SECURITY     RECOMMENDATION         COMMENT                         YIELD TO
                                                                    MATURITY

TREASURIES   Five-year bond         Good yield, low risk             5.58%

CORPORATES   Time Warner 6 5/8%     Good capital appreciation from   7.40
             of 2029                credit improvement

HIGH YIELD   Nextlink 10.75%        Rapidly growing provider of      10.77
             of 11/15/08            telecom services to businesses

MUNICIPALS   N.Y. City Municipal    Essential service, good          5.36
             water Auth.            discount, AAA rating
             5% of 5/15/29

GLOBAL       Brazil 115/8% of       Cheap but risky                  14.85
             4/15/04


*May 28

DATA: SURVEY OF MONEY MANAGERS