PML - PIMCO Municipal Income Fund II

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. Sept 15, 2026

   The fund said it will repay some borrowed money on Oct 30, 2026.

   Original document →

2. Aug 26, 2026

   Bank of America Corp. cut its stake to 79.5% of the fund's preferred shares (from 83.7%), not the common shares most holders own.

   Original document →

3. July 24, 2026

   The fund said it will repay some borrowed money on Sept 30, 2026.

   Original document →

4. March 12, 2026

   Bank of America Corp. raised its stake to 83.7% of the fund's preferred shares (from 69.8%), not the common shares most holders own.

   Original document →

5. March 2, 2026

   JPMorgan Chase Bank, National Association sold down below 5% of the fund's preferred shares and stopped reporting.

   Original document →

About this fund

• Run by Pacific Investment Management Company LLC. Part of the PIMCO fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $1.02 billion of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 42% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 82% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -23.8%; at +10%, about +16.4%. As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs: 0.8% a year in management fees; 3% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 58 charge a lower management fee and 35 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $0.47 a share. $0.37 of that was income; $0.10 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $8.10. The shares traded at $7.54, about 6.9% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 2.1% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2002.

How this has changed

• Payouts per share: $0.47 in the fiscal year ended Dec 31, 2025; $0.47 in the year ended Dec 31, 2024; $0.47 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.10 in the year ended Dec 31, 2025; $0.17 in the year ended Dec 31, 2024; $0.17 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 4.19% a year in the fiscal year ended Dec 31, 2025; 3.69% a year in the year ended Dec 31, 2024; 2.28% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $1.02 billion at Dec 31, 2025; $569 million at Dec 31, 2024; $599 million at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: about 44% on top of its own money at Dec 31, 2025; 41% at Dec 31, 2024; 39% at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 125 million shares at Dec 31, 2025, up 88.8% from Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned -1%, counting payouts. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +3%, counting payouts. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned -3%, counting payouts. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -33.7%, counting payouts. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +7.5%, counting payouts. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned -29.5%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $7,050 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +8.7%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 54 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 48 reported a higher share return for that year and 5 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly tax-free municipal bonds (85%), the rest loans and mortgage bonds. All of it issued in the U.S.

1.3% of holdings are in default.

1. Salt Verde Financial Corp. - 3.5%
2. Municipal Electric Authority of Georgia - 3.5%
3. Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue - 3.5%
4. California Municipal Finance Authority - 2.9%
5. Salt River Project Agricultural Improvement & Power District - 2.6%
6. Commonwealth of Massachusetts - 2.1%
7. Maricopa County Industrial Development Authority - 2%
8. La Vega Independent School District - 1.9%
9. Freddie Mac, Federal Home Loan Mortgage Corp. - 1.8%
10. New York State Dormitory Authority - 1.8%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →