NEW YORK, March 2, 2007 (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 ended December 31, 2006.
At December 31,
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2006 2005
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Net Assets (a) $745,612,710 $724,840,654
Common Shares Outstanding 31,382,309 31,206,350
Net Asset Value ("NAV") $15.16 $14.58
Market Price $16.05 $15.83
Premium to NAV 5.87% 8.57%
Quarter ended December 31,
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2006 2005
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Net Investment Income $9,064,940 $8,748,383
Per Common Share $0.29 $0.28
Net Realized and Change
in Unrealized Gain (Loss) $8,045,250 $(2,513,763)
Per Common Share $0.26 $(0.08)
3 Month Average Undistributed
(Overdistributed) Net Investment
Income Per Common Share (b) $0.0033 $(0.0324)
(a) Net assets are inclusive of market value of Preferred Shares of
$270 million.
(b) Calculated using the estimated month-end tax basis balances
for the three months ended December 31, 2006 and
December 31, 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 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 rates or the undistributed (overdistributed) net
investment income balances will remain constant.
Top 5 State Positions at December 31, 2006
(as a percentage of total investments)
Texas 14.0 %
Michigan 12.9
Washington 9.8
Illinois 8.2
New York 6.7
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.