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| Sold Half of Long T-Bond Position - May. 21, 2004 |
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At approximately 8:50 AM (ET), the model fixed-income portfolio sold (long) 250,000 (par value) Treasury 5.375s of 2/15/31: price = 995.10; yield to maturity = 5.41%. Further details will follow.
NOTE: This is half of the position that was established on 5/11, at a price of 985.30 and yield to maturity of 5.48%.
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