spread and yield trends influence the bond value. Investors who aim to profit only from spread trends must hedge against changing interest rates. C):W4hiAmmakEdi6x.IA:taun-17015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0074391 CONFIDENTIAL SDNY_GM_00220575 EFTA01377500