NEW YORK, April 8, 2009 (GLOBE NEWSWIRE) -- PIMCO Municipal Income Fund (the "Fund") (NYSE:PMF), a closed-end management investment company which seeks to provide current income exempt from federal income tax, today announced its results for the fiscal quarter and nine months ended January 31, 2009.
At January 31,
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2009 2008
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Net Assets (a) $407,079,907 $538,241,405
Common Shares Outstanding 24,858,692 24,754,070
Net Asset Value ("NAV") $8.73 $13.66
Market Price $10.63 $15.77
Premium to NAV 21.76% 15.45%
Quarter ended January 31,
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2009 2008
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Net Investment Income $6,828,249 (b) $7,457,335
Per Common Share $0.27 (b) $0.30
Net Realized and Change
in Unrealized Loss $(31,188,356)(b) $(9,239,464)
Per Common Share $(1.26)(b) $(0.38)
Overdistributed Net
Investment Income Per
Common Share (c)(d) $(0.0937) $(0.0170)
Nine Months ended January 31,
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2009 2008
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Net Investment Income $20,504,336 (b) $20,449,989
Per Common Share $0.83 (b) $0.83
Net Realized and Change
in Unrealized Loss $(102,943,401)(b) $(26,456,509)
Per Common Share ($4.14)(b) $(1.07)
(a) Net assets are inclusive of market value of Preferred Shares of
$190 million and $200 million at January 31, 2009 and January 31,
2008, respectively.
(b) The information provided is in accordance with generally accepted
accounting principles ("GAAP"), which requires the Fund to treat
amounts accrued under swap agreements as net realized gain
(loss). However, these amounts are treated as net income (loss)
for federal income tax purposes. By using GAAP, Net Investment
Income for the fiscal quarter and nine months ended January 31,
2009 was $(61,440) (($0.002) per common share) higher (and Net
Realized and Change in Unrealized Loss correspondingly higher)
than those figures would have been if swap amounts were treated
as net income in accordance with federal income tax treatment.
(c) 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 over-earn or under-earn
its monthly dividend which would have the effect of adding to or
subtracting from the Fund's 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 overdistributed
net investment income balance will remain constant.
(d) Calculated using the accumulated balance at January 31, 2009 and
January 31, 2008, respectively.
Top 5 State Positions at January 31, 2009
(as a percentage of investments)
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Illinois 9.6%
Texas 7.2
California 6.5
New York 5.5
Louisiana 4.8
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 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 Fund will fluctuate. There can be no assurance that the Fund will meet its investment objective. The Fund's 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.