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To: Ralph W. who wrote (75045)	3/3/2001 12:26:16 PM
From: Joan Osland Graffius	Respond to of 436258

Ralph, My email is available in my profile, if you send me an email I will send you the Merrill Lynch PDF (written in October 2000). Here is the paragraph on the distribution: Near term, we expect FAX to cut its monthly distribution from 4.5 cents per share to 3.25 - 3.75 cents per share following the next board meeting in the second week of December. According to fund management: “The Board intends to maintain the monthly distribution of US 4.5 cents per share until March 2001, subject to review at the Board’s quarterly meeting and with regard to market conditions, with the next review to take place in December 2000.” The weak A$ and the fact that the fund’s distributions have included 35% return of capital year-to-date provide, in our opinion, compelling reasons to cut the distribution. Under a bearish outlook for the currency in the US$/A$ 0.50-0.51 range, and a flat bond market, we estimate that a sustainable monthly distribution would be 3 cents per share. The exact dividend will be decided based on the Board’s latest view of the Australian Dollar in mid-December. We shall provide a fine tuned forecast of the distribution in December. Joan