PIMCO California Municipal Income Fund III (the Fund) is a non-diversified, closed-end management investment company. The Fund invests at least 80% of its net assets in investment-grade municipal bonds that pay interest that is exempt from federal and California income tax. The Fund invests in residual interest municipal bonds (RIBS) and 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. Allianz Global Investors Fund Management LLC serves as the Fund's investment manager, and is an indirect wholly owned subsidiary of Allianz Global Investors of America L.P. The Fund's sub-advisor is Pacific Investment Management Company LLC.