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Politics : Ask Michael Burke
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To: snookcity who wrote (100252)2/15/2004 8:20:50 AM
From: Tommaso   of 132070
 
Investment Objective

The Fund’s investment objective is high current income for holders of its Common Stock. The Fund's secondary investment objective is capital appreciation. At least 80% of the Fund's total assets will be invested in a diversified portfolio of preferred securities and other income-producing securities consisting of various debt securities. The Fund’s investment adviser intends to pursue strategies that it expects generally to result in the Fund’s income increasing in response to significant increases in interest rates while being relatively resistant to the impact of declines in interest rates. The response of the Fund’s income to changes in interest rates will be impacted by the effectiveness of its hedging strategies. There can be no assurance the Fund will achieve its investment objectives.

Hedging Strategy
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The hedging positions that the Fund currently expects to hold normally are anticipated to appreciate in value when interest rates rise significantly, reflecting either the rise in yields of Treasury securities or interest rate swap yields, as applicable, and the associated decline in the prices of underlying Treasury securities or decreased net market value of an obligation to pay a fixed income stream in a higher interest rate environment
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