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To: rllee who wrote (63625)9/5/2008 2:11:46 PM
From: KyrosLRespond to of 118717
 
FAX earns what it distributes. Its NAV reflects the market value of its holdings every day (XFAPX in Yahoo). When it sells securities at a loss, it recognizes the loss in its income, and subsequent distributions have a large return of capital component. FAX is in such a state right now, having sold some securities at a loss last year.