The investment seeks a high level of current income by investing primarily in a diversified portfolio of debt securities which are rated below investment grade or unrated; capital appreciation is a secondary objective. The fund normally invests at least 80% of its assets in bonds, other debt securities, loan assignments and participations (Loans), commitments to purchase loan assignments (Unfunded Commitments) and preferred stock that is rated below investment grade or unrated. It may invest no more than 30% of net assets in Loans and Unfunded Commitments. The fund's average weighted maturity ordinarily will range between three and ten years.
Fund filings (PDF) »
James Shanahan,Jr. (Started: Nov 13, 1998)
William Morgan (Started: Nov 13, 1998)
James Gibson (Started: Jun 30, 2007)
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100 Wood Street, 245 Park Avenue, New York, NY 10167, USA