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New Fund Flash

The following open-end funds were filed with the Securities and Exchange Commission in November:

* J.P. Morgan Investment Management filed for the JPMorgan U.S. High Yield Bond Fund, a corporate high yield bond fund that will invest in junk bonds. The fund will carry both A- and B-shares. A-shares will charge a front load of 4.5% and the B-shares will have a total expense ratio of 1.65% vs. 1.15% for A-shares.

* Royce & Associates will launch the Royce Technology Value Fund and named JHC Capital Management, as its sub-advisor. The new fund will invest in small-, mid- and micro-cap technology companies the manager feels are undervalued. The fund's expense ratio will total 2.09%.

* Global Asset Management, the advisor to the GAM Funds, filed for the GAM American Focus Long/Short Fund. The equity fund will utilize leverage and short selling techniques to provide long-term capital appreciation. A-, B-, C- and Y-shares will carry expense ratios of 2.39%, 2.92% 2.91% and 1.88%, respectively.

* Charles Schwab is going to offer the Schwab Massachusetts Municipal Money Fund, a tax-free municipal bond fund that requires a minimum investment of $10,000. The fund is designed to provide the liquidity of a money market fund along with high current yields. Its dividends are generally tax free for residents in the State of Massachusetts.