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                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                  FORM N-PX

         ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
                               INVESTMENT COMPANY

                 Investment Company Act file number: 811-21187

                        PIMCO Municipal Income Fund III
               (Exact name of registrant as specified in charter)

                       1633 Broadway, New York, NY 10019
                    (Address of Principal Executive Office)

                  Allianz Global Investors Fund Management LLC
                                 1633 Broadway
                              New York, NY 10019
                    (Name and Address of Agent for Service)

        Registrant's telephone number, including area code: 212-739-3000

                     Date of fiscal year end: September 30

         Date of reporting period: July 1, 2013 through June 30, 2014

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ITEM 1.  PROXY VOTING RECORD



Registrant Name : PIMCO Municipal Income Fund III
Fund Name : PIMCO Municipal Income Fund III

The fund did not vote proxies relating to portfolio securities during the period
covered by this report.



SIGNATURES

     Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

(Registrant): PIMCO Municipal Income Fund III

By (Signature and Title)*: /s/ Julian F. Sluyters
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                           Name: Julian F. Sluyters
                           Title: President and Chief Executive Officer

Date: August 27, 2014

* Print the name and title of each signing officer under his or her signature.