In addition to underlying asset values falling and the leverage issues, we've got a lack of sponsorship.

These closed end funds rely on the banks to pump them, just like any other shares. PIMCO has been banished by the banks, because PIMCO has not moved to buy back all of their preferred shares.

To appease customers the banks have had to buy back the preferred shares at a time when they are starved for capital. The preferreds are providing very low yields - well below the banks' cost of capital.

So they are boycotting PIMCO - not putting any PIMCO funds on their watch lists for example. Also, you can bet that PIMCO closed end fund shareholders are hearing about the dividend suspension from brokers at the banks. This event gives the banks/brokers an defendable excuse to tell their clients to sell PIMCO shares.

It's all about payback between the big boys. The little guys are left confused and in the dark.