PIMCO Municipal Income Fund III (NYSE:PMX) Files An 8-K Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure.
Annual Shareholder Meeting Results:
PIMCO Municipal Income Fund III (the Fund) held its annual meeting of shareholders on December 17, 2019, during which shareholders voted on the election and re-election of certain of the Funds Trustees. The results of the elections were certified on January 2, 2020. Common/Preferred shareholders voted as indicated below:
Election of Trustees by Common and Preferred Shareholders of the Fund, voting together as a single class:
Changes to Board of Trustees:
At the Funds annual shareholder meeting held on December 17, 2019, incumbent Trustee James A. Jacobson was replaced on the Board by Derrick A. Clark in a contested election for a Trustee position elected by preferred shareholders of the Fund, voting as a separate class. Mr. Clark received the affirmative vote of 14.21% of the preferred share votes cast at the meeting. Mr. Clark was nominated by Dryden Capital Fund, LP, Dryden Capital, LLC, and certain affiliates thereof (collectively, Dryden). Dryden is a holder of Auction Rate Preferred Shares of the Fund.
Effective December 17, 2019, the Board of Trustees appointed James A. Jacobson to the Board as a Class III Trustee to be elected by common and preferred shareholders of the Fund, voting together.
About PIMCO Municipal Income Fund III (NYSE:PMX)
PIMCO Municipal Income Fund III (the Fund) is a diversified, closed-end management investment company. The Fund’s primary investment objective is to seek current income exempt from federal income tax. The Fund normally invests approximately 90% of its net assets (and over 80% of its net assets plus any borrowings for investment purposes) in municipal bonds that pay interest that is exempt from federal income tax. The Fund also seeks to be alternative minimum tax (AMT)-free by avoiding bonds generating interest that may subject individuals to the alternative minimum tax. The Fund’s investment portfolio of sectors include water and sewer, hospital, industrial development/pollution control, transportation, state/local governments, tobacco, power, pre-refunded, special tax and education. Pacific Investment Management Company LLC (PIMCO) is the investment manager of the Fund.