Fund Commentary

Q2 2010 Market Review

Risk markets pulled back in the second quarter, putting pause to a nearly straight run-up in risky asset prices which had begun in March of 2009. What started as localized concern about potential defaults among highly indebted Eurozone members-most notably Greece and Spain-and their impact on highly exposed European banks, eventually fed more broad-based fears about the potential for a global economic slowdown, if not a "double-dip" recession.

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