PIMCO Municipal Income Fund III : Reports Results for the Fiscal Quarter and Nine Months Ended June 30, 2014
August 29, 2014 at 04:01 pm EDT
Share
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 nine months ended June 30, 2014.
At June 30,
2014
2013
Net Assets (a)
$533,548,095
$515,178,866
Common Shares Outstanding
32,557,340
32,464,805
Net Asset Value ("NAV")
$10.58
$10.05
Market Price
$11.10
$11.01
Premium to NAV
4.91%
9.55%
Undistributed (Overdistributed) Net Investment
Income Per Common Share (b)
$(0.0247)
$0.0496
Quarter ended June 30,
2014
2013
Net Investment Income
$6,199,057
$6,021,333
Per Common Share
$0.19
$0.18
Net Realized and Change in Unrealized Gain (Loss)
$15,439,365
$(32,382,646)
Per Common Share
$0.47
$(0.99)
Nine Months ended June 30,
2014
2013
Net Investment Income
$18,399,315
$18,542,466
Per Common Share
$0.56
$0.57
Net Realized and Change in Unrealized Gain (Loss)
$34,139,732
$(29,494,004)
Per Common Share
$1.05
$(0.90)
(a) Net assets are inclusive of Preferred Shares of $189 million.
(b) Since the Fund’s net earning rates fluctuate from month to
month, there will be periods when the Fund may over-earn or
under-earn its monthly dividend rate. This fluctuation will have the
effect of adding to or subtracting from the Fund's undistributed
(overdistributed) net investment income balance. Fund management
analyzes the 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 monthly dividend
rate will remain at its current level or that the undistributed net
investment income balance, if any, will be sufficient to cover any
shortfall in earnings to meet the current dividend rate.
Top 5 State Positions at June 30, 2014
(as a percentage of total investments)
California
17.6
%
New York
12.3
%
Texas
11.2
%
Alabama
10.1
%
Arizona
6.7
%
Allianz Global Investors Fund Management LLC ("AGIFM"), an indirect,
wholly-owned subsidiary of Allianz Asset Management of America L.P.
serves as the Fund's investment manager and is a member of Munich-based
Allianz Group. Pacific Investment Management Company LLC, an AGIFM
affiliate, serves as the Fund's sub-adviser.
The Fund's daily New York Stock Exchange closing market price, NAV, as
well as other information, are available at
us.allianzgi.com/closedendfunds or by calling the Fund's shareholder
servicing agent at (800) 254-5197.
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 Municipal Income Fund III (the Fund) is a closed-end management investment company. The Fund's investment objective is to seek to provide current income exempt from federal income tax. Under normal circumstances, the Fund invests at least 90% of its net assets in municipal bonds which pay interest that is exempt from regular federal income taxes. The Fund may invest up to 20% of its total assets in investments the interest from which is subject to the federal alternative minimum tax. The Fund invests at least 80% of its net assets in municipal bonds that at the time of investment are investment grade quality or bonds that are unrated but determined to be of comparable quality by the Fund. The Fund invests in various sectors, such as state/local government, education, hospital, housing, lease, power, transportation, special tax, water and sewer, tobacco, mortgage and resource recovery. The Fund's investment manager is Pacific Investment Management Company LLC.
PIMCO MUNICIPAL INCOME FUND III 
