NEW YORK, Sept. 30, 2008 (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 ended July 31, 2008.
At July 31,
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2008 2007
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Net Assets (a) $513,149,623 $552,894,215
Common Shares Outstanding 24,817,141 24,677,909
Net Asset Value ("NAV") $ 12.62 $ 14.30
Market Price $ 16.04 $ 16.43
Premium to NAV 27.10% 14.90%
Quarter ended July 31,
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2008 2007
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Net Investment Income $ 6,949,228 $ 6,101,456
Per Common Share $ 0.28 $ 0.25
Net Realized and Change
in Unrealized Loss $ (8,042,315) $(12,038,737)
Per Common Share $ (0.32) $ (0.49)
Undistributed
(Overdistributed) Net
Investment Income
Per Common Share (b)(c) $ (0.0216) $ 0.0382
(a) Net assets are inclusive of Preferred Shares issuance of $200
million.
(b) 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 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 rates or the
undistributed (overdistributed) net investment income balances
will remain constant.
(c) Calculated using the accumulated balance at July 31, 2008 and
July 31, 2007, respectively.
Top 5 State Positions at July 31, 2008
(as a percentage of investments)
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Illinois 13.8%
Texas 9.5
California 5.4
Louisiana 5.4
Pennsylvania 5.2
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. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.