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 Dynamic Credit and Mortgage Income Fund

Pimco California Municipal Income Fund

PIMCO Dynamic Income Fund

Pimco Income Opportunity Fund

Pimco Municipal Income Fund

Pimco Municipal Income Fund III

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

Blackrock Investment Quality Municipal Trust

BlackRock MuniYield Fund

BlackRock MuniYield Quality Fund III Inc

Nuveen Quality Municipal Income Fund

Nuveen Municipal Value Fund Inc

Nuveen AMT-Free Municipal Value Fund

Nuveen Municipal Credit Income Fund

The muni CEF sector has continued to rally this year due to the resilience of municipal bond yields and tight CEF discounts.

Rotation Choices For Expensive Muni CEFs

Pimco California Municipal Income Fund II

Pimco New York Municipal Income Fund

Pimco New York Municipal Income Fund II

Pimco New York Municipal Income Fund III

Pimco California Municipal Income Fund III

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

PML's return has been flat over the past 3 1/2 months since my last review. The fund still has a very expensive price, which makes buying in now seem like a risky proposition.

PML: Still Too Expensive, Relative Value Exists Elsewhere

PCM Fund

Pimco Global Stockplus & Income Fund

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

Flaherty & Crumrine Dynamic Preferred & Income Fund

Virtus Stone Harbor Emerging Markets Income Fund 

Stone Harbor Emerging Markets Total Income Fund

Flaherty & Crumrine Preferred Securities Income Fund Inc

BlackRock MuniYield Quality Fund II Inc

BlackRock MuniYield Quality Fund Inc

The swift run-up in asset prices and CEF discounts suggests that easy gains from beta exposure are going to be harder to come by going forward. This dynamic points to alpha strategies as a way to keep total returns humming along.

CEF Rotation Ideas - Alpha Is The New Beta

PML has seen a very impressive short term gain, as its underlying value and premium to NAV on the open market both climb. With a Covid-19 relief bill likely to pass, investors should note a good portion of that bill includes direct aid to state governments.

PML: Despite Recent Gains, I Can't Give This Fund My Blessing

PIMCO Corporate & Income Strategy Fund

Pimco High Income Fund

PIMCO Corporate & Income Opportunity Fund

PIMCO Strategic Income Fund Inc

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

PML has seen a double-digit loss since January, even after accounting for distributions. While the fund is noticeably cheaper than it was at the start of the year, it still sports a double-digit premium. This seems too expensive for our current environment.

PML Remains Too Expensive For My Taste

It seems that again the UNII report was affected by the fall in the US dollar which further reduced coverage ratios.

PIMCO Gives Investors Another Scare

PIMCO Income Strategy Fund

PIMCO Monthly Update August 2020: Coverage Scares Investors, Providing An Opportunity

PIMCO Income Strategy Fund II

PIMCO CEF Coverage July Update

Why PIMCO Muni CEF Leverage Costs Matter

We think too much is being made of the lower coverage in the UNII report and that those ratios tend to ebb and flow over time.

Nothing To Worry About With PIMCO Taxable CEFs

Saba Closed-End Funds ETF

Western Asset Global High Income Fund

First Trust Senior Floating Rate 2022 Target Term Fund

Generating Alpha Using CEFs

Boulder Growth & Income Fund

Central Securities

Gabelli Equity Trust

Nuveen Short Duration Credit Opportunities Fund

Western Asset Municipal High Income Fund

Cohen & Steers MLP Income & Energy Opportunity Fund Inc

Nuveen AMT-Free Quality Municipal Income Fund

Nuveen Select Maturity Municipal Fund

When Will My NAV Recover?

Nuveen Municipal High Income Opportunity Fund

A Leverage Check-Up Of PIMCO Muni CEFs

PMX: Stubbornly Cheaper Than PML

BlackRock Credit Allocation Income Trust

Putnam High Income Securities Fund

CEF Report January 2020 | PIMCO Chops Its Muni CEFs Again, And It's Not Done Yet

PML: I Won't Pay Crazy Premiums For Munis Right Now

News for Pimco Municipal Income Fund II ETF (PML)