Fund Description

The fund was incepted in January 2003 and is managed by Julius Baer Investment Management Inc. The fund seeks to maximize total return, principally through a high level of current income, and secondarily through capital appreciation. The fund invests at least 80% of its net assets (including borrowings for investment purposes) in a diversified portfolio of below investment grade, fixed income securities (commonly known as "junk bonds") of issues located throughout the world. These investments may include securities issued by domestic corporations and by corporations, banks, governments and supranational entities located outside the United States, including in emerging market countries. Normally, the fund invests at least 60% of its net assets in securities of U.S. issuers. The fund may invest in a broad range of investment grade debt securities including fixed, variable and floating rate bonds, debentures, notes, and mortgage-backed and other asset-backed securities. The fund distributes dividends monthly and capital gains annually.