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The purpose of this article is to evaluate the PCM Fund, Inc. (PCM) as an investment option at its current market price. While I was cautious about PCM at the start of the year, the fund has performed very well, offering strong share price returns along with a high yield. Helping to support this climb has been strong performance in the home equity debt space, which is the fund's largest sector by weighting. However, there are some reasons for concern at the moment. The price to own PCM has climbed substantially,