PIMCO New York Municipal Income Fund III (the Fund) is a non-diversified, closed-end management investment company. The Fund invests substantially all of its assets in municipal bonds which pay interest that is exempt from federal, New York State and New York City income taxes. The Funds invest in interest rates of residual interest municipal bonds (RIBs)/residual interest tax exempt bonds (RITEs) (Inverse Floaters), whose interest rates bear an inverse relationship to the interest rate on another security or the value of an index. The Fund's investment manager is Allianz Global Investors Fund Management LLC, a wholly owned subsidiary of Allianz Global Investors of America L.P. Allianz Global is an indirect, wholly owned subsidiary of Allianz SE, a European insurance and financial services company. The Fund's sub-advisor is Pacific Investment Management Company LLC.