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PCQ - Time For Re-Allocation In PIMCO Municipal Bond CEFs
PIMCO California Municipal Income Fund
Introduction
Municipal bonds are debt obligations issued by public entities that use the loans to fund public projects such as the construction of schools, hospitals, and highways. We find two main reasons to consider municipal bonds:
Interest income generally federally tax-exempt: In general, the interest you earn from your tax-exempt municipal securities is exempt from federal income tax and, in some cases, state or local income tax, depending on whether you are a resident of the state that issued the bond. While municipal bonds' coupons are often lower than those offered by similarly rated corporate