PIMCO New York Municipal Income (NYSE: PNI) cuts NY muni target to 80%

Rhea-AI Filing Summary

PIMCO New York Municipal Income Fund II reported a change to its investment guidelines affecting how much it invests in New York-specific municipal bonds. The Board of Trustees approved reducing the Fund’s minimum guideline for New York Municipal Bonds from 90% to 80% of net assets. Effective October 20, 2025, the Fund will normally invest at least 80% of its net assets in New York Municipal Bonds whose interest is exempt from New York State and New York City income taxes.

The Fund will also continue to follow its fundamental policy to invest, under normal circumstances, at least 80% of its assets, measured at the time of investment, in investments whose income is exempt from federal and New York state income taxes. This change will first appear in the Fund’s annual shareholder report on Form N-CSR for the 12-month period ended December 31, 2025.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) September 19, 2025

PIMCO New York Municipal Income Fund II

(Exact Name of Registrant as Specified in Its Charter)

Massachusetts

(State or Other Jurisdiction of Incorporation)

811-21078		03-6084085
(Commission File Number)		(IRS Employer Identification No.)
1633 Broadway, New York, NY		10019
(Address of Principal Executive Offices)		(Zip Code)

(844) 337-4626

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common shares		PNI		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

On September 17, 2025, the Board of Trustees (the “Board”) of the PIMCO New York Municipal Income Fund II (the “Fund”) approved a change to the Fund’s non-fundamental investment guidelines to reduce the Fund’s minimum investment guideline for New York Municipal Bonds (as defined below) from 90% to 80%. Accordingly, effective as of October 20, 2025, the Fund will invest, under normal circumstances, at least 80% of its net assets in municipal bonds which pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by PIMCO to be reliable), is exempt from New York State and New York City income taxes (i.e., excluded from gross income for New York State and New York City income tax purposes) (“New York Municipal Bonds”). The Fund will continue to invest in accordance with its fundamental policy to, under normal circumstances, invest at least 80% of its “assets” (as that term is defined in Rule 35d-1 under the Investment Company Act of 1940, as amended), measured at the time of investment, in investments the income from which is, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by the Fund’s portfolio manager to be reliable), exempt from federal and New York state income taxes.

The change will be reflected in the Fund’s shareholder reports beginning with the Fund’s annual shareholder report on Form N-CSR for the 12-month reporting period ended December 31, 2025.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PIMCO New York Municipal Income Fund II
By:		/s/ Ryan G. Leshaw
Name:		Ryan G. Leshaw
Title:		Secretary and Chief Legal Officer

Date: September 19, 2025

FAQ

What change did PIMCO New York Municipal Income Fund II (PNI) approve?

The Board approved a change to the Fund’s non-fundamental investment guidelines to reduce the minimum investment guideline for New York Municipal Bonds from 90% of net assets to 80% of net assets.

When does the new 80% New York Municipal Bond guideline for PNI take effect?

The new guideline becomes effective on October 20, 2025. From that date, the Fund will normally invest at least 80% of its net assets in New York Municipal Bonds.

How are New York Municipal Bonds defined for PIMCO New York Municipal Income Fund II?

New York Municipal Bonds are municipal bonds that pay interest which, in the opinion of bond counsel to the issuer or other reliable authority, is exempt from New York State and New York City income taxes and excluded from gross income for those tax purposes.

Does PIMCO New York Municipal Income Fund II still target tax-exempt income?

Yes. The Fund will continue its fundamental policy to normally invest at least 80% of its assets, measured at the time of investment, in investments whose income is exempt from federal and New York state income taxes.

When will this investment guideline change appear in PNI’s shareholder reports?

The change will be reflected in the Fund’s shareholder reports beginning with the annual shareholder report on Form N-CSR for the 12-month reporting period ended December 31, 2025.

Is the change to PNI’s New York Municipal Bond guideline a fundamental policy change?

No. The filing describes the adjustment as a change to the Fund’s non-fundamental investment guidelines. The Fund’s fundamental policy to invest at least 80% of its assets in tax-exempt investments remains in place.