PIMCO New York Municipal Income Fund III
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- PIMCO New York Municipal Income Fund III (NYSE: PYN) is a closed-end management investment company that seeks to provide current income exempt from federal, New York State, and New York City income taxes. The Fund, launched on October 31, 2002, and managed by Allianz Global Investors Fund Management LLC with co-management by Pacific Investment Management Company LLC (PIMCO), invests at least 90% of its net assets in municipal bonds; New York municipal bonds and notes; New York variable rate notes and other variable rate notes; New York variable rate demand notes and other variable rate demand notes; U.S. Treasury bills; and call and put options, with a benchmark of the Bloomberg New York Municipal 22+ Year Index. Headquartered in New York, NY, the Fund targets high-income investors in municipal fixed income markets, focusing on tax-exempt securities issued by New York state and local governments, authorities, and agencies. It operates primarily in the United States, with portfolio managers including David Hammer and Kyle Christine as of mid-2025. In a major strategic reorganization approved by the Board of Trustees and completed on August 1, 2025, PIMCO New York Municipal Income Fund III (PYN) merged with and into PIMCO New York Municipal Income Fund II (PNI), alongside the merger of PIMCO New York Municipal Income Fund (PNF) into PNI; this consolidation streamlined PIMCO's New York municipal closed-end fund offerings as part of broader municipal fund reorganizations including national and California funds. The transaction followed the announcement of proposed reorganizations on April 4, 2025, with exchange ratios set for PYN shareholders, such as $7.6433 NAV per PNF share equivalent, enhancing operational efficiency without reported funding rounds, new product launches, or other alliances in the prior period. Post-merger, legacy PYN investors are integrated into PNI, which continues to emphasize tax-exempt New York municipal income strategies.