Jesse's Café Américain: "Pimco cancels dividend payments for 6 funds
December 01, 2008: 10:03 AM EST
NEW YORK (Associated Press) - Pacific Investment Management Company Inc. on Monday canceled announced dividend payments for six of its funds, saying the weak market has pushed the value of those funds below legal thresholds.
The dividends declared Nov. 3 that were scheduled for payment Monday will not be paid for:
Pimco New York Municipal Income Fund,
Pimco Municipal Income Fund II,
Pimco California Municipal Income Fund II,
Pimco Municipal Income Fund III,
Pimco California Municipal Income Fund III
Pimco New York Municipal Income Fund III.
'Continued severe market dislocations and recent further erosions in the municipal bond market have caused the values of the Funds' portfolio securities to decline,' the company said"...
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