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N-2 - USD ($) |  |  |  |  |  | 6 Months Ended
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Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2024
Cover [Abstract] |  |  |  |  |  |  |  |
Entity Central Index Key |  |  |  |  |  |  | 0001170311 |
Amendment Flag |  |  |  |  |  |  | false |
Document Type |  |  |  |  |  |  | N-CSRS |
Entity Registrant Name |  |  |  |  |  |  | PIMCO New York 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 California Municipal Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
01/01/2024 - 06/30/2024+ |  | $ | 600,000 |  |  | $ | 61,075 |  |  | $ | 25,000 |  |  |  | N/A |  |  | $ | 136,600,000 |  |  | $ | 244,300 |  |  | $ | 100,000 |  |  |  | N/A |
12/31/2023 |  |  | 109,900,000 |  |  |  | 59,968 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 34,600,000 |  |  |  | 239,870 |  |  |  | 100,000 |  |  |  | N/A |
12/31/2022 |  |  | 120,625,000 |  |  |  | 58,655 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 24,400,000 |  |  |  | 234,620 |  |  |  | 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 |
PIMCO California Municipal Income Fund II |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
01/01/2024 - 06/30/2024+ |  | $ | 1,475,000 |  |  | $ | 61,193 |  |  | $ | 25,000 |  |  |  | N/A |  |  | $ | 146,700,000 |  |  | $ | 244,770 |  |  | $ | 100,000 |  |  |  | N/A |
12/31/2023 |  |  | 97,875,000 |  |  |  | 60,470 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 56,700,000 |  |  |  | 241,880 |  |  |  | 100,000 |  |  |  | N/A |
12/31/2022 |  |  | 128,675,000 |  |  |  | 58,680 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 27,500,000 |  |  |  | 234,720 |  |  |  | 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 |
PIMCO California Municipal Income Fund III |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
01/01/2024 - 06/30/2024+ |  | $ | 1,125,000 |  |  | $ | 61,258 |  |  | $ | 25,000 |  |  |  | N/A |  |  | $ | 118,600,000 |  |  | $ | 245,030 |  |  | $ | 100,000 |  |  |  | N/A |
12/31/2023 |  |  | 86,775,000 |  |  |  | 60,620 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 37,600,000 |  |  |  | 242,480 |  |  |  | 100,000 |  |  |  | N/A |
12/31/2022 |  |  | 97,875,000 |  |  |  | 59,578 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 27,100,000 |  |  |  | 238,310 |  |  |  | 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 |
PIMCO New York Municipal Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
01/01/2024 - 06/30/2024+ |  | $ | 475,000 |  |  | $ | 66,500 |  |  | $ | 25,000 |  |  |  | N/A |  |  | $ | 41,000,000 |  |  | $ | 266,000 |  |  | $ | 100,000 |  |  |  | N/A |
12/31/2023 |  |  | 33,400,000 |  |  |  | 77,838 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 100,000 |  |  |  | N/A |
12/31/2022 |  |  | 41,025,000 |  |  |  | 66,640 |  |  |  | 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 |
PIMCO New York Municipal Income Fund II |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
01/01/2024 - 06/30/2024+ |  | $ | 550,000 |  |  | $ | 61,130 |  |  | $ | 25,000 |  |  |  | N/A |  |  | $ | 64,900,000 |  |  | $ | 244,520 |  |  | $ | 100,000 |  |  |  | N/A |
12/31/2023 |  |  | 51,100,000 |  |  |  | 61,733 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 14,900,000 |  |  |  | 246,930 |  |  |  | 100,000 |  |  |  | N/A |
12/31/2022 |  |  | 58,000,000 |  |  |  | 56,845 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 14,900,000 |  |  |  | 227,380 |  |  |  | 100,000 |  |  |  | N/A |
12/31/2021 |  |  | 58,000,000 |  |  |  | 66,323 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 21,000,000 |  |  |  | 265,290 |  |  |  | 100,000 |  |  |  | N/A |
12/31/2020 |  |  | 58,000,000 |  |  |  | 65,730 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 21,000,000 |  |  |  | 262,920 |  |  |  | 100,000 |  |  |  | N/A |
12/31/2019 |  |  | 58,000,000 |  |  |  | 66,003 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 21,000,000 |  |  |  | 264,010 |  |  |  | 100,000 |  |  |  | N/A |
PIMCO New York Municipal Income Fund III |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
01/01/2024 - 06/30/2024+ |  | $ | 75,000 |  |  | $ | 62,023 |  |  | $ | 25,000 |  |  |  | N/A |  |  | $ | 26,000,000 |  |  | $ | 248,090 |  |  | $ | 100,000 |  |  |  | N/A |
12/31/2023 |  |  | 26,025,000 |  |  |  | 62,943 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 100,000 |  |  |  | N/A |
12/31/2022 |  |  | 29,450,000 |  |  |  | 57,425 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 100,000 |  |  |  | N/A |
12/31/2021 |  |  | 29,450,000 |  |  |  | 69,808 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 100,000 |  |  |  | N/A |
12/31/2020 |  |  | 29,450,000 |  |  |  | 69,493 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 100,000 |  |  |  | N/A |
12/31/2019 |  |  | 29,450,000 |  |  |  | 70,100 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 100,000 |  |  |  | N/A |
|  | 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 (Consolidated) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
01/01/2024 - 06/30/2024+ |  | $ | 2,500,000 |  |  | $ | 60,315 |  |  | $ | 25,000 |  |  |  | N/A |  |  | $ | 172,600,000 |  |  | $ | 241,260 |  |  | $ | 100,000 |  |  |  | N/A |
12/31/2023 |  |  | 145,125,000 |  |  |  | 59,698 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 38,600,000 |  |  |  | 238,790 |  |  |  | 100,000 |  |  |  | N/A |
12/31/2022 |  |  | 166,700,000 |  |  |  | 58,598 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 18,200,000 |  |  |  | 234,390 |  |  |  | 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 |
PIMCO Municipal Income Fund II (Consolidated) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
01/01/2024 - 06/30/2024+ |  | $ | 6,425,000 |  |  | $ | 62,863 |  |  | $ | 25,000 |  |  |  | N/A |  |  | $ | 377,200,000 |  |  | $ | 251,450 |  |  | $ | 100,000 |  |  |  | N/A |
12/31/2023 |  |  | 239,650,000 |  |  |  | 66,098 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 124,200,000 |  |  |  | 264,390 |  |  |  | 100,000 |  |  |  | N/A |
12/31/2022 |  |  | 298,275,000 |  |  |  | 64,345 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 68,700,000 |  |  |  | 257,380 |  |  |  | 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 |
PIMCO Municipal Income Fund III (Consolidated) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
01/01/2024 - 06/30/2024+ |  | $ | 1,175,000 |  |  | $ | 61,765 |  |  | $ | 25,000 |  |  |  | N/A |  |  | $ | 182,200,000 |  |  | $ | 247,060 |  |  | $ | 100,000 |  |  |  | N/A |
12/31/2023 |  |  | 129,425,000 |  |  |  | 61,958 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 58,200,000 |  |  |  | 247,830 |  |  |  | 100,000 |  |  |  | N/A |
12/31/2022 |  |  | 154,700,000 |  |  |  | 60,383 |  |  |  | 25,000 |  |  |  | N/A |  |  |  | 34,300,000 |  |  |  | 241,530 |  |  |  | 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 |
^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.
+ | Unaudited
* | Annualized, except for organizational expense, if any.
(a) | Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.
(b) | Per share amounts based on average number of common shares outstanding during the year or period.
(c) | Auction Rate Preferred Shareholders (“ARPS”). See Note 12, Auction Rate Preferred Shares, in the Notes to Financial Statements for more information.
(d) | The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information.
(e) | Total investment return is calculated assuming a purchase of a common share at the market price on the first day and a sale of a common share at the market price on the last day of each year or period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Funds’ dividend reinvestment plan. Total investment return does not reflect brokerage commissions in connection with the purchase or sale of Fund shares.
(f) | Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders. The expense ratio and net investment income do not reflect the effects of dividend payments to preferred shareholders.
(g) | Ratio includes interest expense which primarily relates to participation in borrowing and financing transactions, interest paid to RVMTP shareholders and the amortization of debt issuance costs of RVMTP Shares. See Note 5, Borrowings and Other Financing Transactions and Note 12, Preferred Shares in the Notes to Financial Statements for more information.
1 | “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.
2 | “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.
3 | 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, Preferred Shares, in the Notes to Financial Statements for more information.
4 | 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, in the Notes to Financial Statements for more information.
5 | Prior to July 14, 2021, RVMTP Shares were Variable Rate MuniFund Term Preferred Shares. See Note 12, Preferred Shares.
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Investment Objectives and Practices [Text Block] |  |  |  |  |  |  | Investment Objective and Strategy Overview PIMCO New York Municipal Income Fund II’s investment objective is to seek to provide current income exempt from federal, New York State and New York City income tax. Fund Insights at NAV The following affected performance (on a gross basis) during the reporting period:
» |  | Security selection within the transportation sector contributed to performance, as select securities held within the Fund posted positive returns.
» |  | Exposure to the healthcare sector contributed to performance, as the sector posted positive returns.
» |  | Exposure to the tobacco sector contributed to performance, as the sector posted positive returns.
» |  | The costs associated with one or more forms of leverage detracted from performance. The costs of leverage generally will reduce returns to the extent they exceed the rate of return on the additional investments purchased with such leverage.
» |  | Exposure to the special tax sector detracted from performance, as the sector posted negative returns.
» |  | Exposure to the lease-backed sector detracted from performance, as the sector posted negative returns.
Risk Factors [Table Text Block] |  |  |  |  |  |  | 6. 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, 2023.
|  |  |  |  | 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)
AMT Bonds |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Asset Allocation |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
California State-Specific |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | — |  | — |  | —
Call |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Confidential Information Access Risk |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Credit |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Cyber Security |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Derivatives |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Distribution Rate |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
High Yield Securities |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Illinois State-Specific |  |  |  |  |  | X |  | X |  | X |  | — |  | — |  | — |  | — |  | — |  | —
Inflation/Deflation |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Insurance |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Interest Rate |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Issuer |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Leverage |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Liquidity |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Loan Origination |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Loans and Other Indebtedness; Loan Participations and Assignments |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Management |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Market |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Market Discounts |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Market Disruptions |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Mortgage-Related and Other Asset-Backed Securities |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Municipal Bond Market |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Municipal Bond |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Municipal Project-Specific |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
New York State-Specific |  |  |  |  |  | X |  | X |  | X |  | — |  | — |  | — |  | X |  | X |  | X
Non-Diversification |  |  |  |  |  | — |  | — |  | — |  | — |  | — |  | — |  | X |  | — |  | X
Operational |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Other Investment Companies |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Portfolio Turnover |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
|  |  |  |  | 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)
Potential Conflicts of Interest — Allocation of Investment Opportunities |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Privacy and Data Security |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Private Placement and Restricted Securities |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Puerto Rico-Specific |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Regulatory Changes |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Regulatory — LIBOR |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Reinvestment |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Repurchase Agreements |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Securities Lending |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Short Exposure |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Structured Investments |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Tax |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
U.S. Government Securities |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Valuation |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
AMT Bonds Risk is the risk that “AMT Bonds,” which are municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers, may expose a Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. For shareholders subject to the federal alternative minimum tax, a portion of a Fund’s distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability. Asset Allocation Risk is the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines. California State-Specific Risk is the risk that a Fund, to the extent it concentrates its investments in California municipal bonds, 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 a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features. Confidential Information Access Risk is the risk that, in managing a Fund (and other PIMCO clients), PIMCO may from time to time have the opportunity to receive material, non-public information (“Confidential Information”) about the issuers of certain investments, including, without limitation, senior floating rate loans, other loans and related investments being considered for acquisition by the Fund or held in the Fund’s portfolio. If PIMCO intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell investments to which such Confidential Information relates. Counterparty Risk is the risk that a 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 a Fund could lose money if the issuer or guarantor of a fixed income security (including a security purchased with securities lending collateral), the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 make timely principal and/or interest payments or to otherwise honor its financial obligations. Cyber Security Risk is the risk that, as the use of technology, including cloud-based 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 from outside threat actors or internal resources that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/ or destruction, 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; third-party claims in litigation; 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. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests. Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar investment may also create margin delivery or settlement payment obligations for a Fund. A Fund’s use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund’s returns and/or increased volatility. Non-centrally cleared over-the-counter (“OTC”) derivatives or other similar investments 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 non-centrally cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund’s clearing broker, or the clearinghouse. Changes in regulation relating to a registered fund’s use of derivatives and related investments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives or other similar investments and/ or adversely affect the value of derivatives or other similar investments and a Fund’s performance. Distribution Rate Risk is the risk that, although the Fund may seek to maintain level distributions, 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. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund’s distribution rate or that the rate will be sustainable in the future. 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, including the risk that a court will subordinate high yield senior debt to other debt of the issuer or take other actions detrimental to holders of the senior debt. 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. Illinois State-Specific Risk is the risk that by concentrating its investments in Illinois municipal bonds, the Fund may be affected significantly by economic, regulatory or political developments affecting the ability of Illinois issuers to pay interest or repay principal. Inflation/Deflation Risk is the risk that the value of assets or income from a 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. Insurance Risk is the risk that a Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts and the credit quality of the companies that provide such credit enhancements will affect the value of those securities. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the net asset value of the common shares represented by such insured obligation.
Interest Rate Risk is the risk that fixed income securities and other instruments in a Fund’s portfolio will fluctuate in value because of a change 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 shorter 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, major litigation, investigations or other controversies, changes in financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives, financial leverage, reputation or reduced demand for the issuer’s goods or services. Leverage Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. Leveraging transactions pursued by a Fund may increase its duration and sensitivity to interest rate movements. This means that leverage entails a heightened risk of loss. Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or possibly require a 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. Loan Origination Risk is the risk associated with the fact that a Fund may also seek to originate loans, including, without limitation, residential and/or commercial real estate or mortgage-related loans, consumer loans or other types of loans, which may be in the form of whole loans, secured and unsecured notes, senior and second lien loans, mezzanine loans, bridge loans or similar investments. A Fund may originate loans to corporations and/or other legal entities and individuals, including foreign (non-U.S.) entities and individuals. Such borrowers may have credit ratings that are determined by one or more NRSROs or PIMCO to be below investment grade. This may include loans to public or private firms or individuals, such as in connection with housing development projects. The loans the Fund invests in or originates may vary in maturity and/or duration. The Fund is not limited in the amount, size or type of loans it may invest in and/or originate, including with respect to a single borrower or with respect to borrowers that are determined to be below investment grade, other than pursuant to any applicable law. The Fund’s investment in or origination of loans may also be limited by the requirements the Fund intends to observe under Subchapter M of the Code in order to qualify as a RIC. A Fund may subsequently offer such investments for sale to third parties, provided that there is no assurance that a Fund will complete the sale of such an investment. If a Fund is unable to sell, assign or successfully close transactions for the loans that it originates, the Fund will be forced to hold its interest in such loans for an indeterminate period of time. This could result in a Fund’s investments having high exposure to certain borrowers. A Fund will be responsible for the expenses associated with originating a loan (whether or not consummated). This may include significant legal and due diligence expenses, which will be indirectly borne by a Fund and Common Shareholders. Loans and Other Indebtedness; Loan Participations and Assignments Risk is the risk that scheduled interest or principal payments will not be made in a timely manner or at all, either of which may adversely affect the values of a loan. Additionally, there is a risk that the collateral underlying a loan may be unavailable or insufficient to satisfy a borrower’s obligation, and the Fund could become part owner of any collateral if a loan is foreclosed, subjecting a Fund to costs associated with owning and disposing of the collateral. In the event of the insolvency of the lender selling a participation, there is a risk that a Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. If a loan is foreclosed, the Fund may become owner of the loan’s collateral. The Fund may bear the costs and liabilities associated with owning and holding or disposing of the collateral. There is the risk that a Fund may have difficulty disposing of loans and loan participations due to the lack of a liquid secondary market for loans and loan participations. To the extent a Fund acquires loans, including bank loans, the Fund may be subject to greater levels of credit risk, call risk, settlement risk and liquidity risk than funds that do not acquire such instruments. Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative models or methods, 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 managers 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 a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or companies.
Market Discount Risk is the risk that the price of a Fund’s common shares of beneficial interest will fluctuate with market conditions and other factors. Shares of closed-end management investment companies frequently trade at a discount from their net asset value. Market Disruptions Risk is the risk of investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, military conflicts, 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), bank failures and natural/environmental disasters, climate change and climate related events, 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. Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage- related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the other of the Fund’s guidelines), which generally carry higher levels of the foregoing risks. Municipal Bond Market Risk is the risk that a Fund may be adversely affected due to factors such as limited amount of public information available regarding the municipal bonds held in the Fund as compared to that for corporate equities or bonds, legislative changes and local and business developments, general conditions of the municipal bond market, the size of the particular offering, the rating of the issue and the maturity of the obligation. Municipal Bond Risk is the risk that a 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 to pay interest or repay principal. Municipal Project-Specific Risk is the risk that a 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 a Fund, by investing in municipal bonds issued by or on behalf of the State of New York and its political subdivisions, financing authorities and their agencies, may be affected significantly by political, economic, regulatory, social, environmental, or public health developments affecting the ability of New York tax-exempt 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 is the risk 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. Other Investment Companies Risk is the risk that Common Shareholders may be subject to duplicative expenses to the extent a Fund invests in other investment companies. In addition, these other investment companies may utilize leverage, in which case an investment would subject the Fund to additional risks associated with leverage. Portfolio Turnover Risk is the risk that a high portfolio turnover will result in greater expenses to a 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. Potential Conflicts of Interest Risk — Allocation of Investment Opportunities is the risk that PIMCO’s or any of its affiliate’s interests or the interests of its clients may conflict with those of the Funds and the results of a Fund’s investment activities may differ from those of the Fund’s affiliates, or another account managed by PIMCO or its affiliates, and it is possible that the Fund could sustain losses during periods in which one or more of the Fund’s affiliates and/or other
accounts managed by PIMCO or its affiliates, including proprietary accounts, achieve profits on their trading. Privacy and Data Security Risk is the risk resulting from the fact that the Gramm-Leach-Bliley Act (“GLBA”) and other laws limit the disclosure of certain non-public personal information about a consumer to non-affiliated third parties and require financial institutions to disclose certain privacy policies and practices with respect to information sharing with both affiliates and non-affiliated third parties. Many states and a number of non-U.S. jurisdictions have enacted privacy and data security laws requiring safeguards on the privacy and security of consumers’ personally identifiable information. Other laws deal with obligations to safeguard and dispose of private information in a manner designed to avoid its dissemination. Privacy rules adopted by the U.S. Federal Trade Commission and the SEC implement GLBA and other requirements and govern the disclosure of consumer financial information by certain financial institutions, ranging from banks to private investment funds. U.S. platforms following certain models generally are required to have privacy policies that conform to these GLBA and other requirements. In addition, such platforms typically have policies and procedures intended to maintain platform participants’ personal information securely and dispose of it properly. Private Placement and Restricted Securities Risk is 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 and the risk that a Fund’s investment in securities that have not been registered for public sale, but that are eligible for purchase and sale pursuant to Rule 144A under the Securities Act, may be relatively less liquid than registered securities traded on established securities markets. A 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. Puerto Rico-Specific Risk is the risk that by investing in Municipal Bonds issued by Puerto Rico or its instrumentalities, the Fund may be affected by certain developments, such as political, economic, environmental, social, regulatory or debt restructuring developments, that impact the ability or obligation of Puerto Rico municipal issuers to pay interest or repay principal. Regulatory Changes Risk is the risk that is associated with the fact 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 Funds are regulated, affect the expenses incurred directly by the Funds and the value of their investments, and limit and /or preclude the Funds’ ability to achieve its investment objectives. Government regulation may change frequently and may have significant adverse consequences. The Fund and PIMCO have historically been eligible for exemptions from certain regulations. However, there is no assurance that a Fund and PIMCO will continue to be eligible for such exemptions. Moreover, government regulation may have unpredictable and unintended effects. Regulatory Risk — LIBOR is the risk related to the discontinuation and replacement of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by a Fund rely or relied in the past in some fashion upon LIBOR. Although the transition process away from LIBOR for most instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or the continued use of LIBOR on a Fund, or on certain instruments in which a Fund invests, which can be difficult to ascertain and could result in losses to a Fund. Reinvestment Risk is the risk that income from a 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. Repurchase Agreements Risk is the risk that, if the party agreeing to repurchase a security should default, a Fund will seek to sell the securities which it holds, which could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price. Securities Lending Risk is the risk that, when a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned and lose rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. The Fund may pay lending fees to a party arranging the loan, which may be an affiliate of the Fund. Short Exposure Risk is the risk of entering into short sales or other short positions, 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 or other short position will not fulfill its contractual obligations, causing a loss to a Fund. Structured Investments Risk is the risk that a 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, a 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. U.S. Government Securities Risk is the risk that the obligations supported by (i) the full faith and credit of the United States, (ii) the right of the issuer to borrow from the U.S. Treasury, (iii) the discretionary authority of the U.S. Government to purchase the agency’s obligations (iv) or only by the credit of the agency, instrumentality or corporation will not be satisfied in full, or that such obligations will decrease in value or default. U.S. government securities are subject to market risk, interest rate risk and credit risk. 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 cyber security risks. Please see a Fund’s then-currently effective prospectus and statement of additional information for a more detailed description of the risks of investing in the Fund. 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. |
Share Price | [1] |  |  |  |  |  | $ 7.41 |
NAV Per Share | [1] |  |  |  |  |  | $ 8.48 |
Latest Premium (Discount) to NAV [Percent] | [1] |  |  |  |  |  | (12.62%) |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |
Outstanding Securities [Table Text Block] |  |  |  |  |  |  | For the period ended June 30, 2024, the annualized dividend rates on the ARPS ranged from:
Fund Name |  |  |  |  | Shares Issued and Outstanding |  |  | High |  |  | Low |  |  | As of June 30, 2024 |
PIMCO California Municipal Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series A |  |  |  |  |  |  | 3 |  |  |  | 7.433% |  |  |  | 2.138% |  |  |  | 2.417% |
Series B |  |  |  |  |  |  | 17 |  |  |  | 7.433% |  |  |  | 2.130% |  |  |  | 2.417% |
Series C |  |  |  |  |  |  | 4 |  |  |  | 6.742% |  |  |  | 2.122% |  |  |  | 2.337% |
PIMCO California Municipal Income Fund II |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series A |  |  |  |  |  |  | 9 |  |  |  | 7.433% |  |  |  | 2.138% |  |  |  | 2.417% |
Series B |  |  |  |  |  |  | 8 |  |  |  | 7.433% |  |  |  | 2.134% |  |  |  | 2.417% |
Series C |  |  |  |  |  |  | 6 |  |  |  | 7.433% |  |  |  | 2.130% |  |  |  | 2.417% |
Series D |  |  |  |  |  |  | 5 |  |  |  | 7.433% |  |  |  | 2.122% |  |  |  | 2.417% |
Series E |  |  |  |  |  |  | 31 |  |  |  | 6.742% |  |  |  | 2.122% |  |  |  | 2.337% |
PIMCO California Municipal Income Fund III |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series A |  |  |  |  |  |  | 7 |  |  |  | 7.433% |  |  |  | 2.134% |  |  |  | 2.417% |
Series B |  |  |  |  |  |  | 38 |  |  |  | 7.433% |  |  |  | 2.122% |  |  |  | 2.417% |
PIMCO New York Municipal Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series A |  |  |  |  |  |  | 19 |  |  |  | 7.433% |  |  |  | 2.134% |  |  |  | 2.417% |
PIMCO New York Municipal Income Fund II |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series A |  |  |  |  |  |  | 16 |  |  |  | 7.433% |  |  |  | 5.845% |  |  |  | 6.647% |
Series B |  |  |  |  |  |  | 6 |  |  |  | 6.742% |  |  |  | 2.122% |  |  |  | 2.337% |
PIMCO New York Municipal Income Fund III |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series A |  |  |  |  |  |  | 3 |  |  |  | 7.433% |  |  |  | 2.138% |  |  |  | 2.417% |
PIMCO Municipal Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series A |  |  |  |  |  |  | 13 |  |  |  | 7.433% |  |  |  | 5.834% |  |  |  | 6.647% |
Series B |  |  |  |  |  |  | 13 |  |  |  | 7.433% |  |  |  | 2.134% |  |  |  | 2.417% |
Series C |  |  |  |  |  |  | 37 |  |  |  | 7.433% |  |  |  | 2.130% |  |  |  | 2.417% |
Series D |  |  |  |  |  |  | 22 |  |  |  | 7.433% |  |  |  | 2.122% |  |  |  | 2.417% |
Series E |  |  |  |  |  |  | 15 |  |  |  | 6.742% |  |  |  | 2.122% |  |  |  | 2.337% |
PIMCO Municipal Income Fund II |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series A |  |  |  |  |  |  | 31 |  |  |  | 7.433% |  |  |  | 2.138% |  |  |  | 2.417% |
Series B |  |  |  |  |  |  | 49 |  |  |  | 7.433% |  |  |  | 2.134% |  |  |  | 2.417% |
Series C |  |  |  |  |  |  | 44 |  |  |  | 7.433% |  |  |  | 2.130% |  |  |  | 2.417% |
Series D |  |  |  |  |  |  | 55 |  |  |  | 7.433% |  |  |  | 2.122% |  |  |  | 2.417% |
Series E |  |  |  |  |  |  | 78 |  |  |  | 6.742% |  |  |  | 2.122% |  |  |  | 2.337% |
Fund Name |  |  |  |  | Shares Issued and Outstanding |  |  | High |  |  | Low |  |  | As of June 30, 2024 |
PIMCO Municipal Income Fund III |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series A |  |  |  |  |  |  | 6 |  |  |  | 7.433% |  |  |  | 2.138% |  |  |  | 2.417% |
Series B |  |  |  |  |  |  | 10 |  |  |  | 7.433% |  |  |  | 2.134% |  |  |  | 2.417% |
Series C |  |  |  |  |  |  | 20 |  |  |  | 7.433% |  |  |  | 5.845% |  |  |  | 6.647% |
Series D |  |  |  |  |  |  | 6 |  |  |  | 7.433% |  |  |  | 5.834% |  |  |  | 6.647% |
Series E |  |  |  |  |  |  | 5 |  |  |  | 6.742% |  |  |  | 5.834% |  |  |  | 6.427% |
Principal Risks [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | (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, 2023.
|  |  |  |  | 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)
AMT Bonds |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Asset Allocation |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
California State-Specific |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | — |  | — |  | —
Call |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Confidential Information Access Risk |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Credit |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Cyber Security |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Derivatives |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Distribution Rate |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
High Yield Securities |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Illinois State-Specific |  |  |  |  |  | X |  | X |  | X |  | — |  | — |  | — |  | — |  | — |  | —
Inflation/Deflation |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Insurance |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Interest Rate |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Issuer |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Leverage |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Liquidity |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Loan Origination |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Loans and Other Indebtedness; Loan Participations and Assignments |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Management |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Market |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Market Discounts |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Market Disruptions |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Mortgage-Related and Other Asset-Backed Securities |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Municipal Bond Market |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Municipal Bond |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Municipal Project-Specific |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
New York State-Specific |  |  |  |  |  | X |  | X |  | X |  | — |  | — |  | — |  | X |  | X |  | X
Non-Diversification |  |  |  |  |  | — |  | — |  | — |  | — |  | — |  | — |  | X |  | — |  | X
Operational |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Other Investment Companies |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Portfolio Turnover |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
|  |  |  |  | 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)
Potential Conflicts of Interest — Allocation of Investment Opportunities |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Privacy and Data Security |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Private Placement and Restricted Securities |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Puerto Rico-Specific |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Regulatory Changes |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Regulatory — LIBOR |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Reinvestment |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Repurchase Agreements |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Securities Lending |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Short Exposure |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Structured Investments |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Tax |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
U.S. Government Securities |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
Valuation |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X
AMT Bonds Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | AMT Bonds Risk is the risk that “AMT Bonds,” which are municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers, may expose a Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. For shareholders subject to the federal alternative minimum tax, a portion of a Fund’s distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability. |
Asset Allocation Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Asset Allocation Risk is the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines. |
California StateSpecific Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | California State-Specific Risk is the risk that a Fund, to the extent it concentrates its investments in California municipal bonds, may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal. |
Call Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | 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 a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features. |
Confidential Information Access Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Confidential Information Access Risk is the risk that, in managing a Fund (and other PIMCO clients), PIMCO may from time to time have the opportunity to receive material, non-public information (“Confidential Information”) about the issuers of certain investments, including, without limitation, senior floating rate loans, other loans and related investments being considered for acquisition by the Fund or held in the Fund’s portfolio. If PIMCO intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell investments to which such Confidential Information relates. |
Counterparty Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Counterparty Risk is the risk that a 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. |
Credits Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Credit Risk is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security (including a security purchased with securities lending collateral), the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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 make timely principal and/or interest payments or to otherwise honor its financial obligations. |
Cyber Security Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Cyber Security Risk is the risk that, as the use of technology, including cloud-based 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 from outside threat actors or internal resources that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/ or destruction, 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; third-party claims in litigation; 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. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests. |
Derivatives Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar investment may also create margin delivery or settlement payment obligations for a Fund. A Fund’s use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund’s returns and/or increased volatility. Non-centrally cleared over-the-counter (“OTC”) derivatives or other similar investments 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 non-centrally cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund’s clearing broker, or the clearinghouse. Changes in regulation relating to a registered fund’s use of derivatives and related investments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives or other similar investments and/ or adversely affect the value of derivatives or other similar investments and a Fund’s performance. |
Distribution Rate Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Distribution Rate Risk is the risk that, although the Fund may seek to maintain level distributions, 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. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund’s distribution rate or that the rate will be sustainable in the future. |
High Yield Securities Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | 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, including the risk that a court will subordinate high yield senior debt to other debt of the issuer or take other actions detrimental to holders of the senior debt. 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. |
Illinois StateSpecific Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Illinois State-Specific Risk is the risk that by concentrating its investments in Illinois municipal bonds, the Fund may be affected significantly by economic, regulatory or political developments affecting the ability of Illinois issuers to pay interest or repay principal. |
InflationDeflation Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Inflation/Deflation Risk is the risk that the value of assets or income from a 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. |
Insurance Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Insurance Risk is the risk that a Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts and the credit quality of the companies that provide such credit enhancements will affect the value of those securities. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the net asset value of the common shares represented by such insured obligation. |
Leverage Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Leverage Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. Leveraging transactions pursued by a Fund may increase its duration and sensitivity to interest rate movements. This means that leverage entails a heightened risk of loss. |
Liquidity Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or possibly require a 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. |
Loan Origination Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Loan Origination Risk is the risk associated with the fact that a Fund may also seek to originate loans, including, without limitation, residential and/or commercial real estate or mortgage-related loans, consumer loans or other types of loans, which may be in the form of whole loans, secured and unsecured notes, senior and second lien loans, mezzanine loans, bridge loans or similar investments. A Fund may originate loans to corporations and/or other legal entities and individuals, including foreign (non-U.S.) entities and individuals. Such borrowers may have credit ratings that are determined by one or more NRSROs or PIMCO to be below investment grade. This may include loans to public or private firms or individuals, such as in connection with housing development projects. The loans the Fund invests in or originates may vary in maturity and/or duration. The Fund is not limited in the amount, size or type of loans it may invest in and/or originate, including with respect to a single borrower or with respect to borrowers that are determined to be below investment grade, other than pursuant to any applicable law. The Fund’s investment in or origination of loans may also be limited by the requirements the Fund intends to observe under Subchapter M of the Code in order to qualify as a RIC. A Fund may subsequently offer such investments for sale to third parties, provided that there is no assurance that a Fund will complete the sale of such an investment. If a Fund is unable to sell, assign or successfully close transactions for the loans that it originates, the Fund will be forced to hold its interest in such loans for an indeterminate period of time. This could result in a Fund’s investments having high exposure to certain borrowers. A Fund will be responsible for the expenses associated with originating a loan (whether or not consummated). This may include significant legal and due diligence expenses, which will be indirectly borne by a Fund and Common Shareholders. |
Loans and Other Indebtedness Loan Participations and Assignments Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Loans and Other Indebtedness; Loan Participations and Assignments Risk is the risk that scheduled interest or principal payments will not be made in a timely manner or at all, either of which may adversely affect the values of a loan. Additionally, there is a risk that the collateral underlying a loan may be unavailable or insufficient to satisfy a borrower’s obligation, and the Fund could become part owner of any collateral if a loan is foreclosed, subjecting a Fund to costs associated with owning and disposing of the collateral. In the event of the insolvency of the lender selling a participation, there is a risk that a Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. If a loan is foreclosed, the Fund may become owner of the loan’s collateral. The Fund may bear the costs and liabilities associated with owning and holding or disposing of the collateral. There is the risk that a Fund may have difficulty disposing of loans and loan participations due to the lack of a liquid secondary market for loans and loan participations. To the extent a Fund acquires loans, including bank loans, the Fund may be subject to greater levels of credit risk, call risk, settlement risk and liquidity risk than funds that do not acquire such instruments. |
Management Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative models or methods, 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 managers 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 [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Market Risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or companies. |
Market Discount Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Market Discount Risk is the risk that the price of a Fund’s common shares of beneficial interest will fluctuate with market conditions and other factors. Shares of closed-end management investment companies frequently trade at a discount from their net asset value. |
Market Disruptions Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Market Disruptions Risk is the risk of investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, military conflicts, 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), bank failures and natural/environmental disasters, climate change and climate related events, 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. |
MortgageRelated and Other AssetBacked Securities Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage- related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the other of the Fund’s guidelines), which generally carry higher levels of the foregoing risks. |
Municipal Bond Market Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Municipal Bond Market Risk is the risk that a Fund may be adversely affected due to factors such as limited amount of public information available regarding the municipal bonds held in the Fund as compared to that for corporate equities or bonds, legislative changes and local and business developments, general conditions of the municipal bond market, the size of the particular offering, the rating of the issue and the maturity of the obligation. |
Municipal Bond Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Municipal Bond Risk is the risk that a 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 to pay interest or repay principal. |
Municipal ProjectSpecific Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Municipal Project-Specific Risk is the risk that a 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 StateSpecific Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | New York State-Specific Risk is the risk that a Fund, by investing in municipal bonds issued by or on behalf of the State of New York and its political subdivisions, financing authorities and their agencies, may be affected significantly by political, economic, regulatory, social, environmental, or public health developments affecting the ability of New York tax-exempt issuers to pay interest or repay principal. |
NonDiversification Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | 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 [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Operational Risk is the risk 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. |
Other Investment Companies Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Other Investment Companies Risk is the risk that Common Shareholders may be subject to duplicative expenses to the extent a Fund invests in other investment companies. In addition, these other investment companies may utilize leverage, in which case an investment would subject the Fund to additional risks associated with leverage. |
Portfolio Turnover Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Portfolio Turnover Risk is the risk that a high portfolio turnover will result in greater expenses to a 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. |
Potential Conflicts of Interest Risk Allocation of Investment Opportunities [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Potential Conflicts of Interest Risk — Allocation of Investment Opportunities is the risk that PIMCO’s or any of its affiliate’s interests or the interests of its clients may conflict with those of the Funds and the results of a Fund’s investment activities may differ from those of the Fund’s affiliates, or another account managed by PIMCO or its affiliates, and it is possible that the Fund could sustain losses during periods in which one or more of the Fund’s affiliates and/or other
accounts managed by PIMCO or its affiliates, including proprietary accounts, achieve profits on their trading. |
Privacy and Data Security Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Privacy and Data Security Risk is the risk resulting from the fact that the Gramm-Leach-Bliley Act (“GLBA”) and other laws limit the disclosure of certain non-public personal information about a consumer to non-affiliated third parties and require financial institutions to disclose certain privacy policies and practices with respect to information sharing with both affiliates and non-affiliated third parties. Many states and a number of non-U.S. jurisdictions have enacted privacy and data security laws requiring safeguards on the privacy and security of consumers’ personally identifiable information. Other laws deal with obligations to safeguard and dispose of private information in a manner designed to avoid its dissemination. Privacy rules adopted by the U.S. Federal Trade Commission and the SEC implement GLBA and other requirements and govern the disclosure of consumer financial information by certain financial institutions, ranging from banks to private investment funds. U.S. platforms following certain models generally are required to have privacy policies that conform to these GLBA and other requirements. In addition, such platforms typically have policies and procedures intended to maintain platform participants’ personal information securely and dispose of it properly. |
Private Placement and Restricted Securities Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Private Placement and Restricted Securities Risk is 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 and the risk that a Fund’s investment in securities that have not been registered for public sale, but that are eligible for purchase and sale pursuant to Rule 144A under the Securities Act, may be relatively less liquid than registered securities traded on established securities markets. A 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. |
Puerto RicoSpecific Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Puerto Rico-Specific Risk is the risk that by investing in Municipal Bonds issued by Puerto Rico or its instrumentalities, the Fund may be affected by certain developments, such as political, economic, environmental, social, regulatory or debt restructuring developments, that impact the ability or obligation of Puerto Rico municipal issuers to pay interest or repay principal. |
Regulatory Changes Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Regulatory Changes Risk is the risk that is associated with the fact 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 Funds are regulated, affect the expenses incurred directly by the Funds and the value of their investments, and limit and /or preclude the Funds’ ability to achieve its investment objectives. Government regulation may change frequently and may have significant adverse consequences. The Fund and PIMCO have historically been eligible for exemptions from certain regulations. However, there is no assurance that a Fund and PIMCO will continue to be eligible for such exemptions. Moreover, government regulation may have unpredictable and unintended effects. |
Regulatory Risk LIBOR [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Regulatory Risk — LIBOR is the risk related to the discontinuation and replacement of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by a Fund rely or relied in the past in some fashion upon LIBOR. Although the transition process away from LIBOR for most instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or the continued use of LIBOR on a Fund, or on certain instruments in which a Fund invests, which can be difficult to ascertain and could result in losses to a Fund. |
Reinvestment Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Reinvestment Risk is the risk that income from a 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. |
Repurchase Agreements Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Repurchase Agreements Risk is the risk that, if the party agreeing to repurchase a security should default, a Fund will seek to sell the securities which it holds, which could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price. |
Securities Lending Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Securities Lending Risk is the risk that, when a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned and lose rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. The Fund may pay lending fees to a party arranging the loan, which may be an affiliate of the Fund. |
Short Exposure Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Short Exposure Risk is the risk of entering into short sales or other short positions, 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 or other short position will not fulfill its contractual obligations, causing a loss to a Fund. |
Structured Investments Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Structured Investments Risk is the risk that a 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 [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Tax Risk is the risk that if, in any year, a 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. |
U.S. Government Securities Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | U.S. Government Securities Risk is the risk that the obligations supported by (i) the full faith and credit of the United States, (ii) the right of the issuer to borrow from the U.S. Treasury, (iii) the discretionary authority of the U.S. Government to purchase the agency’s obligations (iv) or only by the credit of the agency, instrumentality or corporation will not be satisfied in full, or that such obligations will decrease in value or default. U.S. government securities are subject to market risk, interest rate risk and credit risk. |
Valuation Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | 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. |
Other Risks [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | (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 cyber security risks. Please see a Fund’s then-currently effective prospectus and statement of additional information for a more detailed description of the risks of investing in the Fund. 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. |
Interest Rate Risk [Member] |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  | Interest Rate Risk is the risk that fixed income securities and other instruments in a Fund’s portfolio will fluctuate in value because of a change 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 shorter 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, major litigation, investigations or other controversies, changes in financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives, financial leverage, reputation or reduced demand for the issuer’s goods or services. |
ARPS [Member] |  |  |  |  |  |  |  |
Financial Highlights [Abstract] |  |  |  |  |  |  |  |
Senior Securities Amount | [2] | $ 51,100,000 | $ 58,000,000 | $ 58,000,000 | $ 58,000,000 | $ 58,000,000 | $ 550,000 | [3]
Senior Securities Coverage per Unit | [2],[4] | $ 61,733 | $ 56,845 | $ 66,323 | $ 65,730 | $ 66,003 | $ 61,130 | [3]
Preferred Stock Liquidating Preference | [2],[5] | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | [3]
Senior Securities Average Market Value per Unit | [2],[6] |  |  |  |  |  |  | [3]
RVMTP [Member] |  |  |  |  |  |  |  |
Financial Highlights [Abstract] |  |  |  |  |  |  |  |
Senior Securities Amount | [2],[7] | $ 14,900,000 | $ 14,900,000 | $ 21,000,000 | $ 21,000,000 | $ 21,000,000 | $ 64,900,000 | [3]
Senior Securities Coverage per Unit | [2],[4],[7] | $ 246,930 | $ 227,380 | $ 265,290 | $ 262,920 | $ 264,010 | $ 244,520 | [3]
Preferred Stock Liquidating Preference | [2],[5],[7] | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | [3]
Senior Securities Average Market Value per Unit | [2],[7],[8] |  |  |  |  |  |  | [3]
Common Shares [Member] |  |  |  |  |  |  |  |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |
Outstanding Security, Title [Text Block] |  |  |  |  |  |  | Common Shares |
Outstanding Security, Held [Shares] |  |  |  |  |  |  | 11,209 |
Preferred Shares [Member] | Series A [Member] |  |  |  |  |  |  |  |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |
Outstanding Security, Title [Text Block] |  |  |  |  |  |  | Series A |
Outstanding Security, Held [Shares] |  |  |  |  |  |  | 16 |
Preferred Shares [Member] | Series B [Member] |  |  |  |  |  |  |  |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |
Outstanding Security, Title [Text Block] |  |  |  |  |  |  | Series B |
Outstanding Security, Held [Shares] |  |  |  |  |  |  | 6 |
[1] | Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.
[2] | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.
[3] | Unaudited
[4] | “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.
[5] | “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.
[6] | 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, Preferred Shares, in the Notes to Financial Statements for more information.
[7] | Prior to July 14, 2021, RVMTP Shares were Variable Rate MuniFund Term Preferred Shares. See Note 12, Preferred Shares.
[8] | 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, in the Notes to Financial Statements for more information.

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