NEW YORK, Sept. 12, 2006 (PRIMEZONE) -- PIMCO Municipal Income Fund III (the "Fund") (NYSE:PMX), a closed-end management investment company that seeks to provide current income exempt from federal income tax, today announced its results for the fiscal quarter and nine months ended June 30, 2006.
At June 30,
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2006 2005
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Net Assets(a) $721,733,411 $729,627,410
Common Shares Outstanding 31,278,192 31,103,352
Net Asset Value ("NAV") $14.44 $14.78
Market Price $14.59 $15.26
Premium to NAV 1.04% 3.25%
Quarter ended June 30,
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2006 2005
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Net Investment Income $8,517,593 $8,583,250
Per Common Share $0.28 $0.27
Net Realized and Change
in Unrealized Gain (Loss) $(7,089,330) $5,045,175
Per Common Share $(0.23) $0.16
3 Month Average Undistributed
(Overdistributed) Net Investment
Income Per Common Share(b) $(0.0542) $0.0085
Nine months ended June 30,
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2006 2005
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Net Investment Income $26,132,087 $26,450,284
Per Share $0.84 $0.85
Net Realized and Change in
Unrealized Gain (Loss) $(6,255,440) $13,639,681
Per Share $(0.20) $0.44
(a) Net assets are inclusive of market value of Preferred Shares of
$270 million.
(b) Calculated using the month-end balances for the three months ended
June 30, 2006 and June 30, 2005, respectively. Please note that
generally there is a close correlation between what the Fund earns
(net of expenses) and what it pays in monthly dividends. However,
since net earning rates fluctuate from month to month while
monthly dividends have remained relatively stable, there will be
periods when the Fund may modestly over-earn or under-earn its
monthly dividend which would have the effect of adding to or
subtracting from the Fund's undistibuted (overdistributed) net
investment income balances. Fund management analyzes the Fund's
current and projected net earning rates prior to recommending
dividend amounts to the Fund's Board of Trustees for declaration.
There can be no assurance that the current dividend rate or the
undistributed (overdistributed) net investment income balance will
remain constant.
Top 5 State Positions at June 30, 2006
(as a percentage of total investments)
Texas 12.3 %
Illinois 8.7
Michigan 8.5
California 8.2
New York 7.9
Allianz Global Investors Fund Management LLC, an indirect, wholly owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group (NYSE:AZ). Pacific Investment Management Company LLC, an Allianz Global Investors Fund Management affiliate, serves as the Fund's sub-adviser.
The Fund's daily New York Stock Exchange closing price, net asset value per share as well as other information, is available at http://www.allianzinvestors.com/closedendfunds or by calling the Fund's shareholder servicing agent at (800) 331-1710.
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 same or similar to the results 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 Fund will fluctuate. In making an investment decision, individuals should utilize other information sources and the advice of their own professional adviser.