RCS - PIMCO Taxable CEF Update: Income Lessons From The Latest Shareholder Report

• We take a look at the recently released first batch of PIMCO semi-annual taxable shareholder reports.
• These shareholder reports are useful in addition to the popular monthly income releases for the reasons we discuss in the article.
• 3 of 4 funds continued their NII downtrend after a pause due to a drop in leverage costs. We expect NII to continue to fall steadily as leverage costs rise.
• We have recently added marginally to our PDO position and are watching PHK and PFL for better entry points. That said, we are not close to an "all-in" position as credit spreads are not yet cheap.

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