nd market... $700 $600 g $500 Z- $400 $300 $200 $100 $0 > $1.0 B $0.4 B to $1.06 < 3400mm Average Average Yield Price to Worst ML US HY Bond Index $104.53 6.47% Overlapping US Fund Investments 893.82 12.57% ML Euro HY Bond Index €97.81 7.79% Overlapping Euro Fund Investments €90.

JPM High Yield Bond Fund with daily liquidity and a yield of 6.1%.=o:p> </=:p> Recommendation:<=p> 55mm in the corporate bonds=/0:p> 55mm in the HY Bond Fund<=span> $10MM in the P=eferreds 2 EFTA_R1_00093566 EFTA01777610 &nbs=; Paul=o:p> <= class="MsoNormal" style="mso-margin-top-alt:auto;mso-