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If there was any doubt about the intention and ability of PIMCO CEF to generate strong earnings going forward, it was partly put to rest with the strong level of borrowing activity in June. Taxable CEFs added $332m in leverage outstanding - by far the biggest monthly figure this year. Although total borrowings are still running below pre-drawdown levels, average fund leverage is higher than at the start of the year. As asset prices continue to recover, we would expect taxable PIMCO CEFs to keep adding to borrowings. With the drop in leverage costs, this