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PIMCO Municipal Income Fund III Reports Results for the Fisc

 

Wednesday, Jun 10,2009, 11:35:06 PM   Click:

NEW YORK--(BUSINESS WIRE)-- PIMCO Municipal Income Fund III (the "Fund") (NYSE: PMX), 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 six months ended March 31, 2009.

   

At March 31,

         
    2009   2008
Net Assets (a)   $439,120,639     $685,622,262  
Common Shares Outstanding   31,846,247     31,615,581  
Net Asset Value ("NAV")   $7.85     $13.15  
Market Price   $8.68     $14.18  
Premium to NAV   10.57 %   7.83 %
Undistributed Net Investment Income Per Common Share (c)   $0.1127     $0.0669  
         
   

Quarter ended March 31,

         
    2009   2008
Net Investment Income (b)   $7,214,629     $9,818,165  
Per Common Share (b)   $0.22     $0.32  
Net Realized and Change in Unrealized Gain (Loss) (b)   $22,500,604     $(31,636,305 )
Per Common Share (b)   $0.71     $(1.00 )
         
   

Six months ended March 31,

         
    2009   2008
Net Investment Income (b)   $15,772,131     $20,313,816  
Per Common Share (b)   $0.49     $0.65  
Net Realized and Change in Unrealized Loss (b)   $(93,579,631 )   $(45,734,245 )
Per Common Share (b)   $(2.95 )   $(1.45 )
(a) Net assets are inclusive of market value of Preferred Shares of $189 million and $270 million at March 31, 2009 and March 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 and unrealized gain (loss). However, these amounts are treated as net income (loss) for federal income tax purposes. By using GAAP, Net Investment Income for the quarter and six months ended March 31, 2009 was $131,821 ($0.004 per common share) and $197,879 ($0.006 per common share) higher, respectively (and Net Realized and Change in Unrealized Gain (Loss) correspondingly higher (lower)) than those figures would have been if swap amounts were treated as net income in accordance with federal income tax treatment. The Fund did not engage in swap transactions during the year ended March 31, 2008.

 

(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 undistributed 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 net investment income balance will remain constant. Inclusive of amounts accrued under swap agreements, in accordance with federal income tax treatment.

    Top 5 State Positions at March 31, 2009  
   

(as a percentage of total investments)

 
Michigan   14.0 %
Texas   9.7 %
California   9.4 %
Washington   8.3 %
Illinois   8.3 %
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 (866) 298-8462.

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 stated objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in its 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.





PIMCO Closed-End Funds

Financial Advisors: 800-628-1237

Shareholders: 800-285-4086

Media Relations: 212-739-3501

Source: PIMCO Municipal Income Fund III

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