Pimco California Municipal Income Fund II

PIMCO California Municipal Income Fund II engages in fund management and investment. Its investment objective is to provide current income exempt from federal and California income tax. The company was founded on June 28, 2002 and is headquartered in New York, NY.

PIMCO Access Income Fund

PCM Fund

PIMCO Corporate & Income Strategy Fund

Pimco California Municipal Income Fund

PIMCO Dynamic Income Fund

PIMCO Dynamic Income Opportunities Fund

PIMCO Dynamic Income Strategy Fund

PIMCO Income Strategy Fund

PIMCO Income Strategy Fund II

Pimco Global Stockplus & Income Fund

Pimco High Income Fund

Pimco Municipal Income Fund

Pimco Municipal Income Fund II

Pimco Municipal Income Fund III

Pimco New York Municipal Income Fund

Pimco New York Municipal Income Fund II

PIMCO Corporate & Income Opportunity Fund

Pimco New York Municipal Income Fund III

Pimco California Municipal Income Fund III

PIMCO Strategic Income Fund Inc

NEW YORK, Nov. 01, 2024 (GLOBE NEWSWIRE) -- The Boards of Trustees/Directors of the PIMCO closed-end funds below (each, a “Fund” and, collectively, the “Funds”) have declared a monthly distribution for each Fund's common shares as summarized below. The distributions are payable on December 2, 2024 to shareholders of record on November 12, 2024, with an ex-dividend date of November 12, 2024.

PIMCO Closed-End Funds Declare Monthly Common Share Distributions

The best taxable closed-end funds are PHK, PFN, and at slightly cheaper valuations, PDI and PCN; best munis are PMF, NY funds, and PCK in CA. Distributions are safe due to funds monetizing premiums via at-the-market offerings, supplementing net investment income. Coverage ratios for muni CEFs may be overstated; future UNII reports will clarify the impact of new leverage costs.

PIMCO Update | Sept 2024 | Muni Coverage Jumps (Maybe), Taxables See Significant ATM Benefit

NEW YORK, March 01, 2024 (GLOBE NEWSWIRE) -- The Boards of Trustees/Directors of the PIMCO closed-end funds below (each, a “Fund” and, collectively, the “Funds”) have declared a monthly distribution for each Fund's common shares as summarized below. The distributions are payable on April 1, 2024 to shareholders of record on March 11, 2024, with an ex-dividend date of March 8, 2024.

Pimco Closed-End Funds Declare Monthly Common Share Distributions

CBRE Global Real Estate Income Fund

Korea Fund

Pioneer Municipal High Income Advantage Trust

Mexico Equity & Income Fund Inc

Cohen & Steers Quality Income Realty Fund

Taiwan Fund

Invesco California Value Municipal Income Trust

Delaware Investments

For the first month in four, both equity (+6.05% on a NAV basis) and fixed income (+5.81%) CEFs on average posted handsome plus-side returns. At month end, 9% of all CEFs traded at a premium to their NAV, with 10% of equity CEFs and 8% of fixed income CEFs trading in premium territory. Developed Markets CEFs (+8.93%), for the first month in eight, outpaced the other classifications in the equity CEF universe for November.

The Month In Closed-End Funds: November 2023

NEW YORK, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The Boards of Trustees/Directors of the PIMCO closed-end funds below (each, a “Fund” and, collectively, the “Funds”) have declared a monthly distribution for each Fund's common shares as summarized below. The distributions are payable on October 2, 2023 to shareholders of record on September 11, 2023, with an ex-dividend date of September 8, 2023.

PIMCO Closed-End Funds Declare Monthly Common Share Distributions

PIMCO California Municipal Income Fund II has struggled throughout 2023 despite a widened discount to NAV. The fund's inability to attract buyers at its discounted price is a cause for concern. Income metrics from PCK are alarming, raising doubts about the sustainability of its income stream.

PCK: The Discount To NAV Is Not Enough To Remain Bullish (Rating Downgrade)

NEW YORK, Aug. 14, 2023 (GLOBE NEWSWIRE) -- PIMCO Corporate & Income Opportunity Fund (NYSE: PTY), PIMCO Corporate & Income Strategy Fund (NYSE: PCN), PIMCO High Income Fund (NYSE: PHK), PIMCO Income Strategy Fund (NYSE: PFL), PIMCO Income Strategy Fund II (NYSE: PFN), PIMCO California Municipal Income Fund (NYSE: PCQ), PIMCO California Municipal Income Fund II (NYSE: PCK), PIMCO California Municipal Income Fund III (NYSE: PZC), PIMCO Municipal Income Fund (NYSE: PMF), PIMCO Municipal Income Fund II (NYSE: PML), PIMCO Municipal Income Fund III (NYSE: PMX), PIMCO New York Municipal Income Fund (NYSE: PNF), PIMCO New York Municipal Income Fund II (NYSE: PNI) and PIMCO New York Municipal Income Fund III (NYSE: PYN) (each, a “Fund” and, together, the “Funds”) today announced that each Fund has commenced a voluntary tender offer (each, a “Tender Offer” and, together, the “Tender Offers”) for up to 100% of its outstanding auction rate preferred shares (“ARPS”) at a price equal to 96%, with respect to PTY, 93.25%, with respect to PCN and PHK, 94.25%, with respect to PFL and PFN, and 94.5% with respect to PCQ, PCK, PZC, PMF, PML, PMX, PNF, PNI and PYN, of the ARPS' per share liquidation preference of $25,000 per share (or $24,000 per share for PTY, $23,312.50 per share for PCN and PHK, $23,562.50 per share of PFL and PFN, and $23,625 per share for PCQ, PCK, PZC, PMF, PML, PMX, PNF, PNI, and PYN) and any unpaid dividends accrued through the expiration date of the Tender Offer. Each Fund's Tender Offer will expire at 5:00 P.M., New York City Time, on September 18, 2023, unless the Tender Offer is extended.

Certain PIMCO Closed-End Funds Announce Tender Offers for Auction Rate Preferred Shares

NEW YORK, July 03, 2023 (GLOBE NEWSWIRE) -- The Boards of Trustees/Directors of the PIMCO closed-end funds below (each, a “Fund” and, collectively, the “Funds”) have declared a monthly distribution for each Fund's common shares as summarized below. The distributions are payable on August 1, 2023 to shareholders of record on July 13, 2023, with an ex-dividend date of July 12, 2023.

PIMCO Closed-End Funds Declare Monthly Common Share Distributions

PIMCO California Municipal Income Fund II has high duration, which works on a rate pivot, but it's quite aggressive in that regard. Furthermore, as far as financing conditions for municipalities go, there's been less demand for munis as there's a decent amount of high-yield stuff, and debt ceiling concerns are real.

PCK: Pay Attention To Duration, Tech And The Debt Ceiling

ASA Gold and Precious Metals Ltd

Morgan Stanley Emerging Markets Domestic Debt Fund Inc

Eaton Vance Enhanced Equity Income Fund II

GAMCO Global Gold. Natural Resources & Income Trust

GAMCO Natural Resources. Gold & Income Trust

Nuveen NASDAQ 100 Dynamic Overwrite Fund

For the second consecutive month, equity CEFs (-0.26%) on average witnessed negative performance while their fixed income CEF cohorts (+0.87%) posted gains for the second month in three. At month end, 13% of all CEFs traded at a premium to their NAV, with 18% of equity CEFs and 9% of fixed income CEFs trading in premium territory.

The Month In Closed-End Funds: March 2023

PIMCO finally did it. They chopped the muni CEF distribution by up to 45%. PCQ was the biggest risk as it was trading at a ridiculous 45% premium to NAV going into the cut.

PIMCO Muni CEFs (Finally) Re-Rate For The New Environment

PIMCO California muni funds teach a lesson on CEF valuation. The most expensive fund declined by the most after the cut.

PIMCO California Muni CEFs Teach A Lesson On Valuation

Aberdeen Income Credit Strategies Fund

Alpine Global Dynamic Dividend Fund

Aberdeen Standard Global Infr Inc Fd

BlackRock Science & Technology

BlackRock Utilities Infrastructure & Power Opportunities Trust

Delaware Investments Dividend and Income Fund

Delaware Enhanced Global Dividend & Income Fund

DoubleLine Income Solutions Fund

Virtus Stone Harbor Emerging Markets Income Fund 

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

Eaton Vance Tax-Advantaged Bond & Opportunity Stategies Fund

First Trust / Aberdeen Emerging Opportunity Fund

Cohen & Steers Closed-End Opportunity Fund

Gabelli Multimedia Trust

Gabelli Utility Trust

Ivy High Income Opportunities Fund

Nuveen Core Equity Alpha Fund

Macquarie Global Infrastructure Total Return Fund Inc

Nuveen California Select Tax-Free Income Portfolio

21 out of 22 CEF sectors were positive on price and 20 out of 22 sectors were positive on NAV last week. MLPs are the most discounted CEF sector.

Weekly Closed-End Fund Roundup: January 8, 2023

BlackRock Enhanced Equity Dividend Trust

Calamos Convertible And High Income Fund

Stone Harbor Emerging Markets Total Income Fund

Gabelli Convertible and Income Securities Fund

Eagle Capital Growth Fund Inc

BlackRock MuniHoldings Fund

BlackRock MuniAssets Fund

Nuveen Municipal Income Fund Inc

Invesco Municipal Income Opportunities Trust

3 out of 23 CEF sectors positive on price and 6 out of 23 sectors positive on NAV last week. PIMCO muni CEFs cut.

Weekly Closed-End Fund Roundup: PIMCO Muni CEF Distribution Cuts (January 1, 2023)

The PIMCO muni CEFs have been taking a bath this week on the backdrop of distribution cuts. This news hasn't been positive for any of the impacted funds. However, it is a stunning example of how "premiums matter".

PCK: A Great Reminder That 'Premiums Matter'

BlackRock Taxable Municipal Bond Trust

BlackRock Municipal Income Quality Trust

Central and Eastern Europe Fund

Calamos Convertible Opportunities And Income Fund

BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund Inc

Credit Suisse High Yield Bond Fund

DoubleLine Yield Opportunities Fund

Eagle Point Income Company Inc

Eaton Vance National Municipal Opportunities Trust

John Hancock Preferred Income Fund

Pioneer Municipal High Income Opportunities Fund

Nuveen Municipal Credit Opportunities Fund

Nuveen AMT-Free Municipal Credit Income Fund

RiverNorth Flexible Muncpl Incme Fnd Inc

RiverNorth Opportunities Fund, Inc.

Cohen & Steers Reit And Preferred Income Fund Inc

Cushing MLP & Infrastructure Total Return Fund

2 out of 23 CEF sectors positive on price and 4 out of 23 sectors positive on NAV last week. DEX will merge with AGD.

Weekly Closed-End Fund Roundup: DEX Will Merge With AGD, Tender Next January (December 11, 2022)

Virtus AllianzGI Diversified Income & Convertible Fund

Eagle Point Credit

First Trust Specialty Finance and Financial Opportunities Fund

Clough Global Dividend and Income Fund

Nuveen Massachusetts Quality Municipal Income Fund

Nuveen New York Select Tax-Free Income Portfolio

OFS Credit Company Inc

Putnam Municipal Opportunities Trust

Cohen & Steers Real Estate Opportunities and Income Fund

TCW Strategic Income Fund

22 out of 23 CEF sectors positive on price and 22 out of 23 sectors positive on NAV last week. All sectors were positive last week.

Weekly Closed-End Fund Roundup: Special Distributions Coming Up (December 4, 2022)

China Fund

Franklin Templeton Emerging Markets Fund

Pioneer Municipal High Income Trust

Franklin Templeton Dragon Fund

For the second month in a row, equity CEFs (+5.16% on a NAV basis) on average witnessed plus-side returns. While their fixed income CEF cohorts (+4.53%) posted gains for the first month in four.

The Month In Closed-End Funds: November 2022

I placed a buy rating on PCK back in June. While I expected to see gains, the performance surpassed my bullish expectations. Broadly speaking, munis have a positive backdrop. But with a rising interest rate environment, investors should remain selective on entry points.

PCK: Large, Short-Term Return Tells Me To Be Cautious

PCK trades at a nice discount to NAV and the fund is markedly cheaper than its sister funds from PIMCO. California munis seem well supported at these levels. Tax revenues are up and state finances suggest defaults and delinquencies will be minimal.

PCK: Trades At Discount To NAV, Rising Inflation Can Cause Pain

Columbia Seligman Premium Technology Growth Func Inc

For the second month in three, equity CEFs on average witnessed negative returns, falling 2.61% on a NAV basis for November.

The Month In Closed-End Funds: November 2021

John Hancock Tax-Advantaged Dividend Income Fund

Invesco High Income 2023 Target Term Fund

Virtus AllianzGI Convertible & Income Fund

Virtus AllianzGI Convertible & Income Fund II

John Hancock Premium Dividend Fund

Steadily lower yields and heightened volatility make relative value opportunities an attractive alpha generation strategy in CEFs.

Relative Value CEF Opportunities: More Alpha In A Less Beta Environment

Aptus Collared Income Opportunity ETF

Calamos Long/Short Equity & Dynamic Income Trust

Eaton Vance Risk-Managed Diversified Equity Income Fund

First Trust Senior Floating Rate Income Fund II

Flaherty & Crumrine Total Return Fund Inc

First Trust Intermediate Duration Preferred & Income Fund

Templeton Global Income Fund

Miller/Howard High Income Equity Fund

Morgan Stanley Emerging Markets Debt Fund

Virtus InfraCap U.S. Preferred Stock ETF

Global X U.S. Preferred ETF

Putnam Premier Income Trust

Principal Spectrum Preferred Secs Active ETF

The major equity indices had their worst week since early January - mostly on inflation concerns and a hawkish FOMC that signaled an increase in rates may come sooner than expected. On Friday, stocks took another leg lower after St. Louis Fed President James Bullard said that he expects the Fed's first rate hike in late 2022.

CEF Weekly Commentary | June 20, 2021

The disparity among PIMCO tax-exempt muni CEFs remains large. Apart from lower income yields, greater susceptibility to distribution cuts and larger drawdown potential, the ongoing consolidation wave in the sector presents another risk for high-premium funds.

PIMCO Muni CEF Valuations Face Additional Risks

PIMCO Dynamic Credit and Mortgage Income Fund

The taxable PIMCO CEFs are still trading below 100% coverage thanks to the falling dollar. That could improve in January as the dollar has rebounded some. In this space, we continue to like RCS and PHK. PGP is a good S&P 500 proxy.

PIMCO CEF Suite Update: December 2020

News for Pimco California Municipal Income Fund II ETF (PCK)