Pimco Municipal Income Fund II

PIMCO Municipal Income Fund II operates as a closed-end investment fund. It intends to seek current income exempt from federal income tax. The firm invests all of its assets in a portfolio of municipal bonds, residual interest municipal bonds and tax-exempt bonds whose interest rates bear an inverse relationship to the interest rate on another security or the value of an index. Its investment portfolio include investments in hospital, water and sewer, tobacco, state and local general obligations, education, lease, tax and power sectors. The company was founded on March 29, 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 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 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, Dec. 02, 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 January 2, 2025 to shareholders of record on December 12, 2024, with an ex-dividend date of December 12, 2024.

PIMCO Closed-End Funds Declare Monthly Common Share Distributions

Nuveen Quality Municipal Income Fund

We take a look at the PIMCO CEFs coverage, valuation, and performance. Distribution coverage for PIMCO's Muni CEFs has surged, coinciding to the retirement of auction-rate preferreds, but the increase is too high. Taxable CEFs' distribution coverage has declined, with only PDO maintaining over 100% coverage, while the rest average just above 71%.

PIMCO CEF Update: Muni Coverage And The Premium Mystery

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 Municipal Income Fund II is evaluated as an investment option at its current market price. The fund's income metrics are poor, and an income cut is likely. The discount to NAV looks tempting, but I doubt it is enough to warrant a strong move higher in the near term.

PML: The Macro-Environment Keeps Pressuring This Option

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

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

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

PML is a fund I own and recommended to start off the year. After some modest gains, I believe a more cautious tone is warranted. Munis saw an unusually strong January after an awful 2022. I expect the months ahead to be full of ups and downs.

PML: We Still Need To Be Careful With Leverage

First Trust Intermediate Duration Preferred & Income Fund

Nuveen Intermediate Duration Municipal Term Fund

Nuveen Intermediate Duration Quality Municipal Term Fund

We review CEF market valuation and performance through the first week of February and highlight recent market action. CEFs notched another good week with EM sectors underperforming.

CEF Weekly Review: Unleveraged CEF Income Is Holding Up

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)

PIMCO disappointed investors with large distribution cuts to start the year across their muni CEFs. This resulted in painful losses - but also presents buying opportunities. PML often has a large premium to NAV - today, it sits at par value. This suggests the fund is worth a look.

PML: Why I Bought This Fund And Some Risks To The Bull Thesis

BlackRock MuniYield Quality Fund III Inc

It was only a matter of time. PIMCO's 3 national municipal bond CEFs were having some of the worst NAV performances of all muni bond CEFs over the past year. And yet, PIMCO had been maintaining their ultra-high distributions as if there was no problem.

Municipal Bond CEFs: Surprise, Surprise, PIMCO Finally Cuts Muni Bond CEF Distributions

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

RiverNorth Opportunities Fund, Inc.

Cohen & Steers Real Estate Opportunities and Income Fund

Cohen & Steers Reit And Preferred Income Fund Inc

Cohen & Steers Quality Income Realty Fund

TCW Strategic Income Fund

Delaware Investments

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)

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

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)

Nuveen AMT-Free Quality Municipal Income Fund

Nuveen AMT-Free Municipal Credit Income Fund

Nuveen Municipal Credit Income Fund

I don't quite understand who would be buying the PIMCO National municipal bond CEFs over the Nuveen national muni bond CEFs right now. These two fund sponsors of municipal bond closed-end funds are probably the two most popular when it comes to high-yields (PIMCO) and the sheer number and size of funds (Nuveen).

Muni Bond CEFs: PIMCO Or Nuveen? The Choice Is Obvious In This Market Environment

PML has had a rough 2022, although in the short term it saw a swift bounce off its lows. With some positive momentum, this CEF could look like a buy. In truth, I do have a favorable outlook for munis as a whole right now.

PML: Consistently Too Expensive To Consider

PML has performed modestly in the second half of the year. This was expected, and next year will probably see a repeat of this performance. The muni sector is an area I will remain long in 2022, but I have reduced my exposure because of the duration risk clouding the outlook.

PML: Keeping A Neutral Stance In Place For 2022

Right now is one of the best times to get into what is typically thought of as the best-in-breed of the CEF world.

PIMCO CEFs Update: The Merger Is Nearly Complete As Buying Opportunities Are All Around

Blackrock Investment Quality Municipal Trust

BlackRock Municipal 2030 Target Term Trust

BNY Mellon Municipal Bond Infrastructure Fund, Inc. 

BNY Mellon Strategic Municipal Bond Fund, Inc.

Eaton Vance Municipal Income 2028 Term Trust

Federated Premier Municipal Income Fund

Pioneer Municipal High Income Advantage Trust

Western Asset Municipal High Income Fund

BlackRock MuniYield New York Quality Fund Inc

Neuberger Berman Intermediate Municipal Fund Inc

Nuveen Enhanced Municipal Value Fund

Nuveen Georgia Quality Municipal Income Fund

Nuveen Municipal Credit Opportunities Fund

Nuveen Municipal High Income Opportunity Fund

Nuveen Municipal Value Fund Inc

Nuveen New Jersey Quality Municipal Income Fund

Nuveen Select Tax-Free Income Portfolio 3

Invesco Pennsylvania Value Municipal Income Trust

The muni CEF space is largely buy-and-hold (or long-term rental agreements). But right now, there's a lot of dislocation in the sector. Some funds are extremely expensive while others are relatively cheap. Making swaps makes sense to rotate into the better opportunities and see more discount closing tailwinds.

More Relative Value Trades And Opportunities: Munis

Apollo Senior Floating Rate Fund

Apollo Tactical Income Fund, Inc.

MFS Intermediate High Income Fund

Eagle Point Credit Company Inc 7.75 % Pfd Registered Shs 2016-30.10.26 Series B

Eagle Point Credit Company Inc - 6.6875% NT REDEEM 30/04/2028 USD 25

Eagle Point Cr 6.75 % Notes 2017-30.09.27

Eagle Point Income Company Inc

BlackRock MuniYield Fund

Nuveen AMT-Free Municipal Value Fund

OFS Credit Company Inc - 6.875% PRF REDEEM 31/03/2024 USD 25 - Ser A

XAI Octagon Floating Rate & Alternative Income Term Trust

We review CEF market valuation and performance over the past week and highlight recent events. CEF prices stalled in July on the back of lower risk sentiment driving discounts wider.

CEF Weekly Market Review: Funds Take A Breather

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

News for Pimco Municipal Income Fund II ETF (PML)