Pimco California Municipal Income Fund

PIMCO California Municipal Income Fund is a non-diversified and closed-end management investment company which seeks to provide income exempt from federal and California income tax. It invests in investment grade fixed income municipal bonds. The company was founded on June 29, 2001 and is headquartered in New York, NY.

PIMCO California Municipal Income Fund is a non-diversified and closed-end management investment company which seeks to provide income exempt from federal and California income tax. It invests in investment grade fixed income municipal bonds. The company was founded on June 28, 2002 and is headquartered in New York, NY.

PIMCO Access Income Fund

Pimco California Municipal Income Fund II

PCM Fund

PIMCO Corporate & Income Strategy Fund

PIMCO Dynamic Income Fund

PIMCO Dynamic Income Opportunities 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, 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

PIMCO California Municipal Income Fund previously traded at a high premium but now has a double-digit discount to NAV, making it a more attractive investment option. The supply of new municipal bonds has decreased, creating a favorable market dynamic for funds like PCQ. California's improving revenue and the expectation of a steepening yield curve in 2024 are positive factors for PCQ's performance.

PCQ: One Year Later, A Vastly Different Story Can Be Told

NEW YORK, Nov. 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 December 1, 2023 to shareholders of record on November 13, 2023, with an ex-dividend date of November 10, 2023.

PIMCO Closed-End Funds Declare Monthly Common Share Distributions

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

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

This article evaluates the PIMCO California Municipal Income Fund as a potential investment option at its current market price. Despite recent gains in PCQ, the prudent course here is to remain cautious. California's budget and finances are more sensitive to economic trends, given its tax structure that relies heavily on high net worth individuals.

PCQ: Not Impressed By Recent Momentum, Cautious Outlook Remains

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

As 2022 was coming to a close, PCQ was one of the few tickers I cover that I placed an outright "sell" on. Since then, it has dropped near 30%. This has come at a time when munis have generally recovered after a difficult year. Looking ahead, I still see bright spots for the sector as a whole.

PCQ: The Time To Sell Has Passed

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

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)

PIMCO greeted the start of the year with massive distribution cuts across their Muni closed-end fund suite. We take another look at PIMCO California Municipal Income Fund, which nearly halved its distribution, to see what carryover lessons this carries for CEF investing.

PCQ: A Lesson In Managing Distribution Stability Risk

Municipal bonds from the state of California generally pique my interest for a number of reasons. Simply, I am bullish on the sector in 2023. Even with that backdrop, PCQ does not entice me. The premium to NAV the fund trades at is astronomical and could set investors up for heavy losses.

PCQ: It Looks Like A Sell To Me

NEW YORK, Dec. 05, 2022 (GLOBE NEWSWIRE) -- The Boards of Trustees of the PIMCO closed-end funds below (each, a “Fund” and, collectively, the “Funds”) have declared a special year-end distribution for each Fund's common shares as summarized below. The distributions are payable on December 22, 2022 to shareholders of record on December 15, 2022, with an ex-dividend date of December 14, 2022. In addition to the regular monthly dividends, these special year-end distributions are being paid to allow the Funds to meet its 2022 distribution requirements for federal excise tax purposes. The Fund's total distributions will be taxable to shareholders in 2022.

PIMCO Closed-End Funds Declare Special Year-End Distribution

Blackrock Health Sciences Trust

Cornerstone Strategic Value Fund Inc

Cornerstone Total Return Fund Inc

Eaton Vance Enhanced Equity Income Fund

John Hancock Preferred Income Fund II

John Hancock Preferred Income Fund

New American High Income Fund

BlackRock Corporate High Yield Fund

John Hancock Investors Trust

Virtus AllianzGI Convertible & Income Fund

Virtus AllianzGI Convertible & Income Fund II

Tortoise Energy Independence Fund, Inc.

Nuveen Missouri Quality Municipal Income Fund

Tortoise MLP Fund

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.

Oxford Lane Capital

RiverNorth Opportunities Fund, Inc.

Tortoise Power and Energy Infrastructure Fund

Tortoise Pipeline & Energy Fund

Tortoise Energy Infrastructure

Virtus Total Return Fund

12 out of 23 CEF sectors positive on price and 6 out of 23 sectors positive on NAV last week. Tortoise offer tender results.

Weekly Closed-End Fund Roundup: Tortoise Tender Results, NCZ Resumes Distributions (November 6, 2022)

PCQ remains one of the most expensive PIMCO offerings within the CEF family. As has been the case for a while, this is hard to justify. PCQ's sister funds have much smaller premiums to NAV, so one would be hard-pressed to find a buy case for PCQ at these levels.

PCQ: 2 Years Later And This Fund Remains Grossly Overpriced

Nuveen California AMT-Free Quality Municipal Income Fund

Nuveen California AMT-Free Quality Municipal Income Fund (NKX) also helps California tax payers avoid the perils of the Alternative Minimum Tax swamp. PIMCO California Municipal Income Fund (PCQ) is permitted to invest up to 20% of its investments where the interest can be subject to AMT inclusion.

NKX Vs. PCQ: Comparing CA-Only Muni CEFs

Virtus AllianzGI Diversified Income & Convertible Fund

ArrowMark Financial

Saba Capital Income & Opportunities Fund

China Fund

Blackrock Debt Strategies Fund Inc

Aberdeen Global Income Fund

New Germany Fund

Clough Global Opportunities Fund

Clough Global Equity Fund

Insight Select Income Fund

New Ireland Fund Inc

Madison Fund

BlackRock MuniHoldings Quality Fund II Inc

RENN Fund

TCW Strategic Income Fund

20 out of 24 CEF sectors positive on price and 14 out of 24 sectors positive on NAV last week. It's pretty quiet in CEF-land, fund managers need holidays too. MLPs remain the most discounted sector.

Weekly Closed-End Fund Roundup: December 26, 2021

Apollo Senior Floating Rate Fund

Apollo Tactical Income Fund, Inc.

Ares Dynamic Credit Allocation Fund

Saba Closed-End Funds ETF

Doubleline Opportunistic Credit Fund

DoubleLine Yield Opportunities Fund

Western Asset Mortgage Opportunity Fund

Eagle Point Income Company Inc

Nuveen Multi-Asset Income Fund

Flaherty & Crumrine Preferred Income Fund Inc

Flaherty & Crumrine Preferred Income OpportunityFund Inc

XAI Octagon Floating Rate & Alternative Income Term Trust

We review CEF market valuation and performance through the second week of December and highlight recent market action.

CEF Weekly Market Review: Revisiting Resilient Core Themes

John Hancock Tax-Advantaged Dividend Income Fund

Invesco High Income 2023 Target Term Fund

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

PIMCO Dynamic Credit and Mortgage Income Fund

Pimco Income Opportunity Fund

Not much has changed in the last month since our April update except that coverage ratios plummeted during the month. A lot of that is due to currency moves. The dollar fell significantly against the euro and the pound - also the fund is closing out currency loss positions that are an immediate hit to NII "income."

PIMCO May Update - The Bottom Falls Out

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

The most recent UNII report showed continued deterioration in the coverage ratios and UNII values of the taxable funds.

PIMCO Update: Starting To Get Nervous And Taking Action

Invesco DB US Dollar Index Bullish Fund

Coverage rebounded in September as the dollar rallied off the interim lows. We take a hard look at what the dollar is doing so far in October to forecast ratios. The PIMCO muni funds look fundamentally the healthiest they have been for many years now. The average coverage ratio is 106.3%.

PIMCO Closed-End Fund Update: Most Compelling Valuation Look In Some Time

News for Pimco California Municipal Income Fund ETF (PCQ)