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6 Months Ended
Sep. 07, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Jun. 30, 2022
[1]
Cover [Abstract]              
Entity Central Index Key 0001170299            
Amendment Flag false            
Document Type N-CSRS/A            
Entity Registrant Name PIMCO Municipal Income Fund II            
Financial Highlights [Abstract]              
Senior Securities [Table Text Block]
Ratios/Supplemental Data
 
   
ARPS
   
RVMTP
(5)
 
Selected Per Share Data for the Year or
Period Ended^:
 
Total Amount
Outstanding
   
Asset Coverage per
Preferred Share
(1)
   
Involuntary
Liquidating
Preference per
Preferred Share
(2)
   
Average
Market Value
per ARPS
(3)
   
Total Amount
Outstanding
   
Asset Coverage per
Preferred Share
(1)
   
Involuntary
Liquidating
Preference per
Preferred Share
(2)
   
Average
Market Value
per RVMTP
(4)
 
                 
PIMCO Municipal Income Fund
                                                               
1/1/2022
-
6/30/2022+
 
$
  166,700,000
 
 
$
  60,330
 
 
$
  25,000
 
 
 
N/A
 
 
$
  23,300,000
 
 
$
  241,320
 
 
$
  100,000
 
 
 
N/A
 
12/31/2021
 
 
166,700,000
 
 
 
70,665
 
 
 
25,000
 
 
 
N/A
 
 
 
23,300,000
 
 
 
282,660
 
 
 
100,000
 
 
 
N/A
 
12/31/2020
 
 
166,700,000
 
 
 
70,133
 
 
 
25,000
 
 
 
N/A
 
 
 
23,300,000
 
 
 
280,530
 
 
 
100,000
 
 
 
N/A
 
12/31/2019
 
 
166,700,000
 
 
 
70,395
 
 
 
25,000
 
 
 
N/A
 
 
 
23,300,000
 
 
 
281,580
 
 
 
100,000
 
 
 
N/A
 
12/31/2018
 
 
166,700,000
 
 
 
66,868
 
 
 
25,000
 
 
 
N/A
 
 
 
23,300,000
 
 
 
267,440
 
 
 
100,000
 
 
 
N/A
 
12/31/2017
 
 
190,000,000
 
 
 
68,475
 
 
 
25,000
 
 
 
N/A
 
 
 
N/A
 
 
 
N/A
 
 
 
100,000
 
 
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PIMCO Municipal Income Fund II
                                                               
1/1/2022
-
6/30/2022+
 
$
298,275,000
 
 
$
66,203
 
 
$
25,000
 
 
 
N/A
 
 
$
68,700,000
 
 
$
264,810
 
 
$
100,000
 
 
 
N/A
 
12/31/2021
 
 
298,275,000
 
 
 
78,363
 
 
 
25,000
 
 
 
N/A
 
 
 
68,700,000
 
 
 
313,450
 
 
 
100,000
 
 
 
N/A
 
12/31/2020
 
 
298,275,000
 
 
 
78,293
 
 
 
25,000
 
 
 
N/A
 
 
 
68,700,000
 
 
 
313,170
 
 
 
100,000
 
 
 
N/A
 
12/31/2019
 
 
298,275,000
 
 
 
78,308
 
 
 
25,000
 
 
 
N/A
 
 
 
68,700,000
 
 
 
313,230
 
 
 
100,000
 
 
 
N/A
 
12/31/2018
 
 
298,275,000
 
 
 
74,285
 
 
 
25,000
 
 
 
N/A
 
 
 
68,700,000
 
 
 
297,110
 
 
 
100,000
 
 
 
N/A
 
12/31/2017
 
 
367,000,000
 
 
 
76,136
 
 
 
25,000
 
 
 
N/A
 
 
 
N/A
 
 
 
N/A
 
 
 
100,000
 
 
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PIMCO Municipal Income Fund III
                                                               
1/1/2022
-
6/30/2022+
 
$
154,700,000
 
 
$
63,343
 
 
$
25,000
 
 
 
N/A
 
 
$
34,300,000
 
 
$
253,370
 
 
$
100,000
 
 
 
N/A
 
12/31/2021
 
 
154,700,000
 
 
 
75,200
 
 
 
25,000
 
 
 
N/A
 
 
 
34,300,000
 
 
 
300,800
 
 
 
100,000
 
 
 
N/A
 
12/31/2020
 
 
154,700,000
 
 
 
74,833
 
 
 
25,000
 
 
 
N/A
 
 
 
34,300,000
 
 
 
299,330
 
 
 
100,000
 
 
 
N/A
 
12/31/2019
 
 
154,700,000
 
 
 
74,565
 
 
 
25,000
 
 
 
N/A
 
 
 
34,300,000
 
 
 
298,260
 
 
 
100,000
 
 
 
N/A
 
12/31/2018
 
 
154,700,000
 
 
 
70,693
 
 
 
25,000
 
 
 
N/A
 
 
 
34,300,000
 
 
 
282,740
 
 
 
100,000
 
 
 
N/A
 
12/31/2017
 
 
189,000,000
 
 
 
73,007
 
 
 
25,000
 
 
 
N/A
 
 
 
N/A
 
 
 
N/A
 
 
 
100,000
 
 
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PIMCO California Municipal Income Fund
                                                               
1/1/2022
-
6/30/2022+
 
$
120,625,000
 
 
$
59,410
 
 
$
25,000
 
 
 
N/A
 
 
$
29,300,000
 
 
$
237,640
 
 
$
100,000
 
 
 
N/A
 
12/31/2021
 
 
120,625,000
 
 
 
69,408
 
 
 
25,000
 
 
 
N/A
 
 
 
29,300,000
 
 
 
277,630
 
 
 
100,000
 
 
 
N/A
 
12/31/2020
 
 
120,625,000
 
 
 
69,948
 
 
 
25,000
 
 
 
N/A
 
 
 
29,300,000
 
 
 
279,790
 
 
 
100,000
 
 
 
N/A
 
12/31/2019
 
 
120,625,000
 
 
 
69,580
 
 
 
25,000
 
 
 
N/A
 
 
 
29,300,000
 
 
 
278,320
 
 
 
100,000
 
 
 
N/A
 
12/31/2018
 
 
120,625,000
 
 
 
66,725
 
 
 
25,000
 
 
 
N/A
 
 
 
29,300,000
 
 
 
266,870
 
 
 
100,000
 
 
 
N/A
 
12/31/2017
 
 
150,000,000
 
 
 
69,320
 
 
 
25,000
 
 
 
N/A
 
 
 
N/A
 
 
 
N/A
 
 
 
100,000
 
 
 
N/A
 
                 
PIMCO California Municipal Income Fund II
                                                               
1/1/2022
-
6/30/2022+
 
$
128,675,000
 
 
$
58,815
 
 
$
25,000
 
 
 
N/A
 
 
$
34,300,000
 
 
$
235,260
 
 
$
100,000
 
 
 
N/A
 
12/31/2021
 
 
128,675,000
 
 
 
69,970
 
 
 
25,000
 
 
 
N/A
 
 
 
34,300,000
 
 
 
279,880
 
 
 
100,000
 
 
 
N/A
 
12/31/2020
 
 
128,675,000
 
 
 
70,035
 
 
 
25,000
 
 
 
N/A
 
 
 
34,300,000
 
 
 
280,140
 
 
 
100,000
 
 
 
N/A
 
12/31/2019
 
 
128,675,000
 
 
 
69,188
 
 
 
25,000
 
 
 
N/A
 
 
 
34,300,000
 
 
 
276,750
 
 
 
100,000
 
 
 
N/A
 
12/31/2018
 
 
128,675,000
 
 
 
65,675
 
 
 
25,000
 
 
 
N/A
 
 
 
34,300,000
 
 
 
262,670
 
 
 
100,000
 
 
 
N/A
 
12/31/2017
 
 
163,000,000
 
 
 
67,590
 
 
 
25,000
 
 
 
N/A
 
 
 
N/A
 
 
 
N/A
 
 
 
100,000
 
 
 
N/A
 
                 
PIMCO California Municipal Income Fund III
                                                               
1/1/2022
-
6/30/2022+
 
$
97,875,000
 
 
$
61,108
 
 
$
25,000
 
 
 
N/A
 
 
$
27,100,000
 
 
$
244,430
 
 
$
100,000
 
 
 
N/A
 
12/31/2021
 
 
97,875,000
 
 
 
70,755
 
 
 
25,000
 
 
 
N/A
 
 
 
27,100,000
 
 
 
283,020
 
 
 
100,000
 
 
 
N/A
 
12/31/2020
 
 
97,875,000
 
 
 
71,063
 
 
 
25,000
 
 
 
N/A
 
 
 
27,100,000
 
 
 
284,250
 
 
 
100,000
 
 
 
N/A
 
12/31/2019
 
 
97,875,000
 
 
 
70,545
 
 
 
25,000
 
 
 
N/A
 
 
 
27,100,000
 
 
 
282,180
 
 
 
100,000
 
 
 
N/A
 
12/31/2018
 
 
97,875,000
 
 
 
67,188
 
 
 
25,000
 
 
 
N/A
 
 
 
27,100,000
 
 
 
268,720
 
 
 
100,000
 
 
 
N/A
 
12/31/2017
 
 
125,000,000
 
 
 
69,379
 
 
 
25,000
 
 
 
N/A
 
 
 
N/A
 
 
 
N/A
 
 
 
100,000
 
 
 
N/A
 
                 
PIMCO New York Municipal Income Fund
                                                               
1/1/2022
-
6/30/2022+
 
$
41,025,000
 
 
$
69,788
 
 
$
25,000
 
 
 
N/A
 
 
 
N/A
 
 
 
N/A
 
 
$
100,000
 
 
 
N/A
 
12/31/2021
 
 
41,025,000
 
 
 
83,005
 
 
 
25,000
 
 
 
N/A
 
 
 
N/A
 
 
 
N/A
 
 
 
100,000
 
 
 
N/A
 
12/31/2020
 
 
41,025,000
 
 
 
82,318
 
 
 
25,000
 
 
 
N/A
 
 
 
N/A
 
 
 
N/A
 
 
 
100,000
 
 
 
N/A
 
12/31/2019
 
 
41,025,000
 
 
 
82,875
 
 
 
25,000
 
 
 
N/A
 
 
 
N/A
 
 
 
N/A
 
 
 
100,000
 
 
 
N/A
 
12/31/2018
 
 
41,025,000
 
 
 
78,545
 
 
 
25,000
 
 
 
N/A
 
 
 
N/A
 
 
 
N/A
 
 
 
100,000
 
 
 
N/A
 
12/31/2017
 
 
47,000,000
 
 
 
74,749
 
 
 
25,000
 
 
 
N/A
 
 
 
N/A
 
 
 
N/A
 
 
 
100,000
 
 
 
N/A
 
           
General Description of Registrant [Abstract]              
Risk Factors [Table Text Block] PRINCIPAL AND OTHER RISKS
(a) Principal Risks
In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to such things as changes in the market (market risk) or failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a detailed description of select principal risks. For a complete list of the principal risks the Funds may be subject to, please see the Principal Risks of the Funds section of the Funds’ annual report dated December 31, 2021.
 
       
PIMCO
Municipal
Income
Fund
(PMF)
 
PIMCO
Municipal
Income
Fund II
(PML)
 
PIMCO
Municipal
Income
Fund III
(PMX)
 
PIMCO
California
Municipal
Income
Fund
(PCQ)
 
PIMCO
California
Municipal
Income
Fund II
(PCK)
 
PIMCO
California
Municipal
Income
Fund III
(PZC)
 
PIMCO
New York
Municipal
Income
Fund
(PNF)
 
PIMCO
New York
Municipal
Income
Fund II
(PNI)
 
PIMCO
New York
Municipal
Income
Fund III
(PYN)
California State Specific Risk
   
 
 
 
X
 
X
 
X
 
 
 
Call Risk
   
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
Counterparty Risk
   
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
Credit Risk
   
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
Cyber Security Risk
   
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
Derivatives Risk
   
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
High Yield Securities Risk
   
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
Inflation/Deflation Risk
   
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
Interest Rate Risk
   
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
Issuer Risk
   
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
Leverage Risk
   
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
Distribution Risk
   
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
Liquidity Risk
   
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
Management Risk
   
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
Market Risk
   
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
Market Disruption Risk
   
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
Municipal Bond Risk
   
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
X
 
   
June 30, 2022
 
(Unaudited)
 
       
PIMCO
Municipal
Income
Fund
(PMF)
 
PIMCO
Municipal
Income
Fund II
(PML)
 
PIMCO
Municipal
Income
Fund III
(PMX)
 
PIMCO
California
Municipal
Income
Fund
(PCQ)
 
PIMCO
California
Municipal
Income
Fund II
(PCK)
 
PIMCO
California
Municipal
Income
Fund III
(PZC)
 
PIMCO
New York
Municipal
Income
Fund
(PNF)
 
PIMCO
New York
Municipal
Income
Fund II
(PNI)
 
PIMCO
New York
Municipal
Income
Fund III
(PYN)
Municipal Project-Specific Risk
    X   X   X   X   X   X   X   X   X
New York State-Specific Risk
                X   X   X
Non-Diversification
Risk
                X     X
Operational Risk
    X   X   X   X   X   X   X   X   X
Portfolio Turnover Risk
    X   X   X   X   X   X   X   X   X
Private Placements Risk
    X   X   X   X   X   X   X   X   X
Regulatory Changes Risk
    X   X   X   X   X   X   X   X   X
Regulatory Risk - LIBOR
    X   X   X   X   X   X   X   X   X
Reinvestment Risk
    X   X   X   X   X   X   X   X   X
Segregation and Coverage Risk
    X   X   X   X   X   X   X   X   X
Short Exposure Risk
    X   X   X   X   X   X   X   X   X
Structured Investments Risk
    X   X   X     X   X   X   X   X
Tax Risk
    X   X   X   X   X   X   X   X   X
Valuation Risk
    X   X   X   X   X   X   X   X   X
California State-Specific Risk
  is the risk that by concentrating its investments in California Municipal Bonds, the Fund may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal.
 
Call Risk
  is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (
e.g
., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.
 
Counterparty Risk
  is the risk that the Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund or held by special purpose or structured vehicles in which the Fund invests. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) in a dissolution, assignment for the benefit of creditors, liquidation,
winding-up,
bankruptcy, or other analogous proceeding.
 
Credit Risk
  is the risk that the Fund could lose money if the issuer or guarantor of a fixed-income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations. Measures such as average
credit quality may not accurately reflect the true credit risk of the Fund. This is especially the case if the Fund consists of securities with widely varying credit ratings.
 
Cyber Security Risk
  As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.
 
Derivatives Risk
  is the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit, management , counterparty, operational and legal risks and valuation complexity. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. The Fund’s use of derivatives may result in losses to the Fund, a reduction in the Fund’s returns and/or
increased volatility.
Over-the-counter
(“OTC”) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with the Fund’s clearing broker, or the clearinghouse itself.
 
High Yield Securities Risk
  is the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.
 
Inflation/Deflation Risk
  is the risk that the value of assets or income from the Fund’s investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of the Fund’s portfolio could decline. Deflation Risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio and common shares.
 
Interest Rate Risk
  is the risk that fixed income securities and other instruments in the Fund’s portfolio will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a short average portfolio duration.
 
Issuer Risk
  is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.
 
Leverage Risk
  is the risk that certain transactions of the Fund, such as reverse repurchase agreements, dollar rolls and/or borrowings (as well as from any future issuance of preferred shares), delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.
 
Distribution Risk
  is the risk that, to the extent a Fund seeks to maintain a level distribution rate, the Fund’s distribution rate may be affected by numerous factors, including but not limited to changes in realized and projected market returns, fluctuations in market interest rates, Fund performance, and other factors. For instance, during periods of low or declining interest rates, the Fund’s distributable income and dividend levels may decline for many reasons. There can be no assurance that a change in market conditions or other factors will
not result in a change in the Fund’s distribution rate or that the rate will be sustainable in the future.
 
Liquidity Risk  
is the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid investments at an advantageous time or price or possibly require the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer.
 
Management Risk
  is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.
 
Market Risk
  is the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably due to factors affecting securities markets generally or particular industries.
 
Market Disruption Risk
  A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets, and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund’s service providers, including PIMCO as a Fund’s investment adviser, rely, and could otherwise disrupt a Fund’s service providers’ ability to fulfill their obligations to a Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as
COVID-19)
has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities a Fund holds, and may adversely affect a Fund’s investments and operations. Please see the Important Information section for additional discussion of the
COVID-19
pandemic.
 
Municipal Bond Risk
  is the risk that the Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”) to pay interest or repay principal.
Municipal Project-Specific Risk
  is the risk that the Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a single state.
 
New York State-Specific Risk
  is the risk that by concentrating its investments in New York Municipal Bonds, the Fund maybe affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal.
 
Non-Diversification Risk
  is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are
“non-diversified”
may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified.”
 
Operational Risk
  An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.
 
Portfolio Turnover Risk
  is the risk that a high portfolio turnover will result in greater expenses to the Fund, including brokerage commissions or dealer
mark-ups
and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may result in realization of taxable capital gains (including short-term capital gains, which are generally taxed to shareholders at ordinary income tax rates when distributed net of short-term capital losses and net long-term capital losses) and may adversely affect the Fund’s
after-tax
returns.
 
Private Placements Risk  i
s the risk that securities received in a private placement may be subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most favorable time or price. Private placements may also raise valuation risks.
 
Regulatory Changes Risk
  is the risk that financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Fund is
regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and /or preclude the Fund’s ability to achieve its investment objectives. Government regulation may change frequently and may have significant adverse consequences. The Fund and the Investment Manager have historically been eligible for exemptions from certain regulations. However, there is no assurance that the Fund and the Investment Manager will continue to be eligible for such exemptions.
 
Regulatory Risk — LIBOR
  is the risk related to the anticipated discontinuation of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by the Fund rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by the Fund.
 
Reinvestment Risk
  is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called debt obligations at market interest rates that are below the portfolio’s current earnings rate. The Fund also may choose to sell higher yielding portfolio securities and to purchase lower yielding securities to achieve greater portfolio diversification, because the portfolio managers believe the current holdings are overvalued or for other investment-related reasons.
 
Segregation and Coverage Risk
  is the risk that certain portfolio management techniques may be considered senior securities unless steps are taken to segregate the Fund’s assets or otherwise cover its obligations. To avoid having these instruments considered senior securities, the Fund may segregate liquid assets with a value equal (on a daily
mark-to-market
basis) to its obligations under these types of leveraged transactions, enter into offsetting transactions or otherwise cover such transactions. The Fund may be unable to use such segregated assets for certain other purposes, which could result in the Fund earning a lower return on its portfolio than it might otherwise earn if it did not have to segregate those assets in respect of, or otherwise cover, such portfolio positions. To the extent the Fund’s assets are segregated or committed as cover, it could limit the Fund’s investment flexibility. Except as otherwise described in the principal investment strategies for the Fund, the Fund will no longer be required to engage in asset segregation or cover techniques as of August 19, 2022.
 
Short Exposure Risk
  is the risk of entering into short sales, including the potential loss of more money than the actual cost of the
investment, and the risk that the third party to the short sale will not fulfill its contractual obligations, causing a loss to the Fund.
 
Structured Investments Risk
  is the risk that the Fund’s investment in structured products, including, structured notes, credit-linked notes and other types of structured products bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. Structured products generally entail risks associated with derivative instruments.
 
Tax Risk
  is the risk that if, in any year, the Fund were to fail to qualify for treatment as a regulated investment company under the Tax Code, and were ineligible to or did not otherwise cure such failure, the Fund would be subject to tax on its taxable income at corporate rates and, when such income is distributed, shareholders would be subject to a further tax to the extent of the Fund’s current or accumulated earnings and profits.
 
Valuation Risk
  is the risk that fair value pricing used when market quotations are not readily available may not result in adjustments to the prices of securities or other assets, or that fair value pricing may not reflect actual market value. It is possible that the fair value determined in good faith for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset.
 
(b) Other Risks
In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cybersecurity risks. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund’s performance.
           
ARPS [Member]              
Financial Highlights [Abstract]              
Senior Securities Amount   $ 298,275,000 $ 298,275,000 $ 298,275,000 $ 298,275,000 $ 367,000,000 $ 298,275,000
Senior Securities Coverage per Unit [2]   $ 78,363 $ 78,293 $ 78,308 $ 74,285 $ 76,136 $ 66,203
Senior Securities Involuntary Liquidating Preference per Unit [3]   25,000 25,000 25,000 25,000 25,000 25,000
Senior Securities Average Market Value per Unit [4]  
RVMTP [Member]              
Financial Highlights [Abstract]              
Senior Securities Amount [5]   $ 68,700,000 $ 68,700,000 $ 68,700,000 $ 68,700,000 $ 68,700,000
Senior Securities Coverage per Unit [2],[5]   $ 313,450 $ 313,170 $ 313,230 $ 297,110 $ 264,810
Senior Securities Involuntary Liquidating Preference per Unit [3],[5]   100,000 100,000 100,000 100,000 100,000 100,000
Senior Securities Average Market Value per Unit [5],[6]  
Common Shares [Member]              
Capital Stock, Long-Term Debt, and Other Securities [Abstract]              
Outstanding Security, Held [Shares] 63,519            
[1] Unaudited
[2] “Asset Coverage per Preferred Share” means the ratio that the value of the total assets of the Fund, less all liabilities and indebtedness not represented by ARPS or RVMTP, bears to the aggregate of the involuntary liquidation preference of ARPS or RVMTP, expressed as a dollar amount per ARPS or RVMTP.
[3] “Involuntary Liquidating Preference” means the amount to which a holder of ARPS or RVMTP would be entitled upon the involuntary liquidation of the Fund in preference to the Common Shareholders, expressed as a dollar amount per Preferred Share.
[4] The ARPS have no readily ascertainable market value. Auctions for the ARPS have failed since February 2008, there is currently no active trading market for the ARPS and the Fund is not able to reliably estimate what their value would be in a third-party market sale. The liquidation value of the ARPS represents its liquidation preference, which approximates fair value of the shares less any accumulated unpaid dividends. See Note 12, Auction Rate Preferred Shares, in the Notes to Financial Statements for more information.
[5] Prior to July 14, 2021, RVMTP Shares were VMTP Shares. See Note 12, Remarketable Variable Rate MuniFund Term Preferred Shares.
[6] The RVMTP have no readily ascertainable market value. The liquidation value of the RVMTP represents its liquidation preference, which approximates fair value of the shares less any unamortized debt issuance costs. See Note 12, Remarketable Variable Rate MuniFund Term Preferred Shares, in the Notes to Financial Statements for more information.