UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: 811-21077
PIMCO California Municipal Income Fund II
(Exact name of registrant as specified in charter)
1633 Broadway, New York, NY 10019
(Address of principal executive offices)
William G. Galipeau
Treasurer (Principal Financial & Accounting Officer)
650 Newport Center Drive
Newport Beach, CA 92660
(Name and address of agent for service)
Copies to:
David C. Sullivan
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, MA 02199
Registrants telephone number, including area code: (844) 337-4626
Date of fiscal year end: December 31
Date of reporting period: June 30, 2017
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. | Reports to Shareholders. |
The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the 1940 Act) (17 CFR 270.30e-1).
PIMCO Closed-End Funds
Semiannual Report
June 30, 2017
PIMCO Municipal Income Fund
PIMCO Municipal Income Fund II
PIMCO Municipal Income Fund III
PIMCO California Municipal Income Fund
PIMCO California Municipal Income Fund II
PIMCO California Municipal Income Fund III
PIMCO New York Municipal Income Fund
PIMCO New York Municipal Income Fund II
PIMCO New York Municipal Income Fund III
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Fund | Fund Summary |
Schedule of Investments |
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9 | 35 | |||||||
10 | 40 | |||||||
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16 | 56 |
Letter from the Chairman of the Board & President
Dear Shareholder,
The global equity markets generated strong results during the reporting period against a backdrop of solid corporate profits and signs of improving global growth. Meanwhile, the global fixed income market generated strong results as U.S. monetary policy tightened, whereas many international central banks maintained accommodative monetary policies.
For the six-month reporting period ended June 30, 2017
The U.S. economy continued to expand at a relatively modest pace during the reporting period. Looking back, U.S. gross domestic product (GDP), which represents the value of goods and services produced in the country, the broadest measure of economic activity and the principal indicator of economic performance, expanded at a revised annual pace of 1.8% during the fourth quarter of 2016. GDP growth then moderated, growing at a revised annual pace of 1.2% for the first quarter of 2017. Finally, the Commerce Departments initial reading released after the reporting period had ended showed that second quarter 2017 GDP grew at an annual pace of 2.6%.
The Federal Reserve (Fed) continued to normalize monetary policy, with two interest rate hikes during the reporting period. The first occurrence was in March 2017, followed by a second rate hike in June 2017. The second move put the federal funds rate between 1.00% and 1.25%. In its official statement following the Feds June meeting, the Fed said, The Committee expects that economic conditions will evolve in a manner that will warrant gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. The Fed also indicated that it expects to begin reducing its balance sheet later this year.
Economic activity outside the U.S. generally improved during the reporting period. Nevertheless, a number of central banks, including the European Central Bank, Bank of England and Bank of Japan, maintained their highly accommodative monetary policies. However, toward the end of the reporting period, several central banks indicated that they may pare back their quantitative easing programs should growth improve and inflation increase.
The municipal (or muni) market posted positive returns during the first five months of the reporting period. The municipal market was supported by generally positive fundamentals, moderating supply and strong investor demand. The Bloomberg Barclays Municipal Bond Index gained 3.57% during the six months ended June 30, 2017. In comparison, the overall taxable fixed income market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 2.27% over the same period.
Outlook
PIMCOs baseline view is that the U.S. economy is likely to grow at about 2% per year, with inflation running close to the Feds target of 2%. PIMCOs forecast for the federal funds rate at the end of its secular horizon is anchored in a New Neutral range of 2% to 3%, but with the risks skewed to the downside on rates. In PIMCOs view, of real concern for the U.S. outlook, as well as the global outlook, is the driving-without-a-spare-tire risk at this late stage of the business cycle. In the next recession, whenever it occurs, PIMCO believes the Fed and other central banks will have less room to cut rates than in past cycles. Some countries for example, the U.S., China, Germany will likely have some fiscal space to deploy in the next downturn, but with sovereign debt levels already elevated, fiscal policy is unlikely to fully offset the constraints on monetary policy in the next global downturn.
PIMCOs policy outlook for munis looks brighter for the next six to 12 months than it did earlier in the year. In PIMCOs view, the risk of trade wars with other countries has receded, and that has scaled back both PIMCOs view of the expected size of fiscal stimulus in the U.S. and its assessment of near-term inflation pressures. PIMCO has more confidence in its base case scenario of a less ambitious tax reform lite given the current failure of a repeal/replace of the Affordable Care Act. The upshot for munis is a tax reform backdrop that, while not without risk, should not fundamentally alter the long-term valuation paradigm for tax-efficient investors. PIMCO is a bit more positive on federal tax-exempt municipal bonds than their taxable alternatives, and high yield municipal spreads look compelling
2 | PIMCO CLOSED-END FUNDS |
relative to high yield corporate spreads. PIMCOs views reflect municipal credit spreads underperformance relative to the post-election rally in other U.S. credit asset classes.
In the following pages of this PIMCO Closed-End Funds Semiannual Report, please find specific details regarding investment performance and a discussion of factors that most affected the Funds performance over the six months ended June 30, 2017.
Thank you for investing with us. We value your trust and will continue to work diligently to meet your investment needs. If you have questions regarding any of your PIMCO Closed-End Funds investments, please contact your financial advisor or call the Funds shareholder servicing agent at (844) 33-PIMCO or (844) 337-4626. We also invite you to visit our website at www.pimco.com to learn more about our views.
Sincerely,
Hans W. Kertess | Peter G. Strelow | |
Chairman of the Board of Trustees | President |
SEMIANNUAL REPORT | JUNE 30, 2017 | 3 |
Important Information About the Funds
4 | PIMCO CLOSED-END FUNDS |
SEMIANNUAL REPORT | JUNE 30, 2017 | 5 |
Important Information About the Funds (Cont.)
6 | PIMCO CLOSED-END FUNDS |
SEMIANNUAL REPORT | JUNE 30, 2017 | 7 |
Symbol on NYSE - PMF |
Average Annual Total Return(1) for the period ended June 30, 2017 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (06/29/01) |
||||||||||||||||
Market Price | (2.31)% | (15.71)% | 4.55% | 5.81% | 6.52% | |||||||||||||||
NAV | 6.28% | (1.44)% | 7.24% | 7.01% | 7.01% |
All Fund returns are net of fees and expenses.
* Cumulative return
(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. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) | Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) | Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage). |
Investment Objective and Strategy Overview
PIMCO Municipal Income Funds investment objective is to seek to provide current income exempt from federal income tax.
Fund Insights at NAV
The following affected performance during the reporting period:
» | Duration exposure contributed to performance, as municipal yields moved lower. |
» | Exposure to the revenue-backed sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the industrial revenue sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the health care sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | A modest allocation to Virgin Islands-domiciled securities detracted from performance. |
8 | PIMCO CLOSED-END FUNDS |
PIMCO Municipal Income Fund II
Symbol on NYSE - PML |
Average Annual Total Return(1) for the period ended June 30, 2017 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (06/28/02) |
||||||||||||||||
Market Price | 11.02% | 0.26% | 6.90% | 5.89% | 6.01% | |||||||||||||||
NAV | 6.36% | (0.49)% | 7.23% | 5.02% | 5.82% |
All Fund returns are net of fees and expenses.
* Cumulative return
(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. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) | Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) | Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage). |
Investment Objective and Strategy Overview
PIMCO Municipal Income Fund IIs investment objective is to seek to provide current income exempt from federal income tax.
Fund Insights at NAV
The following affected performance during the reporting period:
» | The Funds duration exposure contributed to performance, as the municipal bond yield curve moved lower. |
» | Exposure to the revenue-backed sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the industrial revenue sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | A modest allocation to Virgin Islands-domiciled securities detracted from performance. |
SEMIANNUAL REPORT | JUNE 30, 2017 | 9 |
PIMCO Municipal Income Fund III
Symbol on NYSE - PMX |
Average Annual Total Return(1) for the period ended June 30, 2017 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (10/31/02) |
||||||||||||||||
Market Price | 6.30% | (3.07)% | 5.79% | 4.91% | 5.52% | |||||||||||||||
NAV | 6.57% | (0.43)% | 8.26% | 4.95% | 5.64% |
All Fund returns are net of fees and expenses.
* Cumulative return
(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. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) | Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) | Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage). |
Investment Objective and Strategy Overview
PIMCO Municipal Income Fund IIIs investment objective is to seek to provide current income exempt from federal income tax.
Fund Insights at NAV
The following affected performance during the reporting period:
» | Duration positioning contributed to performance, as the municipal bond yield curve moved lower. |
» | Exposure to the revenue-backed sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the water and sewer sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | A modest allocation to Virgin Islands-domiciled securities detracted from performance. |
10 | PIMCO CLOSED-END FUNDS |
PIMCO California Municipal Income Fund
Symbol on NYSE - PCQ |
Average Annual Total Return(1) for the period ended June 30, 2017 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (06/29/01) |
||||||||||||||||
Market Price | 11.13% | 6.03% | 8.38% | 7.59% | 7.59% | |||||||||||||||
NAV | 6.03% | (0.90)% | 7.35% | 7.06% | 6.94% |
All Fund returns are net of fees and expenses.
* Cumulative return
(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. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) | Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) | Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage). |
Investment Objective and Strategy Overview
PIMCO California Municipal Income Funds investment objective is to seek to provide current income exempt from federal and California income tax.
Fund Insights at NAV
The following affected performance during the reporting period:
» | The Funds duration exposure contributed to performance, as municipal bond yields moved lower. |
» | Exposure to the revenue-backed sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the health care sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal bond market. |
SEMIANNUAL REPORT | JUNE 30, 2017 | 11 |
PIMCO California Municipal Income Fund II
Symbol on NYSE - PCK |
Average Annual Total Return(1) for the period ended June 30, 2017 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (06/28/02) |
||||||||||||||||
Market Price | 13.80% | (2.39)% | 7.03% | 3.84% | 4.72% | |||||||||||||||
NAV | 6.58% | (2.36)% | 8.19% | 3.17% | 4.43% |
All Fund returns are net of fees and expenses.
* Cumulative return
(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. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) | Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) | Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage). |
Investment Objective and Strategy Overview
PIMCO California Municipal Income Fund IIs investment objective is to seek to provide current income exempt from federal and California income tax.
Fund Insights at NAV
The following affected performance during the reporting period:
» | The Funds duration positioning contributed to performance, as municipal bond yields moved lower. |
» | Exposure to the revenue-backed sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the industrial revenue sector contributed to performance, as the sector outperformed the general municipal bond market. |
12 | PIMCO CLOSED-END FUNDS |
PIMCO California Municipal Income Fund III
Symbol on NYSE - PZC |
Average Annual Total Return(1) for the period ended June 30, 2017 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (10/31/02) |
||||||||||||||||
Market Price | 14.46% | 8.88% | 9.29% | 5.15% | 5.84% | |||||||||||||||
NAV | 5.79% | (1.48)% | 7.28% | 3.46% | 4.62% |
All Fund returns are net of fees and expenses.
* Cumulative return
(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. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) | Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) | Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage). |
Investment Objective and Strategy Overview
PIMCO California Municipal Income Fund IIIs investment objective is to seek to provide current income exempt from federal and California income tax.
Fund Insights at NAV
The following affected performance during the reporting period:
» | Duration positioning contributed to performance, as the municipal bond yield curve moved lower. |
» | Exposure to the revenue-backed sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the healthcare sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal bond market. |
SEMIANNUAL REPORT | JUNE 30, 2017 | 13 |
PIMCO New York Municipal Income Fund
Symbol on NYSE - PNF |
Average Annual Total Return(1) for the period ended June 30, 2017 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (06/29/01) |
||||||||||||||||
Market Price | 13.12% | (2.26)% | 7.19% | 6.00% | 5.46% | |||||||||||||||
NAV | 7.43% | 0.17% | 7.17% | 5.27% | 5.29% |
All Fund returns are net of fees and expenses.
* Cumulative return
(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. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) | Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) | Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage). |
Investment Objective and Strategy Overview
PIMCO New York Municipal Income Funds 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 during the reporting period:
» | Duration positioning contributed to performance, as municipal bond yields moved lower. |
» | Exposure to the revenue-backed sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the industrial revenue sector contributed to performance. |
14 | PIMCO CLOSED-END FUNDS |
PIMCO New York Municipal Income Fund II
Symbol on NYSE - PNI |
Average Annual Total Return(1) for the period ended June 30, 2017 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (06/28/02) |
||||||||||||||||
Market Price | 0.35% | (13.73)% | 4.60% | 4.39% | 5.15% | |||||||||||||||
NAV | 7.76% | (0.20)% | 7.09% | 4.65% | 5.35% |
All Fund returns are net of fees and expenses.
* Cumulative return
(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. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) | Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) | Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage). |
Investment Objective and Strategy Overview
PIMCO New York Municipal Income Fund IIs 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 during the reporting period:
» | The Funds duration exposure contributed to performance, as municipal bond yields moved lower. |
» | Exposure to the revenue-backed sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the industrial revenue sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | A modest allocation to Virgin Islands-domiciled securities detracted from performance. |
SEMIANNUAL REPORT | JUNE 30, 2017 | 15 |
PIMCO New York Municipal Income Fund III
Symbol on NYSE - PYN |
Average Annual Total Return(1) for the period ended June 30, 2017 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (10/31/02) |
||||||||||||||||
Market Price | 0.45% | (10.00)% | 5.35% | 2.24% | 3.58% | |||||||||||||||
NAV | 7.07% | (0.58)% | 6.84% | 1.99% | 3.57% |
All Fund returns are net of fees and expenses.
* Cumulative return
(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. Total return, market price, NAV, market price distribution yield, and NAV distribution yield will fluctuate with changes in market conditions. For performance current to the most recent month-end, visit www.pimco.com or call (844) 33-PIMCO. |
(2) | Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distributions tax character will be made on Form 1099 DIV sent to shareholders each January. |
(3) | Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively Total Effective Leverage). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage). |
Investment Objective and Strategy Overview
PIMCO New York Municipal Income Fund IIIs 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 during the reporting period:
» | The Funds duration exposure contributed to performance, as the municipal bond yield curve moved lower. |
» | Exposure to the revenue-backed sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | Exposure to the industrial revenue sector contributed to performance, as the sector outperformed the general municipal bond market. |
» | A modest allocation to Virgin Islands-domiciled securities detracted from performance. |
16 | PIMCO CLOSED-END FUNDS |
(THIS PAGE INTENTIONALLY LEFT BLANK)
SEMIANNUAL REPORT | JUNE 30, 2017 | 17 |
Investment Operations | Less Distributions to Preferred Shareholders(b) |
Less Distributions to Common Shareholders(b) | ||||||||||||||||||||||||||||||||||||||||||
Net Asset Value Beginning of Year or Period |
Net Investment Income (Loss)(a) |
Net Realized/ Unrealized Gain (Loss) |
From Net Investment Income |
From Net Realized Capital Gains |
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations |
From Net Investment Income |
From Net Realized Capital Gains |
Tax Basis Return of Capital |
Total | |||||||||||||||||||||||||||||||||||
PIMCO Municipal Income Fund |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2017 - 06/30/2017+ |
$ | 12.44 | $ | 0.46 | $ | 0.36 | $ | (0.05 | ) | $ | 0.00 | $ | 0.77 | $ | (0.38 | ) | $ | 0.00 | $ | 0.00 | $ | (0.38 | ) | |||||||||||||||||||||
12/31/2016 |
13.26 | 0.90 | (0.68 | ) | (0.06 | ) | 0.00 | 0.16 | (0.98 | ) | 0.00 | 0.00 | (0.98 | ) | ||||||||||||||||||||||||||||||
05/01/2015 - 12/31/2015(f) |
13.15 | 0.65 | 0.12 | (0.01 | ) | 0.00 | 0.76 | (0.65 | ) | 0.00 | 0.00 | (0.65 | )(i) | |||||||||||||||||||||||||||||||
04/30/2015 |
12.57 | 0.93 | 0.64 | (0.01 | ) | 0.00 | 1.56 | (0.98 | ) | 0.00 | 0.00 | (0.98 | ) | |||||||||||||||||||||||||||||||
04/30/2014 |
13.75 | 0.94 | (1.13 | ) | (0.01 | ) | 0.00 | (0.20 | ) | (0.98 | ) | 0.00 | 0.00 | (0.98 | ) | |||||||||||||||||||||||||||||
04/30/2013 |
12.93 | 0.95 | 0.87 | (0.02 | ) | 0.00 | 1.80 | (0.98 | ) | 0.00 | 0.00 | (0.98 | ) | |||||||||||||||||||||||||||||||
04/30/2012 |
10.72 | 1.01 | 2.20 | (0.02 | ) | 0.00 | 3.19 | (0.98 | ) | 0.00 | 0.00 | (0.98 | ) | |||||||||||||||||||||||||||||||
PIMCO Municipal Income Fund II |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2017 - 06/30/2017+ |
$ | 11.81 | $ | 0.41 | $ | 0.37 | $ | (0.04 | ) | $ | 0.00 | $ | 0.74 | $ | (0.39 | ) | $ | 0.00 | $ | 0.00 | $ | (0.39 | ) | |||||||||||||||||||||
12/31/2016 |
12.39 | 0.79 | (0.55 | ) | (0.04 | ) | 0.00 | 0.20 | (0.78 | ) | 0.00 | 0.00 | (0.78 | ) | ||||||||||||||||||||||||||||||
06/01/2015 - 12/31/2015(g) |
12.11 | 0.47 | 0.28 | (0.01 | ) | 0.00 | 0.74 | (0.46 | ) | 0.00 | 0.00 | (0.46 | )(i) | |||||||||||||||||||||||||||||||
05/31/2015 |
11.94 | 0.81 | 0.15 | (0.01 | ) | 0.00 | 0.95 | (0.78 | ) | 0.00 | 0.00 | (0.78 | ) | |||||||||||||||||||||||||||||||
05/31/2014 |
12.17 | 0.81 | (0.25 | ) | (0.01 | ) | 0.00 | 0.55 | (0.78 | ) | 0.00 | 0.00 | (0.78 | ) | ||||||||||||||||||||||||||||||
05/31/2013 |
11.91 | 0.82 | 0.23 | (0.01 | ) | 0.00 | 1.04 | (0.78 | ) | 0.00 | 0.00 | (0.78 | ) | |||||||||||||||||||||||||||||||
05/31/2012 |
10.12 | 0.88 | 1.70 | (0.01 | ) | 0.00 | 2.57 | (0.78 | ) | 0.00 | 0.00 | (0.78 | ) | |||||||||||||||||||||||||||||||
PIMCO Municipal Income Fund III |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2017 - 06/30/2017+ |
$ | 10.67 | $ | 0.39 | $ | 0.34 | $ | (0.04 | ) | $ | 0.00 | $ | 0.69 | $ | (0.34 | ) | $ | 0.00 | $ | 0.00 | $ | (0.34 | ) | |||||||||||||||||||||
12/31/2016 |
11.13 | 0.77 | (0.44 | ) | (0.04 | ) | 0.00 | 0.29 | (0.75 | ) | 0.00 | 0.00 | (0.75 | ) | ||||||||||||||||||||||||||||||
10/01/2015 - 12/31/2015(h) |
10.88 | 0.20 | 0.24 | (0.00 | )^ | 0.00 | 0.44 | (0.19 | ) | 0.00 | 0.00 | (0.19 | )(i) | |||||||||||||||||||||||||||||||
09/30/2015 |
10.78 | 0.78 | 0.08 | (0.01 | ) | 0.00 | 0.85 | (0.75 | ) | 0.00 | 0.00 | (0.75 | ) | |||||||||||||||||||||||||||||||
09/30/2014 |
9.58 | 0.75 | 1.25 | (0.01 | ) | 0.00 | 1.99 | (0.79 | ) | 0.00 | 0.00 | (0.79 | ) | |||||||||||||||||||||||||||||||
09/30/2013 |
11.02 | 0.75 | (1.34 | ) | (0.01 | ) | 0.00 | (0.60 | ) | (0.84 | ) | 0.00 | 0.00 | (0.84 | ) | |||||||||||||||||||||||||||||
09/30/2012 |
9.69 | 0.83 | 1.35 | (0.01 | ) | 0.00 | 2.17 | (0.84 | ) | 0.00 | 0.00 | (0.84 | ) | |||||||||||||||||||||||||||||||
PIMCO California Municipal Income Fund |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2017 - 06/30/2017+ |
$ | 13.83 | $ | 0.47 | $ | 0.40 | $ | (0.05 | ) | $ | 0.00 | $ | 0.82 | $ | (0.46 | ) | $ | 0.00 | $ | 0.00 | $ | (0.46 | ) | |||||||||||||||||||||
12/31/2016 |
14.61 | 0.95 | (0.75 | ) | (0.06 | ) | 0.00 | 0.14 | (0.92 | ) | 0.00 | 0.00 | (0.92 | ) | ||||||||||||||||||||||||||||||
05/01/2015 - 12/31/2015(f) |
14.33 | 0.65 | 0.26 | (0.01 | ) | 0.00 | 0.90 | (0.62 | ) | 0.00 | 0.00 | (0.62 | )(i) | |||||||||||||||||||||||||||||||
04/30/2015 |
13.77 | 0.95 | 0.54 | (0.01 | ) | 0.00 | 1.48 | (0.92 | ) | 0.00 | 0.00 | (0.92 | ) | |||||||||||||||||||||||||||||||
04/30/2014 |
14.71 | 0.99 | (1.00 | ) | (0.01 | ) | 0.00 | (0.02 | ) | (0.92 | ) | 0.00 | 0.00 | (0.92 | ) | |||||||||||||||||||||||||||||
04/30/2013 |
13.75 | 1.02 | 0.88 | (0.02 | ) | 0.00 | 1.88 | (0.92 | ) | 0.00 | 0.00 | (0.92 | ) | |||||||||||||||||||||||||||||||
04/30/2012 |
11.32 | 1.08 | 2.29 | (0.02 | ) | 0.00 | 3.35 | (0.92 | ) | 0.00 | 0.00 | (0.92 | ) | |||||||||||||||||||||||||||||||
PIMCO California Municipal Income Fund II |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2017 - 06/30/2017+ |
$ | 8.39 | $ | 0.31 | $ | 0.26 | $ | (0.03 | ) | $ | 0.00 | $ | 0.54 | $ | (0.28 | ) | $ | 0.00 | $ | 0.00 | $ | (0.28 | ) | |||||||||||||||||||||
12/31/2016 |
8.95 | 0.62 | (0.53 | ) | (0.04 | ) | 0.00 | 0.05 | (0.61 | ) | 0.00 | 0.00 | (0.61 | ) | ||||||||||||||||||||||||||||||
06/01/2015 - 12/31/2015(g) |
8.69 | 0.38 | 0.27 | (0.01 | ) | 0.00 | 0.64 | (0.38 | ) | 0.00 | 0.00 | (0.38 | )(i) | |||||||||||||||||||||||||||||||
05/31/2015 |
8.61 | 0.66 | 0.08 | (0.01 | ) | 0.00 | 0.73 | (0.65 | ) | 0.00 | 0.00 | (0.65 | ) | |||||||||||||||||||||||||||||||
05/31/2014 |
8.93 | 0.68 | (0.26 | ) | (0.01 | ) | 0.00 | 0.41 | (0.66 | ) | 0.00 | (0.07 | ) | (0.73 | ) | |||||||||||||||||||||||||||||
05/31/2013 |
8.65 | 0.69 | 0.35 | (0.01 | ) | 0.00 | 1.03 | (0.68 | ) | 0.00 | (0.07 | ) | (0.75 | ) | ||||||||||||||||||||||||||||||
05/31/2012 |
7.38 | 0.71 | 1.32 | (0.01 | ) | 0.00 | 2.02 | (0.70 | ) | 0.00 | (0.05 | ) | (0.75 | ) | ||||||||||||||||||||||||||||||
PIMCO California Municipal Income Fund III |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2017 - 06/30/2017+ |
$ | 9.67 | $ | 0.34 | $ | 0.25 | $ | (0.04 | ) | $ | 0.00 | $ | 0.55 | $ | (0.36 | ) | $ | 0.00 | $ | 0.00 | $ | (0.36 | ) | |||||||||||||||||||||
12/31/2016 |
10.31 | 0.65 | (0.53 | ) | (0.04 | ) | 0.00 | 0.08 | (0.72 | ) | 0.00 | 0.00 | (0.72 | ) | ||||||||||||||||||||||||||||||
10/01/2015 - 12/31/2015(h) |
10.08 | 0.17 | 0.24 | (0.00 | )^ | 0.00 | 0.41 | (0.18 | ) | 0.00 | 0.00 | (0.18 | )(i) | |||||||||||||||||||||||||||||||
09/30/2015 |
10.02 | 0.68 | 0.11 | (0.01 | ) | 0.00 | 0.78 | (0.72 | ) | 0.00 | 0.00 | (0.72 | ) | |||||||||||||||||||||||||||||||
09/30/2014 |
9.09 | 0.69 | 0.97 | (0.01 | ) | 0.00 | 1.65 | (0.72 | ) | 0.00 | 0.00 | (0.72 | ) | |||||||||||||||||||||||||||||||
09/30/2013 |
10.23 | 0.79 | (1.20 | ) | (0.01 | ) | 0.00 | (0.42 | ) | (0.72 | ) | 0.00 | 0.00 | (0.72 | ) | |||||||||||||||||||||||||||||
09/30/2012 |
9.08 | 0.81 | 1.07 | (0.01 | ) | 0.00 | 1.87 | (0.72 | ) | 0.00 | 0.00 | (0.72 | ) |
18 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
Common Share |
Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value End of Year or Period |
Market Price End of Year or Period |
Total Investment Return(c) |
Net Assets |
Expenses(d)(e) | Expenses Excluding Waivers(d)(e) |
Expenses Excluding Interest Expense(d) |
Expenses Excluding Interest Expense and Waivers(d) |
Net Investment Income (Loss)(d) |
Preferred Shares Asset Coverage Per Share |
Portfolio Turnover Rate |
||||||||||||||||||||||||||||||||||||
$ | 12.83 | $ | 13.66 | (2.31 | )% | $ | 328,964 | 1.45 | %* | 1.45 | %* | 1.23 | %* | 1.23 | %* | 7.31 | %* | $ | 68,276 | 5 | % | |||||||||||||||||||||||||
12.44 | 14.39 | (0.71 | ) | 318,473 | 1.25 | 1.25 | 1.18 | 1.18 | 6.72 | 66,896 | 16 | |||||||||||||||||||||||||||||||||||
13.26 | 15.45 | 5.27 | 338,342 | 1.22 | * | 1.22 | * | 1.21 | * | 1.21 | * | 7.42 | * | 69,516 | 15 | |||||||||||||||||||||||||||||||
13.15 | 15.38 | 21.47 | 334,775 | 1.25 | 1.25 | 1.22 | 1.22 | 7.12 | 69,049 | 9 | ||||||||||||||||||||||||||||||||||||
12.57 | 13.58 | (8.45 | ) | 319,155 | 1.30 | 1.30 | 1.27 | 1.27 | 7.74 | 66,993 | 15 | |||||||||||||||||||||||||||||||||||
13.75 | 16.05 | 11.96 | 348,162 | 1.22 | 1.23 | 1.19 | 1.20 | 6.99 | 70,809 | 9 | ||||||||||||||||||||||||||||||||||||
12.93 | 15.28 | 27.20 | 326,741 | 1.28 | 1.35 | 1.22 | 1.29 | 8.42 | 67,990 | 18 | ||||||||||||||||||||||||||||||||||||
$ | 12.16 | $ | 13.14 | 11.02 | % | $ | 751,169 | 1.28 | %* | 1.28 | %* | 1.11 | %* | 1.11 | %* | 6.87 | %* | $ | 76,159 | 8 | % | |||||||||||||||||||||||||
11.81 | 12.22 | 3.90 | 727,513 | 1.16 | 1.16 | 1.08 | 1.08 | 6.27 | 74,548 | 12 | ||||||||||||||||||||||||||||||||||||
12.39 | 12.51 | 6.56 | 760,212 | 1.11 | * | 1.11 | * | 1.10 | * | 1.10 | * | 6.57 | * | 76,782 | 10 | |||||||||||||||||||||||||||||||
12.11 | 12.19 | 6.15 | 742,133 | 1.16 | 1.16 | 1.11 | 1.11 | 6.65 | 75,553 | 10 | ||||||||||||||||||||||||||||||||||||
11.94 | 12.25 | 7.76 | 730,088 | 1.21 | 1.21 | 1.16 | 1.16 | 7.22 | 74,733 | 16 | ||||||||||||||||||||||||||||||||||||
12.17 | 12.19 | 3.41 | 741,368 | 1.16 | 1.17 | 1.11 | 1.12 | 6.74 | 75,501 | 16 | ||||||||||||||||||||||||||||||||||||
11.91 | 12.54 | 28.70 | 722,161 | 1.19 | 1.26 | 1.11 | 1.18 | 8.04 | 74,192 | 26 | ||||||||||||||||||||||||||||||||||||
$ | 11.02 | $ | 11.72 | 6.30 | % | $ | 361,544 | 1.37 | %* | 1.37 | %* | 1.20 | %* | 1.20 | %* | 7.29 | %* | $ | 72,814 | 9 | % | |||||||||||||||||||||||||
10.67 | 11.37 | 5.33 | 349,423 | 1.23 | 1.23 | 1.13 | 1.13 | 6.80 | 71,211 | 9 | ||||||||||||||||||||||||||||||||||||
11.13 | 11.51 | 6.70 | 363,382 | 1.19 | * | 1.19 | * | 1.17 | * | 1.17 | * | 7.09 | * | 73,123 | 2 | |||||||||||||||||||||||||||||||
10.88 | 10.97 | 9.65 | 355,368 | 1.23 | 1.23 | 1.17 | 1.17 | 7.14 | 72,006 | 5 | ||||||||||||||||||||||||||||||||||||
10.78 | 10.71 | 10.69 | 351,139 | 1.29 | 1.29 | 1.23 | 1.23 | 7.47 | 71,447 | 15 | ||||||||||||||||||||||||||||||||||||
9.58 | 10.45 | (15.39 | ) | 311,231 | 1.27 | 1.27 | 1.20 | 1.20 | 7.04 | 66,168 | 20 | |||||||||||||||||||||||||||||||||||
11.02 | 13.31 | 33.20 | 357,139 | 1.27 | 1.33 | 1.17 | 1.23 | 8.00 | 72,239 | 25 | ||||||||||||||||||||||||||||||||||||
$ | 14.19 | $ | 16.92 | 11.13 | % | $ | 265,533 | 1.64 | %* | 1.64 | %* | 1.24 | %* | 1.24 | %* | 6.81 | %* | $ | 69,246 | 6 | % | |||||||||||||||||||||||||
13.83 | 15.68 | 5.96 | 258,476 | 1.29 | 1.29 | 1.17 | 1.17 | 6.49 | 68,070 | 15 | ||||||||||||||||||||||||||||||||||||
14.61 | 15.70 | 4.60 | 272,345 | 1.24 | * | 1.24 | * | 1.21 | * | 1.21 | * | 6.76 | * | 70,388 | 13 | |||||||||||||||||||||||||||||||
14.33 | 15.66 | 16.08 | 266,838 | 1.32 | 1.32 | 1.22 | 1.22 | 6.67 | 69,473 | 11 | ||||||||||||||||||||||||||||||||||||
13.77 | 14.38 | 0.61 | 255,751 | 1.36 | 1.36 | 1.27 | 1.27 | 7.55 | 67,624 | 21 | ||||||||||||||||||||||||||||||||||||
14.71 | 15.33 | 9.96 | 272,398 | 1.30 | 1.31 | 1.21 | 1.22 | 7.17 | 70,398 | 12 | ||||||||||||||||||||||||||||||||||||
13.75 | 14.83 | 32.94 | 253,870 | 1.36 | 1.43 | 1.25 | 1.32 | 8.63 | 67,310 | 9 | ||||||||||||||||||||||||||||||||||||
$ | 8.65 | $ | 10.16 | 13.80 | % | $ | 276,303 | 1.51 | %* | 1.51 | %* | 1.28 | %* | 1.28 | %* | 7.32 | %* | $ | 67,369 | 2 | % | |||||||||||||||||||||||||
8.39 | 9.20 | (1.58 | ) | 267,645 | 1.37 | 1.37 | 1.22 | 1.22 | 6.84 | 66,042 | 20 | |||||||||||||||||||||||||||||||||||
8.95 | 9.94 | 6.19 | 285,097 | 1.25 | * | 1.25 | * | 1.23 | * | 1.23 | * | 7.42 | * | 68,724 | 10 | |||||||||||||||||||||||||||||||
8.69 | 9.75 | 9.85 | 276,525 | 1.32 | 1.32 | 1.21 | 1.21 | 7.48 | 67,411 | 12 | ||||||||||||||||||||||||||||||||||||
8.61 | 9.52 | (1.76 | ) | 273,289 | 1.41 | 1.41 | 1.30 | 1.30 | 8.51 | 66,915 | 14 | |||||||||||||||||||||||||||||||||||
8.93 | 10.51 | 11.41 | 282,181 | 1.34 | 1.35 | 1.23 | 1.24 | 7.65 | 68,279 | 13 | ||||||||||||||||||||||||||||||||||||
8.65 | 10.15 | 19.59 | 272,570 | 1.44 | 1.52 | 1.24 | 1.32 | 8.99 | 66,804 | 25 | ||||||||||||||||||||||||||||||||||||
$ | 9.86 | $ | 12.58 | 14.46 | % | $ | 219,075 | 1.77 | %* | 1.77 | %* | 1.26 | %* | 1.26 | %* | 6.97 | %* | $ | 68,808 | 5 | % | |||||||||||||||||||||||||
9.67 | 11.34 | 1.27 | 214,646 | 1.33 | 1.33 | 1.19 | 1.19 | 6.31 | 67,922 | 15 | ||||||||||||||||||||||||||||||||||||
10.31 | 11.92 | 10.76 | 228,221 | 1.25 | * | 1.25 | * | 1.21 | * | 1.21 | * | 6.44 | * | 70,641 | 2 | |||||||||||||||||||||||||||||||
10.08 | 10.94 | 12.80 | 223,030 | 1.30 | 1.30 | 1.21 | 1.21 | 6.68 | 69,605 | 24 | ||||||||||||||||||||||||||||||||||||
10.02 | 10.40 | 19.73 | 221,415 | 1.37 | 1.37 | 1.26 | 1.26 | 7.29 | 69,282 | 11 | ||||||||||||||||||||||||||||||||||||
9.09 | 9.36 | (13.98 | ) | 200,245 | 1.35 | 1.35 | 1.25 | 1.25 | 7.93 | 65,409 | 25 | |||||||||||||||||||||||||||||||||||
10.23 | 11.68 | 31.62 | 224,596 | 1.34 | 1.40 | 1.20 | 1.26 | 8.40 | 69,918 | 10 |
SEMIANNUAL REPORT | JUNE 30, 2017 | 19 |
Financial Highlights (Cont.)
Investment Operations | Less Distributions to Preferred Shareholders(b) |
Less Distributions to Common Shareholders(b) | ||||||||||||||||||||||||||||||||||||||||||
Net Asset Value Beginning of Year or Period |
Net Investment Income (Loss)(a) |
Net Realized/ Unrealized Gain (Loss) |
From Net Investment Income |
From Net Realized Capital Gains |
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations |
From Net Investment Income |
From Net Realized Capital Gains |
Tax Basis Return of Capital |
Total | |||||||||||||||||||||||||||||||||||
PIMCO New York Municipal Income Fund |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2017 - 06/30/2017+ |
$ | 11.62 | $ | 0.35 | $ | 0.54 | $ | (0.04 | ) | $ | 0.00 | $ | 0.85 | $ | (0.34 | ) | $ | 0.00 | $ | 0.00 | $ | (0.34 | ) | |||||||||||||||||||||
12/31/2016 |
12.10 | 0.70 | (0.45 | ) | (0.05 | ) | 0.00 | 0.20 | (0.68 | ) | 0.00 | 0.00 | (0.68 | ) | ||||||||||||||||||||||||||||||
05/01/2015 - 12/31/2015(f) |
11.92 | 0.47 | 0.18 | (0.01 | ) | 0.00 | 0.64 | (0.46 | ) | 0.00 | 0.00 | (0.46 | )(i) | |||||||||||||||||||||||||||||||
04/30/2015 |
11.20 | 0.68 | 0.73 | (0.01 | ) | 0.00 | 1.40 | (0.68 | ) | 0.00 | 0.00 | (0.68 | ) | |||||||||||||||||||||||||||||||
04/30/2014 |
12.04 | 0.67 | (0.82 | ) | (0.01 | ) | 0.00 | (0.16 | ) | (0.68 | ) | 0.00 | 0.00 | (0.68 | ) | |||||||||||||||||||||||||||||
04/30/2013 |
11.38 | 0.70 | 0.66 | (0.02 | ) | 0.00 | 1.34 | (0.68 | ) | 0.00 | 0.00 | (0.68 | ) | |||||||||||||||||||||||||||||||
04/30/2012 |
9.92 | 0.74 | 1.41 | (0.01 | ) | 0.00 | 2.14 | (0.68 | ) | 0.00 | 0.00 | (0.68 | ) | |||||||||||||||||||||||||||||||
PIMCO New York Municipal Income Fund II |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2017 - 06/30/2017+ |
$ | 10.71 | $ | 0.37 | $ | 0.49 | $ | (0.04 | ) | $ | 0.00 | $ | 0.82 | $ | (0.32 | ) | $ | 0.00 | $ | 0.00 | $ | (0.32 | ) | |||||||||||||||||||||
12/31/2016 |
11.41 | 0.72 | (0.57 | ) | (0.05 | ) | 0.00 | 0.10 | (0.76 | ) | 0.00 | (0.04 | ) | (0.80 | ) | |||||||||||||||||||||||||||||
06/01/2015 - 12/31/2015(g) |
11.28 | 0.43 | 0.17 | (0.01 | ) | 0.00 | 0.59 | (0.46 | ) | 0.00 | 0.00 | (0.46 | )(i) | |||||||||||||||||||||||||||||||
05/31/2015 |
10.98 | 0.75 | 0.36 | (0.01 | ) | 0.00 | 1.10 | (0.80 | ) | 0.00 | 0.00 | (0.80 | ) | |||||||||||||||||||||||||||||||
05/31/2014 |
11.32 | 0.75 | (0.28 | ) | (0.01 | ) | 0.00 | 0.46 | (0.80 | ) | 0.00 | 0.00 | (0.80 | ) | ||||||||||||||||||||||||||||||
05/31/2013 |
11.37 | 0.79 | (0.02 | ) | (0.02 | ) | 0.00 | 0.75 | (0.80 | ) | 0.00 | 0.00 | (0.80 | ) | ||||||||||||||||||||||||||||||
05/31/2012 |
10.10 | 0.85 | 1.24 | (0.02 | ) | 0.00 | 2.07 | (0.80 | ) | 0.00 | 0.00 | (0.80 | ) | |||||||||||||||||||||||||||||||
PIMCO New York Municipal Income Fund III |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2017 - 06/30/2017+ |
$ | 8.95 | $ | 0.29 | $ | 0.37 | $ | (0.04 | ) | $ | 0.00 | $ | 0.62 | $ | (0.26 | ) | $ | 0.00 | $ | 0.00 | $ | (0.26 | ) | |||||||||||||||||||||
12/31/2016 |
9.55 | 0.56 | (0.49 | ) | (0.04 | ) | 0.00 | 0.03 | (0.63 | ) | 0.00 | 0.00 | (0.63 | ) | ||||||||||||||||||||||||||||||
10/01/2015 - 12/31/2015(h) |
9.42 | 0.14 | 0.15 | (0.00 | )^ | 0.00 | 0.29 | (0.16 | ) | 0.00 | 0.00 | (0.16 | )(i) | |||||||||||||||||||||||||||||||
09/30/2015 |
9.43 | 0.57 | 0.06 | (0.01 | ) | 0.00 | 0.62 | (0.63 | ) | 0.00 |