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

• 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%.
• The taxable funds all added modestly to their leverage levels in September and over the last three months. The leverage increase since July 1 has been significant.
• We think some of the best values in the taxable bond CEF space continue to reside in the PIMCO complex.

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