Fund Description

The fund was incepted in January 1986 and is managed by United States Trust Company of New York and U.S. Trust Company. The fund seeks high current income consistent with what is believed to be prudent risk of capital. The fund invests primarily (at least 65% of its assets) in fixed income securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, and corporate issuers, including mortgage-backed securities, rated at the time of investment in one of the three highest rating categories by a major rating agency. The fund may also invest up to 25% of its assets in dollar denominated fixed income securities of foreign issuers and/or may place a portion of its assets in fixed income securities that are rated below investment grade. Dividends are declared daily and paid monthly. Capital gains, if any, are distributed annually.