NEW YORK, June 30, 2006 (PRIMEZONE) -- 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 year ended April 30, 2006.
At April 30,
2006 2005
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Net Assets (a) $555,876,814 $560,699,424
Common Shares Outstanding 24,473,102 24,310,374
Net Asset Value ("NAV") $14.54 $14.84
Market Price $16.22 $14.64
Premium (Discount) to NAV 11.55% (1.35)%
Quarter ended April 30,
2006 2005
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Net Investment Income $6,602,060 $6,790,812
Per Common Share $0.27 $0.29
Net Realized and Change
in Unrealized Gain (Loss) $(6,493,071) $2,206,996
Per Common Share $(0.27) $0.09
3 Month Average Undistributed
Net Investment Income
Per Common Share (b) $0.2990 $0.3783
Year ended April 30,
2006 2005
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Net Investment Income $26,839,436 $27,652,489
Per Share $1.10 $1.15
Net Realized and Change
in Unrealized Gain (Loss) $(5,112,326) $16,565,098
Per Share $(0.21) $0.68
(a) Net assets are inclusive of market value of Preferred Shares of
$200 million.
(b) Calculated using the month-end balances for the three months
ended April 30, 2006 and April 30, 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 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.
Top 5 State Positions at April 30, 2006
(as a percentage of investments)
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Texas 13.5%
Illinois 13.1
Louisiana 6.4
Michigan 5.2
South Carolina 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 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.