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PIMCO Municipal Income Fund III of Beneficial Interest
This article was originally published a month ago - since then, the premia of both PML and PMX have reduced somewhat.
In this article, we apply our relative value approach to two PIMCO national municipal bond CEFs: Municipal Income Fund II (PML) and Municipal Income Fund III (PMX). Although both funds appear to hold very similar assets, their premia have diverged from each other. We think this is partly driven by PML's more generous distribution profile. Recent distribution cuts will likely pressure the premia of both funds lower and likely cause