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SHAREHOLDER LETTERS

Q3 2010

Q2 2010

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Q4 2009

Q3 2009

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All Quarterly Reviews since Q2 2002


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The Allure of Long Treasurys Endures – WSJ, June 2010

What Recovery?  This Bond Investor Says it’s a Hoax – Forbes, July 2009

The Lonely Bear – Forbes, July 2007


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