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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. Last year, I reiterated caution on PCM due to the fund's rising premium, and this outlook remains consistent today. The fund has rallied off its March low, but the year-to-date NAV move is negative, and the premium price tells me to be careful at these levels. The good news is, PCM has maintained its distribution, while other PIMCO CEFs have announced income cuts. While PCM's income metrics improving in