
$
2,706,721
Per Common Share
$
0.52
$
0.55
$
0.42
$
0.48
Net Realized and Change in Unrealized Gain (Loss)
$
18,053,929
$
(17,737,037
)
$
4,351,154
$
(4,980,071
)
Per Common Share
$
0.81
$
(0.80
)
$
0.76
$
(0.89
)
(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 levels 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 Asset Management 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 market price, NAV, as
well as other information, are available at
us.allianzgi.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.