Upgrades

Assets in the industry’s first mutual fund providing managed futures exposure are approaching the half-billion mark. The year-old Rydex Managed Futures Strategy Fund has attracted approximately $400 million in assets, including more than $150 million since the beginning of January. The fund is designed to provide cost-effective access to the U.S. commodity and global financial futures markets by aiming to mirror the daily performance of the S&P’s Diversified Trends Indicator.

…Bear Stearns Asset Management launched the Bear Stearns Current Yield Fund (Triple-Y fund). The fund is composed of short-term fixed-income instruments, and “aims to generate higher returns than an average money market fund by investing in diversified, high-quality securities, including governments, municipal securities, bank obligations, corporate, and securitized debt.” The fund is available on the American Stock Exchange effective March 18, 2008.