With the demise of numerous weaker credits and relatively little supply in 2000, we believe that market technicals could again favor high yield debt. Among industry groups, we are finding values in manufacturing and energy, where many companies appear sufficiently fortified to ride out the current storm. On a highly selective basis, telecommunications debt may also offer attractive opportunities. For example, we have enjoyed positive performance from a number of larger, more liquid telecommunications names, particularly in the broadcasting sector. The accuracy of the market forecasts in this material cannot be guaranteed For additional information, including definitions of related terms and indexes, see the Financial Glossary and Benchmark Index Glossary .
Past performance is no guarantee of future results.
Investment return and principal value will fluctuate, so when shares are redeemed they may be worth more or less than the original cost.