PML - PML: Still Too Expensive Relative Value Exists Elsewhere

• PML's return has been flat over the past 3 1/2 months since my last review.
• The fund still has a very expensive price, which makes buying in now seem like a risky proposition.
• PML's sister funds from PIMCO both have stronger UNII metrics and lower premiums, suggesting relative value resides in those options.
• The broader muni market has been a beneficiary of massive federal spending bills. However, muni bond spreads are at historically tight levels.

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