Form 4: PIMCO Director Disposes Shares Post-Merger

PIMCO New York Municipal Income Fund director Sarah E. Cogan disposed of all her shares in connection with the fund's merger into PIMCO New York Municipal Income Fund II.

Summary

• Sarah E. Cogan, a Director of PIMCO New York Municipal Income Fund (PNF), reported a disposition of shares.
• The transaction involved 2,812.703 shares of Common Stock.
• The disposition occurred on August 1, 2025, and resulted in 0 shares beneficially owned by Ms. Cogan in PNF.
• This disposition was an exempt transaction related to the merger and reorganization of PNF into PIMCO New York Municipal Income Fund II (PNI).
• Shares were exchanged for PNI shares based on a conversion formula and respective Net Asset Values (NAVs) of PNF and PNI.
• The merger details were described in a Rule 424(b)(3) prospectus filed by PNI on May 13, 2025.
• The transaction was made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 5

Explanation: Neutral. This Form 4 reports a routine insider transaction (disposition of shares) as a result of a pre-planned corporate merger, which is neither inherently positive nor negative for the company's operational performance or financial health. It simply reflects a change in beneficial ownership due to a corporate restructuring.

Positives

• The transaction is part of a pre-planned merger and reorganization, indicating a structured corporate event.
• The disposition is exempt, suggesting compliance with regulatory frameworks.

Future Outlook

The filing indicates a future corporate event (merger on 08/01/2025) that has already been planned and disclosed in a separate prospectus. It does not provide forward-looking guidance beyond the completion of this specific transaction.

Industry Context

This transaction reflects a consolidation within the municipal bond fund sector, specifically involving PIMCO-managed funds. Such mergers are common strategies for optimizing fund structures, achieving economies of scale, or streamlining product offerings in the asset management industry.

Stakeholder Impact

• Shareholders: PNF shareholders will have their shares converted into PNI shares, impacting their holdings and potentially the fund's investment strategy and fee structure (though not detailed here).
• Management/Directors: The reporting person's beneficial ownership in PNF is reduced to zero as a result of the merger.

Next Steps

• Completion of the merger and reorganization of PIMCO New York Municipal Income Fund (PNF) into PIMCO New York Municipal Income Fund II (PNI) on August 1, 2025.
• Shareholders of PNF will receive shares of PNI based on the conversion formula and respective NAVs.

Key Dates

Recommendation

This Form 4 details an insider's share disposition as a direct consequence of a pre-announced merger and reorganization of PIMCO New York Municipal Income Fund (PNF) into PIMCO New York Municipal Income Fund II (PNI). The transaction is exempt and executed under a Rule 10b5-1 plan, indicating it is a routine, non-discretionary event. There is no new material information regarding the fund's performance, strategy, or financial health that would alter an investment thesis. The recommendation remains 'hold' as investors in PNF would typically hold through the merger to receive shares in PNI.

Keywords

PIMCO, PNF, PNI, Form 4, SEC filing, insider transaction, merger, reorganization, municipal income fund, Sarah Cogan, beneficial ownership, Rule 10b5-1