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The purpose of this article is to evaluate the PIMCO's California Municipal Income Fund (PCQ) as an investment option at its current market price. On the surface, PCQ looks like a fund I would adamantly avoid, primarily due to its continuously growing premium to NAV. Sitting at almost 30%, PCQ is clearly expensive, and is well above my normal 10% premium buying limit. That said, the reasons behind this fund's strong short-term performance remain in place, which tells me it could trade higher still. Specifically, PCQ has a large, albeit declining,