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)
Trent W. Walker
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, 2018
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, 2018
PIMCO Municipal Income Fund | PMF | NYSE
PIMCO Municipal Income Fund II | PML | NYSE
PIMCO Municipal Income Fund III | PMX | NYSE
PIMCO California Municipal Income Fund | PCQ | NYSE
PIMCO California Municipal Income Fund II | PCK | NYSE
PIMCO California Municipal Income Fund III | PZC | NYSE
PIMCO New York Municipal Income Fund | PNF | NYSE
PIMCO New York Municipal Income Fund II | PNI | NYSE
PIMCO New York Municipal Income Fund III | PYN | NYSE
Page | ||||||||
2 | ||||||||
4 | ||||||||
18 | ||||||||
22 | ||||||||
24 | ||||||||
27 | ||||||||
32 | ||||||||
64 | ||||||||
78 | ||||||||
79 | ||||||||
80 | ||||||||
Fund | Fund Summary |
Schedule of Investments |
||||||
9 | 34 | |||||||
10 | 39 | |||||||
11 | 44 | |||||||
12 | 49 | |||||||
13 | 52 | |||||||
14 | 55 | |||||||
15 | 57 | |||||||
16 | 59 | |||||||
17 | 62 |
Letter from the Chairman of the Board & President
Dear Shareholder,
Following is the PIMCO Closed-End Funds Semiannual Report, which covers the six-month reporting period ended June 30, 2018. On the subsequent pages you will find specific details regarding investment results and a discussion of factors that most affected performance over the reporting period.
For the six-month reporting period ended June 30, 2018
The U.S. economy continued to expand during the reporting period. Looking back, U.S. gross domestic product (GDP) expanded at a revised annual pace of 2.3% and 2.2% during the fourth quarter of 2017 and first quarter of 2018, respectively. The Commerce Departments initial reading released after the reporting period had ended showed that second-quarter 2018 GDP grew at an annual pace of 4.1%.
The Federal Reserve (Fed) continued to normalize monetary policy during the reporting period. After raising interest rates three times in 2017, the Fed again raised rates at its March 2018 meeting, pushing the federal funds rate to a range between 1.50% and 1.75%. Finally, at its meeting that concluded on June 13, 2018, the Fed raised rates to a range between 1.75% and 2.00%.
Economic activity outside the U.S. moderated somewhat during the reporting period. Against this backdrop, the European Central Bank (ECB), the Bank of Japan and the Bank of England largely maintained their highly accommodative monetary policies. Other central banks took a more hawkish stance, including the Bank of Canada, as it raised rates in January 2018. Meanwhile, in June 2018, the ECB indicated that it plans to end its quantitative easing program by the end of the year, but it did not expect to raise interest rates at least through the summer of 2019.
The U.S. Treasury yield curve flattened during the reporting period, as short-term rates moved up more than their longer-term counterparts. The increase in rates at the short end of the yield curve was mostly due to Fed interest rate hikes. The yield on the benchmark 10-year U.S. Treasury note was 2.85% at the end of the reporting period, up from 2.40% on December 31, 2017. U.S. Treasuries, as measured by the Bloomberg Barclays U.S. Treasury Index, returned -1.08% over the six months ended June 30, 2018. Meanwhile the Bloomberg Barclays U.S. Aggregate Bond Index, a widely used index of U.S. investment grade bonds, returned -1.62% over the period. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated mixed results versus the broad U.S. market. The ICE BofAML U.S. High Yield Index gained 0.08% over the reporting period, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global, returned -5.23% over the reporting period. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -6.44% over the period.
The municipal (or muni) market produced choppy results during the reporting period. After declining over the first two months, the muni market posted positive returns during three of the last four months of the reporting period. While munis were negatively impacted by rising interest rates, their losses were tempered by overall positive investor demand and moderating supply. All told, the Bloomberg Barclays Municipal Bond Index returned -0.25% during the six months ended June 30, 2018.
2 | PIMCO CLOSED-END FUNDS |
Thank you for the assets you have placed with us. We deeply value your trust, and will continue to work diligently to meet your broad investment needs. For any questions regarding your PIMCO Closed-End Funds investments, please contact your financial advisor, or call the Funds shareholder servicing agent at (844) 33-PIMCO. We also invite you to visit our website at pimco.com to learn more about our global viewpoints.
Sincerely,
Hans W. Kertess | Peter G. Strelow | |
Chairman of the Board of Trustees | President |
Past performance is no guarantee of future results.
SEMIANNUAL REPORT | JUNE 30, 2018 | 3 |
Important Information About the Funds
4 | PIMCO CLOSED-END FUNDS |
SEMIANNUAL REPORT | JUNE 30, 2018 | 5 |
Important Information About the Funds (Cont.)
6 | PIMCO CLOSED-END FUNDS |
SEMIANNUAL REPORT | JUNE 30, 2018 | 7 |
Important Information About the Funds (Cont.)
8 | PIMCO CLOSED-END FUNDS |
Symbol on NYSE - PMF |
Average Annual Total Return(1) for the period ended June 30, 2018 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (06/29/01) |
||||||||||||||||
Market Price |
4.22% | 1.95% | 7.49% | 5.49% | 6.25% | |||||||||||||||
NAV |
0.65% | 3.81% | 7.90% | 7.94% | 6.82% |
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. 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 Funds dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. |
(2) | Distribution rates 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:
» | The Funds duration exposure detracted from performance, as municipal yields moved higher. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal market. |
» | Select exposure to the special tax sector contributed to performance. |
» | Exposure to the healthcare sector contributed to performance, as the sector outperformed the general municipal market. |
» | Exposure to the electric utility sector detracted from performance, as the sector underperformed the general municipal market. |
SEMIANNUAL REPORT | JUNE 30, 2018 | 9 |
PIMCO Municipal Income Fund II
Symbol on NYSE - PML |
Average Annual Total Return(1) for the period ended June 30, 2018 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (06/28/02) |
||||||||||||||||
Market Price | 2.55% | 6.09% | 9.07% | 6.90% | 6.02% | |||||||||||||||
NAV | 0.89% | 3.91% | 7.63% | 6.01% | 5.70% |
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. 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 Funds dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. |
(2) | Distribution rates 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 detracted from performance, as municipal yields moved higher. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal market. |
» | Select exposure to the special tax sector contributed to performance. |
» | Select exposure to the pre-refunded sector contributed to performance. |
» | Exposure to the electric utility sector detracted from performance, as the sector underperformed the general municipal market. |
10 | PIMCO CLOSED-END FUNDS |
PIMCO Municipal Income Fund III
Symbol on NYSE - PMX |
Average Annual Total Return(1) for the period ended June 30, 2018 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (10/31/02) |
||||||||||||||||
Market Price | 2.94% | 4.77% | 8.05% | 5.74% | 5.47% | |||||||||||||||
NAV | 0.63% | 4.10% | 8.68% | 5.85% | 5.54% |
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. 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 Funds dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. |
(2) | Distribution rates 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:
» | The Funds duration exposure detracted from performance, as municipal yields moved higher. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal market. |
» | Exposure to the industrial revenue sector contributed to performance, as the sector outperformed the general municipal market. |
» | Exposure to the electric utility sector detracted from performance, as the sector underperformed the general municipal market. |
» | A modest allocation to U.S. Virgin Islands domiciled securities contributed to performance. |
SEMIANNUAL REPORT | JUNE 30, 2018 | 11 |
PIMCO California Municipal Income Fund
Symbol on NYSE - PCQ |
Average Annual Total Return(1) for the period ended June 30, 2018 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (06/29/01) |
||||||||||||||||
Market Price | 1.25% | 6.37% | 10.42% | 8.21% | 7.51% | |||||||||||||||
NAV | (0.50)% | 2.85% | 7.37% | 7.55% | 6.70% |
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. 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 Funds dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. |
(2) | Distribution rates 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 detracted from performance, as municipal yields moved higher. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal market. |
» | Exposure to the lease-backed sector contributed to performance, as the sector outperformed the general municipal market. |
» | Select exposure to the pre-refunded sector contributed to performance. |
» | Select exposure to the healthcare sector detracted from performance. |
12 | PIMCO CLOSED-END FUNDS |
PIMCO California Municipal Income Fund II
Symbol on NYSE - PCK |
Average Annual Total Return(1) for the period ended June 30, 2018 |
||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (06/28/02) |
||||||||||||||||
Market Price | (16.30)% | (13.73)% | 3.25% | 2.61% | 3.46% | |||||||||||||||
NAV | (0.66)% | 3.11% | 8.25% | 4.33% | 4.35% |
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. 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 Funds dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. |
(2) | Distribution rates 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 exposure detracted from performance, as municipal yields moved higher. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal market. |
» | Select exposure to the special tax sector contributed to performance. |
» | Exposure to the education sector detracted from performance, as the sector underperformed the general municipal market. |
» | Select exposure to the healthcare sector detracted from performance. |
SEMIANNUAL REPORT | JUNE 30, 2018 | 13 |
PIMCO California Municipal Income Fund III
Symbol on NYSE - PZC |
Average Annual Total Return(1) for the period ended June 30, 2018 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (10/31/02) |
||||||||||||||||
Market Price | 2.13% | (12.97)% | 7.28% | 5.20% | 4.53% | |||||||||||||||
NAV | (0.77)% | 3.20% | 7.62% | 4.49% | 4.53% |
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. 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 Funds dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. |
(2) | Distribution rates 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:
» | The Funds duration exposure detracted from performance, as municipal yields moved higher. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal market. |
» | Select exposure to the pre-refunded sector contributed to performance. |
» | Select exposure to the healthcare sector detracted from performance. |
» | Exposure to the water and sewer sector detracted from performance, as the sector underperformed the general municipal market. |
14 | PIMCO CLOSED-END FUNDS |
PIMCO New York Municipal Income Fund
Symbol on NYSE - PNF |
Average Annual Total Return(1) for the period ended June 30, 2018 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (06/29/01) |
||||||||||||||||
Market Price | (0.18)% | 0.10% | 8.91% | 6.05% | 5.14% | |||||||||||||||
NAV | (0.53)% | 1.72% | 7.66% | 5.64% | 5.08% |
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. 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 Funds dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. |
(2) | Distribution rates 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:
» | The Funds duration exposure detracted from performance, as municipal yields moved higher. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal market. |
» | Exposure to the healthcare sector contributed to performance, as the sector outperformed the general municipal market. |
» | Select exposure to the pre-refunded sector contributed to performance. |
» | Exposure to the transportation sector detracted from performance, as the sector underperformed the general municipal market. |
SEMIANNUAL REPORT | JUNE 30, 2018 | 15 |
PIMCO New York Municipal Income Fund II
Symbol on NYSE - PNI |
Average Annual Total Return(1) for the period ended June 30, 2018 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (06/28/02) |
||||||||||||||||
Market Price | (9.22)% | (4.32)% | 5.00% | 4.08% | 4.53% | |||||||||||||||
NAV | (0.65)% | 1.72% | 7.87% | 5.24% | 5.12% |
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. 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 Funds dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. |
(2) | Distribution rates 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 detracted from performance, as municipal yields moved higher. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal market. |
» | Select exposure to the lease-backed sector detracted from performance. |
» | Exposure to the transportation sector detracted from performance, as the sector underperformed the general municipal market. |
» | A modest allocation to U.S. Virgin Islands domiciled securities contributed to performance. |
16 | PIMCO CLOSED-END FUNDS |
PIMCO New York Municipal Income Fund III
Symbol on NYSE - PYN |
Average Annual Total Return(1) for the period ended June 30, 2018 | ||||||||||||||||||||
6 Month* | 1 Year | 5 Year | 10 Year | Commencement of Operations (10/31/02) |
||||||||||||||||
Market Price | (5.31)% | (1.65)% | 5.63% | 3.42% | 3.23% | |||||||||||||||
NAV | (0.58)% | 1.72% | 7.15% | 2.60% | 3.45% |
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. 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 Funds dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares. |
(2) | Distribution rates 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 detracted from performance, as municipal yields moved higher. |
» | Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal market. |
» | Select exposure to the pre-refunded sector contributed to performance. |
» | Exposure to the transportation sector detracted from performance, as the sector underperformed the general municipal market. |
» | A modest allocation to U.S. Virgin Islands domiciled securities contributed to performance. |
SEMIANNUAL REPORT | JUNE 30, 2018 | 17 |
Investment Operations | Less Distributions to Preferred Shareholders(b) |
Less Distributions to Common Shareholders(b) | ||||||||||||||||||||||||||||||||||||||||||
Selected Per Share Data for the Year or Period Ended^: | Net Asset Value Beginning of Year or Period |
Net Investment Income(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 |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2018 - 06/30/2018+ |
$ | 12.87 | $ | 0.45 | $ | (0.29 | ) | $ | (0.08 | ) | $ | 0.00 | $ | 0.08 | $ | (0.36 | ) | $ | 0.00 | $ | 0.00 | $ | (0.36 | ) | ||||||||||||||||||||
12/31/2017 |
12.44 | 0.91 | 0.36 | (0.10 | ) | 0.00 | 1.17 | (0.74 | ) | 0.00 | 0.00 | (0.74 | ) | |||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||||||||||
PIMCO Municipal Income Fund II |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2018 - 06/30/2018+ |
$ | 12.13 | $ | 0.40 | $ | (0.24 | ) | $ | (0.06 | ) | $ | 0.00 | $ | 0.10 | $ | (0.39 | ) | $ | 0.00 | $ | 0.00 | $ | (0.39 | ) | ||||||||||||||||||||
12/31/2017 |
11.81 | 0.81 | 0.37 | (0.08 | ) | 0.00 | 1.10 | (0.78 | ) | 0.00 | 0.00 | (0.78 | ) | |||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||||||||||
PIMCO Municipal Income Fund III |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2018 - 06/30/2018+ |
$ | 11.06 | $ | 0.37 | $ | (0.25 | ) | $ | (0.06 | ) | $ | 0.00 | $ | 0.06 | $ | (0.33 | ) | $ | 0.00 | $ | 0.00 | $ | (0.33 | ) | ||||||||||||||||||||
12/31/2017 |
10.67 | 0.77 | 0.38 | (0.08 | ) | 0.00 | 1.07 | (0.68 | ) | 0.00 | 0.00 | (0.68 | ) | |||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||
09/30/2016 |
10.78 | 0.78 | 0.08 | (0.01 | ) | 0.00 | 0.85 | (0.75 | ) | 0.00 | 0.00 | (0.75 | ) | |||||||||||||||||||||||||||||||
09/30/2015 |
9.58 | 0.75 | 1.25 | (0.01 | ) | 0.00 | 1.99 | (0.79 | ) | 0.00 | 0.00 | (0.79 | ) | |||||||||||||||||||||||||||||||
09/30/2014 |
11.02 | 0.75 | (1.34 | ) | (0.01 | ) | 0.00 | (0.60 | ) | (0.84 | ) | 0.00 | 0.00 | (0.84 | ) | |||||||||||||||||||||||||||||
PIMCO California Municipal Income Fund |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2018 - 06/30/2018+ |
$ | 14.20 | $ | 0.48 | $ | (0.47 | ) | $ | (0.09 | ) | $ | 0.00 | $ | (0.08 | ) | $ | (0.46 | ) | $ | 0.00 | $ | 0.00 | $ | (0.46 | ) | |||||||||||||||||||
12/31/2017 |
13.83 | 0.97 | 0.43 | (0.11 | ) | 0.00 | 1.29 | (0.92 | ) | 0.00 | 0.00 | (0.92 | ) | |||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||||||||||
PIMCO California Municipal Income |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2018 - 06/30/2018+ |
$ | 8.69 | $ | 0.28 | $ | (0.29 | ) | $ | (0.05 | ) | $ | 0.00 | $ | (0.06 | ) | $ | (0.21 | ) | $ | 0.00 | $ | 0.00 | $ | (0.21 | ) | |||||||||||||||||||
12/31/2017 |
8.39 | 0.60 | 0.34 | (0.07 | ) | 0.00 | 0.87 | (0.56 | ) | 0.00 | (0.01 | ) | (0.57 | ) | ||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||||||||||||
PIMCO California Municipal Income |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2018 - 06/30/2018+ |
$ | 9.98 | $ | 0.36 | $ | (0.38 | ) | $ | (0.06 | ) | $ | 0.00 | $ | (0.08 | ) | $ | (0.27 | ) | $ | 0.00 | $ | 0.00 | $ | (0.27 | ) | |||||||||||||||||||
12/31/2017 |
9.67 | 0.67 | 0.35 | (0.08 | ) | 0.00 | 0.94 | (0.63 | ) | 0.00 | 0.00 | (0.63 | ) | |||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||
09/30/2016 |
10.02 | 0.68 | 0.11 | (0.01 | ) | 0.00 | 0.78 | (0.72 | ) | 0.00 | 0.00 | (0.72 | ) | |||||||||||||||||||||||||||||||
09/30/2015 |
9.09 | 0.69 | 0.97 | (0.01 | ) | 0.00 | 1.65 | (0.72 | ) | 0.00 | 0.00 | (0.72 | ) | |||||||||||||||||||||||||||||||
09/30/2014 |
10.23 | 0.79 | (1.20 | ) | (0.01 | ) | 0.00 | (0.42 | ) | (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 |
||||||||||||||||||||||||||||||||||||
$ | 12.59 | $ | 13.17 | 4.22 | % | 323,626 | 1.61 | %* | 1.61 | %* | 1.19 | %* | 1.19 | %* | 7.17 | %* | $ | 67,569 | 13 | % | ||||||||||||||||||||||||||
12.87 | 13.00 | (4.44 | ) | 330,523 | 1.37 | 1.37 | 1.21 | 1.21 | 7.16 | 68,475 | 12 | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
$ | 11.84 | $ | 13.09 | 2.55 | % | 735,526 | 1.80 | %* | 1.80 | %* | 1.09 | %* | 1.09 | %* | 6.76 | %* | $ | 75,088 | 12 | % | ||||||||||||||||||||||||||
12.13 | 13.18 | 14.85 | 751,337 | 1.30 | 1.30 | 1.10 | 1.10 | 6.74 | 76,136 | 12 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
$ | 10.79 | $ | 11.56 | 2.94 | % | 354,750 | 1.78 | %* | 1.78 | %* | 1.15 | %* | 1.15 | %* | 7.01 | %* | $ | 71,910 | 15 | % | ||||||||||||||||||||||||||
11.06 | 11.58 | 8.19 | 363,063 | 1.39 | 1.39 | 1.19 | 1.19 | 7.07 | 73,007 | 14 | ||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
$ | 13.66 | $ | 16.96 | 1.25 | % | 256,252 | 2.00 | %* | 2.00 | %* | 1.19 | %* | 1.19 | %* | 7.00 | %* | $ | 67,694 | 9 | % | ||||||||||||||||||||||||||
14.20 | 17.28 | 16.74 | 266,019 | 1.60 | 1.60 | 1.21 | 1.21 | 6.86 | 69,320 | 13 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
$ | 8.42 | $ | 8.30 | (16.30 | )% | 269,449 | 1.65 | %* | 1.65 | %* | 1.22 | %* | 1.22 | %* | 6.75 | %* | $ | 66,314 | 10 | % | ||||||||||||||||||||||||||
8.69 | 10.17 | 17.31 | 277,787 | 1.49 | 1.49 | 1.24 | 1.24 | 6.94 | 67,590 | 14 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
$ | 9.63 | $ | 10.37 | 2.13 | % | 214,470 | 2.02 | %* | 2.02 | %* | 1.20 | %* | 1.20 | %* | 7.62 | %* | $ | 67,883 | 6 | % | ||||||||||||||||||||||||||
9.98 | 10.44 | (2.46 | ) | 221,976 | 1.65 | 1.65 | 1.23 | 1.23 | 6.77 | 69,379 | 9 | |||||||||||||||||||||||||||||||||||
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 |
SEMIANNUAL REPORT | JUNE 30, 2018 | 19 |
Financial Highlights (Cont.)
Investment Operations | Less Distributions to Preferred Shareholders(b) |
Less Distributions to Common Shareholders(b) | ||||||||||||||||||||||||||||||||||||||||||
Selected Per Share Data for the Year or Period Ended^: | Net Asset Value Beginning of Year or Period |
Net Investment Income(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 |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2018 - 06/30/2018+ |
$ | 12.06 | $ | 0.35 | $ | (0.36 | ) | $ | (0.06 | ) | $ | 0.00 | $ | (0.07 | ) | $ | (0.34 | ) | $ | 0.00 | $ | 0.00 | $ | (0.34 | ) | |||||||||||||||||||
12/31/2017 |
11.62 | 0.69 | 0.51 | (0.08 | ) | 0.00 | 1.12 | (0.68 | ) | 0.00 | 0.00 | (0.68 | ) | |||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||||||||||
PIMCO New York Municipal Income |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2018 - 06/30/2018+ |
$ | 11.17 | $ | 0.37 | $ | (0.37 | ) | $ | (0.08 | ) | $ | 0.00 | $ | (0.08 | ) | $ | (0.30 | ) | $ | 0.00 | $ | 0.00 | $ | (0.30 | ) | |||||||||||||||||||
12/31/2017 |
10.71 | 0.72 | 0.46 | (0.10 | ) | 0.00 | 1.08 | (0.60 | ) | 0.00 | (0.02 | ) | (0.62 | ) | ||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||||||||||||
PIMCO New York Municipal Income |
||||||||||||||||||||||||||||||||||||||||||||
01/01/2018 - 06/30/2018+ |
$ | 9.27 | $ | 0.28 | $ | (0.28 | ) | $ | (0.06 | ) | $ | 0.00 | $ | (0.06 | ) | $ | (0.25 | ) | $ | 0.00 | $ | 0.00 | $ | (0.25 | ) | |||||||||||||||||||
12/31/2017 |
8.95 | 0.56 | 0.36 | (0.08 | ) | 0.00 | 0.84 | (0.52 | ) | 0.00 | 0.00 | (0.52 | ) | |||||||||||||||||||||||||||||||
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) |