HIGHLIGHTS

• A strong correction is possible if bond mutual fund investors all sell at once
• Major US banks reduce inventory and buying power for bonds
• High Yield Bonds continue to move higher but may sell off.
• Puerto Rico puts forth legislation cutting free certain enterprises to renegotiate their debt and insulates the General Obligation bonds.
• BRICS Countries form a new development bank
• Structured Notes have selective value
• Our Diversified High Yield Portfolio yield target is dropped to 5.75%

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