From: Barrett, Paul S <paul.s.barrett@jpmorgan.com>
Sent: Thursday, February 23, 2012 9:37 PM
To: jeevacation@gmail.com*
Cc: Giuffrida, David
Subject: High Yield in the Haze Trust
Jeffrey
We have 5mm of the JPM High Yield bond fund in Haze. l=would like to switch that exposure into the iBoxx HY index.
This will al=ow us to receive long term capital gains on the returns as opposed to ordi=ary income that you are facing
right now. We remain optimistic on HY thi= year with expected returns of 13%.
Let me know.
=0APaul
This email is confidential and subject to important disclaimer= and conditions including on offers for the purchase or sale
of =ecurities, accuracy and completeness of information, viruses, confide=tiality, legal privilege, and legal entity
disclaimers, available at =ttp://www.jpmorgan.com/pages/disclosures/email.
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