PIMCO Municipal Income Fund III
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- PIMCO Municipal Income Fund III (NYSE: PMX) is a closed-end fixed income mutual fund launched and managed by Pacific Investment Management Company LLC (PIMCO). The fund primarily invests in a diversified portfolio of municipal bonds issued by U.S. states, territories, and political subdivisions, focusing on securities that pay interest exempt from federal income tax; it may also employ leverage through instruments such as Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) to enhance yield potential. Headquartered in Newport Beach, California, the fund was formed on October 31, 2002, and operates within the U.S. fixed income markets, targeting income-oriented investors seeking tax-advantaged returns from sectors including general obligation bonds, revenue bonds, and other municipal obligations across diversified geographies. In a major strategic reorganization completed on August 1, 2025, PIMCO Municipal Income Fund III merged with PIMCO Municipal Income Fund (PMF) into PIMCO Municipal Income Fund II (PML), with PMX shareholders receiving approximately 0.920362 PML shares per PMX share based on net asset values as of the closing date. This merger, approved by shareholders on June 27, 2025 and initially announced in April 2025, forms part of a broader PIMCO initiative consolidating six municipal income closed-end funds to streamline operations, achieve greater scale, and improve efficiency; trading in PMX shares was halted effective August 4, 2025. The transaction involved exchanging common shares and RVMTP Shares at equivalent net asset values, with no changes to the underlying investment strategies of the surviving funds.