About: The objective is to maximize current income, with a secondary objective of capital appreciation to the extent consistent with maximization of current income. It invests primarily in U.S. high-yield debt securities (corporate and sovereign), rated at the time of investment in medium or lower rating categories. Up to 20% may be invested in emerging market debt securities. Effective 01-Jun-07, the new definition of emerging market country would include any country which is, at the time of investment, represented in the JP Morgan EMBI Global Index or categorized by the World Bank, in its annual categorization, as middle or low-income. Due to changes in its non fundamental investment policy the fund will now be able to invest in dollar rolls, asset backed securities and mortgage backed securities effective from 17-Sep-07.
Tags: Asset Management Financial Services