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PIMCO CA Municipal Income II (PCK)

Recently, my friend told me about the PIMCO CA Municipal Income II (PCK), which is a fund that "invests substantially all of its assets in municipal bonds, the interest from which is exempt from federal and California State income tax." PCK is traded on the New York Stock Exchange (NYSE). It generates a $0.07 dividend per share. At today's trading price of $8.22, it generates 0.85% interest per month. That translates to 10.22% a year (without even considering compound interest).

Sounds like a pretty good deal. But looking at MorningStar ratings, it only got 1 star. So the question is, why is the rating so low for an income fund that generates over 10% interest a year?

Chieh Cheng
Tue, 14 Apr 2009 21:16:43 +0000

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