CITIGROUP INC — Director's Dealing 2011

May 9, 2011

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: PIMCO MUNICIPAL INCOME FUND III (PMX)
CIK: 0001181506
Period of Report: 2011-04-06

Reporting Person: CITIGROUP INC (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Auction Rate Preferred	166	Indirect

Footnotes

F1: The Auction Preferred Shares ("Shares") reported in Table I represent Shares beneficially owned by Citigroup Global Markets Inc. ("CGMI"). Citigroup Financial Products Inc. ("CFP") is the sole stockholder of CGMI. Citigroup Global Markets Holdings Inc. ("CGMH") is the sole stockholder of CFP. Citigroup Inc. is the sole stockholder of CGMH.