Closed-End Funds: Screening For The Best Municipal Bond Exposure

Municipal bond closed-end funds (CEFs) are seeing narrowing discounts, with NXP and MHF offering the most compelling value in the space at present. Leverage costs are easing as the Fed cuts rates, which should improve distribution coverage and make leveraged muni CEFs more attractive. Of course, there are always risks that include increased volatility from leverage and sensitivity to long-term Treasury rates, but we've seen long-term rate stabilization within a fairly narrow range.

Seeking Alpha • Feb 4, 2026

PIMCO Closed-End Funds Declare Monthly Common Share Distributions

NEW YORK, Feb. 02, 2026 (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.

GlobeNewsWire • Feb 2, 2026

PCQ: Even At A Pop Higher, Value In This Muni Fund Remains

PIMCO California Municipal Income Fund focuses on tax-exempt income from California municipal bonds, emphasizing AMT-free exposure. My recent bullish stance on PCQ has been validated, with the fund outperforming equities and delivering over 7% gains since early September. The fund has a wide discount to NAV, which represents value in a market that is widely expensive.

Seeking Alpha • Jan 16, 2026

Pimco Closed-End Funds Declare Monthly Common Share Distributions

NEW YORK, Dec. 01, 2025 (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.

GlobeNewsWire • Dec 1, 2025

PCQ: My Worst Call Of 2025 Re-Visited

PIMCO California Municipal Income Fund invests in California municipal bonds, aiming for tax-exempt income and minimal AMT exposure. The California muni sector has proven resilient despite natural disasters and ongoing wildfires. The fund has a double-digit discount to NAV and strong coverage ratio metrics. These support a buy rating.

Seeking Alpha • Sep 8, 2025

PCQ: A High But Oddly Funded Distribution

PCQ is a closed-end fund investing in California municipal bonds, offering tax-free income for high-income CA residents, but trading at a discount to NAV. A significant portion of PCQ's distribution is funded by paid-in surplus, effectively returning capital to investors rather than providing true income. Despite falling interest rates, PCQ's capital value has declined, which is counterintuitive for a long-duration bond fund and raises concerns about its structure.

Seeking Alpha • Aug 7, 2025

PIMCO Closed-End Funds Announce Shareholder Approval of Issuance of Common Shares in Proposed Reorganizations

NEW YORK, June 27, 2025 (GLOBE NEWSWIRE) -- At a joint special meeting earlier today, common shareholders of each of PIMCO Municipal Income Fund II (NYSE: PML), PIMCO New York Municipal Income Fund II (NYSE: PNI) and PIMCO California Municipal Income Fund (NYSE: PCQ) (each, an “Acquiring Fund”) approved the issuance of additional common shares in connection with each of the below reorganizations, as applicable (each, a “Merger” and collectively, the “Mergers”):

GlobeNewsWire • Jun 27, 2025

PIMCO Closed-End Funds Announce Proposed Reorganizations

NEW YORK, April 04, 2025 (GLOBE NEWSWIRE) -- The Board of Trustees of each of the following funds has approved the following proposals to reorganize the PIMCO closed-end municipal funds (each, a “Merger” and collectively, the “Mergers”), subject to the various shareholder approvals and other contingencies described below:

GlobeNewsWire • Apr 4, 2025

PIMCO Closed-End Funds Declare Monthly Common Share Distributions

NEW YORK, March 03, 2025 (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, 2025 to shareholders of record on March 13, 2025, with an ex-dividend date of March 13, 2025.

GlobeNewsWire • Mar 3, 2025

PCQ: Safe Income And Appealing Capital Appreciation Potential

PCQ offers tax-exempt income and lower default risk, making it a compelling investment for conservative investors seeking steady income and capital appreciation. The fund's portfolio consists predominantly of high-grade municipal bonds. Currently trading at an 11% discount to NAV, PCQ provides an attractive entry point with a 4.73% distribution yield on price.

Seeking Alpha • Feb 6, 2025