Okay, on Feb 3, the date of the note to which this note replied, the NAV was 10.65. Today, it is 10.52. So, not much of a move.

However, sales of treasuries are not being met with more demand than supply, and a look at ^tnx reveals a drift up. This, in the face of huge purchases by the current Admin announced only a few weeks ago. That did not create a tipping point toward a rush to treasuries. In fact you can see the day, ~ March 18th, of the big announcement here -
http://finance.yahoo.com/echarts?s=^TNX#symbol=^TNX;range=6m
It was discontinuous, but absorbed.

I will say openly here on this date, that is not a sign of lower yields to come in a sustained way. it postpones a rise that will now happen more suddenly than it would have before....

Still waiting for Godot...

best to all