NEW YORK, Dec. 4, 2006 (PRIME NEWSWIRE) -- 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 year ended September 30, 2006.
At September 30,
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2006 2005
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Net Assets (a) $736,511,336 $727,487,366
Common Shares Outstanding 31,319,707 31,154,801
Net Asset Value ("NAV") $14.90 $14.68
Market Price $15.70 $15.49
Premium to NAV 5.37% 5.52%
Quarter ended September 30,
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2006 2005
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Net Investment Income $ 9,128,897 $ 8,805,784
Per Common Share $0.28 $0.29
Net Realized and Change in
Unrealized Gain (Loss) $ 13,977,386 $ (2,385,748)
Per Common Share $0.46 $(0.08)
3 Month Average (Overdistributed)
Net Investment Income Per
Common Share (b) $ (0.0476) $ (0.0092)
Year ended September 30,
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2006 2005
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Net Investment Income $ 35,260,984 $ 35,256,068
Per Common Share $1.12 $1.14
Net Realized and Change in
Unrealized Gain $ 7,721,946 $ 11,253,933
Per Common Share $0.26 $0.36
(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 September 30, 2006 and September 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 undistributed (overdistributed) net investment income balance. 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 September 30, 2006
(as a percentage of total investments)
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Texas 12.9 %
Illinois 9.0
Michigan 8.8
New York 7.9
California 7.8
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.