The article discusses the current valuation and performance of various PIMCO funds. It suggests that investors who are not buy-and-hold should consider reducing overweight positions and swapping out some PIMCO funds. Discounts have materialized across most of the funds, and changes in leverage have been negative. Improvements in taxable NAVs are mentioned, along with the distribution rates and performance of different funds. The article concludes by mentioning a potential strategy shift and the possibility of the fund shifting to monthly distributions. The author, Alpha Gen Capital, is a former financial advisor who focuses on closed-end funds and aims to help investors construct portfolios. The article does not provide a clear publication time or location.