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The article discusses the PIMCO California Municipal Income Fund (NYSE:PCQ) as an investment option, focusing on its performance and investment strategy. The fund primarily invests in California municipal bonds, which provide a tax-free income stream. The author notes that the fund's worst call of 2025 was a significant decline in the value of its holdings due to rising interest rates and a decline in the credit quality of its underlying bonds. Despite this, the fund's long-term performance has been stable, and it remains a viable investment option for those seeking tax-free income.

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