PIMCO New York Municipal Income Fund III (the Fund) is a non-diversified closed-end management investment company. The Fund's primary investment objective is to seek to provide current income exempt from federal, New York State and New York City income tax. The Fund invests primarily in New York municipal bonds. It normally invests at least 90% of its net assets (and at least 80% of its net assets plus any borrowings for investment purposes) in municipal bonds that pay interest that is exempt from federal, New York State and New York City income tax. It also seeks to be alternative minimum tax (AMT)-free by avoiding bonds generating interest that may subject individuals to the alternative minimum tax. It invests in various regions, including Illinois and New York. It invests in various sectors, such as transportation, tobacco, education, hospital, housing, resource recovery and mortgage. Pacific Investment Management Company LLC (PIMCO) serves as the Fund's investment manager.