PNI - PIMCO New York Municipal Income Fund II

What this means for you

Saba owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

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. raised its stake to 100% of the fund's preferred shares (from 85.9%), not the common shares most holders own.

   Original document →

3. Aug 25, 2026

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

   Original document →

4. July 24, 2026

   The fund said it will repay some borrowed money.

   Original document →

5. Feb 25, 2026

   Bank of America Corp. cut its stake to 85.9% of the fund's preferred shares (from 88.7%), not the common shares most holders own.

   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 $190 million 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 39% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 87% 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 -24%; at +10%, about +16.7%. As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs: 0.9% a year in management fees; 2.9% 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, 63 charge a lower management fee and 34 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 $0.35 a share. $0.32 of that was income; $0.03 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): $7.82. The shares traded at $6.89, about 11.9% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 4.8% 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: $0.35 in the fiscal year ended Dec 31, 2025; $0.35 in the year ended Dec 31, 2024; $0.35 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: $0.03 in the year ended Dec 31, 2025; $0.12 in the year ended Dec 31, 2024; $0.12 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: 4.31% a year in the fiscal year ended Dec 31, 2025; 3.91% a year in the year ended Dec 31, 2024; 2.13% 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 $187 million at Dec 31, 2025; $92.6 million at Dec 31, 2024; $97.1 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 42% on top of its own money at Dec 31, 2025; 42% at Dec 31, 2024; 41% 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 23.9 million shares at Dec 31, 2025, up 113.1% 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 +1.2%, counting payouts. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned -1.1%, counting payouts. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +0.1%, counting payouts. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -26.1%, counting payouts. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +8.9%, counting payouts. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned -19.3%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $8,070 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: +11%. 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, 45 reported a higher share return for that year and 8 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 (91%), the rest loans. All of it issued in the U.S.

1. New York City Transitional Finance Authority Future Tax Secured Revenue - 8.9%
2. New York City Municipal Water Finance Authority - 8.3%
3. New York Liberty Development Corp. - 7.1%
4. New York State Thruway Authority - 5.6%
5. New York State Dormitory Authority - 5.1%
6. New York Transportation Development Corp. - 4.6%
7. City of New York NY - 4.3%
8. Port Authority of New York & New Jersey - 3.8%
9. New York Power Authority - 3.3%
10. New York State Environmental Facilities Corp. - 2.6%

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